Bajaj Finance Personal Loan Apply Online, Check Interest Rates, Eligibility, and More Details

Updated: May 25,2020 09:54 IST

Monika

Bajaj Finance Personal Loan Apply Online, Check Interest Rates, Eligibility, and More Details

Bajaj Finance Personal Loan is one of the top personal loans provided by a non-banking financial company. Bajaj Finance Personal Loan offers loans at lowest interest rates associated with other charges being also low when compared to other personal loan sectors. More details on Bajaj Finance Personal Loan id given in the article below.

Overview of Bajaj Finance Personal Loan 

With the increasing financial needs of an individual or a family, many banks and NBFCs are offering loans as Personal loans to fulfill the financial needs. Likewise, Bajaj Finance, one of the top nonbanking financial company offers personal loans at best interest rates in the market. Personal Loans at Bajaj Finance can be acquired for varied reasons, few of the top personal loans provided at Bajaj Finance are as follows,
  • Personal Loan for Wedding
  • Personal Loan for Home Renovation
  • Personal Loan for Travel
  • Personal Loan for Higher Education

Highlights and Application Link for Bajaj Finance Personal Loan

People opt for personal because of lesser documentation and not much of hassle on the documentation.Home loans does not require a collateral or guarantor. Bajaj Finance Personal Loan offers instant approval and Flexi Personal Loans as per the convenience of the customers. Bajaj Finance Personal Loan can apply for jobs either in Online mode or can approach the Bajaj Finance branch and apply for loan  and avail loans instantly. Click the link to apply for Personal Loan Online.

What are the Steps to Apply for Bajaj Finance Personal Loan?

The process of applying Personal Loan at Bajaj Finance will very simple and and easy process. Check the steps below to apply
  • Click the Online link for Personal Loans
  • Fill in your personal, financial, and employment details
  • Select the loan amount and tenure you require
  • Our representative will contact you for the submission of the documents required
  • On submission of documents, receive the money within 24 hours in your bank account
Before applying for the personal loan, the applicant will have number of queries regarding the loan, its interest rate and charges, eligibility, etc. We have furnished all the necessary information an applicant has to be informed with before applying for a loan.

What is Bajaj Finance Personal Loan Interest Rate and Other Charges Accompanied with the Loan?

One of the main criteria for applying any type of loan is the Interest rate and other charges associated with it because the amount of interest rate you payback should be reasonable. Check the interest rates and other charges in the table given below.
 

Interest Rate

13.99%

Processing fees

2.25% - 3% of the loan amount

EMI bounce charges

Rs. 1,200 per bounce

Penal interest

2.38 % default interest including taxes per month

Secure fee (only for online approvals)

Rs. 4,499

Foreclosure Charges

4% plus applicable taxes on principal outstanding

Part-prepayment Charges

2% plus applicable taxes on part-payment amount paid

What are the Documents Needed to Apply for Bajaj Finance Personal Loan? 

Bajaj Finance requires certain documents to apply for the Personal Loan. Find below the documents required
  • KYC Documents
  • Employee ID - for Salaried Applicant
  • Bank account statements of your salary account, for the previous 3 months - for Salaried Applicant
  • IT Returns of last 1 year - for Self-employed candidates
  • Last One year turn over audited by CA

What is the Eligibility Criteria to Obtain Bajaj Finance Personal Loan?

Eligibility Criteria for both Salaried and Self-Employed applicants are different. Find below the eligibility criteria for personal loan
 

Salaried Applicant

Self-Employed Applicant

Must be between 25 and 58 years of age

Age between 22-55 years

Must be a salaried individual employed with an MNC, public or private company

Business vintage of at least 3 years

Must be a residing citizen of India

Filing of business IT returns for at least past 1 year

 

Previous year’s turnover duly audited by a CA

Apart from the above given eligibility criteria, the amount of salary is also taken into account which providing the personal loan. The minimum required salary limit for different locations are given below.

  • The minimum net monthly income of Rs. 27000 is required for applicants from Rajkot, Calicut, Jodhpur, Vijayawada, Trivandrum, Vapi, Trichy, Raipur, Kolhapur, Jamnagar, Bhopal, Mysore, Madurai, Vizag, Nasik, Aurangabad, Indore, Baroda, Lucknow, Goa and Bhubaneshwar.
  • The minimum net monthly income of Rs.32000 is required for applicants from Ahmedabad, Kolkata, Cochin, Nagpur and Jaipur.
  • The minimum net monthly income of Rs.37000 is required for applicants from Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida and Thane.

What are the Features and Benefits of Bajaj Finance Personal Loan?

There are number of benefits associated with Bajaj Finance Personal Loan. One who is within the age group of 25 and 58 years can obtain personal loan from Bajaj Finance. Some of the benefits of Bajaj Finance is listed below.
  • Flexibility - Feature that enables you to withdraw funds according to your requirements and repay the amount when you gain access to extra funds
  • Collateral-free loans - collateral-free personal loans without pledging any asset as security
  • Finances of upto Rs. 30 lakh
  • Pre-approved offers - Existing Bajaj Finserv customers are entitled to special pre-approved loan offers.
  • Online account access - Manage the loan account as per the convenience with the customer portal Experia
  • Repayment tenure - Ranges from 12 to 60 months based on the preference and loan sanctioning conditions.

What are the Features of Bajaj Finance Personal Loan  EMI Card?

Bajaj Finserv EMI Card is a payment instrument with a pre-approved loan amount. It is a smarter way to pay for all your purchases, from electronics and furniture to life care services and groceries on easy EMIs. It can be accessed on the Bajaj Finserv wallet, powered by Mobikwik. Features and Benefits of EMI Card is listed below.
  • Pre-approved loan up to Rs. 4 lakh
  • Repay easily
  • No documentation
  • Pre-approved offers
  • Easy online shopping
  • Nil foreclosure charges

What is Bajaj Finance Flexi Personal Loan?

  • A Flexi Term Loan is an industry-first facility being extended by Bajaj Finserv to our premium customers.
  • It is a hybrid product combining the features of both, a term loan and a written down value based loan limit.
  • With this product you can prepay and drawdown money as many times you want, making the process easy and hassle-free.
  • Interest is charged only on the amount drawn by you and not the entire loan amount.
  • On availing this, you benefit by saving interest cost as you can pre-pay the loan at no extra cost.
  • Your drawing power reduces on monthly basis thereby reducing the approved loan amount to zero at the end of loan tenor.

What are the Benefits of Flexi plan over Normal Term Loan?

Flexi Loans offer many benefits compared to normal term loan:
  • You have the flexibility to prepay the loan with idle funds.
  • You can re-avail the prepaid amount within the drop-line facility at any time within the loan tenor timeframe without any additional documentation.
  • You save on interest costs – interest is payable only on the utilised loan amount. There is no interest levied on the prepaid amount.
  • Seamless, easy, hassle-free online transactions on the Bajaj Finserv internet portal - Experia, the self-service account access tool for drawdown and RTGS, that allows you to make prepayments to BFL through netbanking transactions.

What are the Other Special Loans Offered by Bajaj Finance?

Bajaj Finance offers varied personal loans like all major banks to help people to meet their immediate financial requirements. Apart the common types of personal loans like loans for business or for wedding or any medical emergency, etc, Bajaj Finance provides personal loans based on the applicant’s occupation. This applies for only specific occupations which are listed below.
  • Government Employees
  • Teachers
Government employees can apply for loans easily and attractive offers are often provided for them towards availing of loans. Teachers are of great importance to the nation, and with the motive to encourage them, the quick disbursal of Bajaj Finance personal loans is provided to the teachers. Teachers can apply for a loan amount of Rs.25 lakhs and can obtain it within 24 hours. There is a exclusive personal loan provided for women with very low interest rates and the repayment tenure for that loan is flexible. 

How to Check the Bajaj Finance Personal Loan Status?

Once the applicants submit all the necessary documents for availing personal loan, the loan is sanctioned after verification. Meanwhile, the applicants can check the Bajaj Finance personal loan status using the reference number or application number provided to the applicant at the time of submitting the personal loan application. This information is also sent to you through e-mail and also as a message to your mobile number. Using the reference check the loan status following the below given method.
  • Applicants can  call the customer care number and check their loan status. The customer care number is 1800-103-35.
  • Provide the reference number and know the status of your loan.

How to get the Bajaj Finance Personal Loan Details?

Bajaj Finance personal loan will be disbursed once all the verification formalities are done. The maximum amount provided as personal loan is upto Rs.25 lakhs. The loan amount is also decided based on the CIBIL score of the applicants and all other eligibility criteria which is already provided in the above content. An opening kit is sent through the email to the applicant with all the necessary personal loan details. The details provided in the opening kit is listed below.
  • User ID and Password for online portal
  • Registered bank account details
  • Unique Virtual Account Number 
  • Registered Mobile number
  • Service guide to guide the applicants

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Bajaj Finance Personal Loan - FAQs

1.

What are the documents required for Personal Loan in Bajaj Finserv?

The whole documentation process can be done online and paperless as you do not have to visit the financial institution with your documents. To avail of a personal loan, you will have to submit any ID proof, any address proof and the last 3 months' bank statement. 

2.

Why choose Finserv markets?

By availing loan from Finserv markets, you will experience the benefits of easy documentation, attractive interest rates, and quick disbursal of your loan amount.  

3.

How can I improve my personal loan eligibility?

To get qualified for a loan, you will have to satisfy the eligibility criteria. Here are a few points which you can keep in mind to avail a loan from any bank:

  • Maintain a high credit score
  • Clear your existing loans and credit card bills
  • Avoid multiple loan applications 
4.

How does my CIBIL score determine my loan eligibility?

CIBIL score is also known as the Credit score. Your credit score will provide financial information of an individual to financial institutions which include your creditworthiness. so, if you have a good credit score, you have high chance of availing a loan from any lender.

5.

What is a personal loan?

A loan availed from the bank by an individual for his personal needs is known as a personal loan. Say, if a person wishes to buy his/her favourite gadget, he can avail a personal loan based on his credit score and income



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