|Loan Amount||Up to Rs. 25 Lakhs|
|Tenure||1 Year to 7 Years|
|Loan Processing Fee||Up to 4.13%% of the Loan amount|
|EMI Bounce Charges||600+ GST|
|Prepayment Charges||2% on principal outstanding + GST|
|EMI||Rs. 1104 Per Lakh*|
Additional Reading: Cibil score required for personal loan
|Types of Fees||Charges Applicable|
|Penal interest||2% - 4% per month on EMI outstanding|
|Charges for physical documents retrieval||Rs. 250 + + applicable taxes|
|Charges for physical statement retrieval||Rs. 50 per statement/letter/certificate|
|Foreclosure charges||4% on principal outstanding + applicable taxes|
|Part prepayment charges for non flexi loan||2% on amount to be part prepaid + applicable taxes|
|Annual maintenance charges||0.25% + applicable taxes|
Note: Know about NBFCs v/s Bank better option for your personal loans.
Bajaj Finserv is a customer-friendly lender and extends maximum flexibility to the borrower. A host of Personal Loan offers are designed to match different types of customer profiles such as personal loan for salaried, self-employed or professionals. The borrowers get option to choose Term Loan, Flexi Term Loan or Flexi Hybrid Loan for repayment ease.
Let’s discuss types of Personal Loans by Bajaj Finserv on the basis of repayment ease and on the basis of end use of the loan.
Bajaj Finserv Personal Loan can be borrowed as a regular Term Loan that allows repayment in equated monthly instalments or with an option to pay flexi-interest only instalments for some time. Under the Term Loan Option, complete loan amount is disbursed in full after the approval. So you become accountable for the whole amount from the very beginning of the loan. This means, interest is also charged on the full amount. The EMI of Personal Term Loan is calculated as:
Term Loan EMI = Interest + Principal
A Overdraft Personal Loan facility enables borrower to borrow over and above the funds that already exist in their bank account. An approved limit is fixed and the same can be repaid as per the borrower’s convenience. To avail the maximum benefits of Bajaj Finance Overdraft Loan facility, you can apply for Flexi Personal Loan facility offered by Bajaj Finserv.
With Bajaj Flexi Loan, you can enjoy the following benefits:
Bajaj Finserv Flexi Term Loan facility is flexi loan repayment facility. It is an add-on benefit for the premium BFL customers and can be blocked for non-adherence to the repayment discipline.
A Pre-Approved Personal Loan is the loan deal where the lender offers a loan to a credit-worthy individual. Most lenders offer such deals to their existing customers with a clean track record of repaying their dues.
You could be eligible for a pre-approved Bajaj Finserv Personal Loan if:
All these factors help pre-approve you for a Personal Loan. The bank would send an email to inform you about the offer. However, you would still need to let the lender verify the documents like Bank Statement, Pan Card, Salary Slip, and Aadhar Card.
Personal Loans for Government Employees are tailor-made for meeting the financial needs of people employed by State and Central government, including various Public Sector Units. Under this category, a borrower can avail of an instant approval for loan up to Rs 25 lakhs, if they are working in government department and also meet out basic Bajaj Finserv Personal Loan eligibility criteria. The documentation is also minimal. So whether you are working with Railways or a PSU, expect quick loan disbursal within 24 hours of the approval.
Teaching is a noble profession, and by extending customized loans for Teachers, Bajaj Finserv has moved a step ahead of its competition. All educators can avail instant approval and fast disbursal for Bajaj Finserv Personal Loan for Teachers up to Rs 25 lakh. Check Bajaj Finserv Personal Loan Eligibility to apply for loan for teachers.
Bajaj has always endorsed equal opportunities for both genders. Bajaj Finserv Personal Loans for Women is a significant step in the direction. This Personal Loan category is designed to serve support women meet their aspiration without any hassle. A woman with basic eligibility for Personal Loan can be assured of getting approved for a loan up to Rs 25 lakh.
Loans are meant for financial freedom, and you must only borrow when you need the amount. Bajaj Finserv Personal Loans for Debt Consolidation is designed to relieve the borrowers of accumulated debt mountain. Here, you can borrow a Personal Loan as a Consolidation Loan and manage the repayment by consolidating existing loans into one.
Bajaj Finserv Personal Loans for weddings are designed to fund the wedding expenses with ease. You can finance all marriage-related expenses with Personal Loan up to Rs 25 lakh. Check the Interest rates for Bajaj Finserv Personal Loan for affordable EMI structure. You can opt for Flexi Loan facility and choose flexible repayment and tenor ranging from 24 months to 60 months. The approval is instant, and disbursal is assured within 24 hours of documentation verification.
Personal Loans for Home Improvement are designed to help you spruce up the décor and outlook of your home with the help of quick and easy personal loan up to Rs 25 lakh from Bajaj Finserv. The approval of amount, however, is subject to eligibility for Personal Loan.
As Personal Loans from Bajaj Finserv are almost instant, you can plan an exotic vacation without worrying about the cash gap. Depending on your eligibility and repayment capacity, you can apply for Bajaj Finserv Travel Loan for up to Rs 25 lakh online.
Most of our financial decisions and investments revolve around the emergency. However one can never fully plan for unexpected situations. Herein, a Personal Loan from Bajaj Finserv can help you stay afloat and meet the prevailing shortfall of cash for medical treatment without any delay. You can apply for instant Personal Loan for Medical Emergency up to Rs 25 lakh and avail fast credit according to your repayment capacity.
Personal Loan from BFL is a one of the go to loan options. There is no restriction on the purpose of the loan. Both salaried and self-employed professionals can equally benefit from a pool of Bajaj Finserv's financial products.
Also Check: Bajaj Cibil Score
The Personal Loan Eligibility Criteria are:
Tip: Check cibil score online before applying for a personal loan
Additional Reading: How to get loans for bad credit?
Applying for Bajaj Personal Loan on MyMoneyMantra is a cakewalk. It doesn't take more than 60 seconds to raise a loan query on MyMoneyMantra. All you need to do is visit the homepage and begin sharing your loan requirement.
Step 1: Fill data: Loan Category, Loan Amount, Name, Address, Phone Number, Loan Duration, Employment Type and Annual Income.
Step 2: One Time Password is created and sent to a mobile number shared in Step 1.
Step 3: Use the OTP and gain access to the loans according to your choice.
Step 4: We will shortlist best offers from 100+ banks and NBFCs (Non-Banking Financial Companies) according to your credit profile.
Step 5: Our Loan Executive will contact you and guide you about the eligibility and documents for the chosen Bank/NBFC.
Step 6: We will take your query further and connect the chosen lender with you. The lender would contact you for document verification.
Step 7: You can submit the documents and avail a transparent and hassle-free loan processing.
|Basis of Difference||Flexi Loan||Term Loan|
|Loan Disbursement||The sanctioned loan is assigned as a credit limit. You can borrow only as much amount as you require.||The loan amount is disbursed directly to your loan account.|
|Fees and Charges||Interest is only chargeable on the utilized loan amount.||Interest is charged on the total amount disbursed.|
|EMIs||In flexi loan, only interest amount can be paid as EMI and the principal amount can be paid at the end of the loan tenure.||The EMI is comprised of interest as well as the principal amount.|
Additional Reading: How to improve cibil score?
There are multiple ways to access your account details and make a request to BFL.
Directly through Portal:
Bajaj Finserv customer portal is called Experia. You can view loan details, statement of accounts, interest certificates, no objection certificate, and welcome letter. Right from loan repayment to information update, each request can be processed conveniently on the portal.
You can view loan account details and carry out transactions with Bajaj Finserv mobile app.
SMS APP to +91 92275 64444 to download it.
Bajaj Finserv Wallet works as a one-stop payment destination. It is your digital EMI card that offers exclusive offers and services.
Bajaj Finserv Experia App:
Using Experia App, you can access your account on the go. It lets you make repayments without any delay.
If you have any queries or requests you can directly contact Bajaj Finserv Personal Loan Customer Care or write an email at email@example.com.
All emails are responded within 2 working days.
Customer Experience Head:
In case you do not hear from Bajaj Grievance Redressal Team within 3 working days, write to National Head, Customer Experience at firstname.lastname@example.org
Also, Check Bajaj Finserv Personal Loan Application Status.
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When you apply for Bajaj Finserv Personal loan online, you get instant approval within 5 minutes. The sanction is subject to meeting eligibility standards. Right from verification of documents to loan disbursal, each step closes online. The process is entirely contactless, hassle-free and convenient.
To check Personal Loan application status, call customer care on 1800-103-3535 and share your unique reference number (URN). You will receive URN by email or SMS as you submit the loan application. After authentication of request, customer care executive will update about the status of loan application.
After approval of the loan, you will receive a welcome kit on your registered E-mail ID and on Experia portal. The welcome kit includes Loan details; user ID and password for Experia portal; registered bank account details; unique virtual account number; mobile number; reference service guide.
Experia is a self-service account access tool exclusively proposed by Bajaj Finserv to its existing customers. It provides swift and hassle-free online transactions like drawdown and RTGS facility on the portal. So you can pre-pay your BFL loans through net banking without any hassle.
Under Flexi Personal Loan, the amount is credited to your Experia Account, and you can use the principal as per the requirement. You have complete flexibility to borrow, pre-pay or re-borrow the loan. There is a drop-line facility within the loan tenor without any additional documentation. You save on interest costs as interest is paid for utilised loan amount only. You can also enjoy 4 years moratorium on principal repayment.
On the other hand, the complete loan amount is disbursed to your bank account in the Term Loan. In the term loan, EMIs constitute both interest and principal component and thus monthly instalments are more expensive than Flexi Loans.
Yes. You can write an email to the customer care for converting your loan type. Your consent will be raised, and your flexi Personal Loan will become a Term Loan for 60 months.
Instances like EMI bounce, plunge in credit score, employment change or inability to update contact details can lead to Flexi Loan cancellation or blockage.
Yes, you can conveniently view Bajaj Finserv Personal Loan EMI status Online by checking statement of account on the customer portal.
You can prepay your Bajaj Finserv Personal Loan 6 times in a year. The minimum prepayment amount should be at least 3 EMIs. You can make the repayments as per your convenience as there is no clause to limit the gap between the two prepayments. Again there is no limitation on the repayment amount.
As such, there are no part pre-payment charges. However, if you part pay before the first EMI clearance, 2% part prepayment charge is levied on the amount paid.
The minimum CIBIL score required for approval of Personal Loan is 750. However, those who meet all other eligibility criteria may still be able to apply for Personal Loan despite the lower score.
You can easily make your Bajaj Finserv Personal Loan EMI payments through: