- The interest rate for the loan starts at 12.99%.
- A processing fee of 2.25%-3% will be charged on the loan amount.
- Foreclosure charges after a month will be 4% of the outstanding principal amount plus applicable taxes.
- Part-prepayment charges after a month is 2% of part payment amount paid plus applicable taxes.
- Annual maintenance charges will be 0.25% of the sanctioned amount.
Bajaj FinServ offers a wide range of financing solutions. These include products for personal as well as commercial needs. Bajaj FinServ offers personal loans that can be used to meet short-term expenses such as the cost of a wedding, education, medical care, or any other unforeseen expense. The maximum amount that can be borrowed with a Bajaj FinServ Personal Loan is Rs. 25 lakh. This loan can be paid back through Equated Monthly Instalments (EMIs) over a maximum loan term of five years.
The USP of loans from Bajaj FinServ has been their flexibility, particularly for repayment options. They allow both early closure as well as part-prepayment on their personal loans – a rare feature in the industry. There are charges associated with both but the additional repayment options can be quite beneficial for some borrowers. Their Flexi Loan scheme is a hybrid product that combines the benefits of a term loan and a line of credit.
Bajaj FinServ Personal Loan Interest Rates and Charges
Features of Bajaj FinServ Personal Loan
- You may get instant approval by applying for this loan online. Bajaj FinServ makes this process fairly easy with both an eligibility calculator as well as an EMI calculator. Online approval takes only around 5 minutes.
- Existing customers may also receive pre-approved offers.
- Once the loan is approved, whether online or offline, the loan amount is disbursed within 72 hours.
- The maximum loan amount that can be availed is Rs. 25 lakh.
- The loan term can be between 12 to 60 months.
- Applicants can use the EMI calculator to get an idea of the EMI amount that they will have to pay to repay the loan. This helps them manage their finances and anticipate challenges better.
- All the information and activities regarding your loan will be relayed to you through the bank’s digital customer portal.
- The Flexi Loan option allows borrowers to adjust many parameters of their personal loan. For instance, if they have made a part-prepayment, they can re-avail the amount that they had paid. Flexi loans do not have any pre-payment charges.
How to apply for Bajaj FinServ Personal Loan
There are essentially two ways to apply for a Bajaj FinServ Personal Loan – online and offline.
- Online: Go to the official company website and fill out your details. You can use the eligibility calculator to ascertain if you meet all criteria. If you are eligible, you can choose to get an online approval. This requires you to pay a processing fee that can be paid with any debit or credit card or using the net banking facility. Online approval results are available within five minutes. If you choose not to opt for online approval, an executive will get in touch with you over the next few days to continue the application process.
- Offline: There are several ways to apply offline. You can call the toll free number 1 800 266 0635, send an SMS by typing “SOL” to 9773 633 633, or place a missed call on 9211 175 555. For these methods, an executive will get in touch with you. The final method is to visit a branch in person.
Bajaj FinServ Personal Loan Eligibility Criteria
As per industry standards, the Baja FinServ Personal Loan Eligibility criteria are fairly lenient, but they will ensure that the applicant has the financial capacity to repay the loan. Further, since living expenses and income varies across the country, the criterion for income (salary) is not constant.
- The applicant should be between the age of 25 and 53.
- Applicants residing in larger cities like Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Mumbai, Noida, Pune, Surat, and Thane have the highest minimum net salary requirement of Rs. 40 thousand per month.
- If the applicant is a resident of Chandigarh, Cochin, Jaipur, Kolkata and Nagpur, then their minimum net monthly salary should be Rs. 35 thousand.
- For residents of Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, and Visakhapatnam, then their net minimum monthly salary should be at least Rs. 30 thousand.
As noted earlier, the applicant can also check their eligibility online. They will need to fill out the online form with the following information to check their eligibility.
- Date of Birth
- Current City of Residence
- Company/Employer Name
- Net Salary
- Total monthly loan EMIs
- Total outstanding credit card balance
Once this information is filled in, click the “Check Your Eligibility” button and you can instantly find out if you are eligible. The EMI amount mentioned above can be ascertained through the EMI calculator. This tool has been provided by the bank on its website.
Documents Required for Bajaj FinServ Personal Loan
- Id Proof – Drivers License/Aadhar Card/Passport
- Residence Proof – Utility Bills/Registered Rent Agreement/Passport
- Proof of income – Salary Slip of the past 2 months
- Bank Statement for the past 3 months.
- Employment Proof – Employee ID Card
Things to note when taking a Bajaj FinServ Personal Loan
- Check your eligibility online to see if you are eligible for the loan. If you are not eligible, there is no point in applying.
- Calculate your EMI amount in order to see whether you would be able to pay back the loan with ease.
- Ensure your credit rating is good. If you have a poor credit score or have recently applied for a personal loan, work on improving your credit profile instead.
- Read the offer document carefully before signing anything.
- Do the necessary research before availing the loan. Talk to the bank’s customer care branch or consult a financial expert to understand the process.
- Keep a tab on all the information and activities pertaining to your loan. Register your mobile number and you will keep getting all the latest updates and information regarding your loan and its present status.
Frequently Asked Questions about Bajaj FinServ Personal Loan
Q. What is the maximum loan that can be availed?
A. The maximum loan that can be availed is Rs. 25 lakh.
Q. How old should an applicant in order to avail the loan?
A. The applicant has to be in the age bracket of 25-53.
Q. How can I check my eligibility?
A. The company has provided a tool on its website called Bajaj FinServ Personal Loan Eligibility Calculator. Fill out the requisite information and you can find out your eligibility status in seconds.
Q. What is an EMI calculator?
A. Am EMI calculator is a tool that has been provided by the company on their website. Through the EMI calculator, the applicant can find out the amount they would have to pay on a monthly basis in order to repay their loan.
Q. Are there any additional charges on the loan?
A. A processing fee of 2.25%-3% will be charged on the loan amount. Also, in the case of part payment or foreclosure, an additional fee will be charged. This prepayment fee does not apply to Flexi loans.