Rs. 40000 - Rs. 55 lakh
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What is the usual tenor of a personal loan?
Personal loan tenure or repayment periods, typically range from 12 months to 96 months, depending on the lender and your specific requirements. Understanding the tenure options available helps you make informed decisions about your loan repayment strategy and monthly EMI amounts.
Bajaj Finance advantage: With tenures extending up to 96 months (8 years), Bajaj Finance provides one of the most flexible repayment periods in the market, allowing you to keep your EMIs manageable whilst accessing substantial loan amounts up to Rs. 55 lakh.
✅ Check your pre-approved loan offer with phone number and OTP → Apply online in 5 minutes → Receive funds within a day*.
The right tenure for your personal loan depends on several factors ranging from the end-use of the loan to your ability to repay it. Apply for one of India's fastest personal loans and see how you can get instant approval and disbursal within 24 hours*.
Factors determining the right tenure for you
The right tenure for your personal loan depends on several crucial factors that affect both your immediate cash flow and long-term financial health:
- End-use of the loan: Emergency expenses might require shorter tenures, whilst major investments like home renovation could benefit from longer repayment periods
- Your monthly income and expenses: Your disposable income determines how much you can comfortably pay as EMI each month
- Loan amount: Larger loan amounts often necessitate longer tenures to keep EMIs affordable
- Interest rate implications: Longer tenures result in lower EMIs but higher total interest paid over the loan's lifetime
- Financial goals: Your other financial commitments and future plans influence the ideal repayment period
Pro-tip: Use the Bajaj Finserv Personal Loan EMI Calculator to compare different tenure options. This helps you visualise how tenure length affects your monthly payments and total interest cost, enabling you to make the best decision for your financial situation.
Eligibility criteria and documents for personal loan
You can easily get the funds you need with the below criteria:
-
Eligibility criteria
- Nationality: Indian
- Age: 21 years to 80 years.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Customer profile: Self-employed or Salaried
*You should be 80 years or younger, at the end of the loan tenure.
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Documents required
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Phone bill
- Real-time image / photograph
- Ration card
Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
How to apply for personal loan
-
Step-by-step guide to apply for a personal loan
- Click on ‘CHECK ELIGIBILITY’ on this page.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the offer or loan amount that you need. Choose from our personal loan variants.
- Choose the repayment tenure and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will contact you for further steps.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee |
Applicable charges |
Rate of Interest per annum |
10% to 31% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge |
Term Loan – Not applicable Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi facility charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
Principal Holiday Facility Fees |
Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount *(Loan amount includes approved loan amount, Insurance Premium & VAS Charges) |
Bounce charges |
Up to Rs. 1,200 per bounce. |
Part-prepayment charges |
Full Pre-payment:
Part-prepayment
|
Penal charge |
Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges |
Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges Flexi Hybrid Term Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit during Initial Tenure. Up to 0.295% (Inclusive of applicable taxes) of Dropline limit during Subsequent Tenure |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.