Bajaj Finance Personal Loan Interest rates

⋆ Interest Rate 9.99% ⋆

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Rates as low as 9.99%*
Loans Up to 30 Lacs
Same Day Disbursal
Doorstep Service
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Bajaj Finance Personal Loan Interest rates Key Features

Bajaj Finance Personal Loan Interest Rates 12.99% onwards
Bajaj Finance Personal Loan Processing Fee 2.50% of the loan amount (Min Rs.2,999 & Max. Rs. 25,000)
Loan Tenure 1 year to 5 years
Loan Amount Up to 25 Lakhs
Minimum Salary/Income As Per Policy
Minimum Credit Score Above 750
Lowest EMI per lakh Rs. 2,187
Pre-Payment/Foreclosure Charges

Allowed after 12 EMI’s

13 to 24 months: 4% of the outstanding principal balance

25-36 months: 3% of outstanding principle

Above 36 months: 2% of the outstanding principle

Overdue EMI Interest 2% per month on EMI

Advantages of Bajaj Finance Personal Loan Scheme

  • Bajaj Finance provides its regular customers with the loan amount within 10 seconds after getting the loan approved and new customers within 4 hours of their loan application getting approved.
  • The applicant can choose the repayment tenure as per their suitability.Bajaj Finance Personal Loan
  • Bajaj Finance’s personal loan EMI’s are affordable and easy to pay.
  • The applicant can opt for a Fixed Bajaj Finance Personal loan Interest Rate where the set interest rate on the personal loan will not change and you can pay a fixed amount for interest for the whole tenure of the loan.
  • The applicant can also choose for Floating Bajaj Finance Personal loan Interest Rate where the interest rate will according to the Bajaj Finance’s norms and interest payments will have variability.
  • To avail a personal loan through Bajaj Finance, the applicant does not require to have a guarantor or to provide security.
  • Bajaj Finance offers personal loan to salaried individuals. The interest rate for each applicant is based on how good the credit score is!

Factors affecting Bajaj Finance Personal Loan Interest Rate

Profile

Applicant’s profile is very important criteria which can affect the interest rate of the loan both ways. If the applicant has properly managed and presented their financial documents, credit history and previous loan behavior, the interest rate may reduce while a poorly managed profile can either infuse more interest rate or can reject the loan application itself.

Here, the applicant’s age also plays a very important role.

Loan Tenure

Bajaj Finance’s personal loan tenure ranges between 1 year to 5 years. Though an applicant applying for a short term loan may need to pay higher interest rates when compared to long term loans.

Repayment Capability 

Bajaj Finance  considers repayment capability big criteria for approval of the loan. Mainly, the applicant’s income, assets and creditworthiness are looked into before the it offers a rate for the loan. A CIBIL score gives a very detailed review of repayment capacity and thus it is crucial to maintain a good CIBIL score with a credit score not less than 750.

Relationship With Bajaj Finance

Bajaj Finance offers very decent offers, interest rate and low charges to applicants already holding an Bajaj Finance account. 

Applicants may even get discounts on the processing charges or reduced interest rate to those who have managed to show commitment to making their payments on time in the past.

Bajaj Finance Personal Loan Fees and Charges

Common Charges:

  • Cheque swapping charges: Rs.500
  • Amortization schedule charges: Rs.200
  • Cheque bounce charges: Rs.550

Applicants with Income of Rs.25,000 Per Month:

Loan amount Rs.2 lakh
Processing fee 3.99%
Loan tenure 1 year
Interest rate 18%
Monthly EMI Rs.18,336
Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
Month 1 Rs.15,336 Rs.3,000 Rs.18,336 Rs.1,84,664
Month 2 Rs.15,566 Rs.2,770 Rs.18,336 Rs.1,69,098
Month 3 Rs.15,800 Rs.2,536 Rs.18,336 Rs.1,53,298
Month 4 Rs.16,037 Rs.2,299 Rs.18,336 Rs.1,37,262
Month 5 Rs.16,277 Rs.2,059 Rs.18,336 Rs.1,20,985
Month 6 Rs.16,521 Rs.1,815 Rs.18,336 Rs.1,04,464
Month 7 Rs.16,769 Rs.1,567 Rs.18,336 Rs.87,695
Month 8 Rs.17,021 Rs.1,315 Rs.18,336 Rs.70,674
Month 9 Rs.17,276 Rs.1,060 Rs.18,336 Rs.53,398
Month 10 Rs.17,535 Rs.801 Rs.18,336 Rs.35,863
Month 11 Rs.17,798 Rs.538 Rs.18,336 Rs.18,065
Month 12 Rs.18,065 Rs.271 Rs.18,336 Rs.0

Applicants with Income of Rs.50,000 Per Month:

Loan amount Rs.2 lakh
Processing fee 2%
Loan tenure 1 year
Interest rate 15%
Monthly EMI Rs.18,052
Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
Month 1 Rs.15,552 Rs.2,500 Rs.18,052 Rs.1,84,448
Month 2 Rs.15,746 Rs.2,306 Rs.18,052 Rs.1,68,702
Month 3 Rs.15,943 Rs.2,109 Rs.18,052 Rs.1,52,759
Month 4 Rs.16,142 Rs.1,909 Rs.18,051 Rs.1,36,617
Month 5 Rs.16,344 Rs.1,708 Rs.18,052 Rs.1,20,273
6 Rs.16,548 Rs.1,503 Rs.18,051 Rs.1,03,725
7 Rs.16,548 Rs.1,297 Rs.18,052 Rs.86,970
8 Rs.16,965 Rs.1,087 Rs.18,052 Rs.70,005
9 Rs.17,177 Rs.875 Rs.18,052 Rs.52,829
10 Rs.17,391 Rs.660 Rs.18,051 Rs.35,437
11 Rs.17,609 Rs.443 Rs.18,052 Rs.17,829
12 Rs.17,829 Rs.223 Rs.18,052 Rs.0

Bajaj Finance Personal Loan Eligibility Criteria

Everyone who can clear the following criteria can apply for Bajaj Finance Personal Loan

  1. Age Range: Applicants aged between 18 years – 65 years.
  2. Nationality: The applicant should be a resident of India.
  3. The applicant should be a salaried or self-employed individual.

Bajaj Finance Personal Loan TopUp Loan

Existing customers who require additional findings can opt for Bajaj Finance personal top-up loan. The applicants can top-up their loan up to Rs.25 lakh or up their existing loan amount, whichever is lower. Bajaj Finance offers personal loan top-up interest rate between 9.15 % p.a. to 9.65 % p.a. and the tenure is subject to that of the existing loan.

Bajaj Finance Personal Loan Balance Transfer

Customers who want lower interest rates on their existing personal loans can always choose the Bajaj Finance personal loan balance transfer from another financial lender. Transfering their personal loan balance to Bajaj Finance is easy and simple and customers will be offered interest rates as low as 11.49% and will be charged a processing fee of Rs.3,499.

Bajaj Finance Personal Loan FAQ

✅What are the Bajaj Finance personal loan interest rates?

Bajaj Finance Personal Loan Interest Rates for salaried individuals applying is upwards from 12.99% annually.

✅Can I close Bajaj Finance personal loan before 1 year?

One cannot foreclose Bajaj Finance personal loan account before payment of 12 EMIs.

How to check Bajaj Finance personal loan balance?

You can call on 9878981166 and Dialabank will provide you with the necessary details right away.

 

 

 

 

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