Bajaj Finserv Personal Loan Highlights | |
| Interest rate | Starting from 11.49% per annum |
| Loan Amount | Upto Rs. 25 Lakh |
| Eligible Applicants Categories |
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| Eligibility Age | From 23 years to 55 years at loan maturity |
| Loan Tenure | Upto 60 months |
| Types of Personal Loans |
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Bajaj Finserv offers personal loans to meet various types of expenses that may arise due to financial emergency or a planned expenditure such as a vacation or home renovation. Apart from flexible end-use and loan tenure of up to 5 years, Bajaj Finserv personal loan disbursals can be up to Rs. 37 lakh without the need for any collateral.
Table of Contents
Features
- High loan amount: Personal loans offered by Bajaj Finserv can feature disbursal as high as Rs. 37 lakh without need for any collateral
- Minimal Documentation: Bajaj Finserv require minimal documentation which ensures ease of the application process
- Flexible tenure: At Bajaj Finserv, you can repay your personal loan within tenure ranging from 12 to 96 months. You can decide the desired tenure as per your repayment ability
- Pre-approved offers: If you are an existing customer, you can share your basic contact details and OTP to check your pre-approved personal loan offer
- EMI Network Card offer: In case you already have a personal loan from Bajaj Finserv, you have the option of availing various Bajaj Finserv EMI Network Card offers.
Interest Rates 2020
Bajaj Finserv offers various types of personal loans depending on end-use as well as applicant type. The following are the personal loan interest rates for the key variants offered by this NBFC:
| Type of Personal Loan | Interest Rate (p.a.) |
| Personal Loan | 11.49% onwards |
| Flexi Loan | 11.49% onwards |
| Personal Loan For Wedding | 11.49% onwards |
| Personal Loan For Travel | 11.49% onwards |
| Personal Loan For Medical Emergency | 11.49% onwards |
| Personal Loan For Doctors | 14% to 16% |
| Personal Loan For Chartered Accountant | 14% to 15% |
| Personal Loan For Self- Employed | Starts from 18% |
Actual interest rates offered to an applicant may depend on various factors including but not limited to credit score, income, employer/employment type, etc.
Eligibility Criteria
The eligibility for a 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:
- You should be a resident of India
- You should be at least 23 years old
- Your maximum age should be 55 years
- The applicant must be residing in any of the eligible cities
A) For Salaried applicants
- Applicant must be a salaried professional in a MNC (Multinational Corporation), private or public company.
- The minimum salary per month should be as follows*:
| City | Minimum Salary Per Month |
| Bengaluru, Delhi, Pune, Mumbai Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida and Thane | Rs. 35,000 |
| Goa, Lucknow, Baroda, Indore, Bhubhaneshwar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut and Rajkot | Rs. 25,000 |
| Ahmedabad, Kolkata | Rs. 30,000 |
| Jaipur, Chandigarh, Nagpur, Surat, Cochin | Rs. 28,000 |
*As provided by Bajaj Finserv as of January 2020.
B) For Self-employed
- Your business should be running for at least 3 years
- Your business should have filed ITR returns in at least the past year
C) For Doctors*
| Type of Applicant | Doctor Loan Qualifying Criteria |
| Super-specialist doctors (MS/MD/DM) | No minimum post-qualification experience required |
| Graduate Doctors (MBBS) | Minimum 2 years of post-qualification experience required |
| Dentists (BDS/MDS) | Minimum 5 years of post-qualification experience required |
| Ayurvedic and Homeopathic Doctors: BHMS/BAMS | Minimum 6 years of post-qualification experience required, and must own a house or clinic |
| Homeopathic Doctors: DHMS | Minimum 15 years of post-qualification experience required, and must own a house or clinic |
*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)
Types of Bajaj Finserv Personal Loans
The following are the key types of personal loans offered by Bajaj Finance:
1. Flexi Loans
Based on your credit score, Bajaj Finserv offers you access to various pre-approved personal loan offers. If you opt for a flexi loan, you pay interest on only the amount that you utilize and not on the total amount sanctioned. This type of personal loan is offered to salaried individuals and self- employed individuals, businessmen and professionals.
2. Personal Loan for Wedding
Planning your dream wedding? You can avail a personal loan for wedding of up to Rs. 25 lakh to deal with various expenses like venue, catering, accommodation for guests, jewelry, invitation cards, etc. Also, you can conveniently repay the loan with a flexible tenure ranging from 24 to 60 months.
3. Personal Loan for Travel
If you are planning to travel the world anywhere with your friends or family, you can apply for Bajaj Finserv travel loan. The maximum limit for travel loan is Rs. 25 lakh. This loan helps you to have a stress- free vacation as it can be used to manage various expenses like ticket bookings, accommodation, sight-seeing expenses, etc.
4. Personal Loan for Medical Emergency
To cover emergency medical expenses for yourself or your loved ones, you can apply for a Personal Loan for Medical Emergency. This personal loan from Bajaj Finserv can be easily used to pay hospitalization and other medical bills without any inconvenience. Later, you can repay the loan in easy EMIs within flexible tenure ranging from 24 to 60 months.
5. Personal Loan for Doctors
With quick processing and hassle-free documentation, a doctor can avail the personal loan for Doctors from Bajaj Finserv. Offering an amount of up to Rs. 37 lakh, this loan may be disbursed with 24 hours and can help you to fulfil various personal needs. This personal loan features a tenure ranging from 12 to 96 months.
6. Personal Loan for Chartered Accountant
Easy to apply and quick to avail just by submitting a few documents, a Personal Loan for Chartered Accountant can be applied up to Rs. 35 lakh from the comfort of your home or office. The loan amount can be used to fulfil any personal need of a CA. Also, the loan amount can be easily repaid within a flexible tenure ranging from 12 to 60 months.
7. Personal Loan for Self- Employed
Self-employed individuals can opt for a personal loan for of up to Rs. 30 lakh to meet various business and personal expenses like wedding, debt consolidation, working capital, purchase of new equipment or machinery, 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
a. Additional documents required for salaried individuals
- Form 16 or latest salary slips
- Bank account statements of previous 6 months
b. Additional documents for Self-Employed Individuals, Businessmen, and SMEs(Small and Medium Enterprises)
- Business Proof (Certificate of business existence)
- Business relevant financial documents (if annual turnover exceeds Rs. 1 crore)
- Bank account statements
- Certified copy of previous year’s income tax return (ITR)
c. Additional documents required in case of personal loan for Chartered Accountant
- Certificate of Practice (COP)
- Bank statement
d. Additional documents required in case of personal loan for Doctors
Medical Registration Certificate
Know More About: Documents Required for Bajaj Finserv Personal Loan
How to Apply For Bajaj Finserv Personal Loan with Paisabazaar.com?
The following is a step-by-step guide if you want to apply for a personal loan from Bajaj Finserv on Paisabazaar.com website:
- Fill out the online loan application form on Paisabazaar.com
- Check offers from various prospective lenders sorted by chances of approval
- Select the loan offer(s) from Bajaj Finserv (if available) or call Paisabazaar for assistance
- Provide a few additional details about yourself on an online form so that your personal loan application can be forwarded to your chosen lender
Personal Loan Verification Process
- After Paisabazaar forwards your completed online application, the lender’s representative will give you a verification call to schedule pick-up of loan applicable documents.
- Once you have provided all the required documents such as KYC, income proof, etc. documents they are verified by the lender
- After verification, you get another call from the bank with confirmation of the final loan amount, interest rate and tenure of your personal loan
- Once the bank gets the confirmation from your side that the loan terms are acceptable, the loan amount is disbursed
Check Personal Loan Application Status
In case you have applied for a personal loan with Bajaj finserv, you can easily check the loan application status online. Details that need to be provided to check status of your application is your mobile number (as on loan application). Use the OTP sent to your mobile to check loan application status.
Alternatively, you can also logon to your online account or the official Bajaj Finserv Mobile App to know the status of your personal loan application.
Fees and Other Charges
| Processing fees | Up to 3.99% of the loan amount |
| Bounce Charges | Rs. 600 – 1200 per instance (Inclusive of applicable taxes) |
| Penal interest | 2% of EMI amount per month + applicable taxes or Rs. 200 per month (including taxes), whichever is higher |
| Secure fee (only for online approvals) | Rs. 4,499 |
| Outstation cheque collection charges | Rs. 65 + applicable taxes per repayment instrument |
| Part-payment charges | 2% of amount prepaid (minimum 2 EMI )+ taxes as applicable |
| Foreclosure charges | 4% on principal amount outstanding as of date or foreclosure. |
How to Login on Bajaj Finserv Portal?
- Go to the Bajaj Finserv homepage and click on Customer Portal under the My Account menu.
- Login using your customer ID, email ID or mobile number on the customer portal as shown below. Once logged in, you can perform key actions such as check your current loan details, apply for a new loan, check your eligibility for new loan, etc.
How to Check Loan Statement
- Login into the Bajaj Finserv Customer portal using your customer ID, e-mail ID or mobile number
- Select ‘Services’
- Click on ‘View Details’ mentioned under the loan type
- Go to the e-statements header
- Click to Download your loan e-statement (if you have a currently outstanding personal loan)
Bajaj Finserv Personal Loan Restructuring (COVID-19)
In view of the ongoing financial distress of many borrowers due to the COVID-19 pandemic and their inability to repay personal loan EMIs as per the original schedule, Bajaj Finserv has introduced the loan restructuring policy. This RBI-approved one-time personal restructuring facility is designed to reduce the financial burden on eligible borrowers who are witnessing financial hardship due to salary/income reduction, job loss, business closure, etc. due to the COVID pandemic.
Those interested in applying for this relief are required to submit an application form online or at the nearby Bajaj Finserv branch along with applicable supporting documents. One should however keep in mind that opting for restructuring of the personal loan is voluntary and must be considered only as a last resort. If you are able to continue paying your EMIs in a timely manner, you should continue to do so in order to minimize your loan interest charges and credit score.
Read More About: Bajaj Finserv Personal Loan Restructuring (COVID-19)
EMI Calculation
The following personal loan EMI calculation is an illustration of how the monthly EMI of a Bajaj Finserv Personal loan changes based on loan tenure, loan principal and interest rate.
| Loan principal @ interest | Tenure | ||||
| 1 year | 2 years | 3 years | 4 years | 5 years | |
| 1 lakh @ 12.99% | Rs. 8,931 | Rs. 4,753 | Rs. 3,368 | Rs. 2,682 | Rs. 2,274 |
| 2 lakh @ 13.06% | Rs. 17,869 | Rs. 9,514 | Rs. 6,744 | Rs. 5,371 | Rs. 4,556 |
| 4 lakh @ 13.25% | Rs. 35,773 | Rs. 19,063 | Rs. 13,525 | Rs. 10,780 | Rs. 9,152 |
| 6 lakh @ 13.75% | Rs. 53,801 | Rs. 28,736 | Rs. 20,433 | Rs. 16,320 | Rs. 13,883 |
Personal Loan Comparison of Bajaj Finserv with Other Lenders
| Comparison Criteria | Bajaj Finserv | Axis Bank | HDFC Bank | Citi Bank | ICICI Bank |
| Interest Rate | Starting from 11.49% | 12% to 24% | 11.25% to 21.50% | Starting from 10.99% | 11.50% to 19.25% |
| Tenure | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Upto Rs. 25 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Upto Rs. 20 lakh |
| Processing Fee | Up to 3.99% of the loan amount | Upto 2% of loan amount plus GST | Upto 2.50% of the loan amount | Upto 3% of the loan amount | Upto 2.25% of loan amount plus GST |
Bajaj Finserv Customer Care
- Phone: You can call Bajaj Finserv Customer Care on 0869-801-0101
- Online Help: You can raise an online helpdesk request with details of your issue
- Branch Visit: You can visit the nearest branch of Bajaj Finserv to seek help regarding your personal loan
- Missed Call: You can give a missed call on 981-085-2222 from your registered mobile number and get instant assistance.
- SMS: You can send an SMS ‘HELP’ to 91-92275-64444 to contact Bajaj Finserv customer care.
Benefits of Applying for Personal Loan at Paisabazaar
- Convenient: You can conveniently apply for a personal loan at Paisabazaar from the comfort of your home or office. The online process is easy to complete and saves a lot of time and energy
- Quick processing: Once you fill the form with necessary details, Paisabazaar quickly processes your personal loan application by moving it forward to the bank
- Compare and choose: Paisabazaar lets you compare interest rates and other features such as foreclosure charges, processing fees, disbursal offered by various lenders. This way, you get to choose the bank offering the lowest interest rate to make your EMIs affordable
- End- to- end assistance: At Paisabazaar, you get an end-to-end assistance from the customer care team so that your application process is smooth and hassle- free
Important Aspects
- Check your credit score: A credit score is a 3- digital number that represents your creditworthiness on the basis of your past repayments and current debt. You will tend to have a good score if you have made all your credit card and loan payments on time and maintained a low debt to credit ratio.
- Evaluate your ability to repay: The easiest way to evaluate your ability to repay a personal loan is to check your monthly EMIs before applying for a loan. You can use Paisabazaar’s Personal Loan EMI Calculator to try different combinations of loan amount, tenure and interest rate and then choose a desired combination as per your repayment ability
- Know all fees and charges: Apart from the interest rate, there are many other fees and charges associated with a personal loan. These include processing fees, late payment charges, foreclosure charges, part prepayment fees, etc. It is important to ask your lender about all these charges to avoid any shock in future
- Compare multiple options: When you compare interest rates and other loan features offered by various lenders on financial platforms like Paisabazaar, you can opt for a personal loan option that suits you unique requirements
FAQs:
Q1. What should be my credit score to apply for a personal loan from Bajaj Finserv?
You should ideally have a good credit score (usually 750 or above) to get your personal loan application accepted by a lender. However, even if you have a lower score, you can apply for a personal loan with Bajaj Finserv, but your chances of approval will be lower in such a case.
Q2. How do I repay my personal loan?
You can repay the loan from Bajaj Finserv through EMIs by using ECS mandate or through post-dated cheques.
Q3. How and when can Flexi Loan be foreclosed?
In case of a flexi loan, Bajaj Finserv allows you to make part pre-payment or foreclosure without incurring any additional fees. The pre-payment of a flexi loan can be made by RTGS only to the assigned account provided to the applicant by Bajaj Finserv.
Q4. When will I receive my Experia Login ID and password?
You will get your Experia Login ID and password with the welcome kit after you loan amount is disbursed and your Bajaj Finserv customer ID is activated. Also, a SMS would also be sent to your registered mobile number within 10 days of loan disbursal.
Q5. Can I make a part prepayment on my personal loan?
Yes, you can make a part-prepayment after payment of the 1st loan EMI. Part-prepayment amount should be equal to or greater than the total of 2 EMI payments.
Q6. How much time will it take for my Personal loan to get disbursed?
Usually, a personal loan gets disbursed within 24 hours of the application being approved by Bajaj Finserv.
Q7. How will I know if I am pre-approved for a personal loan from Bajaj Finserv?
If you are existing customer you can check if you are pre- approved for a personal loan online. Just visit the Bajaj Finserv Pre-approved Offers page and share your basic contact details – Name and Mobile Number to generate an OTP and check available offers!
