Bajaj Finserv is the leading Non- Banking Financial Institute. The institution has made it possible for several to fulfill their dreams. It always stands to provide financial support to its customers. Through the variety of products, it caters variant and unique requirement of each customer. It provides a personal loan to the candidates in need of money to fulfill personal wants. It helps people realise their aspiration and support them in fulfilling them.
It provides the personal loan to the salaried employees. It gives the maximum of ₹ 25 lakh as the loan amount. There are many features and benefits that are provided by Bajaj Finserv to its customers. Some of them are - instant online approval, fund disbursal within 72 hours, simple process and less documentation. Bajaj Finserv Personal Loan Interest Rates are reasonable and competitive in comparison to other NBFCs. Read the personal loan details to grab more information about the product.
The applicant must check the following details before applying for the personal loan:
- Interest Rate - The interest rate on the loan is decided on the basis of customer’s profile. The Bajaj Finserv personal loan rate of interest starts from 13.99% p.a.
- Processing Fee - The customer has to pay the processing fee ranging from 2.25% to 3% of the loan amount.
- EMI Bounce Charges - For every EMI bounce, the borrower has to pay the charge of Rs. 1,000.
- Penal Interest - If the borrower defaults in interest payment then he/ she has to pay the penal interest of 2% per month.
- Foreclosure Charges - On early repayment of the loan the candidate has to pay 4% of the outstanding amount and service taxes
- Pre- payment Charges - The candidates making part payment before the due date have to pay the 2% of the outstanding loan amount.
The amount lent by the bank can be used for multiple reasons. Some of them are mentioned below.
Purpose of Lending Personal Loan:
- For wedding
- For travel
- For home improvement
- For medical emergency
- For higher education
Bajaj Finserv Personal Loan Eligibility Criteria
Bajaj Finserv provides personal loan eligibility only to the salaried individuals. The individuals must adhere to the following parameters in order to avail the benefit of personal loan:
- The age of the applicant should be between 25 to 53 years
- The applicants living in Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat and Thane must earn a minimum salary of Rs. 40,000 per month.
- For the citizens living in Chandigarh, Cochin, Jaipur and Nagpur the minimum net salary should be Rs. 35,000.
- The loan applicants residing in Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada and Vizag must earn a minimum monthly salary of Rs. 30,000.
Documents Required: The applicant needs to present the following set of documents:
Proof of Identity - Passport / Voters ID card / Driving license / PAN card
Proof of Residence - Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR / Admin sign)
Employment Proof - Employee ID card
Income Proof - Salary slips of last 2 months
Bank Statements - Salary account bank statement of the last 3 months
How to Apply-
The candidates can apply for the loan online or offline. For offline application, the candidates have to send an SMS or give a missed call.
Steps to Apply Online: It is easy to apply online. The applicant just has to follow a 4 step procedure to get the loan. The online application procedure is as follows:
- Open the online application form and fill the required details.
- Select the required loan amount and repayment tenure.
- The company representatives will collect the documents
- After collection of documents, the amount will be credited to the account.
Bajaj Finserv Personal Loan EMI Calculator
It is one of the tools that helps you to calculate the monthly installment that the borrower will have to pay every month. The EMI is one of the main lookout options once you avail the loan. The EMI calculator calculates that amount for you in advance and hence you have informed borrower. It helps you to take the better decision on whether to take the loan amount at the given interest rate or not. Thus, it gives you the idea and you have to analyse comparing your monthly income and EMI outgo.
Suppose Mr.X wants to avail the loan amount of ₹ 5 lakh for 5 years at the rate of interest of 13.87%. Then the EMI calculator will calculate the amount of monthly interest outgo, total interest outgo, and total amount outgo.
Loan Amount- ₹ 5,00,000
Interest Rate- 13.87%
Tenure- 5 Years
So, after using the EMI Calculator you get the overall idea about your EMI
Monthly Installment- ₹ 11,660
Total interest amount- ₹ 1, 96,027
Total amount- ₹ 6,96,027
Features and Benefits- The features and benefits of availing personal loan from Bajaj Finserv are:
- Instant online loan approval - The online application is instantly approved and the documents are collected from the house of the applicant.
- Amount disbursed within 72 hours - After approval, the loan is disbursed within 3 days and the amount is credited to the account of the applicant.
- Get loans up to Rs. 25 lakhs - The applicant can avail the loan of up to Rs. 25 lakhs as per his/her eligibility.
- Flexible loan tenure - The loan can be repaid during the tenure ranging from 24 months to 60 months.
With so many benefits on a single deal, it becomes easy to choose the lender. Also, Bajaj Finserv personal interest rates are moderate so that the customer is not burdened with the interest payment.
