Fees and Charges for Bajaj Finserv Personal Loan

Bajaj Finserv provides competitive rates and transparent charges for its personal loans. Here’s an overview of the associated costs:

• Interest Rate: Starting at 11% per annum
• Loan Amount: Up to ₹35 lakhs
• Tenure: Flexible tenure ranging from 1 to 7 years
• Loan Processing Fee: Up to 3.93% of the loan amount
• EMI Bounce Charges: ₹600 to ₹1,200 per bounce
• Prepayment Charges:
• 4% of the principal outstanding for 13-24 months
• 3% for 25-36 months
• 2% for amounts exceeding 36 months

EMI: Starts at ₹1104 per lakh borrowed

Types of Bajaj Finserv Personal Loans

Borrowers can choose from two types of personal loan options:

1. Standard Term Loan: Under this plan, the entire loan amount is disbursed at once. Borrowers start repaying both principal and interest from the very first month. This structure is ideal for those who require immediate access to funds and can handle fixed monthly payments.
2. Flexi Loan: This innovative offering allows borrowers to pay only the interest component as EMI during an initial period. This reduces the EMI burden by up to 45% compared to a standard term loan. Borrowers can withdraw funds as needed, and interest is charged only on the utilized amount, making it a flexible option for managing varying financial needs.

Features of Bajaj Finserv Personal Loan

Here are some standout features of Bajaj Finserv personal loans:

1. Instant Loan Approval: Borrowers can apply online and receive approval for loans of up to ₹35 lakhs within minutes.
2. Quick Disbursal: Once approved, funds are disbursed within 24 hours, making it one of the fastest loan processes in India.
3. Minimal Documentation: Applicants with a strong credit score (750 and above) are eligible for pre-approved loans requiring minimal paperwork.
4. Flexible Tenure: Borrowers can choose loan tenures ranging from 12 to 60 months, ensuring repayment plans that suit their financial goals.
5. No Collateral Required: This unsecured loan requires no guarantor or collateral, reducing barriers to access.
6. Part-Prepayment Facility: Borrowers can make part-prepayments, reducing the outstanding principal. Prepayment charges vary based on the repayment timeline:
• 4% for 13-24 months
• 3% for 25-36 months
• 2% for periods exceeding 36 months

EMI Calculation for Bajaj Finserv Personal Loan

The EMI for a Bajaj personal loan is calculated using the formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P is the principal loan amount
• R is the monthly interest rate (annual rate divided by 12)
• N is the tenure in months

Borrowers can also use the Bajaj Finserv personal loan EMI calculator available online. By entering their loan amount, interest rate, and tenure, they can determine their monthly EMI obligations.

Benefits of Bajaj Finserv Flexi Loan

The Flexi Interest Only Loan is a unique offering from Bajaj Finserv, allowing borrowers to manage their finances more effectively. Key benefits include:

• Reduced EMI Burden: Pay up to 45% less during the interest-only period.
• On-Demand Withdrawals: Borrow funds as needed without applying for a new loan.
• Interest Savings: Pay interest only on the utilized loan amount, rather than the entire sanctioned amount.
• Improved Financial Flexibility: Adjust loan usage based on changing financial requirements.

Frequently Asked Questions (FAQ)

1. When can I apply for a personal loan from Bajaj?
• The application process is quick, taking less than five minutes. Loan verification and approval may take 1-7 working days.
2. What is the minimum income requirement for a Bajaj personal loan?
• Salaried individuals must earn a minimum of INR 22,000 per month, though this amount may vary by city.
3. Can I apply for multiple personal loans from Bajaj Finserv?
• Yes, you can apply for multiple personal loans, but it is advisable to ensure you have sufficient income and a good credit score before doing so. Multiple unsecured loans may categorize you as a high-risk applicant.

Bajaj Finserv offers a robust and flexible solution for those seeking personal loans. With competitive rates, fast approvals, and tailored offerings like Flexi Loans, borrowers can access funds quickly and efficiently. By meeting the eligibility criteria and submitting the required documents, applicants can secure a Bajaj Finserv personal loan to fulfill a variety of financial needs, from medical emergencies to home renovations. For personalized calculations and a hassle-free application process, the online tools provided by Bajaj Finserv, including eligibility and EMI calculators, make the experience even more seamless.