| Salaried | Self Employed | |
| Interest Rate | 14.25% - 16.75% | 14% - 20% |
| Loan Tenure | 12 months - 60 months | 12 months - 48 months |
| Loan Amount | 1 Lac - 2.5 Lacs | 5 Lacs - 30 Lacs |
| Processing Fees | 2.25% - 3% of the loan amount | 2.25% - 3% of the loan amount |
| Pre-payment Charges | 2% plus applicable taxes on part payment amount paid | 2% plus applicable taxes on part payment amount paid |
| Foreclosure Charges | 4% plus applicable taxes on current principal outstanding | 4% plus applicable taxes on current principal outstanding |
Bajaj Finance Limited is a leading Indian NBFC (Non-Banking Financial Company) and is one of the most popular consumer durables financiers in the country. With Bajaj Finance Personal Loan available online as well as offline, a personal loan from this provider is available at attractive interest rates for various purposes with maximum loan amount of up to Rs. 25 lakhs for salaried individuals as well as self-employed individuals. The interest rates offered by Bajaj Finance on personal loan are highly competitive and include various features such as minimal documentation, speedy approval and active customer support.
Flexi Loans by Bajaj Finance
Flexi loan account is a one of a kind facility provided by Bajaj Finance, an extension of the Bajaj Finance Personal Loan. This flexi- account allows the account holders to pre-pay their loan and withdraw money from this account using an easy and hassle-free self-service process. By availing this flexi account facility, the customers stand a chance to save on their Bajaj Finance Personal loan interest rate by pre-paying any idle funds that they may have without any interest charged on the pre-paid amount.
Bajaj Finance Personal Loan Interest Rate for Salaried Individuals:
Interest rates offered by the bank to the salaried applicants range between 14.25% and 16.75% per annum with lowest available EMI of Rs. 2,340 per lakh for a total tenure ranging from 12 months to 60 months for a minimum loan amount of Rs. 100,000 and maximum Rs. 2,500,000.
Bajaj Finance Personal Loan Interest Rate for Self-Employed Individuals:
Bajaj Finance Personal loan interest rates offered to the salaried applicants range between the lowest interest rate of 14.00% and 20.00%per annum with one of the lowest available EMIs of Rs. 2,733 per lakh for a loan tenure ranging from 12 months to 48 months for a minimum loan amount of Rs. 5 lakhs and maximum of Rs. 30 lakhs.
You can calculate interest on Bajaj Finance personal loan using the PaisaBazaar EMI calculator or the Bajaj Finance Personal Loan Interest Rate calculator available on the bank’s website, and know the exact Bajaj Finance Personal Loan EMI you’ll be availing.
Bajaj Finance Personal Loan Interest Rates
Factors affecting Bajaj Finance Personal Loan Interest Rates
There are a few key factors to consider when applying for a personal loan from this NBFC. The following are some key factors that can affect the interest rate on your Bajaj Finance Personal Loan.
Income Factors affecting Bajaj Finance Personal Loan
The applicant’s income is the foremost deciding factor for Bajaj Finance personal loan interest rates. This being an unsecured loan, you do not need to give any security for avail a personal loan. Thus, higher income serves as a security to the bank, assuring of repayment of the loan, earning you a lower personal loan interest rate in return.
Company Status Factors that affect Personal Loans from Bajaj Finance
The company you work for also plays a crucial role in deciding the interest rate to be offered on your personal loan. It is not easy for the lender to trust the applicant with such an amount, therefore, knowing if your source of income is trusted, is important for the lender. A well-established company with goodwill in the market will get you reduced rate of interest. However, if the organization you work with is a start-up and is not listed as a company in the bank’s records, there are chances you are offered higher personal Loan Interest Rates.
Credit History Factor behind Bajaj Finance Personal Loan
Every bank, before deciding to lend you a loan, follows a background check on the applicant and his/ her credit record or the CIBIL score. If you apply for a personal loan and your credit history is not satisfying to the bank, your profile may not even be considered for the loan. And in case it is considered for the loan, you will be offered high personal Loan Interest Rates. CIBIL score are given ranging between 0 and 900 and most banks offer personal loans if you have a score above 750. Scores above or equal to 800 are considered excellent and you can hope to get preferred interest rates for personal loans. Therefore, the higher is your CIBIL Score, the better are the chances for you Bajaj Finance Personal Loan eligibility as well as for securing better Bajaj Finance Personal Loan Interest Rates.
Relationship with the lender Factor behind Bajaj Finance Personal Loan
In order to get a reduced rate of interest on your personal loan apply with the bank you hold a salary account or savings account in. If you are already associated with the bank, the lender is likely to offer you special personal Loan Interest Rates and other benefits such as waiver on processing fees or a longer loan tenure. Generally, in order to maintain customers, banks offer lower personal Loan Interest Rates to customers who have a good relationship with the bank.
Negotiation Skills Factor Behind Bajaj Finance Personal Loan
If you qualify with all the above mentioned factors, you get the power to negotiate with your bank. If you have had a credit card for quite some time, you have a great payment history, you work in a reputed firm and earn a significant amount - all these will turn the table around in your favor, making you a valuable customer for the bank. Thereafter, if you negotiate the interest offered with the bank, they are more likely to consider your request and offer you the best deal. Further, with your negotiation skills you can ask for special offers on Bajaj Finance Personal Loan and lower rate of interest on personal loans.
What are fixed and floating Personal Loan Interest Rates?
Fixed personal Loan Interest Rates:
A fixed rate of interest on a personals loan stays constantly at the pre-determined value for the entire term. This prepares borrowers for future expenses and allows them to plan their payments as per their budget constraints, if any. Many lenders offer only fixed rate personal loans and credit cards to its customers.
Floating personal Loan Interest Rates:
A floating rate of interest resonates as per the rate fluctuations in the market. The base rate or the prime lending rate of the bank is used as the base for calculating the floating rate, added to the most current interest rate value at the time of payment. Most people prefer floating rate personal loans over fixed rate to avail Bajaj Finance Personal Loan.