Description

Bajaj Finserv Personal Loan Details

Bajaj Finserv Personal Loan removes the financial crunch of the people by offering loan at a low-interest rate. The speedy application process and easy documentation method are complementary services. The approval time is quite less, and once the loan is approved, the amount will be disbursed within 24 hours.  So, if you need money for renovating your house or want to build a new one, then you can move to the Bajaj Housing Limited. However, if you need to pay your education fee or want to fulfill your unexpected expenses, such as a wedding, then you can go for Bajaj Finserv Personal Loan for an immediate result.

Why one should choose the Bajaj Finserv Personal Loan 

  • Get money in 72 hours
  • Loan amount up to ₹ 25 Lakhs
  • Zero/Nil foreclosure charges
  • 24X7 customer support
  • Part pre-payment facility available at no cost
  • The Entire process is online
  • Instant approval facility for existing customers

Bajaj Finserv Interest Rate and Charges 2020

Bajaj Finserv offers low-interest-rate on personal loan so that most of the people can avail the loan without any collateral. So, if you are wondering about the Bajaj loan interest rate and processing fee, then go through the below-mentioned points.

Bajaj Personal Loan Interest Rate

10.99%-16% onwards

Processing Fee

Up to 3.99% of the loan amount

Bonus Charges

Rs 600-Rs1200/bounce

Loan Tenure

12 months to 60 months

Structural Fee

Rs 4499

Loan Amount

Up to Rs25 Lakh

Penal  Interest

2% of monthly EMI

Bajaj Finserv Personal Loan Eligibility Criteria

Anyone can apply for a personal loan from Bajaj Finserv as long as they clear the basic eligibility criteria. As the loans being offered are collateral free, which requires the company to ensure that the borrower is compliant and capable to repay the loan amount. 

The conditions for eligibility are as follows:

  • The applicant must be of age between 23 to 55 years
  • Any Indian citizen is eligible to apply
  • The applicant must be an employee of an MNC, public or private company

The applications are entertained on the basis of monthly salary of applicant depending on the city they live in; the criteria are as follows:

Monthly salary ₹ 35,000 per month – Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Noida, Ghaziabad, Thane

Monthly salary ₹ 30,000 per month – Ahmedabad, Kolkata

Monthly salary ₹ 28,000 per month – Chandigarh, Jaipur, Nagpur, Surat, Cochin

Monthly salary ₹ 25,000 per month – Baroda, Goa, Lucknow, Indore, Bhubaneshwar, Nasik, Vizag, Madurai, Aurangabad, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Jodhpur, Vijayawada, Rajkot, Calicut, Vapi

In terms of personal loan application, it is crucial to follow the criteria and carefully abide by the terms & conditions in order to avoid rejection, as it adversely affects your CIBIL score. To avoid any errors regarding the process make use of personal loan amount and application guide.

Documents Required - Bajaj Finserv Personal Loan

Bajaj Finserv provides its personal loan with minimum documentation. An applicant is required to submit a basic set of documents in order to apply for a personal loan. The list of documents is as follows;

Particulars

Details

Application

Application Form duly filled

Identity Proof

  1. Copy of Passport
  2. Copy of Driving License
  3. Copy of Aadhar Card
  4. Copy of Voter ID Card

Address Proof

  1. Registered Rent Agreement (Min. 1 year of stay)
  2. Utility Bills (For the last 3 months)
  3. Copy of Passport (Proof of permanent residence)

Income Proof

  1. ITRs for the last two Assessment years
  2. Salary slip for the last 6 months
  3. Bank Statement for the last 3 months (Salary credit and EMI debit transactions)

Features & Benefits Of Bajaj Finserv personal Loan

Bajaj Finance Personal Loan enables you to get the loan up to Rs 25 lakh without any collateral, and this feature helps the loan seekers to get the same easily. Apart from that, the lending process and other services are best at par and thus make it the most populous among the people. The salient features of Bajaj Finserv are listed below which will help you to know more about the Bajaj Loan.

1#. Application Process

Bajaj Finserv believes in quick method, and thus provides the loan in a quick period. Amid the application process, the Bajaj Finserv offers end to end support so that the customers effectively get the loan. However, if you have any query related to the form or other, then you may dial on the Bajaj Finance Customer Care Number to get the support from the Bajaj Finserv team. After filling the form, it will be scrutinized, and once it gets approval, then your loan amount will be disbursed within 24 hrs.

2#. Lowest EMI

Bajaj Finserv has brought the Flexi Personal Loan and is the first one to introduce such a feature in the financial market. A flexible personal loan gives great relief to the borrower apart from lower EMI. Bajaj EMI is lower than the other loan lending institutes, and this feature makes it a gigantic lender in the financial sector. The Flexi loan helps you to pay the pre-payment against the loan and allow you to save the interest on your loan value.  Apart from the pre-payment, it also gives you a way to withdraw the pre-payment amount anytime amid the loan tenure.

3#. Instant Disbursal

Bajaj Finance personal loan is disbursed in a very short period, after the approval of the loan; the company transfers the loan amount in the borrower’s account within 24 hrs. This instant feature makes the Bajaj Finserv the fastest disbursement in the financial market.

4#. Exclusive Offer

Time to time, Bajaj Finserv launch the offers, which include low-interest rate against the loan to the customers. For the existing customers, the company has an individual plan, i.e., attractive loan offer and low processing fee.

5#. Best in class interest rates:

The rate of interest offered by Bajaj Finserv is considered to be the lowest and most affordable in the market. Also, the company provides the reducing balance method to the borrowers, where the overall cost of availing funds is considerably lower.

6#. Quick processing and disbursal:

Bajaj Finserv enables its customers with an online infrastructure where one can easily explore the available products and easily upload the required documents for the application. As soon as the documents are verified, the loan is approved and disbursed within 3 days.

7#. High quantum of loan:

Bajaj Finserv offers one of the highest quantum of loan in the market at present. The personal loan amount being offered by the company to salaried individuals and for self-employed professionals is ₹ 25 Lakh.

Bajaj Finserv Personal Loan EMI Calculator

Bajaj Finserv offers its loan at the most competitive rates, also the inbuilt EMI calculator assists you in deciding the most suitable amount that you wish to spend every month as instalment against your desired amount of loan over a flexible repayment period. With the help of Personal Loan EMI Calculator at Afinoz.com, now you can easily calculate the instalment amount to be paid every month including the other charges and administrative expenses attached with the loan amount.

However, for you to easily understand the basics of the loan process and the anticipated EMIs, we have prepared a table for various amounts at applicable interest rates;

The table displays various amounts of loan taken at a rate of interest of 10.99% (effective rate of interest – 0.009% per month)

Loan Amount

ROI @ 10.99%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.009

24

₹ 2,23,695

₹ 9,320

₹ 23,695

₹ 3,00,000

₹ 3,35,543

₹ 13,980

₹ 35,543

₹ 4,00,000

₹ 4,47,390

₹ 18,641

₹ 47,390

₹ 5,00,000

₹ 5,59,238

₹ 23,301

₹ 59,238

₹ 10,00,000

₹ 11,18,476

₹ 46,603

₹ 1,18,476

Comparative: -

This table displays a loan amount of ₹ 2,00,000 taken for a tenure of 12 months from various banks at competitive interest rates:

Bank

Loan Amount

ROI

Tenure (Months)

Repayment

EMI

Interest

ICICI

₹ 2,00,000

0.009

12

₹ 2,12,395

₹ 17,699

₹ 12,395

HDFC

₹ 2,00,000

0.013

₹ 2,17,186

₹ 18,098

₹ 17,186

SBI

₹ 2,00,000

0.010

₹ 2,13,517

₹ 17,793

₹ 13,517

IndusInd

₹ 2,00,000

0.012

₹ 2,16,054

₹ 18,004

₹ 16,054

Bajaj Finserv

₹ 2,00,000

0.012

₹ 2,12,104

₹ 17,675

₹ 12,104

| Check Bajaj Finance Personal Loan EMI Calculator

Various types of Bajaj Finserv Personal Loan

Bajaj Finserv offers personal loans to its customers on the basis of significant needs. The major types of loans on offer are as follows:

Wedding LoanAs Indian weddings are a once in a lifetime event and can turn out to be very expensive. If a couple wishes to enjoy the extravagance, without taking a burden on their savings, they might avail the personal loan for the wedding and repay it in easy EMIs.

Home Renovation LoanCustomers who are willing to refurbish their ancestral home or their existing home with new fittings, furniture, decorates can avail the home improvement loan.

Travel LoanAnyone willing to take a vacation abroad along with their family or even for a small trip to their most favorite destination within the country, they can opt for a travel loan without spending much of their savings.

Medical LoanThe medical loans offered by Bajaj Finserv are easiest to avail. If in case a medical emergency strikes and you are short of funds, one can easily apply for a medical personal loan from Bajaj through the app or visiting the online app.

Debt Consolidation Loan – It is a unique product offering from Bajaj Finserv, any customer who is willing to settle their existing credit card debts on various cards which are high cost, the outstanding balance can be transferred to Bajaj Finserv at a lower rate of interest. 

How to apply for a Bajaj Finserv Loan through Afinoz

While you do your Bajaj Finserv personal loan application through Afinoz, you should check the following: -

  • Check your Bajaj Finserv personal loan eligibility Criteria with the personal loan eligibility calculator at Afinoz.com. Simply visit Afinoz.com, fill in a few easy details and get an instant and accurate assessment of your personal loan eligibility
  • Check your Bajaj Finserv personal loan EMI with the personal loan EMI calculator at Afinoz.com. This will help you to know the exact amount you need to pay every month towards the repayment of your loan
  • Check the documentation required for your Bajaj Finserv personal loan application. Whether you are salaried or self-employed, applying with the proper set of documents will enhance your chances of getting your loan approved in the least possible time
 

Bajaj Finserv Personal Loan Status

With Bajaj Finserv, one can easily track the status of their personal loan application by taking a few steps. First, by visiting the online site or the mobile phone application, and log in using your credentials, one needs to enter the application number. Going forward, the page shows the account summary, where one can easily track the loan application status, thus can know whether the loan has been approved, in-process or is rejected.

Bajaj Finserv Personal Loan Status  

Bajaj Finserv Personal Loan Customer care

Bajaj Finserv has made it convenient for the customers to ask any queries related to loans. A loan seeker can get in touch with the company on their toll-free number: 020 3957 4151, where customer service executives are present 24X7 to solve all the queries and concerns with a solution-based approach. Here, all the executives are highly trained and equally supportive for all that a customer needs regarding their grievances.

Bajaj Finserv Customer Care Number    

Why Afinoz?

What is Afinoz?

Well, it sounds a bit of the track, but you should know the right way to get the Bajaj Finserv Personal Loan and Afinoz does the same. Being one of the prominent financial institutes, Afinoz offers loans to the needy person and also provides the investment model for the investor. The company works with various banks and financial institutes across the Nation. So, overall, it is one stop solution of all the financial needs. The prime motto of the Afinoz to offer financial services to the people in an effective manner by eliminating the comprehensive documentation process and maintains the transparency level. Afinoz deals with the Home Loan, Personal Loan, Business Loan, and significantly more.

Why Afinoz

Application Processing

Afinoz understands the need and demand of the customers, so it kept the entire process easy and hence allows the needy people to get the loan in a quick span of time. After the submission of the loan with the documents, the company’s sanction department scrutinizes the details of the application and after their approval; the loan is disbursed within 24 hrs.

Tracking Feature

Afinoz offers such a feature so that the people can get their loan status. A tracking ID is issued after filling the online application and through this ID you can check the current status of the loan. However, we believe in customer satisfaction and hence offer SMS and email services.

Customer Care

One of the major factors of the stress among the people is the unclear doubt, especially related to the policies and schemes. So to maintain the comfort of the customers, we provide the customer care center. This is a place where people can resolve their queries and the best part is, it is open 24*7. So, if you have any issue or unable to understand the application process, then you may make a call anytime as per your solace, the team will offer a comprehensive solution against the issue.

High-Class Security

Everyone wants to keep their credentials safe and secure. We respect the same and thus kept the security at the top priority. The credentials of the users are highly secured and there is no possibility of a breach. The entire process is in encrypted form, it means the command is in the hands of sender and receiver. Well, it means there is no third party and documents retains with the Afinoz and the banks.

About Bank

In India, nowadays, Bajaj Finserv is the leading Non-Banking Finance Company which is preferred by the borrowers over and above other nationalized banks as Bajaj offers a high quantum of personal loan at lower rate of interest as compared to the banks. 

The company is known for its steadfast approach towards customer needs and services whether related to the initial application process or post disbursal support for all the transactions. To stand with their customers in the time of need, the company disburses the loan within 2 days of sanction.

In addition to this, there is an additional scheme named Flexi Personal Loan which is beneficial for smoother repayment. This is the facility wherein a borrower can pre-pay and drawdown money within the drop-line facility using a self-service process without any hassle.

FAQs

Q1 How much can I borrow?
Bajaj Finserv offers the loan up to Rs 25 lakh and the criteria to avail the loan depends upon your income and place of residence.
Q2 On which purposes I can use the personal loan?
A personal loan can be used for education, medical emergencies, wedding, travel and significantly more. The loan amount can also be used for home renovation.
Q3 How can I repay the loan amount?
Bajaj Finserv offers a unique feature, i.e. Flexi loan option which will enable you to go for the pre-payment. However, you can also go for the monthly EMI.
Q4 To whom Bajaj Finserv Loan offers the loan?
Bajaj Finserv offers the loan to all categories but with some terms and conditions. The salaried employees who are working in the Public or Private sector are eligible and the loan amount depends upon their salary as per their job location.
Q5 How long will it take to complete the loan process?
Bajaj Finserv does not take a long time to complete the loan process. Well, you won’t believe the time consumed by Bajaj Finserv to approve the loan is shortest as compared with others. It takes only 5 min to approve and after the approval, the loan amount will be disbursed within 24 hrs.
Q6 What are the essential documents required for Bajaj Loan?
The major documents are Identity Proof, Income Proof and bank account details of the last 3 months.
Q7 How much Bajaj Finserv charges for the processing the loan?
Bajaj Finserv processing fee is 2% of the loan value.
Q8 Do I have to produce any security?
No, Bajaj Finserv offers the loan without any collateral. It means you don’t have to produce any security.