Personal Loan Rates EMI 2017 6085 views
A personal loan is the best option when there is a sudden financial need. The reason behind this is that, in this type of loan, the borrower is free to use the funds for any legitimate purpose as there are no predetermined terms and conditions regarding the usage of money. In addition to this, it gives the facility of getting a higher amount at low-interest rates without any collateral. Thus, with all these attractive features, this funding scheme has all that the applicant wants and as a result more demanding than others. So, you want money for your business extension or want to travel abroad or have plans to go for foreign education or family function, etc. you can get the fund and fulfill all your wishes. Having said that, any unforeseen requirement of funds look temporary with this funding scheme within our reach. Well, with GST is in effect now, there is no denying the fact that when it comes to availing a personal loan, the borrowers have to pay little extra. Yes, with the impact of GST, the service tax of 15% is now be replaced with one common GST tax of 18%, resulting marginal hike in processing fee and prepayment charges.
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In India, there are many banks and NBFCs that provide PL and Bajaj Finance is one of the leading Non-Banking Financial Company (NBFC) that provides a higher loan amount facility at an attractive rate of interest. Bajaj Finance Personal Loan takes care of everything without digging a hole in the applicant’s pocket. This finance company provides customized funds for multiple purposes like Wedding, Travel, Home Improvement, Medical Emergency and Higher Education, etc. Bajaj offers this loan at the starting rate of 11.99% and goes upto 16% per annum with the tenure up to 5 years. In addition to this, there is an additional scheme named Flexi Personal Loan which is beneficial for the smoother repayment. This 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 this scheme.
Table of Contents
- 1 Bajaj Finance Personal Loan Interest Rates Details
- 2 Why choose Bajaj Finance Personal Loan?
- 3 Bajaj Finance Personal Loan Eligibility
- 4 Documents Required
- 5 How to apply?
Bajaj Finance Personal Loan Interest Rates Details
Bajaj Finance is one of the leading NBFCs that gives one of the lowest PL interest rates in India. Having said that, the interest rates are available with the starting rate of 11.99% and goes upto 16% per annum.
|Interest Rate||11.99% - 16.00%|
|Loan Amount||Up to ₹ 25 lakhs|
|Processing Fee||2.25%-3% of the loan amount|
Why choose Bajaj Finance Personal Loan?
Here are some of the main features of Bajaj Finance that make it different from others
- Online Loan Applications: The candidates can apply from the comfort of home or office through the online service by visiting the official website. Hence, it is convenient.
- Get Instant Online Approval: Now that the world is becoming digital in all aspects, the online process is, of course time-saving. The applicant can get instant online approval within few minutes with the privilege to apply online.
- Get Money in 72 hours: To fulfill the sudden need of money of the applicant, the company disburses the money into the applicant’s bank account within 72 hours.
- Loan Amount up to ₹ 25 lakh: Bajaj Finance gives one of the highest funds with up to ₹25 lakhs with the flexible repayment option and tenure ranging from 24 months to 60 months.
- Online Account Access: After all the formalities related to approval is completed, a person can access all the information related to the payment schedule, EMI payable, interest certificate, and other related information.
- Attractive Rate of Interest: The interest rates at Bajaj are one of the lowest interest rates with the starting rate of 11.99% per annum.
- Attractive Offers for Existing Customers: The existing customers of Bajaj Finance has the privilege to get exclusive pre-approved offers.
- Part Prepayment Facility: There is a facility to do part prepayment as well with the help of which you can make the payment as per your convenience.
- Zero Foreclosure Charges: The company does not charge anything on the foreclosure and hence you are able to save more.
- 24X7 Customer Support: The 24X7 customer support helpline including toll-free number, email and SMS is available for the convenience of the customers.
Personal Loan Purposes
Bajaj Finance Personal Loan is a multi-purpose loan and can be taken for any legitimate purpose. So, have a look at some of the main purposes for which you can take money:
- Home Improvement
- Medical Emergency
- Higher Education
Bajaj Finance Personal Loan Eligibility
At Bajaj, only salaried class individuals are eligible to apply and get the fund. However, there is a certain eligibility criterion for the applicants according to which their applications are accepted. Having said that, this criterion is subject to change from one person to another. So, have a look at the below-given eligibility criteria and see if you are eligible or not:
- 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 person can also check his/her eligibility with the help of the Bajaj Finance Personal Loan Eligibility Calculator that works on the basis of the profile of the customer.
The 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?
At Bajaj Finance, the application process is very simple with easy documentation. There is no collateral required so the documentation is hassle free and quick. With the advantage of online application, a person can apply as per your convenience and get instant approval as well. In addition to this, an applicant can also check the eligibility in advance on the website and then apply for it.
Bajaj Finance Personal Loan EMI Calculator
EMI calculator is the tool that is used to calculate the EMI you have to pay. A borrower can calculate the monthly installments he is liable to pay and decide your affordability. With the knowledge of the EMIs in advance, a person gets the chance to manage his monthly finances accordingly. In the EMI calculator, the mandatory fields to be filled in are:
- Loan Amount
- Interest Rate
For eg., let us suppose that a person is planning to take a loan of ₹ 2 lakhs and has been offered the interest rate of 11.99% 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 Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
What is Bajaj Finance 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 Finance 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 Status
The loan applicant can track his/her personal loan status after submitting the application. He/she can check the loan application status by visiting the website and entering the Case ID/ File ID/ Loan ID. A person is also supposed to enter the mobile number. Soon, the loan application status will be displayed on the screen.
Bajaj Finance Personal Loan Customer Care Number
Bajaj Finance has made it convenient for the customers to ask any queries related to loans. A loan seeker can contact the company on the toll-free no.: 020 3957 4151