Personal loan interest rates and processing fees

Read the processing fees, interest rates and charges in detail before applying for our personal loan.

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Applicable fees and charges

Type of fee

Applicable charges

Rate of interest

11% to 35% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).
Flexi Fee

Term Loan – Not applicable

Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000
  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999
  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999
  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999
  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999
  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999
  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999
  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999
  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*All the Flexi charges above are inclusive of applicable taxes

*Loan Amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Bounce charges

Rs. 700 - Rs. 1,200 per bounce.
Pre-payment charges

Full Prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment.
  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as of the date of full prepayment.

Part-prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of the loan prepaid on the date of such part-prepayment.
  • Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid.

Penal interest

Any delay in payment of monthly instalment/ EMI shall attract penal interest at the rate of 3.50% per month on the monthly instalment/ EMI outstanding from the date of default until the receipt of the monthly instalment/ EMI.

Stamp duty

Payable as per state laws and deducted upfront from loan amount.
Mandate registration charges Rs. 1/- (inclusive of applicable taxes) applicable in case of UPI mandate registration.

Mandate rejection charges

Rs. 450 from the first month of the due date for the mandate rejected by customer’s bank until the registration of new mandate.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.
Broken Period Interest/ Pre-EMI Interest

Broken period interest/ Pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by the following methods:

  • For Term Loan: Deducted from the loan disbursement
  • For Flexi Term Loan: Added to the first instalment
  • For Flexi Hybrid Loan: Added to the first instalment

Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, interest is charged only for the actual number of days since the loan was disbursed.

*Terms and conditions apply.

Personal loan application process

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Step-by-step guide to apply for a personal loan

  1. Click on ‘APPLY’ at the top of this page to open our online application form.
  2. Enter your 10-digit mobile number and the OTP sent to your phone.
  3. Fill in the application form with your basic details, such as your full name, PAN, date of birth, and PIN code.
  4. Now, click on ‘PROCEED’ to visit the loan selection page.
  5. Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  6. Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
  7. Complete your KYC and submit your application.

Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.

Frequently asked questions

Is there any charge applicable on part-prepayments?

Yes, there are part-prepayment charges applicable on a personal loan. However, if you have used the Flexi Loan facility, part-prepayment fees do not apply to you.
Read more about our Flexi Loan facility

What does bounce charge mean?

You are charged with a bounce charge when you fail to make an EMI payment. For each missed EMI, Bajaj Finance charges between Rs. 700 and Rs. 1,200 (inclusive of applicable taxes). Additionally, penal interest will be assessed at a rate of 3.50% in the event of a late payment or EMI default.

What is the interest rate for a personal loan?

A Bajaj Finserv Personal Loan is available to you at a competitive interest rate starting at 11% p.a.
Read more about our personal loan

What is the maximum and minimum repayment tenure?

You can pay back your personal loan within 6 months to 96 months. That is, you can spread out your EMIs over a maximum of 8 years.

What is the repo rate, and how does it affect personal loans?

The Reserve Bank of India (RBI) lends money to commercial banks at a repo rate. When the repo rate goes down, interest rates and EMIs for both individuals and banks tend to go down as well.Repo rate only affects the interest rate on personal loans if you choose a floating interest rate. A drop in the repo rate does not affect fixed-rate personal loans.

What are the methods for interest calculation on a personal loan?

Interest on a personal loan can be calculated in two methods - flat rate and reducing rate:

1. Flat rate
Here, the applicable rate of interest is charged on the entire principal throughout the loan tenure.
2. Reducing rate
Here, 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.

What are the charges on personal loans?

Banks and financial institutions usually have a charge to process your loan application. These charges vary according to the lender. The fees and charges for our personal loan are clearly mentioned on this page and the final loan document. We advise you to read through them thoroughly before applying.

How can I get a low-interest personal loan?

Personal loans with low-interest rates are the perfect solution for urgent financial needs. This will make it easier for you to make repayments. Here are a few factors that can help you find the best rate on a personal loan:

  • Maintain a good credit score
  • Compare personal loan interest rates to get the best offer
  • Look for seasonal offers
  • Qualify based on your employer’s credibility
Is 12% a good interest rate on a personal loan?

The interest rate on a personal loan varies depending on the borrower. Personal loan interest rates can be influenced by variables such as your age, credit score, monthly income, relationship with the lender, and so on. You can get a Bajaj Finserv Personal Loan with competitive interest rates starting at 11%.

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