Personal loans are the best option when it comes to sudden financial needs. With the facility to get huge loan amount for low-interest rates without any collateral, a personal loan has all that a loan seeker wants. Be it any financial need like the business extension, abroad travelling, foreign education, family function, home renovation, etc. Bajaj Finance Personal Loan takes care of everything without digging a hole in the loan applicant's pocket.

Bajaj Finance is the leading Non-Banking Financial Companies (NBFC) that offers Personal Loan for Wedding, Personal Loan for Travel, Personal Loan for Home Improvement, Personal Loan for Medical Emergency and Personal Loan for Higher Education also. Bajaj Finance provides personal loans with the interest rate starting from 12.99% p.a. onwards with the loan tenure up to 5 years. Bajaj Finance Flexi Personal Loan is the facility wherein a borrower can pre-pay and drawdown money within the drop-line facility using a self-service process without any hassle. Read this article to know more in detail about the personal loan facility of Bajaj Finserv.

Bajaj Finance Personal Loan Interest Rates Details

Particulars Details
Interest Rate 12.99%p.a. onwards
Loan Amount Up to ₹ 25 lakhs
Tenure 24-60 months
Processing Fees 2.25%-3% of the loan amount
Prepayment Charges NIL
Security Not required

Why choose Bajaj Finance Personal Loan?

Here are some of the main reasons that make Bajaj Finance one of the best personal loan providers.

  • Online Loan Applications: The candidates can apply for a personal loan from the comfort of home or office through the online service by visiting the official website of Bajaj Finance.
  • Get Instant Online Approval: A loan applicant can get instant online approval within few minutes with the privilege to apply online for Personal Loan.
  • Get Money in 72 hours: Since, personal loans are taken when there is a sudden need of money, a personal loan applicant gets money credited in their bank account within 72 hours.
  • Loan Amount up to ₹ 25 lakh: Bajaj Finserv gives personal loans up to ₹ 25 lakhs with the flexible repayment option and loan tenure ranging from 24 months to 60 months.
  • Online account access: After all the formalities related to loan approval is completed, a person can access all the information related to the Personal Loan that he/she has taken like the payment schedule, EMI payable, interest certificate, and other information related to the personal loan.
  • Attractive Rate of Interest: Personal Loan interest rates of Bajaj Finance are one of the lowest personal loan interest rates with the starting rate of 12.99% per annum.
  • Attractive Offers for Existing Customers: The existing customers of Bajaj Finserv has the privilege to get exclusive pre-approved offers for Personal Loans.
  • Part Prepayment Facility: There is a facility to do part prepayment of the personal loan.
  • Zero Foreclosure Charges: The company does not charge anything on the foreclosure of the personal loan.
  • 24X7 Customer Support: Bajaj Finance has 24X7 customer support helpline including toll-free number, emails and SMS.

Bajaj Finserv Personal Loan Purposes

Like any other personal loan, Bajaj Finserv Personal Loan is also a multi-purpose loan. So, some of the main purposes for which this personal loan scheme can be availed are as follows:

  • Personal Loan for Wedding
  • Personal Loan for Travel
  • Personal Loan for Home Improvement
  • Personal Loan for Medical Emergency
  • Personal Loan for Higher Education

Bajaj Finserv Personal Loan Eligibility

The personal loan product of Bajaj Finance is designed for salaried class individual wherein the company has set certain eligibility criterion for the applicants. So, people who are looking for a personal loan from Bajaj Finserv must come under the below eligibility criteria:

  • The applicant must be a salaried person
  • Minimum age of the applicant should be 25 years
  • Maximum age of the applicant must be 53 years
  • Minimum Net Monthly Income of the applicant should be between ₹ 25,000 to ₹ 40,000 (salary requirement are different from city to city)

A loan seeker can also check his/her eligibility for Bajaj personal loan online with the help of the Bajaj Finserv Personal Loan Eligibility Calculator that works on the basis of the profile of the customer.

Documents Required for Bajaj Finserv Personal Loan

To get a personal loan from Bajaj Finance, a loan applicant must carry all the documents listed below:

  • Signed loan application form with photos
  • Employee ID Card
  • Identity Proof- PAN Card/Passport/Driver's License/Voter ID
  • Address Proof- Passport/Driver's License/Ration Card/Mobile Bill/Letter from employer
  • Signature Proof- Passport/PAN Card/Driver's License/Photo Credit Card/Letter from bank verifying signature
  • Work experience documents- Appointment letter, Form 16, 1 year old salary slip, for the previous employment also

How to apply for Personal Loan from Bajaj Finance

The process to apply for a personal loan at Bajaj Finserv is very simple with easy documentation. Since, there is no collateral required to take a personal loan, the documentation involved in the loan approval process is quick. With the privilege to apply online, a person can get instant loan approval. Also, a loan seeker can check the eligibility in advance on the website and then apply for it.

Bajaj Finance Personal Loan EMI Calculator

Personal Loan EMI calculator is the tool that is used to calculate the EMI you have to pay for the loan. A borrower can calculate the monthly installments he is liable to pay to Bajaj Finance and decide the affordability of the loan. With the knowledge of the EMIs in advance, a person gets the chance to manage his monthly finances accordingly. In a personal loan EMI calculator, the mandatory fields to be filled in are:

  • Loan Amount
  • Tenure
  • Interest Rate

For eg., let us suppose that a person is planning to take a loan from Bajaj Finance for the loan amount ₹ 2 lakhs and has been offered the interest rate of 12.99% per annum. Now, the borrower has chosen the loan tenure of 5 years. The monthly installments that he will have to pay can be seen here:

Table for EMI per month, Total Interest Outgo and Total Amount

Loan Amount (in ₹ ) Interest Rate (p.a) Tenure (in Years) EMI (in ₹ ) Total Interest Outgo (in ₹ ) Total Amount (Principal + Interest) (in ₹ )
2,00,000 12.99% 1 17,863 14,350 2,14,350
2,00,000 12.99% 2 9,507 28,178 2,28,178
2,00,000 12.99% 3 6,738 42,562 2,42,562
2,00,000 12.99% 4 5,365 57,496 2,57,496
2,00,000 12.99% 5 4,550 72,975 2,72,975

Amortization Table

Year Principal (in ₹) Interest Outgo (in ₹) Balance Amount (in ₹)
1 30,008 24,212 169,612
2 34,576 20,024 135,036
3 39,346 15,254 95,690
4 44,775 9,825 50,915
5 50,963 3,650 0

What is Bajaj Finserv Flexi Personal Loan?

Flexi loan account is the facility extended by Bajaj Finance wherein a borrower gets the facility to prepay and drawdown money within the drop-line facility. A borrower can also opt for a self-service process to save time.

Benefits of Bajaj Finserv Flexi Loans

If a person chooses the flexi loan facility, he can save interest cost by pre-paying any additional or idle funds (if any) without paying any charges on the part-paid amount. Here are some of the benefits of flexi loans over an existing term loan that will help you in taking a decision henceforth:

  • Flexibility to pre-pay the loan with idle funds without any extra cost involved
  • Re-avail the pre-paid amount within the drop-line facility at any time during the loan tenure with no additional documentation needed
  • Interest paid only on the utilized loan amount.
  • Easy and hassle-free online transactions with self-service account access tool for drawdown and RTGS (Real-time Gross Settlement Systems) that allows pre-payment through net banking facility
  • Facility to make prepayments for up to 6 times in a year

Bajaj Finance Personal Loan Interest Rate

On a personal loan, Bajaj Finance is the leading NBFC that gives one of the lowest personal loan interest rates in India. The personal loan interest rates are available with the starting rate of 12.99% per annum onwards.

Features of Bajaj Finance Personal Loan

Some of the main features of personal loan scheme of Bajaj Finserv are as follows:

  • Online loan applications
  • Quick loan approval
  • Higher loan amount up to ₹ 25 lakhs
  • Preapproved offers
  • Get money in 72 hours
  • Part prepayment facility
  • Zero foreclosure charges
  • Complete online account access

Bajaj Finance Personal Loan Customer Care Number

Bajaj Finance has made it convenient for the customers to ask any queries related to a personal loan. A loan seeker can contact the company on the toll-free no.: 020 3957 4151