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Get a Bajaj Finance Personal Loan at low interest rates.
You can get a Bajaj Finance Personal Loan at interest rates starting from 10% p.a. Various factors like your credit score and income can influence the interest rate offered. Additionally, other charges like the processing fees and foreclosure fees add to the overall cost of borrowing. Understanding these rates and charges allows you to make well-informed financial decisions. You can also compare Bajaj Finance Personal Loan interest rates with those offered by other lenders on Bajaj Markets before applying.
It is essential to learn about the Bajaj Finance Personal Loan interest rates before applying. The charges applicable on the loan are as follows:
Particulars |
Details |
|---|---|
Interest Rate |
10% to 31% p.a. |
Processing Charges |
Up to 3.93% (Inclusive of applicable taxes) of the loan amount |
*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
Let’s explore the additional fees and charges applicable to Bajaj Finance Personal Loans:
Particulars |
Details |
|---|---|
Pre-payment Charges |
|
Principal Holiday Facility Fees |
|
Annual Maintenance Charges (AMC) |
|
Penal Charges |
Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Bounce Charges |
Up to ₹1,200/- per bounce |
Stamp Duty |
Payable as per state laws and deducted upfront from loan amount. |
Flexi Facility Charge |
|
Disclaimer: The mentioned values are subject to change at the lender’s discretion.
The following factors could influence the interest rate on your Bajaj Finance Personal Loan:
Credit Score: A higher score could make you eligible for lower interest rates
Income: Higher income assures the lender of your repayment ability, potentially reducing your rate
Employment Type: Stable employment or being salaried increases the chances of favourable terms
Loan Tenure: Shorter tenures often result in higher interest rates, while longer ones might result in a lower rate
Debt-to-Income (DTI) Ratio: A lower ratio improves your likelihood of securing competitive interest rates
Government Policies: Economic changes like inflation can influence loan rates
Depending on the tenure, interest rate, and loan amount you choose, the interest charges will be calculated. Here’s an example to help you understand this better:
Let’s say you took a loan of ₹10 Lakhs at 10% p.a. for 5 years. Here, you will have to pay an approximate EMI of ₹21,247. Here’s the breakdown of the EMI along with the interest charges you need to pay each year, based on the loan terms.
Tenure |
Principal Paid |
Interest Charges |
Outstanding Dues |
|---|---|---|---|
1st Year |
₹1,62,268 |
₹92,696 |
₹8,37,732 |
2nd Year |
₹1,79,259 |
₹75,706 |
₹6,58,472 |
3rd Year |
₹1,98,030 |
₹56,935 |
₹4,60,442 |
4th Year |
₹2,18,766 |
₹36,198 |
₹2,41,675 |
5th Year |
₹2,41,675 |
₹13,291 |
₹0 |
*Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.
Keep in mind that adjusting the loan amount, interest rate, or tenure can have a substantial impact on your EMI. Use the EMI calculator on Bajaj Markets to experiment with different options and select loan terms that align with your financial goals and repayment ability. This approach helps you secure a loan that is both affordable and convenient to repay.
Primarily, Bajaj Finance levies fixed interest rates on their personal loans. However, this is subject to your eligibility and Bajaj Finance’s policies. Contact the lender and check the type of interest offered to you before getting the loan.
The interest calculation method of Bajaj Finance is subject to their policies and the specifics of your loan agreement. Reach out to the lender to get more clarity regarding the matter before applying.
Your credit score plays a significant role in determining the interest rate on your Bajaj Finance Personal Loan. A higher credit score indicates better creditworthiness, which can lead to more favourable interest rates. Conversely, a lower credit score may result in higher interest rates or even difficulty in loan approval.
The interest rates range from 10% to 31% p.a., depending on factors such as your credit score, income, and employment type.
Yes, part-prepayment charges of up to 4.72% (Inclusive of applicable taxes) are applicable, except for Flexi Term Loans or Hybrid Flexi Loans.
Use the EMI calculator available on Bajaj Markets. Provide the loan amount, interest rate, and tenure to check the total interest payable on the loan.
A penalty of ₹6 - ₹12 per day per instalment is charged for delayed payments.
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