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Personal Loan

For salaried individuals | No collateral required | No hidden charges
Personal Loan
For salaried individuals | No collateral required | No hidden charges
PL_PDP_01_24_hour_disbural
Disbursal in 24 hours*
PL_PDP_02_Flexible_Loan_Tenures
Flexible tenures
PL_PDP_03_No_Collateral
No collateral
PL_PDP_05_No_Hidden_Charges
No hidden charges
PL_PDP_01_24_hour_disbural
Disbursal in 24 hours*
PL_PDP_02_Flexible_Loan_Tenures
Flexible tenures
PL_PDP_03_No_Collateral
No collateral
PL_PDP_05_No_Hidden_Charges
No hidden charges
Personal loan EMI calculator

Personal Loan EMI Calculator

Plan your EMI outflow with ease. Use our personal loan EMI calculator to calculate your personal loan EMI and interest payable.

Features and benefits of our personal loan

Read on to know why our personal loan is the best option for you.

  • 3 unique variants

    Pick the loan variant that suits you best: Term loan, Flexi Term Loan, and Flexi Hybrid Loan.

  • No part-prepayment charge on Flexi Loans

    Repay a part of your loan in advance, at no extra cost. You can part-pay as many times as you want.

    Read about Flexi Loans

  • Loan of up to Rs. 40 lakh

    Manage your small or large expenses with loans ranging from Rs. 20,000 to Rs. 40 lakh.
  • Approval in just 5 minutes

    Complete your entire application online from the comfort of your home or wherever you are and get an instant personal loan with fast approval.
  • Money in your account in 24 hours*

    Your bank account will be credited with your loan amount within 24 hours* or, in some cases, on the same day of approval.

  • No hidden charges

    Our fees and charges are mentioned clearly on this page itself and also on our loan documents. We advise you to read these in detail before applying. 

    Know about our fees and charges

  • No guarantor or collateral needed

    You do not need to provide any collateral such as gold ornaments, property papers, or have someone stand as a guarantor.

*Terms and conditions apply

Still have not found what you are looking for? Click on any of the links at the bottom of this page.

 

A loan for all your goals

Since our personal loan comes with freedom of usage, you can utilise the funds to manage a wide range of expenses, including higher education and wedding.

A hassle-free application and quick disbursal make it an ideal option to manage urgent needs such as a medical emergency or home repairs.

Apply today and manage your financial expenses without stress.

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Eligibility criteria and documents required

Anyone can apply for our personal loan online, as long as you meet five basic criteria mentioned below. If you meet all the eligibility criteria of our online personal loan, you will need a set of documents to complete your application process. With our online personal loan, you can get an instant approval for up to Rs. 40 lakh. Meet the easy personal loan eligibility parameters and complete your basic documentation to avail the money you need within 24 hours* of approval.

Eligibility criteria

  • Nationality: Indian
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL Score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

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
  • Utility bill of electricity and piped gas

*You should be 80 years* or younger, at the end of the loan tenure.

How to apply for a personal loan

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

  1. Click on ‘APPLY’ at the top of this page to open our online personal loan 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 loan 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

Personal loan interest rate and applicable 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, and VAS charges.

Bounce charges

Rs. 700 - Rs. 1,200 per bounce.
“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Part-prepayment charges

Full prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.
  • 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 payment.

Part-prepayment

Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of the loan pre-paid on the date of such part-prepayment.

*Foreclosure will be processed post clearance of first EMI

Penal charge

Delay in payment of instalment(s) shall attract penal charge of Rs. 8 - Rs. 12 per day 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 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.

Switch fee

Up to 1.18% of the loan amount (inclusive of applicable taxes).

Switch fee is applicable only in case of switch of loan. In switch cases, processing fees will not be applicable.

Cash collection handling charges Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs.
Cash deposit charges Customers will incur a cash deposition charge of Rs. 50 (inclusive of applicable taxes) when making cash payments at our branch offices.
PG facility charges Rs. 11 (inclusive of applicable taxes) will be charged for utilizing the payment gateway to make part or full payments towards the loan through digital properties.


Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

For Micro Finance Loans, please note below:
Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Minimum interest, maximum interest, and average interest are 13%, 35%, and 35.40% per annum respectively. Part-prepayment and foreclosure charges are NIL.

Our Flexi loan variants

Loan variant

What is it

Flexibility

Withdrawals

EMIs

Part-prepayment Charges

Flexi Charges

Flexi Hybrid Loan

Allows flexibility in borrowing and repaying within a specified loan limit. You can withdraw and repay multiple times within the approved limit. Interest-only EMI is charged only on the amount utilised.

Easily withdraw funds from the sanctioned limit and prepay effortlessly with our most flexible loan variant.

Get unrestricted access to funds with multiple withdrawals from the approved loan limit.

Interest-only EMIs for the initial part of the loan tenure. EMI applicable only on the withdrawn amount.

No part-prepayment charges.

Nominal Flexi charges applicable.

Flexi Term Loan

Offers flexibility in borrowing and repaying within a specified loan limit. Your EMIs cover both the principal and interest for the withdrawn sum over the entire duration.

Easily withdraw funds from the sanctioned limit and prepay effortlessly. More flexible than our regular term loan. 

Get unrestricted access to funds with multiple withdrawals from the approved loan limit.

Fixed EMIs only on the withdrawn amount.

No part-prepayment charges.

Nominal Flexi charges applicable.

Term Loan

There is no pre-assigned limit. Involves borrowing a fixed amount for a specified term. Repayments are made through regular EMIs, comprising both principal and interest.

Fixed loan structure and repayment schedule. Less flexible than our flexi term or flexi hybrid loans.

Single disbursement of the loan amount.

Fixed EMIs on the disbursed amount.

Nominal part-prepayment charges applicable.

No Flexi charges.

Frequently asked questions

What is a personal loan?

A personal loan is a type of credit facility that you can avail of to pay your financial obligations without providing any kind of security or collateral. Personal loans are provided without end-use restrictions; thus, they can be used for a variety of purposes. Whether it's a medical emergency, a home renovation, or a wedding, a personal loan can be an excellent way to manage your expenses. You can get a personal loan of up to Rs. 40 lakh with minimal documentation and an easy loan application process.

What is the annualised rate of interest and repayment tenure of personal loan offered by Bajaj Finance Limited?

The annualised rate of interest (% p.a.) is the cost that the borrower must pay for money borrowed from the lender. The interest is payable on principal loan amount basis the loan tenure opted. Bajaj Finance Limited offers personal loans with an annualised interest rate ranging from 11% to 35% p.a. which can be repaid over tenures between 6 months to 96 months.

For instance, Priya took a personal loan of Rs. 1 lakh at an annualised interest rate of 15% p.a. for a tenure of 12 months. In this scenario, Priya’s annual interest payable will be around Rs. 8,310 and her monthly EMI shall be around Rs. 9,026. Here, she will be repaying around Rs. 1,08,310 in total during the loan tenure towards principal and interest component, apart from other charges applicable, if any.

*Terms and conditions apply.

How can I apply for a personal loan?

You can apply for a personal loan by following these simple steps:

  • Visit the personal loan page and click on ‘APPLY’
  • Enter your 10-digit mobile number and OTP.
  • Fill in the application form with your basic details.
  • Now, click on ‘PROCEED’ to visit the loan selection page.
  • Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  • Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
  • Complete your KYC and submit your application.
What can you use a personal loan for?

You can take a Bajaj Finserv Personal Loan for several scenarios such as:

  • Medical emergency
  • Wedding
  • Higher education
  • Home expenses

Our instant personal loan comes with no end-use restrictions, allowing you to meet a wide variety of expenses comfortably.

Read on to know why our personal loan is the best option

What are the eligibility criteria for a personal loan?

To get a quick personal loan, you only need to meet a few basic personal loan eligibility criteria:

  • You must be between 21 years and 80 years* of age
  • You must be a salaried individual employed with an MNC, public or private company
  • You must be a residing citizen of India
  • If you meet the salary requirement based on your city of residence, you can qualify for the loan.

*Terms and conditions apply

What are the documents required for a personal loan?

You will be asked to submit the following documents to get a personal loan from Bajaj Finserv:

  • Passport-size photographs
  • KYC documents – Aadhaar, PAN, voter’s ID, driving licence, passport
  • Bank account statements for the previous 3 months
  • Salary slips for the last 3 months

Here is why you should choose a Bajaj Finserv Personal Loan

What is the CIBIL Score required to get a loan?

The ideal credit score to get instant paperless approval for the best personal loan in India differs from lender to lender. A CIBIL Score of 685 and above is required to get a Bajaj Finance Personal Loan.

What is the maximum loan that I can get?

You can borrow up to Rs. 40 lakh without pledging any collateral.

How can you calculate your EMI?

You can use our personal loan EMI calculator to compute the monthly instalment and tenure that suits your budget. You only need to enter the amount you need to borrow, the interest rate, and the tenure to get an estimate of the EMI.

What is the minimum salary required to get a personal loan?

The minimum salary criteria for a Bajaj Finserv Personal Loan is Rs. 25,001. However, it may differ based on your city of residence. For instance, if you reside in metro cities like Pune, Bangalore, Mumbai, or Delhi, your minimum monthly salary should be Rs. 40,000.

How long does it take to get approved for a personal loan?

With Bajaj Finance Limited, you can expect instant approval on your personal loan application.

Apply for a personal loan

How can I repay my personal loan?

You can repay your personal loan in the form of EMIs (equated monthly instalments). Here, a fixed amount is automatically deducted from your bank account every month. You can set up a NACH mandate with your bank to pay the EMIs.

Here is how you can reduce your personal loan EMIs

How is personal loan interest calculated?

Lenders provide an interest rate when you opt for a personal loan. The personal loan interest rate depends on several factors including CIBIL Score, income, debt-to-income ratio, employment stability etc. Once you know the interest rate, you can use the interest calculator to know your EMI outflow.

How to get quick approval on my personal loan application?

With a Bajaj Finance Personal loan, you get the benefit of instant approval and quick disbursal. All you need to do is apply for a personal loan by filling out the application form with your basic details. The personal loan amount will be approved once you meet the required eligibility criteria.

How does a personal loan work?

Once you apply for a personal loan, the lender usually checks your credit history, income, and a few other parameters to verify your application. Once approved, the loan amount is disbursed into your bank account. Bajaj Finance disburses the loan amount in your registered bank account within 24 hours* or, in some cases, on the same day of approval. You can pay back that amount with interest in regular EMIs over the selected tenure.

Why should you choose a Bajaj Finance Personal Loan?

Here are some reasons to choose the Bajaj Finserv Personal Loan:

  • Loan amount of up to Rs. 40 lakh
  • Flexible tenures of up to 96 months
  • Money in your account within 24 hours* of approval
  • No guarantor or collateral needed
  • No hidden charges

*Terms and conditions apply.
 

How is the personal loan processing fee calculated?

Processing fees are charges that are usually levied on the total loan amount sanctioned. Bajaj Finance charges up to 3.93% of the loan amount (inclusive of applicable taxes). For instance, Rohit has taken a personal loan of Rs. 1 lakh, for which the processing fee of Rs. 3,930 will be deducted from his sanctioned loan amount. The loan amount disbursed into his account will therefore be Rs. 96,070.

What is the easiest loan to get online?

A personal loan is one of the easiest online credit options available. You can avail of a Bajaj Finserv Personal Loan of up to Rs. 40 lakh if you meet the eligibility criteria mentioned below:

  • Nationality: India
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

*You should be 80 years* or younger, at the end of the loan tenure.
You can also check your pre-approved loan offer and get funds instantly.

How to get a personal loan in 5 easy steps?

If you are looking for a best personal loan in India, there are numerous options available. Bajaj Finance Limited offers personal loans with features such as minimal documentation, Flexi variants and quick disbursal. Follow these 5 steps if you want to get a Bajaj Finance Personal Loan:

  • Visit the personal loan page and click on ‘APPLY’
  • Enter your 10-digit mobile number and OTP.
  • Fill in the application form with your basic details and ‘PROCEED’
  • Enter the loan amount and tenure that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  • Complete your KYC and submit your application.
How to choose the best online personal loans in India?

To choose the best personal loan in India, compare interest rates, processing fees, and tenure across multiple lenders. Assess your credit score and eligibility. Consider hidden charges, repayment flexibility, and customer reviews. There are many personal loan finance companies, but you should opt for a reputable lender with favourable terms and transparent policies that align with your financial needs and capabilities.

How do I use the personal loan EMI calculator?

To use the personal loan EMI calculator, simply input the loan amount, interest rate, and tenure. The calculator will then compute your monthly EMI, total interest payable, and total repayment amount, helping you plan your finances effectively.

Can the eligibility calculator guarantee approval for a personal loan?

While the eligibility calculator provides an estimate of your loan eligibility based on your income, credit score, and other factors, approval is subject to the lender's discretion and additional criteria such as employment status and existing debts.

Can I use the EMI calculator for different loan amounts and repayment tenures?

Yes, the EMI calculator is flexible and allows you to input various loan amounts and repayment tenures to compare different scenarios. This helps you find a suitable combination that aligns with your budget and financial goals.

How is the interest calculated on a personal loan?

The interest calculation on a personal loan depends on factors like the principal amount, interest rate, and tenure. You can also use an interest calculator to compute your interest payments in advance.

What is a Flexi day-wise interest calculator?

A Flexi day-wise interest calculator helps borrowers understand the interest accrual and repayment dynamics of Flexi Loan products, enabling them to manage their finances efficiently and optimise interest costs.

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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*.