Bajaj Finserv Personal Loan: Features you should know

Bajaj Finserv offers loans to working individuals lying in the age group of 25-58 years. The loan amount can be between 1-15 lakh rupees. They also offer a Bajaj Finserv credit card. Whats more, it is easy to apply as you can initiate a Bajaj Finserv card apply online.

Features of Bajaj Finserv Personal Loan

  • Bajaj Finserv Personal Loan is a multi-purpose loan. Any applicant can apply for this loan multiple uses such as a Home renovation, wedding, funding for certain courses or vacations. In short, this loan is issued for expenditures which are unavoidable and have to be made urgently
  • This loan is issued to all the professionals who work for fixed salaries and are between 25 to 58 years old
  • This loan is issuedfor a duration of twelve to sixty months depending on terms and conditions on which it is sanctioned
  • The Bank usually issues a loan ranging from a minimum of one lakh rupees to a maximum of eighteen lakh rupees. However, the maximum limit might also go as high as twenty-five lakh rupees depending upon the applicant’s salary and other criteria of this loan
  • The organisation offers a Bajaj Finserv online payment option for EMI payment of the Bajaj Finserv loan and easy Bajaj Finserv approves the loan under ninety seconds. It also disburses the amount of the loan within seventy-two hours after the submission of the required documents. However, Bajaj Finserv has to be satisfied by the authenticity of the documents and information submitted by the applicant for the disbursement
  • Bajaj Finserv takes a small amount as a security fee for online loan requests. This security fee is refundable in case the loan does not get sanctioned. Also, if the personal loan has been sanctioned, but the disbursement has not been done within thirty days of the sanctioning, Bajaj Finserv will refund the security fee to the applicant
  • You can pay the Security Fee by a debit card or through a bank transfer
  • For existing customers, a Bajaj Finserv personal loan is provided with pre-approved offers
  • It also offers full pre-payment and partial pre-payment of the entire loan amount

You can track the status of your loan application from the Bajaj Finserv app. Also, you can initiate a Bajaj Finserv emi card apply online.


Types of Bajaj Finance personal loan

Bajaj Finance is a subsidiary of Bajaj Finserv. A Bajaj Finance Personal loan is a Bajaj Finserv loan. This loan is highly suitable for you if you need cash loans to meet your instant money requirements. You can take a loan of up to 25 lakhs of four broad types:

  • Personal loan for Travel
  • Personal loan for Home Renovation
  • Personal loan for Higher Education
  • Personal loan for Wedding

They can also be categorized as flexi loans, lifestyle loans, Durable Finance Personal Loan and a Digital Product Finance Personal Loan.

Flexi personal loans

This Bajaj Finance Personal loan type has the following features:

  • Instant approvals of loan applications and minimum documents required.
  • No multiple applications, direct transfer of money from loan account to bank in 24 hours.
  • Option for only interest as EMI, thus reducing EMI amount by up to 50%.
  • Free part-prepayment whenever you have extra funds and a flexible repayment tenure of 12-60 months.
  • Free multiple withdrawals without any additional documentation.
  • No collaterals or guarantor required.
  • Pre-approved offers with your basic information.
  • No hidden charges.
  • Easy online transactions on Experia portal.
  • Daily interest according to amount used at EOD
  • Withdrawal up to 5 times in one day.
  • Prepaid amount can be reclaimed during the loan tenure, without additional documentation.

Lifestyle personal loans

Lifestyle personal loans can be of Rs.3 lakhs for buying consumer durables, with benefits like:

  • Instant loan approval facility when you are purchasing and minimum documentation.
  • Part prepayment of the loan facility with few basic prepayment rules.
  • Existing customers can get pre-approved loan offers as a top-up loan or as good deals on consumer durables.

Durable Finance Personal and Digital Product Finance Personal Loan

Durable Finance Personal Loan is for a maximum of 5 lakhs and Digital Product Finance Personal Loan is for a minimum Rs. 10,000 and maximum Rs.1 lakh.

More about Bajaj Finance Personal loan @https://www.bajajfinserv.in/personal-loan

Bajaj Finance personal loan eligibility

 

If you are planning to take a Bajaj Finance Personal loan/Bajaj Finserv personal loan you have to meet Bajaj personal loan eligibility/Bajaj Finserv loan eligibility criterion. Please note Bajaj Finance is a a subsidiary of Bajaj Finserv.

You should know about Bajaj Finance Personal loan eligibility/Bajaj Finserv personal loan eligibility before you apply for a Bajaj Finance Personal loan.

Basic Bajaj Finance eligibility for a Bajaj Finance Personal loan

  • You must between 25 and 58 years old for a Bajaj Finance Personal loan.
  • You must be a salaried person working in an MNC, public or private company to get a Bajaj Finance Personal loan.
  • You must be a resident and citizen of India, to take a Bajaj Finance Personal loan.

Other criterion for a Bajaj Finance Personal loan

You can apply for a Bajaj Finance Personal loan only if you earn a certain net salary per month according to your resident city:

AhmedabadChandigarhCochin, JaipurKolkataNagpur

  • Salary of Rs. 27,000/Month if you want a Bajaj Finance Personal loan and live in:

AurangabadBarodaBhubaneswarIndoreMadurai, MysoreNasikTrivandrum, VijayawadaVizagTrichyCalicutBhopalGoaKolhapur, RaipurVapiJamnagarJodhpurLucknowRajkot

To check your eligibility for a Bajaj Finance Personal loan you can use a Bajaj Finance Personal loan Eligibility Calculator @https://www.bajajfinserv.in/personal-loan-eligibility-calculator

Then there are Bajaj Finserv EMI Cards that you can get with a Bajaj Finance Personal loan. It can be used for payment of purchases on easy EMIs.

Bajaj EMI card eligibility/Bajaj Finserv card eligibility rules

To get a Bajaj EMI card, you must:

  • Be between 21-60 years old.
  •  Get a regular income.
  • Have an Aadhar card and PAN card.

Bajaj finance personal loan interest rates

 

 

If you are taking a Bajaj Finance Personal loan you need to know the Bajaj finance personal loan interest rate. The lowest Bajaj Finserv personal loan interest rate is for salaried people and the highest Bajaj Finserv interest rate is for the self-employed, as displayed below:

Salaried Self Employed
Lowest Interest Rate 11.99% 14.00%
Processing Fee 1.50% to 3% Up to a maximum 2% of loan amount
Tenure of Loan 24-60 months 12-48 months
Loan Amount Rs. 1 Lakh to Rs. 25 Lakh Rs. 5 Lakh to Rs. 30 Lakh
Charges for part prepayment 2%, permitted after 1 EMI 2%, permitted after 1 EMI
Charges for pre-closure 4%, permitted after 1 EMI’s 4%, permitted after 1 EMI

Bajaj personal loan interest rate based on loan/fee type:

Fees Types Levied Charges
Rate of Interest 13.99%
Processing fees 2.25% – 3% of loan amount
EMI bounce charges Rs. 1,200 per bounce
Penal interest 2.38 % default interest that includes taxes per month
Secure fee for online approvals only Rs. 4,499

Bajaj Finance Personal loan Foreclosure Charges

Borrower Type

 

Time Period

 

Foreclosure charges

 

All borrowers

 

More than 1 month      from date of loan disbursal 4% plus applicable taxes on principal outstanding*

 

 

* Please note that term loan foreclosure charges will be calculated on the current principal outstanding.

*Flexi loans foreclosure charges will also be applicable on the current principal outstanding.

Bajaj Finance Personal loan Part-prepayment Charges

Type of Borrower Period of Time Foreclosure charges
All types of borrowers More than 1 month from loan disbursal date. 2% + applicable taxes on part-payment amount paid.*

*Part-prepayment done should be more than 1 EMI.

* Flexi Loan and Flexi Loan facilities are excluded from these charges.

Bajaj Finance Personal loan Annual Maintenance Charges

Flexi Interest-only Loan Flexi Term Loan Loan Limit
Annually charged 0.25% on sanctioned amount. Annually charged 0.25% on Flexi Term Loan.

 

Annually charged 0.25% on Flexi Term Loan. 


Bajaj finance interest rate
does not involve any hidden fees or charges.

Table credits: https://www.bajajfinserv.in/personal-loan-processing-fees-and-interest-rates

Documentation for Bajaj finance personal loan

 To take a Bajaj Finance Personal loan you have to apply online by filling an application form. There are certain Bajaj finance personal loan documents/Bajaj Finserv personal loan documents that will be required with the application form. Please note Bajaj Finance is a a subsidiary of Bajaj Finserv.

The documents required for Bajaj finance personal loan are mandatory to complete the application. They are as follows:

  • You will have to give proof of employment. For that you need to provide your employee ID card.
  • You will have to give proof of income. The proof has to be in the form of salary slips for the last 2 months of the company you are currently working for.
  • You will have to give proof of address. You can submit documents such as a your valid driving license, passport, ration card, letter from your company/organization, or your latest cellphone bill as proof of address for Bajaj Finance Personal loan.
  • You will have to give proof of identity as well. For proof of identity you can submit either your valid voter ID card, PAN card, passport, or driving license.

You have to furnish proof of your bank statement. For this you can give the bank statement of your salary account for last 2 or 3 months.

Please note that other than the above mentioned Bajaj finance personal loan documents required, Bajaj Finance can ask for additional Bajaj finance documents for final approval of Bajaj Finance Personal loan.

FAQs

 

Is the Bajaj finance personal loan transferable to any other bank?, How do I contact the personal loan team at Bajaj Finserv?, Personal Loan from Bajaj Finserv. Suggestions needed? Will there be any hidden charges or hooks ?

  1. Is the Bajaj Finance Personal loantransferable to any other bank?
  2. Yes, you can apply for a Bajaj Finance Personal loanbank transfer to avail of lower interest rates.
  3. How do I contact the personal loan team at Bajaj Finserv?
  4. If you are not an existing customer visit Bajaj Finserv branch, call 1800-103-3535 or SMS ‘PL‘ to 9773633633If you are an Existing Customers follow these steps:
  • Dial 020 3957 5152 (Call charges applicable from 2 May 2015).
  • Enter your 7-digit BFL Customer ID.
  • Select from the IVR options provided in 10 languages.
  • Get queries resolved.

You can also Email to wecare@bajajfinserv.in

  1. Personal Loan from Bajaj Finserv. Suggestions needed?
  2. For suggestions required for Personal Loan from Bajaj Finserv you can visit their official website: https://www.bajajfinserv.in/
  3. Will there be any hidden charges or hooks?
  4. No, there are no hidden charges or hooks.

For more FAQs visit: https://www.bajajfinserv.in/personal-loan-faq-questions