Bajaj Finserv Personal Loan Review: Interest Rates @ 13.00%

Bajaj Finserv Personal Loan Review: Interest Rates @ 13.00%

Bajaj Finserv offers instant personal loans at the cost of high rates and strict eligibility criteria.

Good for

  • Instant personal loan
  • Low pre-payment fees
  • A back up option

Bad for

  • Senior citizens
  • Self employed borrowers
  • Low salary and CIBIL score

Editor's Rating

3.0/5.0

Bajaj Finserv advertises instant loan disbursal within 24 hours of approval. However, you must meet strict eligibility requirements and accept higher-than-average interest rates starting from 13.00%. ValueChampion recommends Bajaj Finserv as a backup option for eligible borrowers, considering there are more suitable alternatives depending on your needs and qualifications.

Other Personal Loan Lenders We Recommend

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Button\" data-eventlabel=\"Bank of India Star Pensioner Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Bank of India Star Pensioner Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Bank of India Star Pensioner Loan - Image\" data-eventlabel=\"Bank of India Star Pensioner Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Bank of India Star Pensioner Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003E\u003Cimg alt=\"Bank of India Star Pensioner Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/boi-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/boi-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/boi-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Bank of India Star Pensioner Loan - Button\" data-eventlabel=\"Bank of India Star Pensioner Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Bank of India Star Pensioner Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n","\n\u003Cstrong\u003EBest for Self Employed\u003C\/strong\u003E\n\u003Cdiv class=\"AffiliateBannerMobile--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Tata Capital Personal Loan - Image\" data-eventlabel=\"Tata Capital Personal Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Tata Capital Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003E\u003Cimg alt=\"Tata Capital Personal Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Tata Capital Personal Loan - Button\" data-eventlabel=\"Tata Capital Personal Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Tata Capital Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Tata Capital Personal Loan - Image\" data-eventlabel=\"Tata Capital Personal Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Tata Capital Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003E\u003Cimg alt=\"Tata Capital Personal Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Tata Capital Personal Loan - Button\" data-eventlabel=\"Tata Capital Personal Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Tata Capital Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n","\n\u003Cstrong\u003EBest Small Loan\u003C\/strong\u003E\n\u003Cdiv class=\"AffiliateBannerMobile--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Citibank Personal Loan for Salaried - Image\" data-eventlabel=\"Citibank Personal Loan for Salaried\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Citibank Personal Loan for Salaried\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003E\u003Cimg alt=\"Citibank Personal Loan for Salaried\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/citi-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/citi-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/citi-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Citibank Personal Loan for Salaried - Button\" data-eventlabel=\"Citibank Personal Loan for Salaried\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Citibank Personal Loan for Salaried\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Citibank Personal Loan for Salaried - Image\" data-eventlabel=\"Citibank Personal Loan for Salaried\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Citibank Personal Loan for Salaried\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003E\u003Cimg alt=\"Citibank Personal Loan for Salaried\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/citi-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/citi-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/citi-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Citibank Personal Loan for Salaried - Button\" data-eventlabel=\"Citibank Personal Loan for Salaried\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Citibank Personal Loan for Salaried\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n","\n\u003Cstrong\u003EBest for Low Salary\u003C\/strong\u003E\n\u003Cdiv class=\"AffiliateBannerMobile--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Indian Overseas Bank Personal Loan - Image\" data-eventlabel=\"Indian Overseas Bank Personal Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Indian Overseas Bank Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003E\u003Cimg alt=\"Indian Overseas Bank Personal Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/iob-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/iob-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/iob-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Indian Overseas Bank Personal Loan - Button\" data-eventlabel=\"Indian Overseas Bank Personal Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Indian Overseas Bank Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Indian Overseas Bank Personal Loan - Image\" data-eventlabel=\"Indian Overseas Bank Personal Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Indian Overseas Bank Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003E\u003Cimg alt=\"Indian Overseas Bank Personal Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/iob-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/iob-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/iob-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Indian Overseas Bank Personal Loan - Button\" data-eventlabel=\"Indian Overseas Bank Personal Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Indian Overseas Bank Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fad.admitad.com%252Fg%252Fqn58yelno72bc4fc0fc8057005246e\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],"offsetPercentage":20}
Summary of Bajaj Personal Loans
Interest Rates: from 13.00%
Loan Amount: Up to Rs. 25 lakhs
Loan tenure: 1 to 5 years
For salaried borrowers only

Table of Contents

What Makes Bajaj Finance Personal Loans Stand Out to Borrowers

The Bajaj personal loan application requires minimal documentation, which is one of its strongest features as some other banks prefer borrowers to provide proof of end use. However, the lender has a long list of strict eligibility requirements, which makes this personal loan harder to avail than most others. If you do meet Bajaj Finserv's eligibility criteria, you can benefit from the lender's Flexi loan option that allows you to reduce your EMIs and withdraw money from a pre-approved loan account.

HDFC Personal Loan ProductFeatures
Bajaj Finserv Personal Loan
  • Instant personal loans available with correct eligibility and document submission
Bajaj Finserv Flexi Loan
  • Pre-approved loan amount based on eligibility that you can withdraw money from as many times as needed
  • Reduce EMIs up to 45%

Bajaj Finance Personal Loan Interest Rates

Bajaj personal loan interest rates starts from 13.00%
Based on minimum interest rates for standard personal loans. Rates are subject to change.
Bajaj personal loan interest rates starts from 13.00%
Based on minimum interest rates for standard personal loans. Rates are subject to change.

Bajaj personal loan rates are not the lowest in India, starting from 13.00%. However, the lender still makes our top 10 lowest rates amongst the banks we analysed.

Your final rate will be determined by your credit score, occupation, income, age, and other factors. It's important to note that you must have a CIBIL score of at least 750 in order to avail the lowest interest rates from Bajaj Finserv.

Read More: Best Personal Loans for Low CIBIL Score

Bajaj Finance Personal Loan Eligibility

Consider this if are unable to obtain a loan from another lender

Required Monthly Income Rs. 25,000 to Rs. 36,000
Max. Loan Amount Rs. 25 lakh
Processing Fee up to 4.13%
Loan Tenure 12 to 60 months

Bajaj Finserv loan eligibility is offered as high as Rs. 25 lakhs, which finds itself in the middle range of loan amounts amongst the lenders we analysed. If you are in need of more financing, consider HDFC Bank or Yes Bank. In addition, the non-banking finance company (NBFC) offers loan tenures up to 5 years, which is standard in India.

In terms of personal loan eligibility criteria, Bajaj Finance has many requirements. To be eligible for Bajaj loan, you must meet the following criteria:

  • Age Requirement: 23 to 53 years old
  • Job Status: Salaried individual employed with an MNC, public or private company
  • Residence: Resident of India
  • CIBIL Score: Above 750

In addition to these requirements, Bajaj Finserv also has high income requirements that vary based on your city of residence.

Minimum Salary for Bajaj Finance Personal Loan

Monthly IncomeCity of Residence
Rs. 25,000Goa, Lucknow, Baroda, Indore, Bhubaneswar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut, Rajkot
Rs. 28,000Jaipur, Chandigarh, Nagpur, Surat, Cochin
Rs. 30,000Ahmedabad, Kolkata
Rs. 35,000Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida, Thane

If you are a low income earner, consider Indian Overseas Bank, UCO Bank, or State Bank of India for your personal financing needs. Additionally, self-employed borrowers can look to Citibank or Tata Capital for their personal financing needs.

Read more: Best Personal Loans for Low Salary | Best Personal Loans for Self-Employed Borrowers

Bajaj Finance Processing Fees and Other Charges

FeeAmount
Processing FeeUp to 4.13% of principal loan amount
Late Payment Fees2.00% to 4.00% of late EMI
Pre-Payment Charges2.00% of prepaid amount
Foreclosure Charges4.00% on principal outstanding amount
Maintenance Charges0.25% of withdrawable amount for flexi and hybrid loans

Bajaj Finserv has a costly menu of extra charges, including its processing fee of 4.13%. Additionally, the lender's late payment charges are higher than other lenders. With most lenders charging a flat 2.00% of the late EMI, Bajaj Finserv can charge up to 4.00% penalty.

While the NBFC's foreclosure fees are high, Bajaj does give more room than other lenders to pay off your loan in advance. For instance, HDFC Bank only allows up to 25% prepayment of your principal outstanding, twice a year. Bajaj Finserv, on the other hand, does not have these conditions for prepayment or foreclose. At most, your prepayment amount should be more than 1 EMI and made at least one month after disbursal.

Bajaj Personal Loan Calculator

Use a personal loan calculator to estimate your EMIs before applying. By inputting your personal loan interest rate, loan tenure, and loan amount, you can plan your repayments ahead of time. Click here to use the Bajaj Finance personal loan EMI calculator.

Bajaj Personal Loan EMI Repayment Schedule

Our team of financial analysts calculated an example EMI repayment schedule for borrowers, as seen below.

Stage of TenureEMIInterest PaidPrincipal PaidOutstanding Balance
Year 1₹56,883₹302,905₹379,687₹2,120,313
Year 2₹56,883₹250,496₹432,096₹1,688,216
Year 3₹56,883₹190,852₹491,740₹1,196,477
Year 4₹56,883₹122,976₹559,616₹636,861
Year 5₹56,883₹45,731₹636,861₹0
Based on an Rs. 25 lakh personal loan over a 5 year tenure. Interest rate is set at 13.00% per annum, with no processing fee calculated in the outstanding balance.

Bajaj Finance Personal Loan: Apply Online

In order to apply for a Bajaj personal loan, applicants should complete an online application form on their website or through the Bajaj personal loan app. The lender provides loan application decisions within 5 minutes and disburses the loan amount within 24 hours after approval.

Bajaj Finserv Personal Loan Documents Required

Bajaj advertises minimal documentation requirements for its customers. Unlike some other lenders, borrowers do not need to provide proof of end use. Below, you can find required documents for a Bajaj personal loan.

  • KYC documents
  • Employee ID Card
  • Salary Slips (last 2 months)
  • Bank Statements (last 3 months)

We recommend that you confirm requirements with Bajaj Finserv before applying, as additional documents may be needed.

Bajaj Finance Personal Loan Customer Care

For more personal loan details or to check the status of your loan application, contact Bajaj customer care through any of the methods below.

Natalia Sanchez-Kumar

Natalia Sanchez-Kumar is a Junior Research Analyst at ValueChampion, specialising in loans in India. She is a History graduate of New York University and has worked in the area of social impact, Future of Work and socio-technological research in the US and India. She has co-authored policy proposals alongside the International Labour Organisation in Sri Lanka and the Maldives, as well as hosted a data privacy conference with Facebook in New Delhi.