Interest Rates for all Personal Loan Types

Personal loans are a great way to fund your dreams like going on a vacation, for education, for home renovation or for medical emergency. A personal loan is the best option as it comes with no collateral, easy approval and minimal documentation. However whenever applying for a personal loan, always look for interest rates & charges. That is why, at Finserv MARKETS, you get the most attractive Bajaj Finance Personal Loan interest rates with no hidden charges!

Type of Personal Loan

Interest Rate (p.a.)

Term Loan

12.99% onwards

Flexi Loan

12.99% onwards

Wedding Loan

12.99% onwards

Travel Loan

12.99% onwards

Home Renovation Loan

12.99% onwards

Personal Loan for Self-employed

12.99% onwards

Doctor Loan

14% to 17%

Chartered Accountant Loan

14% to 17%

Factors that Affect Bajaj Finance Personal Loan

  • Your income

Your bank can trust you on the basis of the income that you are getting. The higher your income, the more are your chances of getting loan at lower interest rate.

  • Credit & Payment History

If you have applied for a personal loan and your payment history is not up to the mark, many banks don't consider your profile, and if they do, you will be offered a higher rate of interest. Also, your personal loan application can be approved if you have a good CIBIL score. You can check CIBIL score at Finserv MARKETS & get to know about the eligibility for Bajaj Finserv personal loans.

  • Relationship with your Bank

If you are having a salary account or savings account, your bank is more likely to offer you the personal loan at special interest rates or processing fees.

  • Negotiation skills

If you are having an account in a bank for quite a long time, you have maintained a good relationship with the bank. Thus, if you negotiate with the bank on interest rates, fees, etc, it will surely give you the best deal. Depending upon your negotiation skills, you can for special offers, and enjoy additional benefits on personal loans.

How Credit Score Impacts Personal Loan Rates

Credit Score range

Impact

750 & Above

An excellent credit score means that the borrower has repaid all his dues, EMIs, credit card bills on time and has not defaulted on any grounds. With excellent credit score, you can avail loan of greater amounts at attractive interest rates and amazing customized offers as well. Also, your loan approval will be instant.

700 – 749

People with credit scores in this range can get the loan but may not get all the benefits that they were expecting, as the lender can have his reservations basis your score and risk that come with it. Though it may depend from lender to lender, still there are chances you will get the loan.

 650 – 699

Credit score in this range represents the average performance of the borrower in repaying the loan and any other dues. Lenders may not be sure of your application and there are higher chances of your loan getting rejected. Even if you get the loan, interest rate would be definitely higher with fewer benefits.

550 – 649

There is very little chance for an applicant with poor credit score to get a loan. Poor credit score indicates to the lender that you will surely default on your loan repayments and hence they refrain from providing loan to such applicants. In this case, you will most likely be asked to apply with a guarantor as he/she may pay the loan amount on your behalf, if you fail to do so.

Fixed and Floating Interest Rates

When you apply for a personal loan with a fixed interest rate, the interest rate charged on the loan amount every month would remain the same, over the course of the repayment period. You will have a fair idea as to how much rate of interest you need to pay throughout the repayment period. This will help you manage your finances accordingly. When it comes to the floating interest rate, it depends on Marginal Cost of Lending Rate(MCLR) which is nothing but the base rate of reference rate set for banks by RBI. With revisions in MCLR, the interest rate also changes. When the interest rate is lower, the repayment amount also reduces.

Method to Calculate Interest

There are two methods to calculate interest: Flat rate method and Reducing balance method In flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing balance method, the interest rate will be considered and calculated on the basis of outstanding loan amount.

Flat rate of interest can be calculated as:

EMI = (Principal + total interest payable) / loan tenure in months

Where total interest payable = P x r x n/100

P is the loan amount or principal,

‘r’ is the rate of interest,

‘n’ is the loan tenure in months.

The formula to calculate interest rate basis the reducing balance method is EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)] where P is the loan amount or principal, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

FAQs about Bajaj Finserv Personal Loan Interest Rate

  • ✔️What is the interest rate for personal loan in Bajaj Finserv?

    The personal loan interest rate starts from 12.99% p.a. onwards.

  • ✔️Is Bajaj Finserv personal loan good?

    Bajaj Finserv Personal Loan is an unsecured loan product that offers you instant help in times of need. You can get benefits like personalized pre-approved offers, instant approvals, quick disbursal and flexible tenues of 12 to 60 months. The application process is completely online, hassle-free. The process requires minimal documentation and your loan can be approved in just 3 minutes! 

  • ✔️Can I get personal loan on Bajaj EMI card?

    The Bajaj EMI Card comes with a pre-approved loan of up to INR 1.5 Lakhs that can be used for making purchases and converting them into easy EMIs.

  • ✔️How is EMI calculated on loan?

    EMI on a Personal Loan is calculated by the formula:

    EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

    where P is the loan amount or principal, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

Happy Customers of Finserv MARKETS

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