Bajaj Finserv Personal Loan – Apply Online 2024
Why Choose Bajaj Finserv Personal Loan?
Here are some of the main features of Bajaj Finserv that make it different from others.
- Online Loan Applications:Candidates can apply from the comfort of home or office using the online service. One just has to visit the official website of the lender and fill in the application form.
- Get Instant Online Approval:Now that the world is becoming digital in all aspects, the online process is, of course, time-saving. The applicant can get instant paperless approval on their online application within a few minutes.
- Get Money in 24 hours: To fulfill the sudden need of money, Bajaj Finserv offers the fastest loans in India – with disbursal of the loan amount into the applicant’s bank account within 24 hours of getting approved.
- Loan Amount up to INR 20 lakh:Bajaj Finserv gives one of the highest funds up to INR 20 lakhs with the flexible repayment option and tenure ranging from 12 to 60 months.
- Online Account Access:After all the formalities are completed, a person can access all the information related to the payment schedule, EMI payable, interest certificate, and other information.
- Attractive Rate of Interest:The interest rates at Bajaj are one of the lowest, with the starting rate of 13.00%* per annum.
- Attractive Offers for Existing Customers:The existing customers of Bajaj Finserv are eligible for exclusive pre-approved offers.
- Part Prepayment Facility:There is a facility to make part prepayment by which you can reduce the interest burden. You can enjoy shorter processing time. All you need to do is share your basic contact details, the one time password (OTP) and check your pre-approved offer.
- Zero Foreclosure Charges:The company does not charge anything on the foreclosure and hence you can save more.
- 24X7 Customer Support:The 24X7 customer support helpline, including a toll-free number, email and SMS is available for the convenience of the customers.
- No Hidden Charges: Bajaj Finserv comes with transparency in their loan and also with no hidden charges.
Bajaj Finserv Personal Loan Interest Rates 2024
Bajaj Finserv offers one of the lowest personal loan interest rates in India. The rates range from 11.00% Onwards per annum. Let’s just know more about the same below.
Particulars | Details |
Interest Rates | 11.00% Onwards |
Loan Amount | Up to INR 25 lakh |
Loan Tenure | 12-60 months |
Processing Fees | 1-1.5% of loan amount + GST |
Prepayment Charges | Upto 4% post 1st EMI clearance |
Part prepayment Charges | 2% on part-payment amount paid+GST |
Eligibility Criteria
At Bajaj, salaried are eligible to apply for the loan. However, they need to meet certain eligibility criteria before Bajaj accepts their loan applications. Having said that, this criteria can change from one person to another. So, have a look at the below-mentioned eligibility criteria and see if you are eligible or not:
- An applicant should be salaried
- He/She must be an Indian resident
- The minimum age of the applicant must be 23 years
- The maximum age of the applicant must be 59 years
- The minimum Net Monthly Income of a salaried applicant should be INR 22,000/INR 27,000/INR 40,000 (salary requirement are different from city to city)
A person can also check his/her eligibility with the help of a Personal Loan Eligibility Calculator online that works based on the profile of the customer. The device takes into account-Income, Loan Amount, Monthly Expenses – to let you know how much loan amount you can actually avail from a lender to meet your varied needs.
List of Documents Required
The applicant must carry all the documents listed below to avail this unsecured loan:
- Signed loan application form with photos
- Employee ID Card
- Identity Proof- PAN Card/Passport/Driver’s License/Voter ID
- Address Proof- Passport/Driver’s License/Ration Card/Mobile Bill/Letter from employer
- Signature Proof- Passport/PAN Card/Driver’s License/Photo Credit Card/Letter from the bank verifying signature
- Work experience documents- Appointment letter, Form 16, 1-year-old salary slip, for the previous employment also
- Business IT returns for at least past 1 year
- Previous year’s turnover duly audited by a CA
How to Apply Online at Wishfin?
At Wishfin, the Personal Loan application process for Bajaj Finserv is very simple with easy documentation. You are just a click away. Just visit Wishfin’s website www.wishfin.com and fill the application form with your personal and professional details and your application will be submitted.
There is no collateral required, so the documentation is hassle-free and quick. With the advantage of online application, a person can apply as per his/her convenience and get instant approval as well. In addition to this, an applicant can also check the eligibility in advance on the website and apply for it afterward. However, an applicant can also choose an offline medium, i.e. to visit the bank branch and apply there.
Bajaj Finserv Personal Loan EMI Calculator
A personal loan EMI calculator is the tool used to calculate the EMI you have to pay. A borrower can calculate the monthly installments he is liable to pay and decide his/her affordability. By knowing the EMIs in advance, a person can accordingly manage his/her monthly finances. In the EMI calculator, the mandatory fields to be filled in are:
- Loan Amount
- Tenure
- Interest Rate
Let’s just have a better clarity on the same by considering an example below:
Suppose a person is planning to take a loan of INR 2 lakh and is offered the interest rate of 14.00% per annum. Now, the borrower has chosen the loan tenure of 5 years. You can see below the monthly instalments he will have to pay.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
₹ 2,00,000 | 14% | 1 | ₹ 17,957 | ₹ 15,489 | ₹ 2,15,489 |
₹ 2,00,000 | 14%2 | ₹ 9603 | ₹ 30,462 | ₹ 2,30,462 |
₹ 2,00,000 | 14% | 3 | ₹ 6836 | ₹ 46,079 | ₹ 2,46,079 |
₹ 2,00,000 | 14% | 4 | ₹ 5465 | ₹ 62,334 | ₹ 2,62,334 |
₹ 2,00,000 | 14% | 5 | ₹ 4654 | ₹ 79,219 | ₹ 2,79,219 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
1 | ₹ 29,701 | ₹ 26,142 | ₹ 1,70,298 |
2 | ₹ 34,137 | ₹ 21,706 | ₹ 1,36,160 |
3 | ₹ 39,235 | ₹ 16,608 | ₹ 96,925 |
4 | ₹ 45,095 | ₹ 10,749 | ₹ 51,829 |
5 | ₹ 51,883 | ₹ 4014 | ₹ 0 |
Bajaj Personal Loan Status
Loan applicants can track their personal loan status after submitting the application. They can check the status by visiting the website and entering the Case ID/File ID/Loan ID. A person is also supposed to enter the mobile number. Soon after doing the same, the loan application status will be displayed on the screen. Thus, it is absolutely easy and a quick process to know the real-time status of your loan. With the help of this online facility, it is easy for you to know whether your loan application has been accepted, rejected or pending. It is that simple and quick!
Bajaj Personal Loan Customer Care Number
Bajaj Finserv has made it convenient for the customers to ask any queries related to loans. A loan seeker can contact the company at the toll-free number: 020 3957 4151. The executives are always there to listen and solve all your queries and complaints. These experts help you in the best way and are always ready to guide and support you.
Bajaj Personal Loan Login
With the online access to your personal loan account, you can login anytime from anywhere. By using the credentials such as the login ID and password, you can check your personal loan details. With the help of this online facility, everything is now on your fingertips as you can easily manage things on the go. That’s amazing, isn’t it?
Bajaj Personal Loan for your Special Needs
Bajaj Finserv offers customized personal loans to meet the unique needs of customers. The lender offers a loan to the following:
- Government Employees:Employees working in government entities and various PSUs can apply for customized loan offers.
- Teachers:Teachers can easily meet their financial goals with ease by availing a personal loan from Bajaj. The loan comes with instant approval and disbursal.
- Women: This instant financing option is for the strong, independent woman of today, and in order to avail the same, women can apply for a personal loan.
- Debt Consolidation:Consolidate all your existing loans into one and manage your installments effectively with a debt consolidation loan.
Bajaj Finserv Personal Loan CIBIL Score
To avail a personal loan from Bajaj Finserv, you need to have a good CIBIL score. Yes, your three-digit numeric summary is something on which lenders always keep an eye on. So, make sure that you have a score of 750 or above out of 900 to enjoy a hassle-free journey. With such a score, you could easily grab the best deal. And to keep on getting the best deals, it’s important to maintain a good credit score by keeping in mind certain things such as paying bills on time, etc.
What is Bajaj Finserv Flexi Personal Loan?
The Flexi loan account is the facility wherein a borrower gets the facility to prepay and draw-down money within the drop-line facility. A borrower can also opt for a self-service process to save time. This flexi loan allows you to borrow the funds anytime you need it and pre-pay when you can from a single pre-approved loan limit. All that can happen instantly.
Benefits of Bajaj Finserv Flexi Loans
If a person chooses the flexi loan facility, he/she can save interest cost by pre-paying any additional or idle funds (if any) without paying any charges on the part-paid amount. Here are some of the benefits of flexi loans over an existing term loan that will help you in taking a decision henceforth:
- Flexibility to pre-pay the loan with idle funds without any extra cost involved
- Re-avail the pre-paid amount within the drop-line facility at any time during the loan tenure with no additional documentation needed
- Interest paid only on the utilized loan amount.
- Easy and hassle-free online transactions with self-service account access tool for drawdown and RTGS (Real-time Gross Settlement Systems) that allows pre-payment through net banking facility
- Facility to make prepayments for up to 6 times in a year
Hybrid Flexi Personal Loan EMI Calculator
If you opt for the Bajaj Flexi Personal Loan, ensure you use the Hybrid Flexi Personal Loan EMI Calculator too. This will work differently to the Personal Loan EMI Calculator elaborated above. Let’s check out how you can use the calculator to compute repayment estimates for you.
- Visit the official website of Bajaj Finserv and then on to ‘Caclulators’ and ‘Hybrid Flexi Personal Loan EMI Calculator’
- Enter the personal loan amount you want to apply for
- Choose the loan tenure
- Thereafter, the initial and subsequent tenure will get populated automatically
- Choose the interest rate offered
Now under the Enter Your Transactions Below section, you will need to do as follows –
- Choose the loan commencement date
- Choose the month and year of transaction before entering the part-payment or withdrawal amount
- Click on the +sign to add transactions
- Anyway, your first transaction will be part-payment only
Once you do all these, the repayment schedule will pop up on your screen.
Flexi Day-wise Interest Calculator
You can even check the interest charged on a daily basis using the Flexi Day-wise Interest Calculator. Here’s what you need to do to check the interest payment.
- Visit the official website of Bajaj Finserv, click on ‘Calculators’ and navigate to ‘Flexi Day-wise Interest Calculator’
- Select the bill due date from the dropdown
- Enter the loan amount you apply for and the one you utilized
- Enter the interest rate offered on the loan
- A summary will come on to your screen
- If you want to utilize further, you can write the amount under the ‘Withdrawal’ column shown on the screen. Do write it against the date on which you do. The same thing applies for any deposit you make.
Depending on your withdrawals and deposits, the repayment summary will change.
How to Apply
- Step 1: Fill the application form with all the required details and submit the same
- Step 2:For an instant approval, select the required loan amount and tenure.
- Step 3:The executives will get in touch with you to get the required documents.
- Step 4:Soon after the verification, the loan amount will be credited to your account
Eligibility Criteria for Bajaj Finserv Flexi Personal Loan
To apply for Flexi Loan, an applicant needs to fulfill the below mentioned eligibility criteria:
- An applicant should be an Indian Citizen
- He/She should work either in the MNC, public or private company
- An individual should be aged between 23 to 59 years
- An applicant should be an Indian Citizen
- The business of an individual should have a vintage of at least 3 years
- Income Tax returns filed for at least the past 2 years
- Have previous year’s turnover duly audited by a CA
- Self-employed professionals (SEP), self-employed non-professional (SENP), an entity such as a partnership, a limited liability partnership, a private limited or closely held limited company.
Bajaj Finserv Personal Loan Policies According to Locations, Company Categories
Bajaj Finserv has introduced new personal loan policies based on your location and the type of company you work at. Prime locations include Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, etc. Whereas, growth locations include tier-II and tier-III cities such as Nagpur, Indore, Vadodara, Patna, Kanpur, Bhubaneshwar, etc.
Bajaj Finserv Personal Loan Policies for Customers Residing in Prime Locations
The table below shows the personal loan offers for people residing in prime locations based on the type of company they work with. Plus, it will also detail on your office and employment verification Bajaj Finserv will undertake from its end.
- CIBIL score has to be more than 750
- Maximum loan is capped to INR 7 lakh
- No Top up/Parallel Allowed
- 10% less Fixed Income Obligation Ratio (FOIR) on existing norms to be allowed
- Maximum loan amount capped to INR 20 lakh for employees working in diamond and platinum companies
- Maximum loan amount for others - INR 15 lakh
- No Top-up allowed upto 12 months
- In case there’s no email/EPFO match/TAN match/online check, the lender will do the following where office geotagging is not possible. If the current month salary narration remains the same as the salary narration of previous cases sourced from the company/department, office geo tagging can be waived off. Resi geo-tagging or resi geo-tagging alternatives will be done along with ID card
- Or Form 26 Verification through RCU verification
- If there’s no email/EPFO match, the lender will see the following as an alternative to geotagging where it is not possible.
- If the current month salary narration remains the same as the previous cases sourced from the company, the lender can do away with office geotagging
- HR confirmation from the official email ID. Linkedin check/domain check of that email ID to be done. Resi geo-tagging or resi geo-tagging alternatives will be done along with ID card
- House Ownership Proof - Index II/Latest Property Tax Receipt/Sale Deed
- Registered rent agreement
- Gas/Electricity Bill
- If the applicant’s address is the same as there with the credit bureau, it will be accepted as resi geotagging. Else, there shall be a running personal loan or business loan of more than INR 5 lakh for at least 12 months with a clean repayment track.
- Video PD required where the customer shows documents on video. Self geo-tagging will be made at house/society gate with Street Photo and door/society photo showing name or number of the flat/society
- Wallet download is mandatory where geotagging alternatives are used
- The lender will take 3 months of banking for all cases and validate the EMI repayment for all loans visible on the bureau for April/May and June. If the EMI is getting deducted from the secondary bank account, Bajaj Finserv will require a secondary statement to validate the EMI deduction. EMI deduction should be on the due date and not taken via the collection process
- Customers with BFL moratorium or bounce across relationships in the last 3 months are not eligible
- Salary slips as per existing norms, the salary of June month will be considered to calculate loan eligibility
- Email confirmation required for employees working in listed companies
- The current process to continue in case of employees working in unlisted companies, college, schools
Bajaj Finserv Personal Loan Policies for Customers Residing in Growth Locations
The table below shows the personal loan offers for people residing in growth locations based on the type of company they work with. Plus, it will also detail on your office and employment verification Bajaj Finserv will undertake from its end.
- CIBIL score has to be more than 750
- Maximum loan is capped to INR 7 lakh for G1 markets and INR 5 lakh for G2 markets
- No Top-up/Parallel Allowed
- 10% less Fixed Income Obligation Ratio (FOIR) on existing norms to be allowed
- Maximum loan amount capped to INR 15 lakh for G1 and INR 10 lakh for G2
- For G1 markets, maximum loan amount capped to INR 20 lakh for employees working in diamond and platinum companies
- Maximum loan amount for others - INR 15 lakh
- No Top-up allowed upto 12 months
- In case there’s no email/EPFO match/TAN match/online check, the lender will do the following where office geotagging is not possible. If the current month salary narration remains the same as the salary narration of previous cases sourced from the company/department, office geotagging can be waived off. Resi geo-tagging or resi geo-tagging alternatives will be done along with ID card
- Form 26 Verification through RCU verification
- If there’s no email/EPFO match, the lender will see the following as an alternative to geotagging where it is not possible.
- If the current month salary narration remains the same as the previous cases sourced from the company, the lender can do away with office geotagging
- HR confirmation from the official email ID. Linkedin check/domain check of that email ID to be done. Resi geo-tagging or resi geo-tagging alternatives will be done along with ID card
- House Ownership Proof - Index II/Latest Property Tax Receipt/Sale Deed
- Registered rent agreement
- Gas/Electricity Bill
- If the applicant’s address is the same as there with the credit bureau, it will be accepted as resi geotagging. Else, there shall be a running personal loan or business loan of more than INR 5 lakh for at least 12 months with a clean repayment track.
- Video PD required where the customer shows documents on video. Self geo-tagging will be made at house/society gate with Street Photo and door/society photo showing name or number of the flat/society
- Wallet download is mandatory where geotagging alternatives are used
- The lender will take 3 months of banking for all cases and validate the EMI repayment for all loans visible on the bureau for April/May and June. If the EMI is getting deducted from the secondary bank account, Bajaj Finserv will require a secondary statement to validate the EMI deduction. EMI deduction should be on the due date and not taken via the collection process
- Customers with BFL moratorium or bounce across relationships in the last 3 months are not eligible
- Salary slips as per existing norms, the salary of June month will be considered to calculate loan eligibility
- Email confirmation required for employees working in listed companies
- The current process to continue in case of employees working in unlisted companies, college, schools
Bajaj Finserv Personal Loan FAQs
1. How to get a personal loan from Bajaj Finserv?
Visit the Bajaj Finserv official website or fill the form above to apply for a personal loan. Enter a few details like your KYC information and income information. Verify this information by entering the OTP that you will receive on your mobile number. Select the loan amount and submit your loan application.
2. How much time Bajaj Finserv takes to approve a personal loan?
Generally, Bajaj Finserv approves personal loan applications instantly. In some cases, it may take up to 7 business days to approve a personal loan application.
3. How long does it take to get a personal loan from Bajaj Finserv?
It takes less than 5 minutes to submit your loan application. Moreover, the bank can take anywhere from 1 to 7 working days to verify and approve your loan application.
4. What is the minimum personal loan amount in Bajaj Finserv?
There are several factors like the applicant’s Income, Existing loans, Monthly Expenses, CIBIL score, etc. to determine the loan amount. The minimum salary required to apply for a Bajaj Finserv personal loan is INR 22,000. The minimum salary requirement also depends from one city to another.
5. Can I take 2 personal loans from Bajaj Finserv?
Yes you can apply for 2 personal loans from Bajaj Finserv but it is not advisable to apply for multiple unsecured loans. Make sure you have a high salary before applying for a second loan otherwise the lender might consider you a high risk candidate.
6. What are the documents required to apply for a Bajaj Finserv personal loan?
The following are the required documents to apply for a Bajaj Finserv personal loan:
- – Signed Loan Application Form.
- – Passport-size photographs
- – ID Proof like PAN Card, Aadhaar card, Passport, Driving License, etc.
- – Employee ID Card.
- – Address Proof like Utility Bill, Passport, Driving License, etc.
- – Signature Proof like Passport, PAN Card, etc.
- – Work experience documents like Appointment letter from the employer, Form 16, 1-year-old salary slips.
- – Business IT returns for the last 1 year.
- – Previous year’s turnover duly audited by CA.
7. Who is eligible to take Bajaj Finserv personal loan?
Any Indian citizen who is a salaried employee within the age group of 23 years to 59 years old can apply for a Bajaj Finserv Personal Loan. Also, the net monthly salary of the applicant should be atleast INR 22,000 or even INR 40,000 in some cities.
8. What documents are required for Bajaj Finserv personal loan?
The documents required for Bajaj Finserv personal loan are as follows:
- – Loan Application Form duly signed and with photos attached.
- – ID Proof and Address proof like PAN Card, Aadhaar card, Passport, Driving License, etc
- – Employee ID Card.
- – A proof of applicant’s Signature like Passport, PAN Card, etc.
- – Work experience Documents like Appointment letter from the employer, Form 16, Salary slips for the previous year.
- – Business IT returns for the previous 1 year along with a turnover sheet audited by a CA.
9. How to check my personal loan status in Bajaj Finserv?
You can check your personal loan status by using the Bajaj Finserv website. You just need to follow the below mentioned steps:
- – Head over to the official Bajaj Finserv website and select ‘My Account’.
- – Login using your username and password.
- – Select the ‘Track Application’ option.
- – Verify your mobile number with an OTP.
- – Your loan application status will be displayed on the screen.
10. Who can be your co-borrower in Bajaj Finserv personal loan application?
Your spouse, parents or even your siblings can be your co-borrowers in Bajaj Finserv personal loan. Adding a co-borrower increases your chances of getting approval on your loan application. However, keep in mind that the co-borrower would also need to fulfill the eligibility criteria.
11. What is the minimum CIBIL score required for Bajaj Finserv personal loan in India?
You need a CIBIL score of 750 or more in order to be able to apply for a Bajaj Finserv personal loan in India.
12. How to close Bajaj Finserv personal loan?
When you pay the last EMI of your Bajaj Finserv personal loan, your loan will be automatically closed and you will receive a NOC (No Objection Certificate) from your lender which will act as a proof document for the loan closure.
13. How to foreclose Bajaj Finserv personal loan?
To foreclose your Bajaj Finserv personal loan you need to follow the following steps:
- – Visit the lender along with your documents like ID proof, loan account number, bank statements showing the EMI payments and a cheque to clear the remaining amount.
- – Currently, Bajaj Finserv offers zero foreclosure charges.
- – After making the payment, the lender will issue an acknowledgement letter with all the clearance details.
- – In some cases, the bank might issue a NOC as a proof of loan closure.
14. How to pay Bajaj Finserv personal loan?
You can use the following methods to pay your Bajaj Finserv personal loan:
- – Via NEFT or Bank Transfer
- – Using Debit or Credit Cards.
- – Through Mobile Wallets.
- – You can even use the Bajaj Finserv Experia Application to pay your personal loan.
15. How to check personal loan balance in Bajaj Finserv?
You can check your personal loan balance by using the official Bajaj Finserv website or smart phone application. Another way is to visit your nearest branch for instant access to your loan statement.
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Disclaimer: MMPL does not sell any loans on our own and do not charge any fee from any customers/viewers. We advise customers/viewers to choose from best offers from Banks and its advertisers. We do not guarantee any loans as loan sanction is as per Banks and Nbfcs. We suggest all users to never pay any upfront amount for any loan disbursal and if any person who call you as representative of MMPL and ask for any amount report the incident immediately via putting us a mail at [email protected] Read More.