Bajaj Finserv Personal Loan

Bajaj Finserv Personal Loan Highlights – May 2022
	Salaried	Self-Employed
Interest Rate	13% p.a. onwards	17% p.a. onwards
Loan Amount	Up to Rs 25 lakh	Up to Rs 45 lakh
Tenure	Up to 5 years	Up to 7 years
Processing Fee	Up to 4% of loan amount	Up to 2% of loan amount
Minimum Monthly Salary	Rs 22,000

Bajaj Finserv Personal Loan Interest rates

For Salaried Applicants	13% p.a. onwards
For Self-Employed Applicants	17% p.a. onwards

Comparison of Bajaj Finserv Personal Loan vs Other Lenders

Banks/NBFCs	Interest Rates (per annum)
Bajaj Finserv	13.00% onwards
HDFC Bank	10.25% – 21%
SBI	9.60% – 13.85%
ICICI Bank	10.25% onwards
Axis Bank	10.25% onwards
Kotak Mahindra Bank	10.75% onwards
IndusInd Bank	10.49% onwards
IDFC First Bank	10.49% – 23%
Tata Capital	10.99% onwards

Check & Compare: Which bank or NBFCs in India offer the best personal loan in terms of low interest rates?

Bajaj Finserv Personal Loan Fees and Charges

For Salaried Applicants

Processing Fee	Up to 4% of loan amount
Document/Statement Charges/Account Statement/Repayment Schedule/Foreclosure Letter/Interest Certificate/No dues certificate/Documents list	Rs 50
Penal Interest	2%-4% p.m.
Part pre-payment Charges	2% + taxes
Bounce Charges	Rs 600-Rs 1,200
Stamp Duty	As per actuals
Mandate Rejection Service Charge	Rs 450

Annual Maintenance Charges

Flexi Term Loan	0.25% + taxes
Flexi Hybrid Loan	0.25% + taxes

Foreclosure Charges

Term Loan	4% + taxes
Flexi Term Loan	4% + taxes
Flexi Hybrid Loan	4% + taxes

For Self-Employed Applicants

Fee Type	Charges
Processing Fee	Up to 2% of loan amount
Bounce Charges	Up to Rs 3,000
Penal Interest	2% p.m.
Document Processing Charges	Rs 2,000 + taxes
Outstation Collection Charges	NA
Document/Statement Charges	Rs 50

Types of Bajaj Finserv Personal Loan

• Travel Loan – To meet the travel expenses including hotel bookings, flight tickets, etc.

• Wedding Loan – To meet the wedding expenses or honeymoon expenses

• Loan for Medical Emergencies – To meet the planned and unplanned medical emergencies. Select existing customers of Bajaj Finserv can avail pre-approved personal loans for medical emergencies.

• Dent Consolation Loan – Consolidate different types of debts, including loans and credit cards, to manage the installments

• Loan for Higher Education – To meet the expenses of your child’s higher education including course fees, hostel charges, travel expenses, etc.

• Home Renovation Loan – Instant personal loan to meet the expenses related to home renovation and repair

• Loan to Purchase Used Cars – To fund the purchase of a second hand car

Eligibility Criteria for Bajaj Finserv Personal Loan

For Salaried Applicants

• Age: 21-67 years
• Nationality: Indian
• Profession: MNC/Public/Private company
• CIBIL Score: 750 or higher
• Minimum Monthly Salary: Rs 22,000
• For applicants from cities like Bangalore, Pune, Mumbai, Delhi, Ghaziabad, Noida, Thane, Chennai, Coimbatore, Hyderabad, the minimum monthly income is Rs 35,000
• For applicants from Ahmadabad, Kolkata, the minimum monthly income should be Rs 30,000
• For applicants from Jaipur, Nagpur, Chandigarh, Cochin, Surat, the minimum monthly income should be Rs 28,000
• For applicants from Lucknow, Goa, Vizag, Bhubaneshwar, Nasik, Indore, Baroda, Aurangabad, Bhopal, Madurai, Mysore, Kolhapur, Jamnagar, Trichy, Jodhpur, Calicut, Raipur, Rajkot, the minimum monthly income should be Rs 25,000
• Applicants from Junagarh, Hassan, Balangir, Gandhidham, Godhra, should have a minimum monthly income of Rs 22,000

For Self-Employed Applicants

• Age: 24-70 years
• Nationality: Indian
• Credit Score: 750 or higher
• Business vintage of at least 3

Click here to know more details on Bajaj Finserv Personal Loan Eligibility

Documents Required for Bajaj Finserv Personal Loan

Key documents that are required while applying for a personal loan with Bajaj Finserv are as follows:

Documents For Salaried Applicants

• KYC Documents
• Salary slips for last 2 months
• Employee ID card
• Bank account statement for last 3 months

Documents For Self-Employed Applicants

• KYC Documents (PAN Card, Aadhaar Card, Passport, Voter ID, Driving License)
• Proof of business ownership
• Other Financial Documents

Bajaj Finserv Personal Loan EMI Calculator

Why Apply for a Personal Loan at Paisabazaar?

1. Multiple Offers from Top Lenders: Paisabazaar has partnered with more than 40 lenders including Banks/NBFCs/Fintechs to provide the best available loan offers from multiple lenders under one roof.
2. Compare and Choose: Paisabazaar lets you compare interest rates and other features such as foreclosure charges, processing fees, disbursal offered by various lenders and choose the suitable option for yourself.
3. Chances of Approval: Personal loan offers offered by Paisabazaar are rank-ordered on the basis of the chances of approval determined as per your credit score and other eligibility factors. This helps you select the offer having the highest chances of approval.
4. Pre-Approved Loans: Once a part of Paisabazaar, you receive personalised pre-approved personal loan offers based on your credit health from time to time. These loan offers come with low processing fees, low interest rates and minimal to no documentation.
5. Unbiased Advice: Paisabazaar’s team of experts offer unbiased advice and complete guidance at every step in case you have any queries or need assistance to help you choose the most-suited loan offer.
6. 100% Digital Process: With Paisabazaar.com, the entire process from loan application, document submission to the approval of your personal loan can be carried out online from the comfort of your home or office.
7. Document Pickup: The Paisabazaar platform also offers customers the advantage of document pickup from their home/ office at a mutually agreed date and time at zero charges in case physical documentation is required.
8. End-to-end Assistance: From looking out for a loan offer to getting the loan disbursed to your bank account, the Paisabazaar team helps you and works with the lenders in the background, to give you a hassle-free experience.

Bajaj Finserv Customer Care

Customer Care Number: 8698010101 – Charges apply
You can also give a missed call on 8506889977 and subscribe to WhatsApp assistance

FAQs

Q. Can I foreclose or prepay the Bajaj Finserv personal loan?

A. Yes, you can foreclose your Bajaj Finserv personal loan account. A foreclosure charge of 4% is applicable on the outstanding principal. You can also make part-prepayments of your personal loan subject to 2% of the outstanding loan amount after complete payment of your first EMI.

Q. What are the factors that affect the interest rates of Bajaj Finserv Personal Loan?

A. The personal loan interest rates approved by Bajaj Finserv would depend on the applicants’ credit score, age, employment, monthly income and debt-to-income ratio. The existing customers may be offered personal loans at more favourable interest rates.

Q. At what minimum credit score can I avail personal loan from Bajaj Finserv?

A. You should have a credit score of 750 or more to avail Bajaj Finserv Personal Loan.

Read More: How can you build/improve your credit score using step-up credit card

Q. Can I choose between fixed or floating rate for Bajaj Finserv personal loan?

A. Bajaj Finserv offers personal loans only at fixed rates of interest.

Q. Do I need any security or guarantors while applying for Bajaj Finserv Personal Loan?

A. Bajaj Finserv does not require any security, collateral or guarantor for availing personal loans.