Bajaj Finserv Personal Loan Eligibility

Bajaj Finserv Personal Loan eligibility is simple. If you meet fulfil the criteria you can apply personal loan up to Rs. 25 Lakhs at attractive interest rates starting from 13% p.a. with flexible tenure of up to 5 years.

Bajaj Finserv Personal Loan Eligibility

Following are Bajaj Finserv Personal Loan Eligibility Criteria that you have to meet to be eligible for the loan:

  • Age: 23 - 55 years
  • Occupation: Salaried, employed with MNC, public/private company
  • Nationality: Indian resident
  • CIBIL Score: 750 or above
  • Minimum monthly income:
    • Rs. 35,000 for Delhi, Pune, Mumbai, Hyderabad, Bangalore, Chennai, Ghaziabad, Noida, Thane, and Coimbatore.
    • Rs. 30,000 for Ahmedabad and Kolkata
    • Rs. 28,000 for Chandigarh, Nagpur, Jaipur, Surat, and Cochin
    • Rs. 25,000 for Goa, Baroda, Indore, Bhubaneswar, Lucknow, Vizag, Nasik, Mysore, Bhopal, Aurangabad, Madurai, Jamnagar, Kolhapur, Trivandrum, Vapi, Raipur, Trichy, Vijayawada, Jodhpur, Rajkot, and Calicult.

How to Apply for Bajaj Finserv Personal Loan?

It is very lucrative to decide the loan amount and the purpose of the loan before applying for the Personal Loan at any finance organisation or bank. This will help you to arrive at the right decision in order to apply for the Personal Loan. Below mentioned are some easy steps to apply for the Personal Loan at Bajaj Finserv:

  • Fill in your personal details, financial details, and employment details online at Bajaj Finserv's website or through MyMoneyMantra.
  • Select the Loan Amount that you want to meet your objective or financial needs.
  • Submit all your documents required.
  • Receive your loan amount directly in your bank account within 24 hours after the loan is approved.

Bajaj Finserv Personal Loan – Key Features

The key features of Bajaj Finserv Personal Loan are mentioned below:

Loan amountUp to Rs. 25 Lakhs
Interest rate13% p.a. onwards
Tenure 12 - 60 months
Lowest EMI Rs. 2,224 Per Lakh
Processing feeUp to 4.13% of the sanctioned loan amount + taxes
TATMeet basic eligibility criteria and get paperless loan approval in just 5 minutes of application.

How to Increase  Bajaj Finserv Personal Loan Eligibility?

  • Job stability and profession: The assessment of your total work experience is done to evaluate the job stability of the applicant. A minimum total experience of 2 years is recommended of a borrower to increase the loan eligibility. Also, it is essential that the applicant is working for a minimum 1 year at the current organisation.
  • Residence place and stability: The bank for the Personal Loan does not consider some areas. A pre-decided list of such areas is available with Bajaj Finserv. This list is prepared based on the experiences of the borrowers from particular areas. The residential stability, i.e., the number of years the applicant is staying at the current residence is very important to consider your Personal Loan application. Minimum residence stability to be considered by the bank is 12 months. If you are staying at your own residence your chances of getting your Personal Loan approved is more.
  • Industry type: There are some professional, which are not considered for approving the Personal Loan at Bajaj Finserv. A negative list of such industry segments, the profession is made at Bajaj Finserv. The professional of an applicant or the industry one is employed in also affects your chances of getting an approval on your Personal Loan application.
  • Salary mode: Salary transferred directly to the bank is considered as a secure and stable income backed by proper income proofs by most of the bank. If an applicant is earning cash the probability of getting his loan sanctioned is less as there is an absence of some concrete income proofs to support his loan eligibility and the loan amount. Even if you are earning by cheque your loan eligibility is considered low at Bajaj Finserv. The salary transfer mode is considered by Bajaj Finserv to approve the Personal Loan

Factors Affecting Bajaj Finserv Personal Loan Eligibility

  • Payments of past loans
  • A high number of unsecured loans
  • Usage of credit limit
  • Multiple loan applications
  • CIBIL score of the applicant
  • Profession and job stability
  • Place of residence and individual's stability
  • Type of industry one is working in
  • Mode of salary

Personal Loan Eligibility Calculator

To know your personal loan eligibility, you can use the Bajaj Finserv Personal Loan Eligibility Calculator given on their website under the Calculators tab. All you need to do is just enter the required details like your city, date of birth, monthly income, and monthly expenses. After entering the details, the calculator will provide the information regarding your personal loan eligibility.

Personal Loan Eligibility for Salaried

  • You must be an Indian resident.
  • Your age should be between 23 to 55 years.
  • You should be employed with a private/public limited company or MNC.
  • You must provide last 2 months’ salary slips, last 3 months bank statements of the salary account and other required documents.

Personal Loan Eligibility for Self-employed

  • You must have a credit score above 750.
  • Your age should be between 25 to 65 years.
  • You must have a business vintage of minimum 3 years.
  • You must have business existence proof, KYC, last year’s ITR, and other required documents.

Personal Loan Eligibility for NRIs

Bajaj Finserv does not offer any personal loan to NRIs or PIOs.

Personal Loan Eligibility for Pensioners/Govt Employees

  • You must be an Indian resident.
  • Your age should be between 23 to 55 years.
  • You should be employed with a government firm.
  • You must provide last 2 months’ salary slips, last 3 months bank statements of the salary account and other required documents.
  • Bajaj Finserv does not offer personal loan to pensioners.

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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Bajaj Finserv Personal Loan Eligibility FAQs

What is the maximum Personal Loan amount that a salaried employee can get at the Bajaj Finserv?

The maximum loan amount that a salaried individual can get from Bajaj Finserv as a Personal Loan is up to Rs. 25 Lakhs, depending on the CIBIL score, applicant's income, and loan eligibility.

What are the Personal Loan tenure options available at Bajaj Finserv?

The duration of Personal Loan ranges from 12 months to 60 months. The loan tenure depends on the applicant's repayment capacity, loan sanctioning condition and preference too.

How can an applicant check the status of the loan online at Bajaj Finserv?

A unique reference number is provided by Email and SMS. On providing the details, you can easily check the status of your loan application. The applicant can also call the customer care service on 1800-103-35 for any query.

How can I check my personal loan eligibility in Bajaj Finance?

Foreclosure charges for the Pure Flexi Loans at Bajaj Finservis determined on the disbursed amount and for Flexi Loans on current POS outstanding

How will one get to know about the Personal Loan details?

The welcome kit is provided on the Email consisting of:

  • All the loan details
  • User Id and Password for Experia (Bajaj Finserv Personal Loan portal)
  • Registered bank account details for all transactions
  • Unique Virtual Account Number
  • Registered Mobile Number
  • Reference service guide to help understand the product

How much time will it take to disburse money into the bank account after loan approval?

Bajaj Finserv uses the RTGS/NEFT mode of money transfer. Hence, the loan amount will be credited to the bank account within the mentioned time.

How and when can Flexi Loan be pre-closed?

The prepayment or the pre-closure of a flexi loan can be done without any additional charges at Bajaj Finserv. The prepayment of the loan can be done by RTGS. If you wish to discontinue your existing loan then you can pay the entire balance amount in the loan account including interest and a request to foreclosure the loan. To raise a request for foreclosure - visit Experia/We Care/Customer Number/Branch

Are there any foreclosure charges for Flexi Loan?

Foreclosure charges for the Pure Flexi Loans at Bajaj Finservis determined on the disbursed amount and for Flexi Loans on current POS outstanding