Personal Loan

Bajaj Finserv offers Personal Loans to meet all types of expenses easily whether it is for a leisurely vacation or marriage in the family or emergency medical bill, the Bajaj Finserv Personal loan caters to all sorts of needs and can be easily availed.


Features of Bajaj Finance Personal Loan:

  • It is a multipurpose loan. Applicants can apply for a Bajaj Finserv Personal for various purposes such as a wedding, Home renovation, vacations or funding of certain courses. In short, these personal loans from Bajaj Finserv are issued for expenses which are unavoidable and need to be made on an urgent basis.
  • This Bajaj Finserv Personal loan is issued to all salaried professionals lying between the ages of 25 to 58 years.
  • Bajaj Finserv Personal loans are issued for a period of 12 to 60 months depending upon the loan sanctioning terms and conditions.
  • It generally issues Bajaj Finserv Personal loans ranging from a minimum of Rs.1 lakh to a maximum of Rs.18 lakhs. However, the upper limit may also reach as high as Rs.25 lakhs depending upon the applicant’s income and other criterion laid down by the organization.
  • The organization also provides for online application of the Bajaj Finserv Personal loan and easy approval of the loan. The organization approves the loan within 90 seconds and disburses the loan amount within 72 hours of submission of the relevant documents. However, the organization prior to disbursement has to be satisfied by the relevancy of the documents and information provided by the applicant.
  • The organization levies a certain secure fee for online loan requests. This secure fee is refundable in case of non-sanctioning of the Bajaj Finserv Personal loans. Also, if the personal loan has been sanctioned, but the disbursement has not been made within 30 days of the sanctioning, the organization will refund the secure fee in full to the applicant.
  • Secure fee can be paid by ways of a debit card or through internet-enabled online bank account.
  • Bajaj Finserv offers personal loan with pre-approved offers which are available only for existing customers
  • It also provides for full prepayment and part prepayment of the entire Bajaj Finserv Personal loan amount.

Types of Bajaj Finserv Personal Loans

Bajaj Finserv is one of the top Non-Banking Financial Companies (NBFCs) that provide personal loans to individuals from all walks of life. To suit the unique requirements of various customer groups, this leading NBFC provides various personal loan options such as Flexi, Durable Finance, Lifestyle Finance and Digital Product Finance. In the following sections, we will provide key details regarding each of these unique personal loan products.


1.) Flexi Personal Loan

This facility allows the customer to make prepayments of his loan through any extra income he may have earned during the tenure for Bajaj Finserv Personal loan. This scheme is beneficial as it saves the applicant from interest on the Bajaj Finserv Personal loan account and also protects him from taxes, if applicable, on the extra revenue generated by him.


Key Features of Flexi Loan:
 

  • This facility is extended to all existing Bajaj Finserv Personal loan customers.
  • It helps an individual pay off a certain amount of his Bajaj Finserv Personal loan, thus taking the burden off his shoulders.
  • The applicant can also reclaim the prepaid amount during the loan tenure, without any extra documentation.
  • It is industry first facility offered By Bajaj Finserv.
  • It is a combination of term loan and WDV credit line.
  • The prepaid amount is exempted from all sorts of Bajaj Finserv Personal interest rates. Interest charges are levied only on the amount utilized by the borrower.
  • With the help of Bajaj’s internet portal- Experia, the self-service account access tool for drawdown, and RTGS facility, an applicant can make easy payments to the Bajaj Finserv Ltd.
  • It is a simple and hassle free process, designed keeping in mind the convenience of its customers.
  • The organization also provides for Dropline Amortization Construct. Under this facility, the drawing power of the applicant is reduced on a monthly basis, thereby, ensuring the reduction of the sanctioned amount to reach zero before the end of the stipulated Bajaj Finserv Personal loan tenure. Basically, it aims at bringing the applicant’s loan account to nil, before the completion of the loan period.
  • Dropline Amortization Construct is built on three main constituents, namely, Dropline balance, Utilized amount and available balance.
  • Dropline balance is the current loan balance which keeps reducing on a monthly basis.
  • The utilized amount or the principal outstanding amount is the amount put in use by the borrower.
  • Available balance is the difference between the dropline Balance and the utilized amount. This is the amount available for the dropdown.
  • The billing cycle of the Flexi personal loan is fixed at 26th to 25th of every month, payable by 5th of the following month.
  • The EMI due date of all the personal loans is kept fixed at 5th of every month.
  • The rate of interest charged on such loans will be as per BFL rates and charges.
  • All Flexi Loans transactions are to be carried out through internet only.
  • The withdrawal of the loan amount has to be done with the help of the respective online portal. However, the payments can be made through RTGS/NEFT/IMPS/ Online or directly through the applicant’s bank.
  • An applicant can opt for part prepayment of the loan immediately after completion of 36 hours of disbursement of the loan. The Part prepayment can be done as many times as the applicant wishes to. The organization does not levy any kind of part prepayment charge.
  • A customer may withdraw money as much as 5 times in a single day.
  • The organization credits the money into the applicant’s bank account as per the existing guidelines, by ways of NEFT/RTGS.
  • The applicant may also choose to pay off his loan much before the stipulated loan period. The prepayment can be made through RTGS to the applicant’s unique BFL Account number. Prepayment can be done without any extra charge. However, the applicant is required to pay off the entire amount along with accrued interest and the payable amount and a request for foreclosure.


2.) Durable Finance Personal Loan

Among the types of personal loans offered by Bajaj Finserv, Durable Finance is one loan which is offered to individuals to enable them to purchase consumer durables. The salient features of the loan include the following points:

  • The loan is available easily, on the spot of purchase itself and is thus convenient with minimal documentation
  • Loans up to a maximum of Rs.5 lakhs can be availed under this scheme to purchase any consumer durable
  • The loan provides the facility of foreclosure after one EMI is paid. This foreclosure is free of cost and can be done anytime the borrower wants
  • Some of the products for which the loan is extended include LED/LCD TV, washing machine, microwave oven, refrigerators, AC, smartphones or tablets, laptop, etc.
  • There is also an option of availing extended finance under this loan scheme which provides finances to purchase smaller appliances like phone or computer accessories, music system accessories, computer peripherals, small kitchen appliances, water purifiers, inverters, etc.


3.) Lifestyle Finance Personal Loan

Bajaj Finserv offers Personal loan of this variant which boasts of the following salient features:

  • Loans up to Rs.3 lakhs can be availed under this scheme for purchasing any durable
  • The loan has on-the-spot approval facility and minimal documentation which makes the loan hassle-free
  • Part prepayment of the loan facility availed is allowed subject to adherence to some basic prepayment conditions. The borrower can make a maximum of six prepayments on his loan in a calendar year. The minimum prepayment amount should be equivalent to 3 EMIs payable under the loan while there is no maximum limit on the amount prepaid
  • If you are an existing customer of the institution, you can get pre-approved offers from the company which may be a top-up loan or provide some best deals on consumer durables


4.) Digital Product Finance Personal Loan

Another unique type of loan offering which is specifically designed for financing the purchase of digital products like mobiles, tablets, etc. The list of features includes the following:

  • The minimum quantum of loan which is available under this scheme is Rs.10,000 while the maximum amount goes as high as Rs.1 lakh
  • Easy loan application process through on-the-spot approval and minimalistic documentation
  • Part-prepayment of the loan availed is available which can be done up to 6 times in a calendar year. While the minimum amount of prepayment should not be lower than 3 EMIs of the loan, there is no limit on the maximum amount that is prepaid
  • Pre-approved offers are available under this loan scheme too which can involve top-up loans or even good offers on the products which are to be bought using the loan

Bajaj Finserv Personal Loan Eligibility

An applicant, in order to avail a Bajaj Finserv Personal loan with the organization, must fulfill certain necessary terms and conditions. The list of criteria that the applicant needs to meet before applying for a Bajaj Finserv Personal loan with the organization is given below:
 

  • Business Profile: The applicant must be a salaried professional to apply for a Bajaj Finserv Personal loan
  • Age: The applicant should be at least 25 years old in order to avail this Bajaj Finserv Personal loan, and the applicant should not be older than 58 years of age.
  • Income required: An applicant is eligible for a Bajaj Finserv Personal loan with the organization depending upon his city of residence and minimum income.

City

Minimum Income required

Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Jaipur, Kolkata, Mumbai, Noida, Pune, Thane

Rs.40,000

Cochin, Jaipur, Nagpur, Surat

35,000

Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Vizag

30,000

Trivandrum, Vijayawada

25,000


Eligibility for Bajaj Finserv Durable Finance Personal Loan:


Both salaried and self-employed individuals can apply for a durable finance and fulfill the below-mentioned eligibility criteria for banks to offer personal loans:
 

  • Salaried individuals, the age should be between 21 years to 60 years at the time of loan application. Self-employed individuals should be professionals aged between 21 years to 65 years.

Eligibility for Bajaj Finserv Lifestyle Finance Personal Loan:
 

Both salaried and self-employed individuals can apply for this personal loan from Bajaj Finserv. Age of the salaried individual should be between 21 to 60 years while self-employed individuals must be aged between 28-70 years, and self-employed applicants should be the residents of India with a minimum of 5 years of continuity in the current business.


Eligibility for Bajaj Finserv Digital Product Finance Personal Loan:
 

The applicant whether self-employed or salaried should be aged at least 23 years at the time of loan application.

Bajaj Finance Personal Loan Interest Rates

Interest Rate 11.49% onwards

Processing fees

2.25% - 3% of the loan amount

EMI Bounce Charges

Rs 1,000 for every bounce

Penal interest

2.00% p.m

Cheque Bounce Charges

Rs.1000 per cheque bounce

Loan Amount upto Rs. 25 lakh

 

Secure Fee: This charge is levied against submission of Bajaj Finserv Personal loan application through the organization's online portal. This fee is levied in order to process the applicant’s loan request. The organization levies a secure transaction fee of Rs.999.


Foreclosure Charges


Foreclosure charges will charge 4% plus applicable taxes on principal outstanding.


Part Prepayment Charges


Part Prepayment Charges are charged at 2% plus applicable taxes on part payment amount paid. Prepayment is a facility offered by the organization wherein the customer can repay Bajaj Finserv Personal loan amount before completion of the original tenure. However, certain things are to be kept in mind before opting for this option. This facility can be availed only after the applicant has made at least one payment towards the decided EMI.


Part Prepayment: The organization also allows an individual to pay off a certain amount of his loan in parts. However, certain things are to be kept in mind before opting for this option.


This facility can be availed only payment of the first EMI. The applicant can make six-part prepayments towards his loan in a given calendar year.


The part prepayment amount has to be at least three times the amount of the applicant’s individual EMI, i.e. If the applicant wishes to make part prepayments of the Bajaj Finserv Personal loan than he has to pay an amount equivalent to 3 or more than 3 EMI’S in advance.


There is no upper limit of the amount for part prepayments.

Documentation for Bajaj Finserv Personal Loan

  • Identity Proof: Copy of Passport / Voter ID card / Driving License. Any one of the document can be submitted as a valid Identity Proof because all the listed documents have the individual’s photograph along with his or her name against the photograph proving the identity of the applicant.
  • Address Proof: Copy of Ration Card / Electricity or Telephone Bill / Rental Agreement / Passport. The applicant needs to submit any one of the afore-mentioned documents which state the correct address of the applicant needed for the verification process of the organization.
  • Last 3 months’ bank statement: These documents seek to verify the applicant’s income status prior to making the application for Bajaj Finserv Personal loan which also depicts the individual’s financial picture depicting the credit worthiness of the person. The statement should be from the account where the salary has been credited.
  • Latest three month’s Salary Slip or current dated Salary Certificate with latest Form 16 which is used to legally depict the current net salary of the individual and to check whether it matches the level of minimum net monthly income as laid down in the eligibility criteria checklist.
  • Employment proof: Since, this Bajaj Finserv Personal loan is extended only to individuals; the applicant has to prove his authenticity to the organization by submitting his office issued Employee Id card and visiting card.
  • Signature proof: PAN card/Driver’s license/Passport copy/Banker’s attestation Bank account statements. Any one of the document can be submitted. However, the applicant’s signature on the provided document should be clear and understandable. The applicant needs to maintain the same signature throughout the loan period.
  • Age Proof: Passport/PAN Card/Driving License/Birth Certificate. The applicant has to submit any one of the mentioned documents.
  • Work Experience documents: the applicant also needs to submit documents pertaining to current work and pervious work, if any, in order to reveal his/her total work experience

Current Employment Documents: Appointment Letter/Form salary slip. Any one of the documents may be submitted.


Previous Employment Documents: Appointment Letter/Form 16/Promotion Letters/Transfer/Confirmation Letters/Previous salary Slips.


Documentation for Bajaj Finserv Durable Finance & Lifestyle Finance Personal Loan:


The following documents from the personal loan requirements for the durable finance scheme:
 

  • Photo id proof
  • Address proof
  • Canceled cheque for facilitating ECS
  • Any one of the documents from copy of the front side of the credit card, employee ID proof and visiting card, copy of RC Book for vehicle registered before 2004, any existing loan repayment loan account number of a loan taken from Bajaj Finserv, any other repayment schedule of any bank or NBFC or the latest salary slip

Documentation for Bajaj Finserv Digital Product Finance Personal Loan:


The list of documents which are to be submitted includes:
 

  • Govt. approved id proof with photo
  • Proof of Address documents
  • ECS authorizations by submission of canceled cheque 
  • One of the following documents from below:
    • Car RC document in case registration is prior to 2004
    • Information about existing loan account from Bajaj Finserv or another bank/NBFC
    • ID card or well-known employer(private/public sector) and visiting card
    • Facing side of photo credit card
    • Most recent salary slip/ITR

Personal Loan EMI Calculators

PaisaBazaar offers EMI calculator for the convenience of its applicant. The EMI calculator is a simple and handy tool that makes the financial planning of the applicant really easy. One may know how much saddle the upcoming loan EMI is going to put on their monthly budget.


Any Interested applicant may login to www.paisabazaar.com. The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details such as Loan Amount, Rate of Interest and Tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the personal Loan.


Personal Loan Part Prepayment Calculator:


The organization also provides the facility of Part Prepayment calculators. With the help of this calculator, an applicant can calculate his new EMI for the remaining tenure, if he chooses to make part prepayments. The applicant can access Paisabazaar.com site at any time and use the calculator and calculate his new EMI depending upon the amount of loan he/she wishes to prepay. All he needs to do is use the slider to select the existing loan amount and the decided interest rate. After having selected the amount and the interest rate, the user now needs to select the tenure for which the loan has been availed. Done that, he has to enter the amount of loan that he wishes to prepay.  Using the given box, the user can exercise various options and play with different prepayment amount till he/she reaches an EMI amount suitable to him.


Personal Loan Foreclosure calculator:


The organization also provides for personal loan Foreclosure calculator. The applicant if wishes to foreclose his loan, before the stipulated loan period, he can do so by paying the outstanding amount along with the accrued interest. This calculator helps the applicant to calculate the amount he has to pay to the organization in order to close the loan. All he has to do is log-in to the respective site and choose Personal loan Foreclosure calculator. Having done that, he needs to fill in the specific details such as The Loan Amount, The tenure of the loan, the existing rate of interest, No. of Emi’s paid, and the month in which he wishes to foreclose the loan. He can do all this with the help of the slider given in the site. After having given the necessary details, the applicant can calculate the exact amount he has to pay in order to pay off his loan completely. This calculator helps an individual plan his financials and then take the necessary action.

Applying for a Bajaj Finserv Personal Loan

The Bajaj Finance Personal Loan can be easily applied by visiting Paisabazaar.com; it lets the applicant apply for personal loan online. The process is easy and can be completed from anywhere without having to pay a visit to the company’s branches and complete the process manually using paper forms.