Features and benefits
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Flexi features
Utilise the Flexi facility to borrow from your pre-approved limit whenever you need it and pay interest only on the amount you withdraw.
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Zero collateral
Self-employed individuals can avail of funding without needing to pledge an asset as security
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Funding up to Rs. 80 lakh
Get a sizable sanction to meet multiple financial needs with ease. Plan your repayment with our EMI Calculator.
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Personalised deals
Existing customers get pre-approved loan offers for a hassle-free experience.
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Digital loan management
Use the online loan account to access essential loan-related information and manage loan EMIs on the go.
Whether you have urgent business expenses or personal obligations to address, the Bajaj Finserv Personal Loan for self-employed individuals is a great fit. With this instrument, you get funds up to Rs. 80 lakh at an attractive interest rate and a flexible tenor that goes up to 8 years.
The loan also has other features to make your experience comfortable and cost-effective. You can qualify for the loan by meeting our simple eligibility criteria and submitting only a few essential documents. With this loan, you also enjoy swift processing since you can get approval within 48 hours*. Our Flexi facility further gives you the option of lowering your EMIs by up to 45%* when you choose to pay interest-only EMIs.
Applicable fees and charges on our business loan
| Type of fee | Applicable charges |
| Rate of interest | 14 to 25% per annum |
| Processing fees | Up to 4.72% of the loan amount (inclusive of applicable taxes) |
| Bounce charges | Rs. 1,500 per bounce. “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) 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. |
| Flexi Facility Charge | Term Loan - Not applicable
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| Penal charge | Delay in payment of instalment(s) shall attract Penal Charge of Rs. 40 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
| Part-prepayment charges* | Full Pre-payment
Part Pre-payment
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| Stamp Duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount |
| Broken period interest | Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows: Scenario 1: If Loan is disbursed on 1st or post 10th of the month: For Term Loan : BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement Scenario 2: If Loan is disbursed between 3rd and 10th of the month: |
| Annual maintenance charges | Term Loan – not applicable. Flexi Term Loan (Flexi Dropline): Up to 0.413% (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 1.18% (inclusive of applicable taxes) of the total withdrawable amount during initial loan tenure. 0.413% (inclusive of applicable taxes) of total withdrawable amount during subsequent loan tenure. |
| Principal Holiday Facility Fees | Principal Holiday (as applicable below) - (Inclusive of applicable taxes) Up to Rs. 6499 (Inclusive of applicable taxes) for loan amount less than Rs. 10,00,000. Up to Rs. 8,999 (Inclusive of applicable taxes) for loan amount between Rs. 10,00,000 and 14,99,999. Up to Rs. 13,999 (Inclusive of applicable taxes) for loan amount between Rs. 15,00,000 and Rs. 24,99,999. Up to Rs. 16,999 (Inclusive of applicable taxes) for loan amount Rs. 25,00,000 and above. Note- The above principal holiday facility fees will be deducted upfront from loan amount. Loan amount includes approved loan amount, Insurance Premium and VAS Charges. |
| Legal and incidental charges | Recovery of charges |
How to apply for a personal loan for self-employed
For an easy online loan application, here are steps to follow:
- 1 Click on ‘APPLY ONLINE’ to open the application form
- 2 Enter your personal and business details
- 3 Upload your last six months bank statements
- 4 Get a call from our representative who will guide you on further steps
Once approved, you will get access to funds in just 48 hours*.
*Conditions apply
**Document list is indicative
Frequently asked questions
Our personal loan for self-employed individuals comes with several features and benefits. For one, you can use the sanction to fund personal obligations such as a wedding, home renovation, travel, medical emergencies and more without any restriction. Secondly, it is easy to qualify for and doesn’t require you to pledge any assets as security. Lastly, it offers a loan amount of up to Rs. 80 lakh, so you can meet professional and personal requirements without needing to part with assets or liquidate investments.
Bajaj Finserv Personal Loan for self-employed does not require you to provide any security or collateral to avail of funds. All you have to do is provide the necessary documents and fulfil the eligibility criteria when you apply.
To apply for a Bajaj Finserv Personal Loan for self-employed individuals, you need the following documents:
- Proof of business ownership
- KYC documents – PAN, Aadhaar card, voter ID, passport, driving license, etc.
- Other financial documents
To avail of a Bajaj Finserv Personal Loan for self-employed individuals, these are the criteria to meet:
- A credit score of 685 or higher
- Age between 18 and 80
(*Age should be 80 at the time of loan maturity) - Business vintage of at least 3 years
- Indian nationality
Besides personal expenses, these funds can be invested in your business. You can purchase equipment and machinery, expand to a new location, consolidate existing debt, increase working capital, etc.
You can apply for the loan online, with an SMS or by availing of your pre-approved loan offer. Post completion, an authorised representative will contact you on the next steps.
