Apply for Bajaj Flexi Personal Loan online and pay the interest amount alone as the EMI for the first year. Get up to Rs. 25 Lakhs as loan amount at interest rate starting from 13% p.a. and flexible repayment tenure of up to 60 months. You have to pay the interest only on the amount withdrawn from the borrowed amount.
|Loan amount||Up to Rs. 25 Lakhs|
|Rate of interest||13% p.a. onwards|
|Processing fee||Up to 4% + applicable taxes|
|Tenure||12 to 60 months|
|Part prepayment charges||Nil|
|Foreclosure charges||Up to 4% of the principal outstanding + applicable taxes|
|Age||20 to 60 years|
Tip: Check cibil score for personal loan before applying.
Additional Reading: How to improve cibil score?
Using the Personal Loan EMI Calculator available online on our website, you can easily calculate Bajaj Flexi Personal Loan EMI for free. The tool requires you to enter the loan amount, interest rate, and tenure to get instant results.
Apart from calculating the monthly EMI, the Calculator also shows the amortization schedule for loan repayment.
Here’s an illustration:
Personal loan amount required: Rs. 10 Lakhs
Applicable rate of interest: 13% p.a.
Tenure: 5 years
EMI to be paid each month till the tenure ends: Rs. 22,753
Total interest to be paid: Rs. 3,65,184
Total amount to be paid to the lender: Rs. 13,65,184
Amortization schedule of the above example:
|Year||Opening Balance||Amount Paid by Customer (EMI*12)||Interest Paid During the Year||Principal Paid During the Year||Closing Balance|
|1||Rs. 10,00,000||Rs. 68,259||Rs. 32,111||Rs. 36,148||Rs. 9,63,852|
|2||Rs. 9,63,852||Rs. 2,73,037||Rs. 1,16,172||Rs. 1,56,864||Rs. 8,06,988|
|3||Rs. 8,06,988||Rs. 2,73,037||Rs. 94,520||Rs. 1,78,517||Rs. 6,28,471|
|4||Rs. 6,28,471||Rs. 2,73,037||Rs. 69,879||Rs. 2,03,158||Rs. 4,25,313|
|5||Rs. 4,25,313||Rs. 2,73,037||Rs. 41,836||Rs. 2,31,200||Rs. 1,94,112|
|6||Rs. 1,94,112||Rs. 2,04,778||Rs. 10,665||Rs. 1,94,112||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|Bajaj Flexi||13% onwards||Up to 4% + taxes||Rs. 25 Lakhs|
|Axis Bank||10.25% - 21%||Minimum Rs. 3,999||Rs. 15 Lakhs|
|HDFC Bank||10.25% - 21%||Up to 2.50%||Rs. 40 Lakhs|
|IDFC FIRST Bank||10.49% - 18%||Up to 3.5% + GST||Rs. 40 Lakhs|
|Kotak Mahindra Bank||10.25% - 24%||Up to 2.5% + GST||Rs. 20 Lakhs|
|ICICI Bank||10.25% - 19%||Up to 2.25%||Rs. 25 Lakhs|
The Personal Loan Documents that is mandatory to submit are:
Additional Reading: How to read cibil report?
|Type of Charges||Amount|
|Processing Fees||Up to 4% of the loan amount + GST|
|Instalment Bounce Charges||Rs. 600 to Rs. 1,200 per instance|
|Penal Interest||2% to 4% per month + taxes|
|Document or Statement Charges||E-statements, Letters, and Certificates available free of cost at the Customer Portal - Experia|
|If obtained from the branch||Rs. 50 per statement plus taxes|
|Foreclosure Charges||4% + taxes on the principal outstanding amount on the date of the foreclosure|
|Part Prepayment Charges||Nil|
|Annual Maintenance Charges||0.25% of the total withdrawable amount irrespective of utilisation + taxes|
|Mandate Rejection Service Charges||Rs. 450|
Additional Reading: How to get loan for low cibil score?
Additional Info: Check Bajaj Finance Overdraft Loan facility.
You can contact Bajaj Finserv customer care regarding any queries or complaints regarding Bajaj Flexi Loan through any of the following ways:
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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The USP of Bajaj Flexi Loan is that it allows the borrower to withdraw funds depending on the requirements. It also allows you to prepay surplus funds into the account, thereby saving considerably on the interest factor. You also get the benefit of paying the interest amount as EMI and a lump sum payment of the principal amount at the end of the tenure.
Bajaj Finserv draws the usual repayment schedule as it does for any personal loan facility. Drawing power reduces by the amount of EMI every month. The objective is to ensure that the loan gets liquidated at the end of the loan tenure.
Customers can use the Bajaj Finserv online portal Experia to withdraw funds whenever required. They can use the same platform to deposit surplus funds.
In a Bajaj Flexi Loan, the borrower withdraws according to his/her requirements. The borrower can also deposit surplus funds into the account at any time. Bajaj Finserv calculates interest on the daily balance method. Therefore, the interest component will be low when compared to the regular personal loan. Hence, you save on the overall interest payment. You pay interest for the amount you use.
Yes, the Bajaj Flexi Loan is a personal loan. Hence, the conditions that affect the eligibility for a personal loan will do so for this facility, as well. Bajaj Finserv Personal Loan stipulates that the applicants should have an excellent CIBIL score. Any score of 750 and above is excellent.
The Bajaj Flexi Loan is an unsecured facility. There is no necessity to provide any collateral. Bajaj Finserv offers personal loans up to Rs. 25 Lakhs without collateral, depending on the income and credit rating of the borrower.
No, the Bajaj Flexi Loan offers this advantage of allowing customers to withdraw funds whenever they need it. Hence, the company does not charge anything for providing this service. The customers have to pay the annual maintenance charges on loan.
Bajaj Finserv offers the facility of checking the status of the loan application online.
A Term Loan is a fixed loan amount approved by Bajaj Finserv at a fixed rate of interest. You avail the loan amount in lump sum that is repayable over a specific tenure.
A Flexi Loan is a loan limit sanctioned by Bajaj Finserv based on your eligibility and credit rating. You do not use the entire amount in a lump sum. You are free to withdraw the loan amount in instalments as and when you require the same. You can also deposit the surplus funds as a part-prepayment without incurring any charges. Thus, you end up saving on the interest component.