Personal Loan Interest Rates & Processing Fees

Personal Loan Processing Fee

Bajaj Finserv Personal Loan Interest Rate ranges up to 12.99%p.a to 15.50%p.a. The processing fee for personal loan payable to Bajaj Finserv is Up to Rs. 2,000. Current offer for processing fee is starts from 1.50%, Up to 3%. Besides the regular loan products, bank also offers customized loans for special categories of borrowers. The following are the interest rates of the key products of Finserv MARKETS.

Personal Loan Eligibility Criteria

We at Finserv MARKETS offer a very simplistic personal loan eligibility criteria to make the process of availing a personal loan seamless for you. The primary criteria that are taken to conditions are as follows

• You Should Be an Indian Citizen

• You Must Be Age Between 23 – 58

• You Should Be a Salaried Individual

Check out our personal loan eligibility criteria for the entire list of conditions.

Documents Required for Personal Loan

Our documentation process in one of the easiest and safest process wherein you don’t have to carry any documents the whole process is online and paperless. We just require the following documents

• Any Identity Proof(Aadhaar card, Pan card/Driving License)

• Any Address Proof(Ration Card, Driving License/Electricity Bill)

• Last 3 Months Bank Statements

For detailed information on documents and other terms and conditions check out personal loan documents page.

Why Go With Finserv MARKETS?

Availing a personal loan from Finserv MARKETS will always give you the following benefits.

• Easy Documentation

• Attractive Interest Rates

• Quick Disbursal

Explore more about features and benefits of personal loan at Finserv MARKETS.

What are the main factors that affect personal loan interest rates?

• Your income

Your bank can trust you on the basis of the income that you are getting. The more income you have, the more chances for you to avail a personal loan at lower interest rates.

• The company's status

The current status of your company plays a crucial role in deciding personal loan interest rates. CAT A refers to-Top 1000 companies CAT B refers to -Multi-National Companies (MNC's) CAT C refers to-Smaller Companies CAT D refers to-Smaller Companies with 100 Employees have better chances to avail a personal loan.

• 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 Bajaj FInserv MARKETS & get to know about the eligibility for personal loans.

• Relationship with your Bank

If you are having a salary account or savings account, your bank will 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 ask the bank for special offers, and enjoy additional benefits on personal loans.

What is Repo rate and how does it affect personal loans?

Repo rate is also known as “Repurchase Rate” which is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks against collateral such as government securities. The agreement is to repurchase these collaterals at a fixed price in the future. Repo Rate reduces the influence of the lending rate or rate of interest on all mortgages such as personal loans, car loans, housing loans, etc. This reduction in the interest rates is expected to increase the demand for these products. A reduction in the Cash Reserve Ration (CRR) would enhance the availability of funds and bring in more liquidity to the banking system.

This will alternately affect the economy as well, which is one of the reasons why the Reserve Bank of India (RBI) introduces such a change. It is also important to note that the repo rate cut would lead to a reduction in the personal loan interest rates only if the loan has been offered on a floating interest rate basis. If the personal loan is offered on a fixed interest rate basis, then the personal loan interest rates would not be affected if the repo rate changes. Therefore, repo rate cuts will benefit borrowers who are getting a personal loan for the first time. When the bank implements the changes the existing borrowers who have opted for the fixed rate of interest would not benefit from the same.