Current Personal Loan Interest Rates, Fees and Charges
Bajaj Finserv offers attractive interest rates on personal loans up to Rs.25 lakh that can help you meet a range of financial requirements. Get collateral-free loans, with minimum documentation, flexible tenor and disbursal within 24 hours of approval.
With Bajaj Finserv Personal Loan, you do not have to worry about any hidden fees or charges. Here are more details on the personal loan interest rates and charges:
| Types of Fees | Charges Applicable |
|---|---|
| Personal Loan Interest Rates | 12.99% onwards |
| Processing fees | Up to 3.99% of the loan amount |
| Bounce Charges | Rs. 600 - 1200 Per bounce (Inclusive of applicable taxes) |
| Penal interest | 2% of EMI amount per month + applicable taxes or Rs. 200 per month (Inclusive of taxes), whichever is higher. |
| Secure fee (only for online approvals) | Rs. 4,499 |
| Outstation collection charges | Rs. 65 + applicable taxes per repayment instrument |
| DOCUMENT/STATEMENT CHARGES Statement of Account/ Repayment Schedule/Foreclosure Letter/No Objection Certificate/Interest Certificate/List of documents. |
Download your e-statements/letters/certificates at no extra cost by logging into Customer Portal – Experia. You can get a physical copy of your statements/letters/certificates/List of Documents from any of our branches at a charge of Rs. 50/- (Inclusive of taxes) per statement/letter/certificate. |
Personal Loan Foreclosure Charges
| Borrower Type | Time Period | Foreclosure Charges |
|---|---|---|
| All borrowers | More than 1 month from date of loan disbursal | 4% + applicable taxes on principal outstanding* |
*Foreclosure charges for term loan will be applicable on the current principal outstanding.
*Foreclosure charges for Flexi loans will be calculated on the reduced assigned limit.
*Foreclosure charges for Flexi Hybrid loan will be as per following
- Initial tenor - 4% + applicable taxes, on sanctioned amount
- Subsequent tenor - 4% + applicable taxes on reduced assigned limit
Personal Loan Part-prepayment Charges
| Borrower Type | Time Period | Part-Prepayment Charges |
|---|---|---|
| All borrowers | More than 1 month from date of loan disbursal | 2% + applicable taxes on part-payment amount paid* |
*Part-prepayment made should be more than 1 EMI.
*These charges not applicable for Flexi Loan facility.
Annual/Additional Maintenance Charges
| Hybrid Flexi Loan | Flexi Term Loan | Loan Limit |
|---|---|---|
| 0.25% on sanctioned amount* + applicable taxes for 2 years 0.25% on reduced assigned limit + applicable taxes for rest of the tenor |
0.25% on reduced assigned limit + applicable taxes | 0.25% on Flexi Term Loan* + applicable taxes |
*These charges will be levied annually.
Mandate Rejection Service Charge: Rs 450 (Inclusive of applicable taxes) Charges will be levied if new mandate form is not registered within 30 days from the date of rejection of previous mandate form by Customer’s Bank for any reasons whatsoever.
Eligibility Criteria:
If you are a salaried professional aged between 25 and 58 years living in India, you can easily qualify for a loan. As long as you match the personal loan eligibility criteria and minimum net salary specified based on your city of residence, you can avail a loan with ease and best personal loan interest rates.
Online Loan Calculators:
Try the Personal Loan Eligibility Calculator to understand your loan eligibility and use the Loan EMI calculator to determine your EMI before you apply for an instant loan online. This simplifies the loan approval process considerably.
Online Loan Application Procedure:
Wondering! How to apply for personal loan online? Simply fill in your personal and financial details and submit the basic documents required for personal loan to get loan at affordable interest rates. You can also check out your pre-approved offer that helps you save more time.
Personal Loan Processing Fees and Interest Rates FAQs
What is the processing fee for personal loans?
Bajaj Finserv lets you borrow up to Rs.25 lakh, which can be repaid over a flexible tenor. It comes with attractive personal loan interest rates that can be negotiated based on your CIBIL score and repayment history. To avail the loan, you also need to pay some processing fee for personal loans. The processing charge at Bajaj Finserv is up to 3.99% of the total loan amount.
How to apply for Bajaj Finserv personal loans?
Applying for Bajaj Finserv personal loan is easy if you follow these simple steps:
Step 1 – Fill in the information, including your personal, employment and financial details in the online application form on the Bajaj Finserv website.
Step 2 - Select the loan tenor and the amount needed to enjoy quick approval
Step 3 - Submit the relevant documents to a representative of Bajaj Finserv, who would contact you soon
Step 4 - Get the required loan amount disbursed into your bank account within 24 hours of approval
That’s it, here’s how you can apply for personal loans and fulfill your needs quickly.
What is the minimum and maximum personal loan repayment tenor at Bajaj Finserv?
Applying for an online personal loan at Bajaj Finserv can let you access up to Rs.25 lakh with easy-to-meet eligibility conditions and minimal documentation. Bajaj Finserv also offers flexible loan repayments tenor to help you spread the loan cost over a tenor as per your needs. The minimum and maximum personal loan repayment tenor at Bajaj Finserv is 12 months (1 year) and 60 months (5 years).
How to choose the ideal repayment tenor for personal loans?
When you decide to avail a personal loan, then you also need to repay it to your lender over a tenor. But, you should choose ideal personal loan repayment tenor so that it does not affect your monthly budget. Lenders provide you with flexible repayment tenor so that you can select it as per your needs and repaying capacity. Bajaj Finserv comes with tenor ranging between 12 and 60 months. The best thing to determine the ideal repayment tenor is using the EMI calculator to know an EMI amount that you will repay. You can check if the EMI amount will affect the monthly budget or not. Based on your findings, you can increase or decrease the loan tenor.
How to calculate personal loan interest rate?
When you apply for a personal loan, then you also need to repay the lender the interest amount. But, how much will be your payable personal loan rate may not be easy to find manually. To do that, you can check out the personal loan EMI calculator on Bajaj Finserv website. Once you select the desired loan amount, tenor and applicable rate of interest, the calculator will suggest an EMI amount. It will also exhibit an exact personal loan interest rate amount over the total loan amount.
What are the charges for personal loans?
When you are applying for a loan with Bajaj Finserv, then you should not worry about any hidden personal loan fees. The personal loan charges at Bajaj Finserv include processing fees, which is up to 3.99% of the total availed amount. The next up is the secure fee of Rs.4,449 that you need to pay for online approvals. You don’t need to pay any charges for downloading e-statements via customer portal - Experia. But, you will need to pay Rs.250 + taxes if you wish to acquire physical copies.
What is repo rate and how does it affect personal loans?
Repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks. A cut in repo rate is a sign that will lower the borrowing costs such as interest rates and EMIs for individuals and banks. Repo rate affects the interest rate on personal loans only when it is offered on a floating interest rate basis. It will become more affordable for a borrower to handle its repayments. Personal loans offered at fixed interest rates won’t get affected by a cut in the repo rate.
What is the preclosure charge for personal loans?
Personal loan foreclosures mean the closing of the loan account before the actual tenor. Many borrowers like to do that to keep away the entire obligation of the loan. But, you need to pay some personal loan preclosure charges to the lender if you do that. The preclosure charges are 4% along with applicable taxes on the principal outstanding. The time period is more than 1 month from the date of disbursal of the loan.
Check Your Personal Loan EMI
Disclaimer :
Calculator is an indicative tool to check personal loan eligibility and assist the user to calculate the loan amount that the user will be eligible to borrow. Calculation results are approximations and for information purposes only and interest rates quoted are indicative. Actual interest rates and loan eligibility amount will vary. To check eligibility for Personal Loan and know the actual eligibility amount, the user should share his complete and accurate details by clicking on the ‘apply now’ tab and provide additional information/ documents required for assessment of user’s application. Calculation results are not intended to substitute professional advice which the user is advised to seek. Loan terms and conditions apply.
