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Current Personal Loan Interest Rate - 2020


Bajaj Finserv offers low interest rate on personal loan 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 current personal loan interest rates and charges in India:

Rate of Interest on Personal Loan
Types of Fees Charges Applicable
Rate of Interest 12.99% onwards
Processing fees Up to 4.13% of the loan amount (plus applicable taxes)
Bounce Charges Rs.600 - Rs.1,200 per bounce (inclusive of applicable taxes)
Penal interest Any delay in payment of Monthly Instalment/EMI shall attract penal interest at the rate of 2% to 4% per month on the Monthly Instalment/EMI outstanding, from the date of default until the receipt of Monthly Instalment/EMI. Recently updated

Statement of Account/Repayment Schedule/ Foreclosure Letter/No Dues Certificate/Interest Certificate/other 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/other list of documents from any of our branches at a charge of Rs.50 (Inclusive of applicable taxes) per statement/letter/certificate.

If you are a salaried professional aged between 25 and 55 years living in India, you can easily qualify for a loan.

Below is table for other fees and charges:

Personal Loan Foreclosure Charges

Loan Variant Charges
Term Loan 4% plus applicable taxes on Principal Outstanding amount as on the date of such full pre-payment
Flexi Term Loan 4% plus applicable taxes on total withdrawable amount* (*Total loan amount that you can withdraw under Flexi Loan from time to time as per the repayment schedule) on the date of levy of such charges.
Flexi Hybrid Loan 4% plus applicable taxes on total withdrawable amount* (*Total loan amount that you can withdraw under Flexi Loan from time to time as per the repayment schedule) on the date of levy of such charges.

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

Loan Variant Charges
Flexi Term Loan 0.25% plus applicable taxes, on the total withdrawable amount irrespective of utilization on date of levy of such charges
Flexi Hybrid Loan 0.25% plus applicable taxes, on the total withdrawable amount irrespective of utilization on date of levy of such charges
  • *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.


Types of Personal Loan Interest Rates

Personal loans come with two types of rate of interest: fixed interest rate and floating rate of interest.

  1. Fixed interest rate

    As the name suggests, the interest rate remains the same throughout the loan tenor. Thus, the loan EMIs will also remain constant.
  1. Floating interest rate

    Floating, adjustable, or variable interest rate are linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.

    Both of these rates have advantages and disadvantages. Fixed rate keeps EMIs constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.

    1. Methods for Interest Calculation on Personal Loan

      Personal loan interest rates are calculated in two ways – Flat rate and Reducing Balance Interest Rate:-

      1. Flat rate method

        In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.

      1. Reducing balance method

        In Diminishing Balance method or Reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers also have to pay lower interest on the loan compared to the flat rate method.

      Interest Rate Calculation Formula

      Personal loan interest rate calculation via flat rate and reducing balance method are done with the following formula –

      1. Flat rate method

      2. The applicable rate of interest is chargeable on the entire loan principal.

        Formula for this method is –

        EMI = (Principal + total interest payable) / loan tenor in months

        Wherein, total interest payable = P x r x n/100

      1. Reducing balance method

      2. The applicable rate of interest is charged on the outstanding principal after payment of each EMI.

        Formula to calculate is –

        EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

        Here, ‘P’ is the loan amount or principal, ‘r’ is the rate of interest, and ‘n’ is the loan tenor in months.

Personal Loan Processing Fees and Interest Rates FAQs

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 factors that affect personal loan interest rates?

  • Credit score – The minimum credit score to avail a personal loan is 750. Applicants who hold a high credit score are more creditworthy and can avail lower interest rates.

  • Occupation - Financial institutions may offer different interest rates to salaried and self-employed applicants; the former may be at times considered less risky.

  • Income – An applicant with a higher income can receive a lower rate of interest owing to reduced chances of default.

  • Age – Individuals with lower age can receive affordable rates than those nearing retirement. Young applicants have more years of service left and are deemed less risky.

  • Employment organisation – Those employed in a renowned organisation may be liable to receive lower rates.

  • Association with the lender – Existing customers of a financial institution may also receive lower rates.

What is the lowest interest rate available on personal loan?

The interest rate depends on the type of applicant and his/her credit score (minimum 750 or higher), income, age, relationship with the financial institution, existing debts, and several other factors. Customers who have a favourable background and good credit history can receive lower interest rates.

What is the minimum and maximum personal loan repayment tenure at Bajaj Finserv?

The minimum and maximum personal loan repayment tenure at Bajaj Finserv is 12 months (1 year) and 60 months (5 years).

What is meant by reducing interest rate with personal loan?

Diminishing interest rate or Reducing interest rate is applicable to the outstanding loan balance after payment of each EMI. This process of calculating interest is known as the reducing balance method.

The fixed rate method is the alternative process where the rate of interest is chargeable on the entire loan amount or principal throughout the tenor.

What is the processing fee for personal loans?

To avail the personal loan, you also need to pay some processing fee. The processing charge at Bajaj Finserv is up to 4.13% of the total loan amount.

Bajaj Finserv lets you borrow up to Rs.25 lakh, which can be repaid over a flexible tenor. It comes with lowest personal loan interest rates that can be negotiated based on your CIBIL score and repayment history.

What is the preclosure charge for personal loans?

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.

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.

What are the charges for personal loans?

The personal loan charges at Bajaj Finserv include processing fees, which is up to 4.13% of the total availed amount.

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.

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.

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Disclaimer :

The EMI calculator is an indicative tool and the results may vary based on actual interest rates and the period between disbursal date and the first EMI date. Calculation results are approximate and for information purposes only.
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