Bajaj Finserv Personal Loan

Interest Rates 2021

Bajaj Finserv offers various types of personal loans depending on the applicant type. The following are the personal loan interest rates for the key variants offered by this NBFC:

Actual interest rates offered to an applicant may depend on various factors including but not limited to credit score, income, employer/employment type, etc.
*Loan amount that can be availed directly through Bajaj Finserv. You can get a loan of up to Rs. 15 Lakh through Paisabazaar.

Also Read: Latest Personal Loan Interest Rates

Bajaj Finserv Flexi Loans

Flexi loan is a personal line of credit where Bajaj Finserv approves a loan limit for applicants on the basis of their credit score and other factors. As opposed to a regular personal loan, the applicant is free to withdraw the amount needed from the account instead of the approved total limit. Additional benefits of this loan type are:

• You can withdraw the money from the loan account in parts till you exhaust the total limit.
• Interest is charged only on the utilised loan amount.
• Free part-prepayment of the loan and interest amount as many times as you want.
• No additional fee is charged for each withdrawal.
• You can manage your loan account through the Experia portal and mobile app. You can withdraw or part-prepay funds online from the comforts of your home.
• The interest is charged on a daily basis and if you prepay the utilised loan amount, you can save on the interest amount.

For example, if you apply for a Flexi loan and Bajaj Finserv approves a credit limit of Rs. 5 Lakh, you are free to withdraw only Rs. 2 Lakh instead of Rs. 5 Lakh at one time. Interest is charged on the withdrawn amount only (Rs. 2 Lakh). You can withdraw additional Rs. 1 Lakh when you need it after a few months. Interest on Rs. 1 Lakh will start accruing only when this amount is withdrawn.

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Eligibility Criteria

The eligibility for a Bajaj Finserv personal loan tends to vary slightly depending on the type of loan that you have opted for. However, some of the common eligibility criteria for these unsecured loans are as follows:

A) For Salaried Applicants

• The credit score of the applicant should be 750 or above (A higher score shows better creditworthiness)
• The applicant must be a salaried professional in an MNC (Multinational Corporation), private or public company (Reputed companies portray better job stability)
• The applicant should have a minimum total work experience of at least 3 years and should have been for more than 1 day in current employment (Longer work experience denote fewer chances of job loss and thus, less risk for the lender) 
• The minimum salary per month should be as follows*:

*As provided by Bajaj Finserv as of January 2020.

B) For Self-employed

• Your business should be running for at least 3 years (Longer business duration denote better stability)
• Your business should have filed ITR in at least the past year

C) For Doctors*

*Data as provided by Bajaj Finserv as of January 2020.

D) For Chartered Accountants

• Have a COP (Certificate of Practice) that is active for a minimum of 4 years
• Own a house/office (at a location where Bajaj Finance Ltd operates)

How Credit Score Impacts Bajaj Finserv Personal Loan Approval

Bajaj Finserv personal loan approval and the terms on which you avail it depends a lot on your credit score. Let us find out how:

• Approval of your Loan Application: A high credit score shows the lender that the applicant has responsible credit behaviour and a clean repayment track record. This may help increase the chances of approval of your Bajaj Finserv personal loan. 
• Lower Interest Rates: A good credit score can also help you get a relatively lower rate of interest on your personal loan. Higher score indicates less risk for the lender and thus, you may get the loan at lower interest rates.
• Available Loan Amount: The maximum loan amount offered on your personal loan, besides other factors, also depends on how well you have handled credit in the past. Thus, the higher your credit score, the higher are your chances of getting approved for a higher loan amount.

However, the credit score is not the only determinant of your ability to secure credit. There are various factors that impact your personal loan approval such as your income, existing debts, employment status and history, etc.

Documents Required for Loan Application

Some key documents that are mandatorily required when applying for a personal loan with Bajaj Finserv are as follows:

• PAN Card
• KYC Documents – Aadhaar, Driving License, Voter ID Card, etc.
• Recent photograph

Read More: All Documents Required for Bajaj Finserv Personal Loan

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Fees and Other Charges

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.

Comparison of Bajaj Finserv Personal Loan vs Other Lenders