Personal loan interest rates, fees and charges

Types of fees

Charges applicable

Interest rate

13% onwards

Processing fees

Up to 4% of loan amount (plus applicable taxes)

Document/ Statement charges
Statement of Account/ Repayment Schedule/ Foreclosure Letter/ No Dues Certificate/ Interest Certificate/ list of documents

Download your e-statements/ letters/ certificates at no extra cost by logging into the 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 applicable taxes) per statement/ letter/ certificate.

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.

Part-prepayment charges**

2% + applicable taxes on part-payment amount paid*

Bounce charges

Rs. 600 – Rs. 1,200 per bounce (inclusive of applicable taxes)

Stamp duty At actuals. (as per state)

 

*Applies to e-statements. You can get a physical copy from any branch for Rs. 50 (inclusive of taxes).

**These charges are not applicable for the Flexi Loan facility. Moreover, the part-prepayment should be more than 1 EMI.

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Annual maintenance charges

Loan variant

Charges

Flexi Term loan

0.25% plus applicable taxes, on the total withdrawable amount irrespective of utilisation on date of levy of such charges

Flexi Hybrid loan

0.25% plus applicable taxes, on the total withdrawable amount irrespective of utilisation on date of levy of such charges

 

Foreclosure charges

Loan variant

Charges

Term loan

4% plus applicable taxes on the 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).

 

Mandate rejection service charge: Rs. 450 (inclusive of applicable taxes)

Charges will be levied if the new mandate form is not registered within 30 days from the date of rejection of the previous mandate form by the customer’s bank for any reasons whatsoever.

Additional cess will be applicable on all charges for all products in accordance with the state-specific laws.

Bajaj Finserv offers personal loans of up to Rs. 25 lakh at competitive interest rates starting at 13%. There are no hidden charges, and you are assured of 100% transparency.

By securing an affordable interest rate, you can use the Bajaj Finserv Personal Loan to meet your financial goals cost-effectively. When applying for a personal loan, do account for the processing fee of up to 4% of the loan amount plus taxes. This is a one-time fee. You can split repayment into a maximum of 60 EMIs as you get a flexible repayment tenor up to 60 months. For ease of planning, use the Personal Loan EMI Calculator.

When taking a personal loan, prior planning is a must as defaults attract fines and penal interest. The bounce charges range from Rs. 600 to Rs. 1,200, and penal interest is charged 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.

Part-prepayments help make loan repayment cheaper as they reduce the outstanding principal. However, make sure to judge the benefit of a part-prepayment by accounting for the fee of 2% plus taxes on the amount paid. The part-prepayment fee does not apply to the Flexi loan facility.

If you want to pre-close your loan, you will incur a nominal charge of 4% plus taxes on the outstanding principal. For a Flexi loan, the foreclosure charge is 4% plus taxes and cess on the withdrawable amount.

To view your loan documents and statements, simply visit the customer portal – Experia. You can download e-statements, letters, certificates and more from Experia. For physical copies, you can visit the nearest Bajaj Finserv branch and pay a nominal fee of Rs. 50 to obtain the copy you need.

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Frequently asked questions

What is the processing fee for a personal loan?

The processing fee for a Bajaj Finserv Personal Loan may go up to 4% of the loan amount plus taxes. This fee depends on the loan amount and factors such as your eligibility.

Is there a charge applicable on part-prepayments?

When making a part-prepayment, you must account for a fee of 2% plus taxes on the part-prepayment amount made. However, part-prepayment fees do not apply to you if you have availed of the Flexi loan facility.

What does EMI bounce charge mean?

An EMI bounce charge is the penalty incurred when you miss an EMI payment. Bajaj Finserv charges between Rs. 600 - Rs. 600, inclusive of taxes, for every EMI missed. Also, in case of late payment or default of EMI(s), penal interest will be levied at a rate of 2% - 4%.

What is the interest rate for a personal loan?

You can avail of a Bajaj Finserv Personal Loan at a competitive interest rate starting at 13%.

What is the foreclosure charge for personal loans?

When foreclosing your loan, you must account for the foreclosure charge of 4% plus taxes on the outstanding principal if you have taken a term loan. For a Flexi Term loan or a Flexi Hybrid loan, the foreclosure charge is 4% plus tax and cess on the total withdrawable amount.

What are the factors that affect the interest rate offered to you?

CIBIL score: 750 is the minimum CIBIL score required for a personal loan. High CIBIL scores indicate a clean financial track record and can help you secure a lower interest rate. Click here to check your CIBIL score for free.

Occupation: Salaried and self-employed individuals may be offered different interest rates because of the nature of their income. Often, salaried persons are treated as less risky.

Income: Higher income helps you get a lower interest rate as lenders can be assured of repayment.

Debt-to-income ratio: Keeping this ratio low helps reduce the risk of default as you will have more funds to pay your EMIs with. The interest rate may be lower accordingly.

Age: Younger applicants, with many earning years remaining, may receive more affordable rates than those nearing retirement.

Employment: Being employed at a renowned organisation can help you get a better rate as there is more job and income stability.

Association with the lender: Existing customers may get more favourable interest rates.

What is the maximum and minimum repayment tenor?

You can repay your loan over a tenor of up to 60 months. That is, you can space out your EMIs over a maximum of 5 years.

What is meant by flat and reducing balance methods?

In the flat-rate method you are charged interest on the entire principal throughout the tenor. This works out to be expensive. In the reducing balance method, you are charged interest on the outstanding principal. The outstanding principal reduces with each EMI you pay. This method is more cost-effective.

How to calculate the loan EMI?

For the reducing balance method, the EMI formula is:

EMI = [P x R x (1+R)N ] / [(1+R)N-1]

Here,

P is the principal or loan amount
R is the monthly loan interest rate
N is the number of EMIs or the tenor in months

However, it is simpler to use the Personal Loan EMI Calculator. All you need to do is enter the principal, interest rate, and tenor to view your EMI instantly.

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