Looking to Avail Bajaj Finserv Personal Loan? Here is All You Must Know about It

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Bajaj Flexi loan
Bajaj Flexi loan

Bajaj Finserv provides personal loans to the salaried @ 13 percent p.a. onwards for personal loan amounts of around Rs 25 lakh and for a repayment tenure of as high as 5 years. Also, it provides personal loans for the self-employed @ 17 percent p.a. onwards for the loan proceeds of as high as Rs 45 lakh and for a repayment tenure of around 7 years. Besides this, Bajaj Finserv also offers instant loans in the form of Bajaj Flexi loan, which provides instant approval to your personal loan with minimal documentation. And the disbursal of the loan is often on the same day as placing the loan application. Also, Bajaj Finserv provides a pre-approved personal loan for specific existing consumers.

Bajaj Finserv Personal loan – Major Highlights
Particulars Salaried Self Employed
Rate of interest 13 percent p.a. onwards 17 percent p.a. onwards
Loan proceeds Up to Rs 25 lakh Up to Rs 45 lakh
Repayment tenure Up to 5 years Up to 7 years
Processing charges Up to 4 percent of the loan amount Up to 2 percent of the loan amount
Minimum monthly salary Rs 22,000

 

Interest rate of Bajaj Finserv personal loan

For the salaried applicants 13 percent p.a. onwards
For the self-employed applicants 17 percent p.a. onwards

 

Bajaj Finserv personal loan comparison with other personal loan lenders

NBFCs / Banks Rate of interest (per annum)
Bajaj Finserv 13 percent onwards
State Bank of India 9.60 percent – 13.85 percent
HDFC Bank 10.25 percent – 21 percent
Punjab National Bank 7.90 percent – 14.50 percent
ICICI Bank 10.25 percent onwards
Axis Bank 10.25 percent onwards
Kotak Mahindra Bank 10.25 percent onwards
Tata Capital 10.99 percent onwards
IDFC First Bank 10.49 percent – 23 percent
IndusInd Bank 10.49 percent onwards

 

Bajaj Finserv personal loan charges and fees

For the salaried

Processing charges Up to 4 percent of the loan amount
Document/ account statement/ statement charges/ repayment schedule/ no dues certificate/ interest certificate/ documents list Rs 50
Penal interest 2 percent – 4 percent per month
Bounce charges Rs 600 – Rs 1,200
Part pre-payment fees 2 percent + taxes
Mandate rejection service fee Rs 450
Stamp duty As per actuals

Annual maintenance charges

Flexi term loan 0.25 percent + taxes
Flexi hybrid loan 0.25 percent + taxes

 

Foreclosure fees

Term loan 4 percent + taxes
Flexi hybrid loan 4 percent + taxes
Flexi term loan 4 percent + taxes

 

For self-employed seekers

Fee type Charges
Processing charges Up to 2 percent of the loan amount
Bounce fees Up to Rs 3,000
Penal interest 2 percent per month
Document processing fees Rs 2,000 plus taxes
Document / statement charges Rs 50
Outstation collection fees NA

 

Know the various types of Bajaj Finserv personal loan

∙       Travel loan: To mitigate your travel expenditures involving flight tickets, hotel bookings etc.

∙       Wedding loan: To mitigate wedding expenditures or honeymoon expenditures.

∙       Medical emergencies loan: To mitigate the unplanned and planned medical exigencies.

∙       Debt consolidation loan: Consolidate your distinct debts, including your credit card and loan debts, to manage your instalments.

∙       Loan for higher education: To mitigate the expenditures of your ward’s higher studies, including the hostel charges, semester fees, travel expenses etc.

∙       Home renovation loan: Avail instant personal loan to mitigate your expenses linked with home repair and renovation.

∙       Loan to buy the used cards: To finance the purchase of your secondhand vehicle.

In case you want to avail any of the above-listed loans, directly contact Bajaj Finserv personal loan customer care for further discussion.

 

Bajaj Finserv personal loan eligibility criteria

For the salaried loan seekers

∙       Age: 21 to 67 years

∙       Nationality: Indian resident

∙       Profession: Public/MNC/private organization

∙       CIBIL score: 750 and above

∙       Minimum monthly income: Rs 22,000

∙       For applicants from places like Pune, Bangalore, Delhi, Mumbai, Noida, Ghaziabad, Hyderabad, Coimbatore, and Chennai, the minimum monthly salary must be Rs 35,000.

∙       For the loan seekers from Kolkata, Ahmedabad, the minimum monthly income must be Rs 30,000.

∙       For applicants from Nagpur, Jaipur, Cochin, Chandigarh, and Surat, the minimum monthly income must be Rs 28,000.

∙       For the applicants from Goa, Lucknow, Bhubaneshwar, Vizag, Nasik, Baroda, Indore, Bhopal, Aurangabad, Jamnagar, Kolhapur, Mysore, Madurai, Trichy, Calicut, Jodhpur, Rajkot, and Raipur, the minimum monthly salary must be Rs 25,000.

∙       Seekers from Hassan, Junagarh, Godhra, and Gandhidham must have a minimum income per month of Rs 22,000.

For the self-employed personal loan seekers

∙       Age: 24 – 70 years

∙       Nationality: Indian resident

∙       Credit score: Must be 750 and above

∙       Business vintage for a minimum of 3 years

Crucial documents required for the approval of Bajaj Finserv personal loan

Key documents required when placing the personal loan application with Bajaj Finserv include:

For the salaried loan seekers

∙       KYC documents

∙       Bank account statement for the past 3 months

∙       Employee ID card

∙       Salary slips for the past 2 months

For the self-employed loan seekers

∙       KYC documents include Aadhaar card, PAN card, Voter ID, Passport and Driving license. You can submit a copy of any one of the KYC documents.

∙       Business ownership proof

∙       Other important financial documents

Why place personal loan applications through financial aggregators?

∙       Multiple offers from various loan lenders: Aggregators are partnered with over 40 lenders, including NBFCs, banks, Fintechs etc., to offer the best loan offers from various lenders under a single roof.

∙       Choose and compare: Aggregators allow you to compare the rate of interest and various features like processing charges, foreclosure charges, disbursal offered by different lenders and select the most suitable loan option.

∙       Approval chances: Personal loans offered by aggregators are ranked order wise based upon approval chances and determined according to your credit score and eligibility criteria.

∙       Pre-approved loan offers: Once you are a part of any of the loan aggregators, you will receive personalized pre-approved offers for a personal loan depending upon your credit health. Such loan offers have low processing charges, low rate of interest and minimal or no documentation.

∙       Unbiased advice: Aggregator’s team of experts provide unbiased advice and thorough guidance to assist you in choosing the most suited loan option.

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