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Avail Instant Personal Loans ✓ Loan up to 25 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

A Bajaj Finance personal loan can aid you to secure funds in times of need. The best part is that you can use the Bajaj Finance personal loan amount at your discretion as there are no restrictions on end usage. You can use the loan money to fund your dream vacation, convert your house into a smart home, or even pay medical bills. This article will tell you everything you need to know about a Bajaj Finance personal loan.

Features and Benefits of Bajaj Finance Personal Loan

  • No Collateral Needed: To avail a personal loan from Bajaj Finance, you will not need to provide a collateral. All you must do is fulfil the basic eligibility criteria and submit the required documents. If your paperwork is verified, the money will be credited into your account within a few days.

  • Flexible Repayment Tenure: You get a period of upto 60 months to repay your Bajaj Finance personal loan. That way, you will be able to pay off your personal loan obligations with ease. However, you must remember that the repayment tenure offered to you will depend on your personal credit profile.

  • Pay up to 45% Less in EMIs at the Start: If you go for the Flexi Loan option, you will only need to pay the interest component of your personal loan amount during the initial phases of the repayment tenure. Then, after that, the principal amount will need to be repaid. That way, you will be able to have more money to spare in your bank account during these initial months. Note that the length of your interest component payment months and the principal component payment months will depend on the internal policies of the lender.

  • Complete Transparency in Charges: Bajaj Finance is quite transparent with regards to their fees and charges that will be applicable to you. This means that there are no such charges that you will not be informed about beforehand.

  • Competitive Interest Rates: You can get a Bajaj Finance personal loan at interest rates starting from just 13% per annum. However, you must remember that the final interest rate applicable to you will depend on your eligibility and credit score.

Bajaj Finance Personal Loan Interest Rates and Charges

The rates and charges associated with a Bajaj Finance personal loan are as follows:

 

Fee Type

Rate

Interest Rate

13% per annum onwards

Part-Prepayment Charges

2% of the amount being prepaid + GST

Loan Foreclosure Charges

4% of the outstanding amount + GST

Penal Interest Rate

Between 2%-4% per month

Cheque Bounce Charges

Between ₹600-₹1,200

Stamp Duty

State-dependent

Mandate Rejection Charges

₹450

 

Bajaj Finance Personal Loan Eligibility Criteria

To avail a personal loan from Bajaj Finance, you must satisfy the following eligibility criteria:

  • You must be a citizen of India

  • You must be a salaried individual

  • You must be between 25-67 years of age

  • You must be an employee of a private company, a public company, or an MNC of repute

  • You should be earning a minimum of ₹22,000 a month

  • You must have a CIBIL score of at least 750.

Documents Required for Bajaj Finance Personal Loan

To get a Bajaj Finance Personal Loan, you must submit the following documents:

  • Aadhaar card/passport/driving licence

  • PAN card

  • Bank statement for last 3 months

Bajaj Finance Personal Loan EMI Calculation

Your EMI is dependent on your loan amount, rate of interest, and tenor. It is important to remember that the longer the tenor, the lower is the EMI amount. However, a longer repayment tenor will result in higher interest payments so pick a tenor accordingly. You can calculate the amount of monthly instalments with the help of our personal loan EMI calculator. All you must do is enter the desired loan amount, the predetermined rate of interest, and a tenor of your choice on the calculator. Once you feed in all of this information, the algorithm-based tool will give you a near-to-exact estimate of your personal loan EMI. You can change the variables until you arrive at a number that’s comfortable on your pocket.

Calculate Bajaj Finance Personal Loan EMI

Let’s assume that you have taken ₹5 lakh as a personal loan from Bajaj Finance at an interest rate of 13% per annum and a repayment tenor of 2 years. In such a case, your EMI amount will be ₹23,771 and you will pay a total of ₹5,70,502 by the time your loan repayment tenor ends. However, if your loan tenor length is 5 years, your monthly EMI outflow will be ₹11,377, wherein you will pay a total of ₹6,82,592 assuming that your interest rate is the same. This goes to show that the longer your repayment tenor, the lesser you pay as EMI. You must make note of the fact that the overall interest you will pay will be higher than what you will shell out if you are repaying the same amount in a shorter time span.

How to Apply for Bajaj Finance Personal Loan Through Bajaj Markets?

To avail a Bajaj Finance Personal Loan through Bajaj Markets, all you must do is:

  • Step 1: Fill in your personal and employment details.

  • Step 2: Select the Bajaj Finance Personal loan amount and repayment tenure.

  • Step 3: Get online approval in 2 minutes and get the money disbursed to your bank account within a few days at most.

Types of Bajaj Finance Personal Loans

The types of Bajaj Finance personal loans are:

  • Travel Loan: Travel loans are personal loans that are used specifically for travelling. People travel all the time, whether it’s for holidays or business-related activities. The Bajaj Finance Personal Loan for Travel will cover all your travel expenses including, flight tickets, food, entertainment, accommodations, etc.

  • Home Renovation Loan: If you are looking to renovate your property, you need a good amount of money to refurbish your home without having to worry about the expenses. Bajaj Finance Personal Loan for Renovation will help you cover the complete repairing costs, while simultaneously increasing the economic value of your house on the real estate market.

  • Education Loan: Education loans are used specifically to pursue higher studies in India or overseas. With Bajaj Finance Personal Loan for Education, you get access to a lot of benefits such as minimal documentation, quick loan disbursal, tax benefit, long repayment tenure, etc.

  • Wedding Loan: Weddings can be a costly affair. Most people dream of having a grand wedding. With a Bajaj Finance Personal Loan for wedding, you can finance your wedding expenses and make your day a memorable one.

  • Medical Loan: A medical loan is the best way to finance your requirement during an emergency. You do not have to worry about the interest rate and apply for the loan when in need. The Bajaj Finance personal loan for Medical Emergencies has basic eligibility criteria and a quick application procedure. Your loan will be approved in no time and you will get immediate access to funds.

Why Choose Bajaj Finance Personal Loans?

Some of the reasons why you must go for a Bajaj Finance personal loan are:

  • Quick Online Processing: The Bajaj Finance Personal Loan application process is completely online. The approval of your loan will take just 2 minutes. Post-approval, the loan amount will get credited to your bank account within 30 minutes.

  • Minimal Paperwork: The lending process is practically paperless and instant. You do not need to collect lots of documents to apply for a personal loan.

  • Transparency: You will know about your loan details right from the beginning as the process on Bajaj Markets is completely transparent.

  • Custom-Made Loans: Get the best personal loan offers that meet your requirements, here. No need to look elsewhere!

  • High Loan Amount: You can get funding of up to ₹25 Lakhs as a Bajaj Finance personal loan. However, the maximum amount you can avail will depend on your personal loan eligibility and credit score.

Bajaj Finance Customer Care Number

If you have any queries or grievances, you can reach out to Bajaj Finance through their customer care number at 08698 010101 and have your queries resolved. You can even get assistance via SMS. All you must do is text ‘Help’ on the Bajaj Finance Helpline Number at +91 92275 64444.

FAQs on Bajaj Finance Personal Loans

✔️Can I get a personal loan from Bajaj Finance?

Yes, you can easily get a personal loan from Bajaj Finance. All you must do is fulfil the basic eligibility criteria, fill up the application form, and upload the required documents through for the same on the Bajaj Markets portal. If your documents are verified and your loan application has been approved, you will get the personal loan money in a matter of a few days.

✔️Why should I go with Bajaj Finance personal loan?

With a Bajaj Finance personal loan, you can avail funding of up to ₹25 Lakhs at interest rates starting from 14% per annum. Another reason you should go for a Bajaj Finance personal loan is that you can repay the same over the course of five years. Additionally, Bajaj Finance personal loan application process requires minimal documentation, which means that you will quickly be able to apply for the same.

✔️How to check my Bajaj Finance personal loan status online?

To check your Bajaj Finance personal loan application status online on Bajaj Markets, follow the steps mentioned below:

  • Step 1: Visit the official website at www.bajajfinservmarkets.in.

  • Step 2: Select the ‘My Account’ option on the portal.

  • Step 3: On the next page, fill in your username, password, and click on ‘Track Application’.

  • Step 4:Finally, verify your registered mobile number with an OTP. After the verification, you will be able to view your personal loan application status.

✔️Can I avail a personal loan from Bajaj Finance if I am self-employed?

Yes, as a self-employed person, you can get a personal loan from Bajaj Finance.

✔️What is the minimum and the maximum loan repayment tenure for a Bajaj Finance personal loan?

The minimum and the maximum loan repayment tenure that you can avail for a Bajaj Finance personal loan are 12 months and 60 months, respectively.