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|
|DOCUMENT/ STATEMENT CHARGES
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.
|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.|
|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*|
|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|
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.
Personal loans come with two types of rate of interest: fixed interest rate and floating rate of interest.
Personal loan interest rates are calculated in two ways – Flat rate and Reducing Balance Interest Rate:-
Personal loan interest rate calculation via flat rate and reducing balance method are done with the following formula –
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.
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.
The minimum and maximum personal loan repayment tenure at Bajaj Finserv is 12 months (1 year) and 60 months (5 years).
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.
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.
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.
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.
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.
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.
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.