Bajaj Finserv Personal Loan

Highlights

  • Apply for Bajaj Finserv Personal Loan at the Lowest Interest Rates starting at 10.99%*

  • Get a Loan of Up to INR 20 Lakh within 24 hours

About Bajaj Finserv Personal Loan

In India, there are many banks and NBFCs that provide personal loans and Bajaj Finserv, a leading Non-Banking Financial Company (NBFC), is one of them. The lender provides a higher loan amount facility at an attractive rate of interest. Bajaj Finserv 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 range of 10.99% - 16.00% per annum with the tenure up to 5 years. Apart from that, 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.

Bajaj Finserv 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:

  • Wedding – If you are planning for a grand wedding or plan post-marriage trips, you can meet the high end expenses with the help of a personal loan.
  • Travel – Bajaj Finserv personal loan enables you to Fulfil your travel goals with funds availed against simple eligibility criteria. It Covers all the expenses, including flight tickets and hotel bookings during your trip to a national or international destination.
  • Home Renovation – You can manage the expenses for repair and home renovation with Bajaj Finserv instant personal loan and repay over a flexible tenure of your choice.
  • Medical Emergency – Medical emergencies require immediate funding, you can get the same addresses with minimal documentation.
  • Higher Education – Personal loan provides complete financial support to your child during higher education with high-value personal loans. It meets all kinds of expenses such as course fees, travel expenses, hostel charges, and more with customized personal loans.

Personal Loan

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    Why Choose Bajaj Finserv Personal Loan?

    Here are some of the main features of Bajaj Finserv that make it different from others.

    • Online Loan Applications: Candidates can apply from the comfort of home or office using the online service. One just has to visit the official website of the lender and fill in the application form.
    • 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 paperless approval on their online application within a few minutes.
    • Get Money in 24 hours: To fulfill the sudden need of money, Bajaj Finserv offers the fastest loans in India – with disbursal of the loan amount into the applicant’s bank account within 24 hours of getting approved.
    • Loan Amount up to INR 20 lakh: Bajaj Finserv gives one of the highest funds up to INR 20 lakhs with the flexible repayment option and tenure ranging from 12 months to 60 months. Enables you to repay your loan with ease.
    • Online Account Access: After all the formalities are completed, a person can access all the information related to the payment schedule, EMI payable, interest certificate, and other information.
    • Attractive Rate of Interest: The interest rates at Bajaj are one of the lowest, with the starting rate of 10.99%* per annum.
    • Attractive Offers for Existing Customers: The existing customers of Bajaj Finserv have the privilege to get exclusive pre-approved offers.
    • Part Prepayment Facility: There is a facility to make part prepayment by which you can reduce the interest burden. You can enjoy shorter processing time, all you need to do is share your basic contact details, share the one time password (OTP) and check your pre-approved offer.
    • 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 a toll-free number, email and SMS is available for the convenience of the customers.
    • No Hidden Charges: Bajaj Finserv comes with transparency in their loan and also with no hidden charges.

    Bajaj Finserv Personal Loan Interest Rates November 2020

    Bajaj Finserv offers one of the lowest personal loan interest rates in India. The rates ranges from 10.99% - 16.00% per annum. Let’s just know more about the same below.

    ParticularsSalaried
    Interest Rate10.99% - 16.00%
    Loan AmountUp to INR 20 lakh
    Loan Tenure12-60 months
    Processing FeeUp to 3% of the loan amount
    Prepayment ChargesUpto 4% post 1st EMI clearance
    Part prepayment Charges2% on part-payment amount paid+GST

    Eligibility Criteria

    At Bajaj, salaried are eligible to apply for the loan. However, they need to meet certain eligibility criteria before Bajaj accepts their loan applications. Having said that, this criteria can change from one person to another. So, have a look at the below given eligibility criteria and see if you are eligible or not:

    • An applicant should be salaried
    • He/She must be an Indian resident
    • The minimum age of the applicant must be 23 years
    • The maximum age of the applicant must be 55 years
    • The minimum Net Monthly Income of a salaried applicant should be INR 25,000/INR 28,000/INR 30,000/INR 35,000 (salary requirement are different from city to city)

    A person can also check his/her eligibility with the help of a Personal Loan Eligibility Calculator online that works based on the profile of the customer. The device takes into account-Income, Loan Amount, Monthly Expenses to let you know how much loan amount you can actually avail from a lender to meet your varied needs.

    List of Documents Required

    The applicant must carry all the documents listed below to avail this unsecured loan:

    • 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 the bank verifying signature
    • Work experience documents- Appointment letter, Form 16, 1-year-old salary slip, for the previous employment also
    • Business IT returns for at least past 1 year
    • Previous year’s turnover duly audited by a CA

    How to Apply Online

    At Bajaj Finserv, 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 his/her convenience and get instant approval as well. In addition to this, an applicant can also check the eligibility in advance on the website and apply for it afterward. However, an applicant can also choose an offline medium, i.e. to visit the bank branch and apply there.

    Bajaj Finserv Personal Loan EMI Calculator

    A personal loan EMI calculator is the tool 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
    • Tenure
    • Interest Rate

    Let’s just have a better clarity on the same with the help of an example below:

    Suppose that a person is planning to take a loan of INR 2 lakh and is offered the interest rate of 10.99% per annum. Now, the borrower has chosen the loan tenure of 5 years. You can see below the monthly installments he will have to pay.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00010.99%1₹ 17,675₹ 12,105₹ 2,12,105
    ₹ 2,00,00010.99%2₹ 9321₹ 23,695₹ 2,23,695
    ₹ 2,00,00010.99%3₹ 6547₹ 35,685₹ 2,35,685
    ₹ 2,00,00010.99%4₹ 5168₹ 48,070₹ 2,48,070
    ₹ 2,00,00010.99%5₹ 4347₹ 60,849₹ 2,60,849

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 31,757₹ 20,412₹ 1,68,242
    2₹ 35,429₹ 16,740₹ 1,32,812
    3₹ 39,525₹ 12,645₹ 93,287
    4₹ 44,094₹ 8075₹ 49,192
    5₹ 49,231₹ 2977₹ 0

    Bajaj Personal Loan Status

    Loan applicants can track their personal loan status after submitting the application. They can check the 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, after doing the same, the loan application status will be displayed on the screen. Thus, it is absolutely easy and a quick process to know the real-time status of your loan. With the help of this online facility, it is easy for you to know whether your loan application has been accepted, rejected or pending. It is that simple and quick!

    Bajaj Personal Loan Customer Care Number

    Bajaj Finserv has made it convenient for the customers to ask any queries related to loans. A loan seeker can contact the company at the toll-free number: 020 3957 4151. The executives are always there to listen and solve all your queries and complaints. These experts help you in the best way and are always ready to guide and support you.

    Bajaj Personal Loan Login

    With the online access to your personal loan account, you can login anytime from anywhere. With the help of the credentials such as the login ID and password, you can check your personal loan details. With the help of this online facility, everything is now at your fingertips as you can easily manage things on the go. That’s amazing, isn’t it?

    Bajaj Personal Loan for your Special Needs

    Bajaj Finserv offers customized personal loans to meet the unique needs of customers. The lender offers a loan to the following:

    • Government Employees: Employees working in government entities and various PSUs can apply for customized loan offers.
    • Teachers: Teachers can easily meet their financial goals with ease by availing a personal loan from Bajaj. The loan comes with instant approval and disbursal.
    • Women: This instant financing option is for the strong, independent woman of today, and in order to avail the same, you need to apply for a personal loan for women.
    • Debt Consolidation: Consolidate all your existing loans into one and manage your installments effectively with a debt consolidation loan.

    Bajaj Finserv Personal Loan CIBIL Score

    To avail a personal loan from Bajaj Finserv, you need to have a good CIBIL score. Yes, your three-digit numeric summary is something on which lenders always keep an eye on. So, make sure that you have a score of 750 or above out of 900 to enjoy a hassle-free journey. With the help of this score, it would be easy for you to grab the best deal. And, to keep on getting the best deals, it’s important that you maintain a good credit score by keeping certain things in mind such as paying bills on time, etc.

    What is Bajaj Finserv Flexi Personal Loan?

    The Flexi loan account is the facility wherein a borrower gets the facility to prepay and draw-down money within the drop-line facility. A borrower can also opt for a self-service process to save time. This flexi loan allows you to borrow the funds anytime you need it and pre-pay when you can from a single pre-approved loan limit. And, that too, instantly.

    Benefits of Bajaj Finserv Flexi Loans

    If a person chooses the flexi loan facility, he/she 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

    How to Apply

    Step 1: Fill the application form with all the required details and submit the same

    Step 2: For an instant approval, select the required loan amount and tenure.

    Step 3: The executives will get in touch with you to get the required documents.

    Step 4: Soon after the verification, the loan amount will be credited to your account

    Eligibility Criteria for Bajaj Finserv Flexi Personal Loan

    To apply for Flexi Loan, an applicant needs to fulfill the below mentioned eligibility criteria:

    For SalariedFor Self-employed
    • An applicant should be an Indian Citizen
    • He/She should work either in the MNC, public or private company
    • An individual should be aged between 25 to 55 years
    • An applicant should be an Indian Citizen
    • The business of an individual should have a vintage of at least 3 years
    • Income Tax returns filed for at least the past 2 years
    • Have previous year’s turnover duly audited by a CA
    • Self-employed professionals (SEP), self-employed non-professional (SENP), an entity such as a partnership, a limited liability partnership, a private limited or closely held limited company.

    Bajaj Finserv Personal Loan Policies According to Locations, Company Categories

    Bajaj Finserv has introduced new personal loan policies based on your location and the type of company you work at. Prime locations include Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, etc. Whereas, growth locations include tier-II and tier-III cities such as Nagpur, Indore, Vadodara, Patna, Kanpur, Bhubaneshwar, etc.

    Bajaj Finserv Personal Loan Policies for Customers Residing in Prime Locations

    The table below shows the personal loan offers for people residing in prime locations based on the type of company they work with. Plus, it will also detail on your office and employment verification Bajaj Finserv will undertake from its end.

    AspectsPolicy Parameters for Fresh Sourcing
    If the customer is working in an unlisted company
    • CIBIL score has to be more than 750
    • Maximum loan is capped to INR 7 lakh
    • No Top up/Parallel Allowed
    Leverage
    • 10% less Fixed Income Obligation Ratio (FOIR) on existing norms to be allowed
    • Maximum loan amount capped to INR 20 lakh for employees working in diamond and platinum companies
    • Maximum loan amount for others - INR 15 lakh
    • No Top-up allowed upto 12 months
    These norms, however, won’t apply to employees working in government entities
    Geo Tagging NormsExisting Geo tagging policy to continue. However, there are Geotagging alternatives where geotagging is not possible.
    Employees Working in Government Entities
    • In case there’s no email/EPFO match/TAN match/online check, the lender will do the following where office geotagging is not possible. If the current month salary narration remains the same as the salary narration of previous cases sourced from the company/department, office geo tagging can be waived off. Resi geo-tagging or resi geo-tagging alternatives will be done along with ID card
    • Or Form 26 Verification through RCU verification
    Employees Working in Listed and Unlisted Companies
    • If there’s no email/EPFO match, the lender will see the following as an alternative to geotagging where it is not possible.
    • If the current month salary narration remains the same as the previous cases sourced from the company, the lender can do away with office geotagging
    OR
    • HR confirmation from the official email ID. Linkedin check/domain check of that email ID to be done. Resi geo-tagging or resi geo-tagging alternatives will be done along with ID card
    Resi Geo-tagging Alternatives (Any of the following documents in the name of self, spouse or parents)
    • House Ownership Proof - Index II/Latest Property Tax Receipt/Sale Deed
    • Registered rent agreement
    • Gas/Electricity Bill
    • If the applicant’s address is the same as there with the credit bureau, it will be accepted as resi geotagging. Else, there shall be a running personal loan or business loan of more than INR 5 lakh for at least 12 months with a clean repayment track.
    OR
    • Video PD required where the customer shows documents on video. Self geo-tagging will be made at house/society gate with Street Photo and door/society photo showing name or number of the flat/society
    • Wallet download is mandatory where geotagging alternatives are used
    Moratorium Norms
    • The lender will take 3 months of banking for all cases and validate the EMI repayment for all loans visible on the bureau for April/May and June. If the EMI is getting deducted from the secondary bank account, Bajaj Finserv will require a secondary statement to validate the EMI deduction. EMI deduction should be on the due date and not taken via the collection process
    • Customers with BFL moratorium or bounce across relationships in the last 3 months are not eligible
    Employment/Salary Verification
    • Salary slips as per existing norms, the salary of June month will be considered to calculate loan eligibility
    • Email confirmation required for employees working in listed companies
    • The current process to continue in case of employees working in unlisted companies, college, schools

    Bajaj Finserv Personal Loan Policies for Customers Residing in Growth Locations

    The table below shows the personal loan offers for people residing in growth locations based on the type of company they work with. Plus, it will also detail on your office and employment verification Bajaj Finserv will undertake from its end.

    AspectsPolicy Parameters for Fresh Sourcing
    If the customer is working in an unlisted company
    • CIBIL score has to be more than 750
    • Maximum loan is capped to INR 7 lakh for G1 markets and INR 5 lakh for G2 markets
    • No Top-up/Parallel Allowed
    Leverage
    • 10% less Fixed Income Obligation Ratio (FOIR) on existing norms to be allowed
    • Maximum loan amount capped to INR 15 lakh for G1 and INR 10 lakh for G2
    • For G1 markets, maximum loan amount capped to INR 20 lakh for employees working in diamond and platinum companies
    • Maximum loan amount for others - INR 15 lakh
    • No Top-up allowed upto 12 months
    These norms, however, won’t apply to employees working in government entities
    Geo Tagging NormsExisting Geo tagging policy to continue. However, there are Geo-tagging alternatives where geotagging is not possible.
    Employees Working in Government Entities
    • In case there’s no email/EPFO match/TAN match/online check, the lender will do the following where office geotagging is not possible. If the current month salary narration remains the same as the salary narration of previous cases sourced from the company/department, office geotagging can be waived off. Resi geo-tagging or resi geo-tagging alternatives will be done along with ID card
    OR
    • Form 26 Verification through RCU verification
    Employees Working in Listed and Unlisted Companies
    • If there’s no email/EPFO match, the lender will see the following as an alternative to geotagging where it is not possible.
    • If the current month salary narration remains the same as the previous cases sourced from the company, the lender can do away with office geotagging
    OR
    • HR confirmation from the official email ID. Linkedin check/domain check of that email ID to be done. Resi geo-tagging or resi geo-tagging alternatives will be done along with ID card
    Resi Geo-tagging Alternatives (Any of the following documents in the name of self, spouse or parents)
    • House Ownership Proof - Index II/Latest Property Tax Receipt/Sale Deed
    • Registered rent agreement
    • Gas/Electricity Bill
    • If the applicant’s address is the same as there with the credit bureau, it will be accepted as resi geotagging. Else, there shall be a running personal loan or business loan of more than INR 5 lakh for at least 12 months with a clean repayment track.
    OR
    • Video PD required where the customer shows documents on video. Self geo-tagging will be made at house/society gate with Street Photo and door/society photo showing name or number of the flat/society
    • Wallet download is mandatory where geotagging alternatives are used
    Moratorium Norms
    • The lender will take 3 months of banking for all cases and validate the EMI repayment for all loans visible on the bureau for April/May and June. If the EMI is getting deducted from the secondary bank account, Bajaj Finserv will require a secondary statement to validate the EMI deduction. EMI deduction should be on the due date and not taken via the collection process
    • Customers with BFL moratorium or bounce across relationships in the last 3 months are not eligible
    Employment/Salary Verification
    • Salary slips as per existing norms, the salary of June month will be considered to calculate loan eligibility
    • Email confirmation required for employees working in listed companies
    • The current process to continue in case of employees working in unlisted companies, college, schools

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