Personal Loan Rates 20181362 views
How about paying up to 45% lesser EMIs on your existing personal loan? And, if that is not enough for you, getting a loan of up to ₹30 Lakh within 24 hours will surely grab your attention. Wanna know what all features and benefits you can enjoy while applying for Bajaj Finance Personal Loan? Just read the page below to know more…
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Table of Contents
- 1 Bajaj Finserv Personal Loan Interest Rate
- 2 Bajaj Finserv Personal Loan EMI Calculator
- 3 Bajaj Finserv Personal Loan Eligibility
- 4 How to apply?
- 5 Documents Required
- 5.1 Why Choose Bajaj Finserv Personal Loan?
- 5.2 Bajaj Finserv Personal Loan Status
- 5.3 Bajaj Finserv Personal Loan Customer Care Number
- 5.4 Bajaj Finserv Personal Loan Login
- 5.5 Personal Loan Form of Bajaj Finserv
- 5.6 Instant Personal Loan
- 5.7 Personal Loan for Self Employed
- 5.8 Personal Loan Purposes
- 5.9 About Bajaj Finserv
- 6 About Bajaj Finserv Personal Loan
Bajaj Finserv Personal Loan Interest Rate
Bajaj Finserv 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 10.99% and goes up to 16% per annum. Let’s just know more about the same below.
|Interest Rate||10.99% - 16.00%||10.99% - 16.00%|
|Loan Amount||Up to ₹ 25 lakhs||Up to ₹ 30 lakhs (₹ 35 lkah under flexi loan )|
|Tenure||24-60 months||24-60 months|
|Processing Fee||2% of the loan amount||2% of the loan amount|
|Prepayment Charges||Upto 4% post 1st EMI clearance||-|
|Partpayment Charges||Free on Flexi-Loan & PLOC||-|
What is Bajaj Finserv Flexi Personal Loan?
The Flexi loan account is the facility extended by Bajaj Finserv 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.
How to Apply for Bajaj Finserv Flexi Personal Loan?
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 to Apply for Bajaj Finserv Flexi Personal Loan
In order to apply for Flexi Loan, an applicant needs to fulfill the below eligibility criteria:
- An applicant should be an Indian Citizen
- He/She should be a salaried employee of either an MNC, public or private company
- An individual should be aged between 25 to 55 years
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 Finserv Personal Loan EMI Calculator
A personal loan 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
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 ₹ 2 lakhs and has been offered the interest rate of 10.99% 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)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 2,00,000 10.99% 1 ₹ 17,675 ₹ 12,105 ₹ 2,12,105 ₹ 2,00,000 10.99% 2 ₹ 9321 ₹ 23,695 ₹ 2,23,695 ₹ 2,00,000 10.99% 3 ₹ 6547 ₹ 35,685 ₹ 2,35,685 ₹ 2,00,000 10.99% 4 ₹ 5168 ₹ 48,070 ₹ 2,48,070 ₹ 2,00,000 10.99% 5 ₹ 4347 ₹ 60,849 ₹ 2,60,849 Year Principal Interest Balance 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
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Bajaj Finserv Personal Loan Eligibility
At Bajaj, both salaried as well as self-employed individuals are eligible to apply and get the funds. 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 should be salaried/self-employed
- The minimum age of the applicant must be 25 years (salaried) or 22 years (self-employed)
- The maximum age of the applicant must be 58 years (salaried) or 55 years (self-employed)
- The minimum Net Monthly Income of a salaried applicant should be ₹27,000/₹32,000/₹37,000 (salary requirement are different from city to city)
- For Self-employed: Business vintage of at least 3 years, business IT returns of past 1 year is required, turnover of the previous year audited by a CA
A person can also check his/her eligibility with the help of a Personal Loan Eligibility Calculator online that works on the basis of the profile of the customer. Yes, the device takes into account-Income, Loan Amount, Monthly Expenses and so on, hence lets you know how much exact loan amount you can actually avail from a lender to meet your varied needs.
How to apply?
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 then apply for it. However, an applicant can also choose an offline medium, i.e. visit the bank branch in person to apply for this loan.
The Applicant must carry all the documents listed below so as 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
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: 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 ₹ 30 lakh: Bajaj Finance gives one of the highest funds with up to ₹30 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 10.99% 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 a toll-free number, email and SMS is available for the convenience of the customers.
Bajaj Finserv 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, 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 Finserv 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 and try to give you the best solution always. These experts with their friendly nature and expertise help you in the best way and are always ready to guide and support you. They ensure that you have a hassle-free journey ahead.
Bajaj Finserv Personal Loan Login
With the online access to your personal loan account, you can anytime from anywhere login. With the help of the credentials such as by having a login ID and password, it is just so simple and quick to log in to your account and get the details of your personal loan in a hassle-free manner. It is absolutely easy to go through this process and know your account details without any hassle. With the help of this online facility, everything is now at your fingertips as you can easily manage things on the go.
Personal Loan Form of Bajaj Finserv
When it comes to availing a personal loan from Bajaj Finserv, the first thing you need to do is just fill up an application form. An applicant needs to fill all the personal as well as professional details so as to process the application further. One can either download this form online or opt for an offline mode to get the form directly from the bank. Whether it’s online or offline, it is compulsory for all the applicants to fill out and submit the form to get the credit.
Instant Personal Loan
If you are looking for a personal loan instantly so as to fulfill your multiple needs, all you need to do is just apply for Bajaj Finance Personal Loan online. That’s Right! The lender offers you this unsecured credit facility immediately soon after checking your credit profile. And, if things went right, it would not be a problem for you to get the fastest loan approval and get the required funds instantly. This instant personal loan caters to your diverse needs and allows you to live a tension-free life. This is the reason why this lender has become the favourite of many as far as availing this unsecured credit facility is concerned.
Personal Loan for Self Employed
You would be glad to know that there are many lenders that offer the personal loan to self-employed individuals as well. This unsecured credit facility comes handy to meet the multiple needs of one and all. Usually, lenders offer this loan to the applicants at an attractive interest rate along with flexible tenure options and minimal charges. Soon after meeting the eligibility criteria, you need to submit the documents so as to enjoy a hassle-free journey. However, as far as applying for a personal loan is concerned, an applicant can either apply online or offline for the same. Both of these methods are convenient and simple and allow you to enjoy a hassle-free journey.
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
About Bajaj Finserv
In India, there are many banks and NBFCs that provide PL and Bajaj Finserv is one of the leading Non-Banking Financial Company (NBFC) that 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 starting rate of 10.99% and goes up to 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.
About Bajaj Finserv Personal Loan
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 a 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 in a marginal hike in processing fee and prepayment charges.