Bajaj Finserv Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

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Bajaj Finserv Personal Loan Eligibility

A Personal Loan is offered to an individual to meet the urgent financial requirement or expenses. The Personal Loan from Bajaj Finserv helps to ease out the financial crunch in the emergencies. The Personal Loan does not require much documentation and the overall process of the Personal Loan is fast. One can meet any type of financial needs and requirements with the help of a Personal Loan from Bajaj Finserv. The rate of interest levied by Bajaj Finserv is low and the disbursal facility is quick too.

Bajaj Finserv Personal Loan Highlights

Here are the highlights of the Bajaj Finserv Personal Loan:

Fee Type Applicable charges

Interest rates

12.99% onwards

Processing Fees

Up to 3.99% of the sanctioned loan amount

Penal Interest

2% per month plus applicable taxes

EMI Bounce Charges

Up to 1,200 per bounce

Secure Fee for approvals taken online

4,499

Bajaj Finserv Personal Loan Eligibility Highlights

Eligibility Criteria Salaried Self Employed Professionals

Age of Applicant

23 - 58 years

23 - 58 years

Maximum Loan Amount Eligibility

25 Lakhs

35 Lakhs

Minimum Eligible Income

25,000 - 35, 000 per month (based on the city of residence)

10 Lakh gross annual receipts

Profession

Salaried employees of the government, private or MNCs companies

Professionals such as Doctors, Architects, CA, CS, and so on.

Bajaj Finserv Personal Loan Eligibility Criteria in Detail

  • Age:One of the basic criteria, in order to apply for the Personal Loan at Bajaj Finserv, is Age. The minimum age requirement in order to avail Personal Loan is 23 years and the maximum age requirement is 58 years.

  • Loan Tenure: The maximum loan tenure at Bajaj Finserv to repay the loan is of 60 months.

  • Net Income: An individual should have a minimum income of 22,000 - 35,000 per month (based on the city of residence) to apply for the Personal Loan. The eligibility on an individual to pay the EMIs is determined with the net to take home salary. The loan EMIs are judged on the basis of the salary earned and it should not affect the current standard of living or the lifestyle of an individual.

Here's how much your minimum net monthly salary should be as per your city of residence:

  • 25,000: Indore, Goa, Baroda, Lucknow, Nasik, Bhopal, Vizag, Bhubaneswar, Aurangabad, Raipur, Madurai, Jamnagar, Mysore, Trichy, Kolhapur, Vapi, Jodhpur, Trivandrum, Vijayawada, Calicut, and Rajkot

  • 28,000: Chandigarh, Jaipur, Surat, Nagpur, and Cochin
  • 30,000: Kolkata, Ahmedabad
  • 35,000: Delhi, Noida, Ghaziabad, Mumbai, Thane, Bangalore, Pune, Chennai, Hyderabad, and Coimbatore
  • FOIR: One of the most important factors to determine the loan eligibility of an applicant is FOIR (Fixed Obligation to Income Ratio). Bajaj Finserv will take all your fixed obligations into consideration such as rent, current EMIs, Credit Card bills, and so on to estimate the eligibility for the Personal Loan. An individual should have a minimum FOIR of 0.60 in order to avail Personal Loan from Bajaj Finserv. Compare and calculate the eligible loan amount by applying online at Bajaj Finserv Personal Loan Calculator.

  • Co-applicant: It is very beneficial to add a co-applicant while applying for the Personal Loan. This will help you increase your loan eligibility. The repayment capacity of an applicant is increased if you apply for a joint loan. You should make sure that the co-borrower has a good income flow, limited fixed obligations, and a good credit score as well.

  • CIBIL Score: CIBIL Score captures all your credit behavior and your payment track records for all the past and current loans to define your eligibility to avail the Personal Loan. A complete assessment of the CIBIL report including your existing loans, Credit Card usage, payment track record, and so on, will be done to determine the Personal Loan eligibility. If you your credit score is good your chances of getting your loan approved from Bajaj Finserv is higher. A lower credit score decreases your chances of getting your loan application approved. A minimum credit score of 700 is required to be eligible for a Personal Loan at Bajaj Finserv.

Following are the factors that can affect your credit score:

  • Late payments on past loans: The delay in payment of the past loans or current EMI on the existing loan can have a negative impact on your credit score. Thus, the chances of getting your Personal Loan approved at Bajaj Finserv are less.

  • A high number of unsecured loans: It is essential to maintain a fair balance between secured and unsecured loans as it has a considerable effect on the credit score. The high proportion of the unsecured loans has a negative effect on the credit score of the borrower.

  • Usage of credit limit: The use of the Credit Card and the payment track record of the Credit Card bill also determine the credit behavior on an applicant. The frequent use of Credit Card and exceeding the limit of the Credit Card amount shows a sign of the financial stress and credit indiscipline and hence can lower your credit score.

  • Multiple loan applications: Applying at multiple banks for the Personal Loan can affect your credit score badly. If your application is rejected at Bajaj Finserv you can increase your creditworthiness and the credit score as well and then apply for the Personal Loan again.

Types of Personal Loans Offered by Bajaj Finserv

There are customised Personal Loans offered by Bajaj Finserv for different occupations:

  1. Government Employees: Government employees can get customised loan offers and discounts by applying for the Personal Loan especially for Government Employees.

  2. Teachers: The special Personal Loan offers are available for teachers at Bajaj Finserv. The teachers can overcome their fixed obligations by applying for the Personal Loan at Bajaj Finserv. An individual can apply for the maximum Personal Loan amount of 25 Lakhs that will be disbursed within 24 hrs.

  3. Personal Loan for Women: The flexible loan amount and lower interest rates are offered along with flexible loan repayment tenure to the women at Bajaj Finserv. Therefore, if a woman has any urgent financial requirement or difficulty she can avail the Personal Loan from Bajaj Finserv.

Documents Required for Obtaining Personal Loans Offered by Bajaj Finserv

In order to avail Personal Loan from Bajaj Finserv, the following documents are important:

For salaried employees

  • KYC documents
  • Employee Identity Card
  • Last 2 months salary slips
  • Last 3 months bank account statement of your salary account
  • Filled up the loan application form
  • Photograph

For Self-employed Individuals

  • KYC documents
  • Bank statement
  • COP certificate (for CAs)
  • Medical Registration certificate (for doctors)
  • KYC documents
  • Photograph

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:

  1. Fill in your personal details, financial details, and employment details online at Bajaj Finserv's website or through MyMoneyMantra.

  2. Select the Loan Amount that you want to meet your objective or financial needs.

  3. Submit all your documents required.
  4. Receive your loan amount directly in your bank account within 24 hours after the loan is approved.

Tips to Improve Your Bajaj Finserv Personal Loan Eligibility

There are several factors, which are responsible for the approval of a Personal Loan at Bajaj Finserv. Check the following factors to understand their importance:

  • Job stability and profession: It is essential that an applicant has job stability in order to be eligible for the Personal Loan at Bajaj Finserv. The assessment of your total work experience is done to evaluate the job stability of the applicant. A minimum total experience of 36 months is recommended of a borrower to increase the loan eligibility. Also, it is essential that the applicant is working for a minimum1-month at the current organisation.

  • Residence place and stability: The residence of a borrower also has an impact on the loan eligibility of a borrower. 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.

Benefits of Bajaj Finserv Personal Loan

  • Instant approval: The Personal Loan application process at Bajaj Finserv is very simple and quick with easy approval of the loan. An individual can get a Personal Loan easily at Bajaj Finserv.

  • Speedy loan dispersal: The loan process at Bajaj Finserv is speedy. The loan amount is quickly disbursed in an individual account in 24 hours after the loan is approved at Bajaj Finserv.

  • Lower EMIs: The Flexi Personal Loan feature enables the applicants to borrow up to 25 Lakhs (for salaried) and 35 Lakhs (for self-employed) with up to 45% lower EMI.

  • Loan up to 25 Lakhs/ 35 Lakhs: An applicant can meet the financial obligations with the maximum Personal Loan up to 25 Lakhs (for salaried) and 35 Lakhs (for self-employed) at Bajaj Finserv. The loan lending process at Bajaj Finserv is fast and simple as well.

  • Flexible tenure: The loan repayment tenure at Bajaj Finserv ranges from12 months to 60 months. Therefore, one can opt for the desired loan tenure as per one's loan repayment capacity.

  • Minimum documentation required: Minimum documents are required at Bajaj Finserv for the Personal Loan application.

  • Collateral-free loan: Since Personal Loan is an unsecured loan there is no requirement of a guarantor or any collateral to avail the Personal Loan from Bajaj Finserv.

  • Pre-approved offers: The quick and easy pre-approved Personal Loan offers are available at Bajaj Finserv. All you need to do is just provide your personal details with the company to get the benefit of pre-approved loan offers.

FAQs on Bajaj Finserv Personal Loan Calculator

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

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

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

Ans: 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.

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

Ans: 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.

Question - What is Secure Fee amount for online Personal Loan application?

Ans: The secure fee depends and usually varies from organisation to organisation. The secure fee is charged at the time of submitting or processing the loan application form online. Bajaj Finserv charges a secure fee of 4,499 for online approvals.

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

Ans: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

Question - What are the charges levied on the pre-payment against Flexi Loan?

Ans: There are no charges levied for the Pre-payment of a Flexi Loan. The Flexi loan customers have a benefit of truncating multiple times.

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

Ans: 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.

Question - How and when can Flexi Loan be pre-closed?

Ans: 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

Question - Are there any foreclosure charges for Flexi Loan?

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

Bajaj Finance Personal Loan News

2018-12-04:

Bajaj Finserv runs the special campaign for flexi Personal Loans

Bajaj Finserv is running a special campaign for the Personal Loans with flexi loan feature by offering attractive rates of interest to its customers. The Flexi Personal Loans can be used against a variety of purposes such as vacation, education, wedding, as well as home renovation.

2018-06-20:

Bajaj Finserv offers a pre-approved Personal Loan to customers

Bajaj Finserv offers pre-approved Personal Loan without any documentation to its existing customer. The eligible customer can borrow the Personal Loan maximum up to 25 Lakhs. The existing customer of Bajaj Finserv can apply online by visiting the website and check the pre-approved loan offers easily by just entering the name and mobile number.

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