by A personal Loan assists in meeting various financial requirements like paying for higher education, home renovation, vacation, or a medical emergency. As it is an unsecured loan, there is no need to pledge any collateral to avail of the same. Bajaj Finance provides personal loans to salaried applicants @ 11% p.a. onwards for loan amounts of up to INR 40 lakhs and for a period of up to 8 years. Bajaj Finance Personal Loans are provided with instant approval, minimal documentation, and loan disbursal on the same day.
| Bajaj Finance Personal Loan – A Snapshot | ||
| Salaried | Self-employed Professionals/Non-Professionals | |
| Interest Rate | 11% p.a. onwards | 15%-25% p.a. |
| Loan Amount | Up to INR 40 lakh | Up to INR 50 lakh |
| Tenure | Up to 8 years | Up to 8 years |
| Processing Fee | Up to 3.93% of the loan amount | Up to 2.95% of the loan amount |
| Minimum Monthly Salary | INR 25,001 | |
Features & Benefits
Below mentioned are the features of Bajaj Finance Personal Loan:
- 3 Unique Variants:
Select the type of loan from Term Loan, Flexi term Loan, and Flexi Hybrid Loan.
- No Part Prepayment Charge on Flexi Term Loan:
Repay a part of the loan in advance at no extra cost.
- Loan of up to INR 40 lakh:
Manage small or big expenses with loans ranging from INR 1 lakh to INR 40 lakhs.
- Convenient Tenures:
Manage the loans with easy repayment options ranging from 6 months to 96 months.
- Approval in just 5 minutes:
Complete the entire application process sitting anywhere within a few minutes.
- Money within 24 hours in the bank account:
The bank account will be credited with the loan amount within 24 hours or on the same day of approval.
- No hidden charges:
All charges are mentioned on the website itself and on the loan documents as well.
- No guarantor or collateral required:
No collateral like gold ornaments, property papers, etc., is required.
Eligibility Criteria
Below mentioned are the eligibility criteria to apply for Bajaj Finance Personal Loan:
| Eligibility Criteria | Particulars |
|---|---|
| Nationality | Indian |
| Nature of Employment | Salaried Individual working with a public/private firm or Self-Employed |
| Age | 21 years and above |
| Minimum Net Monthly Income | ₹25,000 |
| Minimum Work Experience | 2-3 years |
| Credit Score | 685 or above |
| NTC Score (If the applicant is new to credit) | Above 150 |
Interest Rates
Below mentioned are the Bajaj Finance Personal Loan Interest Rate:
| Loan Type | Interest Rate (p.a.) |
| Personal Loan for Salaried | 11% onwards |
| Personal Loan for Self-employed | 15%-25% |
| Personal Loan for Doctors | 9%-12.50% |
| Personal Loan for Chartered Accountants | 14%-17% |
| Flexi Personal Loan | 14%-17% |
Factors Affecting Interest Rates
Below mentioned are the factors that affect interest rates:
- CIBIL/credit score
- Your monthly income
- Your association with the lender
- Economic conditions of the market
- Your repayment ability
Processing Charges
Below mentioned are the Processing Fees & charges:
| Type of Fee | Applicable Charges |
| Interest Rate | 11% to 35% p.a. |
| Processing Fees | Up to 3.93% of the loan amount (Inclusive of applicable taxes) |
| Flexi Fees | Term Loan – Not Applicable
Flexi Variant – A fee will be deducted upfront from the loan amount (as applicable below) * Up to INR 1999/- for loan amount less than INR 2,00,000 = * Up to INR 3.999/- for loan amount from INR 2,00,000 to INR 3.99.999 * Upto INR 5999/- for loan amount from INR 4,00,000 to INR 599.999 * Up to INR 7.999/- for loan amount from INR 6,00.000 to INR 9.99.999 + Upto INR 8.999/- for loan amount from INR 10,00.000 to INR 14.99,999 Up to INR 9.999/- for loan amount from INR 15,00,000 to INR 19.99.999 * Up to INR 10.999/- for loan amount from INR 20,00.000 to INR 24.99.999 * Up to INR 11.999/- for loan amount from INR 25,00.000 to INR 29.99.999 Up to INR 12.999/- for a loan amount of INR 30.00.000 and above *All the Flexi charges above are inclusive of applicable taxes *Loan Amount includes the approved loan amount, insurance premium, VAS charges, and documentation charges. |
| Bounce charges | INR 700 – INR 1200 per bounce |
Documents Required
Below mentioned are the documents required to apply for Bajaj Finance Personal Loan:
| Type of Document | Requirement |
| Identity Proof | PAN Card, Aadhar Card, Voter ID, Passport, or any other government-issued photo identity proof |
| Address Proof | Aadhar Card, Voter ID, Passport, Ration Card, Utility Bills, or any other government-issued proof of address |
| Income Proof | Salary Slips for the last 3 months and bank account statements foe the last 3 months |
How to apply for a Bajaj Finance Personal Loan?
Step 1: To open the application form, click on “Apply”.
Step 2: Enter the 10-digit mobile number along with the OTP received on the phone.
Step 3: Fill out the application form with basic details like full name, PAN, DOB, and PIN Code.
Step 4: Click on “Proceed”.
Step 5: Enter the desired loan amount and the type of loan i.e. Term, Flexi Term, and Flexi Hybrid.
Step 6: Select the repayment tenure from 6 months to 96 months and click on Proceed.
Step 7: Complete the KYC and then “Submit”.
Step 8: The bank representative will then guide the applicant and the loan amount would then be transferred to the bank account once the documents gets verified.
How to know Bajaj Finance Personal Loan Application Status?
Below mentioned are the different ways to check Bajaj Personal Loan Application Status:
- Via Bank’s official website:
- On the top right side of the home page of the bank’s official website, click on “My Account”.
- Open “Customer Portal” and it will redirect to the Experia Service Portal.
- Log in using the username & password.
- Click on “Track Application”.
- Verify the registered mobile number with the help of an OTP.
- View the application status of Bajaj Personal Loan.
- Via Experia App:
- Download Experia App from Google Play Store or Apple App Store.
- Log in using OTP, password, Gmail or Facebook account.
- Select customer profile i.e. existing or a new customer.
- Choose employment status i.e. Salaried or Self-Employed.
- Click on “Personal Loan”.
- Now click on “View application status” to track the application status.
- Via Call:
- The applicants may call on 8698010101 to know the status of their personal loan application.
- By visiting the branch:
- Also, the applicants may visit the nearest branch of Bajaj Finserv and know the status of the loan applied for by providing the loan application number.
