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