Description

Bajaj Finserv provides highly customized personal loans to address the unique needs of loan seekers. And the process is quick and hassle-free to meet the urgent needs. Bajaj Finserv personal loan products are known for their highly competitive interest rates and are earmarked for both the salaried & self-employed class. 

Some of the most popular personal loan schemes of Bajaj Finserv are:

  • Flexi Loan
  • Lifestyle Finance Personal Loan
  • Digital Product Finance Loan
  • Durable Finance Personal Loan
  • Medical Emergency Loan
  • PLOC Loan

Bajaj Finserv personal loan interest rates and charges 2020

Category

Rate/Charge

Interest rate

Starts from 12.99% onwards

Maximum Loan amount

Rs 25 lakhs

Loan Tenure

12 to 60 months

Processing Fee

Up to 3.99%  of the loan amount + GST as applicable

Prepayment Charges

2% of the amount paid + Taxes (allowed only after 1st EMI)

Foreclosure Charges

4% of the amount paid + Taxes (allowed only after 1st EMI)

Cheque Bounce Charges

 Rs.600-1200 Per bounce (Inclusive of applicable taxes)

Secure Fee ( for online approvals only)

Rs 4499

Penal Interest

2% of EMI amount per month +taxes or Rs 200 per month, whichever is higher

Outstation collection charges

Rs 65 + Taxes as applicable

Mandate Rejection Service Charge

Rs 450 + Taxes as applicable

 

*Rates are subject to periodic changes. Bajaj Finserv personal loan interest rates and other fees/charges are subject to regular reviews. They can also vary from customer to customer depending on several factors

Bajaj Finserv various Personal Loan products -

Personal Loan Schemes

Features & benefits

Bajaj Finserv Flexi loan

  • The personal loan works like an overdraft, where customers can deposit, prepay, and withdraw their loan accounts 
  • You can borrow any loan amount in the range of Rs 25,000 to Rs 2,00,000
  • You can pay interest only on the amount used.
  • No prepayment charge is there
  • The applicant should not be less than 27 years and should be working in a reputed company.
  • Available to all existing Bajaj personal customers

Bajaj Finserv Lifestyle Finance Personal loan

  • This personal loan provides funds if you want to do home interiors, set up the modular kitchen, and so on
  • It is offered to buy any durable consumer product up to Rs 3,00,000
  • Allows six prepayments in a year. The amount should be more than the sum of 3 EMIs.
  • The applicant should be in the age group of 25 to 58 years

Bajaj Finserv Digital product Finance loan

  • You can borrow any loan amount in the range of Rs 10,000 to Rs 1,00,000
  • Allows six prepayments in a year. The amount should be more than the sum of 3 EMIs.
  • The applicant should be in the age group of 25 to 58 years
  • The loan is approved instantly in the partner stores, with minimal documentation

Bajaj Finserv Durable Finance Personal loan

  • This personal loan provides funds if you want to purchase lifestyle products such as electronic appliances, on easy monthly installments.
  • After paying just 1 EMI, you can foreclose the loan at no extra charges
  • The applicant should be in the age group of 25 to 58 years
  • You can borrow any loan amount in the range of Rs 25,000 to Rs 25,00,000
  • The loan can be repaid with a maximum tenure of 84 months
  • The applicant should have a minimum monthly income of Rs 40000
  • The loan is approved instantly in over 7000 electronic stores, with minimal documentation

Bajaj Finserv Personal loan for a medical emergency

  • This personal loan provides funds if you need to cover expenses for healthcare and medical treatment
  • Pre-approved offers are provided for existing Bajaj Finserv customers
  • You can borrow any loan amount up to Rs 25,00,000 to cover medical expenses
  • Speedy loan approval within 72 hours
  • The applicant should be in the age group of 25 to 58 years

Bajaj Finserv Personal  Loan Line of Credit (PLOC loan)

  • The personal loan enables you to manage your cash flows more effectively. Here you need to pay interest only for the funds you use
  • It allows you to make part-prepayments and withdraw amounts within your approved credit limit
  • EMIs include the interest amount only. The principal needs to be paid at the end of the tenure.
  • No restrictions and charges are there for prepayments
  • The applicant should be in the age group of 25 to 58 years

Personal loan interest rates from Bajaj Finserv?

Opt for a floating rate of interest 

Also known as the variable interest rate, floating interest rates vary with the fluctuations in the market. It gives you the benefit of getting a low-interest rate if the market rate goes down at any point in your loan tenure. 

Most people are tempted to go for fixed interest rates as they like to stay safe from the unpredictable fluctuations in the market. The fixed rates are kept at higher levels than the floating rates at the beginning and remain unchanged throughout the loan tenure. On the other hand, the floating interest rates are offered a bit lower at the beginning, only to be adjusted with the prevailing market rates later on.  

A study of the market would reveal that it is more feasible to opt for the floating personal loan interest rate. It will help you to get the best interest rates from Bajaj Finserv. If you go for a short-term personal loan from them, you are more likely to repay it before the interest rate becomes too high later on. 

Check for tenure-based discounts

Please have a check on whether Bajaj Finserv personal loan is offering a tenure-based discount. At times, some lenders offer lower interest rates for some specific personal loan tenures. Keep an eye on such offers and try to grab them, if such a scheme deems suitable to you.

Check your credit score periodically and look for ways to improve it

Before you apply for a Bajaj Finserv personal loan, you must check your credit score. Credit bureaus such as CIBIL and Experian usually provide personalized credit reports inside 24 hours. A higher credit score will project you to be more creditworthy to Bajaj Finserv. On the other hand, with a bad credit score, your loan application will be in danger of getting rejected.  Also, you may be levied higher interest rates as compared to borrowers with better credit scores. Some ways to improve credit score are listed below-

  1. Check your credit reports for accuracy
  2. Avoid the tendency to buy new credit cards
  3. Leave open unused credit accounts
  4. Pay off dues on time
  5. Do not apply for credit accounts too often
  6. Opt for seasonal offers

Lenders such as Bajaj Finserv periodically announce special personal loan offers and intimate potential customers through emails, SMS, and advertisements. You should keep an eye for such offers where affordable personal loan schemes are available with a low-interest rate and amazing gifts. These schemes allow you to have limited period discounts on personal loan interest rates and thus, make the loan more affordable for you. 

Bajaj Finserv also offers loan schemes with low-interest rates Personal Loan during festivals such as Durga Puja and Diwali. Always keep an eye for such seasonal offers.

Features of the Bajaj Finserv personal loan

Some of the useful features of the Bajaj Finserv personal loan are as follows-

  • Competitive interest rate starting at 12.99% p.a. 
  • Exclusive pre-approved offers for existing Bajaj Finserv customers
  • Simplified documentation
  • Speedy procedure. Online personal loan approval in 5 minutes and cash to account within 72 hours
  • Diverse personal loan options based on customer requirements
  • Flexible repayment tenure ranging from 12 months to 60 months
  • Multiple loan repayment options such as PDCs & ECS
  • You can get real-time alerts on matters related to your personal loan through an exclusive online account

About Bajaj Finserv

Bajaj Finserv, a Non-banking Financial Services Company, is based in India and instrumental in offering a diverse range of asset management, lending, insurance, and wealth management services to its customers through its efficient delivery channels. It was established in the year 2009, as a venture of Bajaj Holdings and Investments Limited Company. The firm enjoys an extensive network of more than 1,400 branches across the country with staff strength of around 20,000. The company was even ranked 119th among top 500 companies earmarked by the Economic Times in 2014.