Bajaj Finserv levies a nominal interest rate on personal loans, starting at 13%. While this is the primary charge applicable on your personal loan, you may have to bear other charges such as a processing fees, EMI bounce charges, penal interest (in case you delay EMI payments) and document/ statement charges.
Read more: Personal loan interest rates
How to calculate interest on your Bajaj Finserv Personal Loan?
A personal loan has two components: the principal, which is the borrowed amount, and the interest, which is the cost of borrowing. Interest is a percentage of the amount borrowed. Since you can get a personal loan without pledging an asset as security, the interest rate for a personal loan is slightly higher than that of other secured loans.
Each equated monthly instalment (EMI) that you pay comprises a principal portion and an interest portion. As the interest rate is fixed, your EMI depends on the loan repayment tenor which ranges from 12 months to 60 months.
Use our personal loan EMI calculator to easily calculate the personal loan EMI amount. Also use it to view the total interest that you will have to pay.
What are the factors that influence personal loan interest rates?
Key factors that affect the personal loan interest rate are your income, your credit rating, the principal amount borrowed, and the market conditions prevalent at the time of application. Typically, a high credit score and good repayment history can help you get a better personal loan interest rate.