How to avail Bajaj Finserv Personal Loan: If you need instant cash for family, health, education, travel, business or any other reason, you can apply for a Bajaj Finserv Personal Loan. Bajaj Finserv Personal Loan comes at an interest rate starting from 13% p.a. From here you can get a loan of up to Rs 25 lakh for a tenure of up to 5 years. Processing fees up to 4.13% of the loan amount will also be levied.
Complete Details of Bajaj Finserv Personal Loan
|Rate of interest||up to 13%|
|Loan amount||up to Rs.25 lakh|
|Tenure||1 to 5 years|
|Processing fee||Up to 4.13% of the loan amount|
|EMI bounce charges||Rs.600 + GST|
|Prepayment fee||2% + GST on outstanding principal|
|EMI||Rs 2275 per lakh|
Key Features and Benefits of Bajaj Finserv Personal Loan
Flexi Interest Loan: A Bajaj Finserv Limited Personal Loan can also be availed in the form of Flexi Interest Loan. Its EMI comes down to 45% per month as compared to term loan.
Can get quick loan up to Rs 25 to 30 lakhs: People taking salary in a month can apply for loan and get Rs 25 to 30 lakhs as quick loan.
Money arrives in the bank account within a day i.e. 24 hours: The loan is sanctioned and the money is sent to your bank account within a day. Bajaj Finserv’s processing is extremely fast.
Minimum Documents: Bajaj Finserv offers pre-approved loans with very few documents to borrowers with a good credit score of 750 marks or above.
Flexible Tenure: Personal Loan from Bajaj Finserv comes in flexible tenor ranging from 12 months to 60 months. You can choose the tenor ranging from 12 months to 60 months as per your EMI amount.
No guarantor required: No guarantor is required for the loan.
Free Part Prepayment: No part prepayment charges are levied on your Bajaj Flexi Personal Loan.
Bajaj Finserv Personal Loan Processing Fees & Other Fees
|Types of Fees||applicable fee|
|Penal interest||2% to 4% per month on outstanding EMI|
|Fee for retrieval of documents||Rs.250 + Tax|
|Fee for physical details retrieval||Rs.50 per statement/letter/certificate|
|Loan closure fee||4% + tax on principal outstanding|
|Part Prepayment Charges for Non Flexi Loan||2% of part prepaid + tax|
|Annual Maintenance ie Maintenance Fee||0.25% + Tax|
Types of Personal Loans Offered by Bajaj Finserv
Bajaj Finserv offers customer friendly loans and offers maximum flexibility to the borrower. Personal loan hosting hosts are designed to match a variety of customer profiles such as salaried, self-employed or professional. Borrowers get the option of choosing a term loan, flexi term loan or flexi hybrid loan to make the repayment easier.
Let us discuss the types of personal loans by Bajaj Finserv based on the ease of repayment and the end use of the loan.
Bajaj Personal Term Loan
A Bajaj Finserv Personal Loan can be borrowed as a regular term loan that allows repayment in equated monthly installments or flexi-interest for a period of time with the option to pay only installments. Under the term loan option, the entire amount of the loan is disbursed in full post approval, so you become liable for the entire amount right from the inception of the loan. That is, interest is also charged on the entire amount. The personal term loan EMI is calculated as follows:
Term Loan EMI = Interest + Principal
Bajaj Overdraft Loan
Personal loan overdraft facility enables the borrower to borrow more than the funds already present in his bank account. There is an approved limit and it can be repaid as per the convenience of the borrower. To make the most of the Bajaj Finance overdraft loan facility, you can apply for the Flexi Personal Loan facility offered by Bajaj Finserv.
With Bajaj Flexi Loan, you can enjoy the following benefits:-
- Bajaj overdraft loan up to Rs.25 lakh can be taken.
- You can prepay the borrowed amount without any extra charges.
- You can transfer funds online to your loan account from the approved Bajaj Finance overdraft loan limit.
- Interest is to be paid only on the amount that you use till the end of the day.
- With Bajaj Finance overdraft facility, you can pay only interest as your EMI for the first part of the repayment tenure and later
- You can reduce your EMI by up to 45% by opting to pay the principal amount.
Bajaj Flexi Personal Loan
Bajaj Finserv Flexi Term Loan facility is a flexi loan repayment facility. This is an add-on benefit for premium BFL customers and can be blocked for non-compliance with repayment discipline.
How does Flexi Loan work?
After approval, you will get online access to the Bajaj Finserv portal – Xperia.
Essentially a hybrid product, Flexi Term Personal Loan combines a regular term loan and a written down value-based model for the loan limit. This facility makes BFL Personal Loan extremely easy and hassle free for the borrowers.
Interest is charged only on the amount withdrawn. You can save sensibly on interest costs.
You can borrow as much as you need directly from the portal. There are no fees on transactions.
Here, the sanctioned loan amount is specified as the credit limit in your loan account.
The loan becomes nil at the end of the term as the drawing power decreases on a monthly basis.
Benefits of Flexi Loan
It gives facility to pre-pay idle funds i.e. unused money without any charges.
Gives access to the drop line facility which enables you to withdraw money at any time during the tenure.
Save up to 45% on interest cost. Pay interest only on the amount utilized.
Get access to the exclusive online transaction platform “Xperia” on the official portal of Bajaj Finserv. It enables drawdown and RTGS, i.e., you can pre-pay through net banking.
Bajaj Finserv Pre-approved Personal Loan
A pre-approved personal loan is a loan deal in which the lender extends a loan to a credit-worthy individual. Most of the lenders offer such deals to their existing customers with a clean track record of clearing their dues.
You may be eligible for a pre-approved Bajaj Finserv Personal Loan if:
- You have a good credit score, ie 750 or above.
- You are timely in repayment of EMI and credit card bills.
- You have a source of monthly income.
- You have maintained stable fund above average monthly balance.
- All these factors help you in pre-approved for a personal loan. Bank will send an email to inform you about the offer. However, you will still need to verify documents such as bank statements, PAN cards, salary slips and Aadhaar cards to the lender. You can also get a call like a bank.
Benefits of a pre-approved loan:
- When you are pre-approved for a loan, you have better negotiating power on the amount, tenure and interest rate.
Loan processing becomes quite fast.
- The interest rate on pre-approved offers is generally attractive.
- Such offers are time bound and are not available throughout the year.
- Failure to submit required documents may result in cancellation of the offer.
- You should read the terms and conditions carefully. Be sure to read about all the fees associated with the offer before signing up.
Bajaj Finserv Personal Loan for Government Employees
Personal loans for government employees are designed to meet the financial needs of people employed by the state and central government including various public sector units. Under this category, borrowers can get instant approval for loans up to Rs 25 lakh if they are working in a government department and meet the Bajaj Finserv personal loan eligibility criteria, documentation is also minimal.
Bajaj Finserv Personal Loan for Teachers
Teaching is a noble profession and Bajaj Finserv has gone a step ahead of its competition by offering customized loans for teachers. All teachers can take advantage of instant approval and faster disbursement for personal loans up to Rs.25 lakh from Bajaj Finserv. Check Bajaj Finserv Personal Loan eligibility to apply for the loan.
Bajaj Finserv Personal Loan for Women
Bajaj has always supported equal opportunities for both the genders. Bajaj Finserv Personal Loan for Women is an important step in this direction. This personal loan category is designed to help women fulfill their aspirations without any hassle. A woman with basic eligibility for a personal loan can be assured of getting approved for loans up to Rs.25 lakh.
Bajaj Finserv Personal Loan for Marriage
The Bajaj Finserv Personal Loan for Weddings is designed to meet wedding expenses with ease. You can meet all the wedding related expenses with a personal loan up to Rs.25 lakh. Check out Bajaj Finserv Personal Loan interest rates for an affordable EMI structure. You can opt for flexi loan facility and choose from flexible repayment and tenure ranging from 24 months to 60 months. Approval is instant, and delivery is assured within 24 hours of document verification.
Bajaj Finserv Personal Loan for Home Improvement
Personal loans for home improvement are designed to help you with your home repairs with the help of quick and easy personal loans up to Rs.25 lakh from Bajaj Finserv. However, the sanction of the amount is subject to eligibility for personal loan.
Bajaj Finserv Personal Loan for Travel
Since a personal loan from Bajaj Finserv is almost instant, you can plan an exciting vacation without worrying about cash. Depending on your eligibility and repayment capacity, you can apply for a Bajaj Finserv travel loan up to Rs.25 lakh online.
Bajaj Finserv Personal Loan for Medical Emergency
Most of our financial decisions and investments revolve around emergencies. However one cannot plan thoroughly for unforeseen situations. Here, a personal loan from Bajaj Finserv can help you stay afloat and meet the existing cash crunch for medical treatment without any delay. You can apply for an instant personal loan for medical emergency up to Rs 25 lakh and get a faster loan as per your repayment capacity.
Bajaj Finserv Personal Loan Eligibility Criteria
- Only Indian residents in the age group of 23 to 58 years can apply.
- You must be salaried, employed in a multinational company, public or private company.
- Your CIBIL score should be above 750.
Minimum Wage Criteria:
- 35,000 monthly income for Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida, Thane.
- 30,000 monthly income for Ahmedabad and Kolkata.
- 28,000 monthly income for Jaipur, Chandigarh, Nagpur, Surat, Cochin.
- Rs.25,000 monthly income for Goa, Bhubaneshwar, Nashik, Aurangabad, Jamnagar, Kolhapur, Raipur, Madurai, Mysore, Bhopal, Trichy, Trivandrum, Vijayawada, Jodhpur, Calicut, Rajkot, Lucknow, Baroda, Indore.
Documents Required for Bajaj Finserv Personal Loan
- KYC documents, such as Aadhar card, PAN card or date of birth certificate.
- Office ID card.
- Address Proof, such as Passport, Driving License, Ration Card, Latest Mobile Bill.
- Salary slip of last 2 months.
- Last 3 months salary bank account details.
Bajaj Finserv Personal Loan Customer Care
If you have any queries or requests, you can directly contact Bajaj Finserv Personal Loan Customer Care or write an email to email@example.com.
All emails are answered within 2 working days.
You can also make a direct inquiry on 020 3957 5152.
Toll-free customer care number is: 1800-103-3535
If you do not receive a response from the Bajaj Grievance Redressal Team within 3 working days, write an email to the National Head of Customer Experience at firstname.lastname@example.org
Bajaj Finserv Personal Loan Questions and Answers ( FAQs )
What are the benefits of applying for Bajaj Finserv Personal Loan online?
When you apply for a Bajaj Finserv Personal Loan online, you get an instant approval within 5 minutes. The approval is subject to the fulfillment of the eligibility criteria. From document verification to loan disbursement, each step goes online. The process is completely contactless, hassle free and convenient.
How do I check Bajaj Finserv personal loan status online?
To know the status of personal loan application, call customer care at 1800-103-3535 and share your Unique Reference Number (URN). You will receive the URN by email or SMS as soon as you submit the loan application. After authentication of the request, the customer care executive will update about the status of the loan application.
What to expect once the loan is approved? How do I get loan details?
After the loan is sanctioned, you will receive a welcome kit on your registered e-mail id and on the Experia portal. The welcome kit will include loan details.
What are the benefits of using Xperia?
Xperia is a self-service account access tool offered exclusively by Bajaj Finserv for its existing customers. It provides fast and hassle free online transactions like drawdown and RTGS facility on the portal. So you can prepay your BFL loans through net banking without any hassle.
What is the difference between Flexi Personal Loan and Term Loan?
Under Flexi Personal Loan, the amount is credited to your Experia account, and you can use the principal amount as per the requirement. You have complete flexibility to avail, prepay or re-borrow the loan. There is a drop-line facility within the loan tenure without any additional documentation. You save on interest cost because interest is paid only for the loan amount used. You can also enjoy a moratorium of 4 years on the repayment of principal.
On the other hand, in a term loan, the entire loan amount is disbursed into your bank account. Thus the monthly installments are more expensive than flexi loans.
Can I convert flexi term loan to term loan?
Yes, you can write an email to the customer care to change your loan type. Your consent will be taken, and your Flexi Personal Loan will become a term loan for 60 months.
Can the Bajaj Finserv Flexi Personal Loan facility be blocked at any time?
Instances such as EMI bounce, drop in credit score, change of employment or inability to update contact details can lead to flexi loan cancellation or blockage.
Can I check my EMI status online?
Yes, you can easily check Bajaj Finserv Personal Loan EMI status online by checking the account statement on the customer portal.
What is the standard CIBIL score required for Bajaj Finserv Personal Loan?
The minimum CIBIL score required for personal loan approval is 750. However, those who meet all other eligibility criteria may be able to apply for a personal loan despite having a low score.
Question: How can I repay my Bajaj Finance personal loan?
Ans: You can easily make your Bajaj Finserv Personal Loan EMI payment through the following methods:
- Through Bajaj Finserv Xperia App
- NEFT or Bank Transfer
- Debit Card
- Credit Card
- Mobile Wallets, like Paytm, Mobkwik etc.
Complete details of Bajaj Finserv have been told in this post. What is the interest rate of Bajaj Finserv personal loan? What are the documents required for Bajaj Finserv personal loan? What is the eligibility for Bajaj Finserv personal loan? How to apply for Bajaj Finserv personal loan? What is the customer number of Bajaj Finserv personal loan? Everything is explained in detail.