Bajaj Finserv Personal Loan Interest Rate

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Bajaj Finserv Personal Loan Interest Rate 29th November 2020

Interest Rate 12.99% to 15.50%
Loan Tenure 12 months to 60 months
Loan Amount Rs. 1 lac to Rs. 25 lac
Processing Fee From 1.50% to 3% of the borrower amount + tax
Preclosure Charges Allowed after paying the first EMI, charges 4%
Part Prepayment Charges Allowed after paying the first EMI, charges 2%

Bajaj Finserv Personal Loan Interest Rate is between 12.99% and 15.50%. The loan amount is between Rs. 1 lac and Rs. 25 lac. The tenure ranges between 12 months and 60 months. The lowest EMI per lakh is Rs. 2,275 considering 60 months tenure and 12.99% rate. This NBFC offers personal loans to both salaried and self-employed professionals. The age eligibility for borrowers is between 25 years and 58 years. A few of the personal loan schemes by this financial institution includes:

  • Flexi Loan
  • Lifestyle Finance Personal Loan
  • Durable Finance Personal Loan
  • Digital Product Finance Loan
  • PLOC Loan
  • Medical Emergency Loan

In the below-given post, we will discuss about the features of Bajaj Finserv Personal Loan Interest Rate, its details, factors that influence the rate of interest, other charges, loan cost illustration, EMI calculation, interest calculation, and frequently asked questions.

Features of Bajaj Finserv Personal Loan Interest Rate

Below given are the features of personal loan interest rate Bajaj Finserv:

  • A processing fee, which is non-refundable and mandatory will apply on the loan. The fee is between 1.50% and 3% of the loan amount excluding the applicable tax.
  • You can opt for part payment after payment of the first EMI. The charges are 2% of the outstanding amount.
  • You can opt for foreclosure after payment of first EMI. The charges are 4% of the outstanding amount.
  • Bajaj Finserv offers customized interest rates and schemes for employees working in reputed companies, government bodies, and banks.
  • The NBFC can apply other charges depending on the scenario at hand. You may have to bear late EMI charges on missing payments, EMI bounce charges, additional service or loan cancellation charges as per the loan agreement.

Bajaj Finserv Personal Loan Interest Rate Details

The rate of interest by Bajaj Finserv for personal loan is between 12.99% and 15.50%. Borrowers with a strong CIBIL score, with stable employment history, and working for reputed organizations receive the best offered rate. This financial institution has special schemes for government employees, armed forces, and defense. The rates offered to defence personnel and government employee is different than that for private salaried borrowers.

Below provided is information on personal loan schemes and respective interest rates by the NBFC:

Scheme Loan Amount Loan Tenure Interest Rates
Flexi Loan Rs. 1 lac to Rs. 25 lac Up to 60 months 14.75% to 15.25%
Personal Line of Credit Rs. 1 lac to Rs. 25 lac Up to 60 months 14.75% to 15.25%

Existing customers can take a top-up on their personal loan. The top up facility is only available to borrowers with a regular repayment track record on the loan running with Bajaj Finserv. The new loan is available at a similar rate of interest as that of the existing personal loan. So, the current rate of interest on the top-loan starts from 12.99%.

Bajaj Finserv Personal Loan Charges

Apart from the interest rate, there are other charges applicable on your personal loan that you need to check.

  • Processing Fees: You have to pay the non-refundable processing fee. The maximum fee is up to 3% of the loan amount, and the lowest fee is up to 1.50% of the loan amount. The tax applicable is charged separately.
  • Part Payment Charges: You can choose part payment after payment of the first EMI. The charge is 2% of the remaining loan amount.
  • Foreclosure Charges: This option is feasible if you wish to repay the remaining loan amount before end of the tenure. You can opt for preclosure at 4% penalty of the outstanding amount. Foreclosure is allowed after payment of the first EMI.
  • Other Charges:The NBFC will provide you a statement of the loan charges with the loan agreement. While processing fee is an unavoidable fee, there are other charges applicable in certain scenarios such as EMI cheque bounce, late payment, loan cancellation, and more.

Factors that Influence Bajaj Finance Personal Loan Rate

Bajaj Finserv provides the best interest rate after assessing your monthly income, loan amount, tenure, financial liabilities, employment history, and a lot more. The below given are factors that impact the decision of the NBFC about the applicable rate of interest:

  • Loan Amount: You can borrow between Rs. 1 lac and Rs. 25. Lac. Usually, financial institutions offer a lower rate of interest on a higher loan amount.
  • Loan Tenure: The tenure of the loan is between 12 months and 60 months. A shorter tenure means lower interest payout. However, the rate offered is lower usually for longer tenure loans.
  • Monthly Income: Your monthly salary or income tells the lender about your ability to repay the loan. If you belong to a higher salary bracket, work for a reputed firm, and an existing customer, then you can get the best interest rate.
  • Repayment Capacity: Bajaj Finserv will check your repayment capacity before deciding on the loan amount you can borrow and the interest rate. You can negotiate the interest rate and loan amount if you have a good CIBIL score and a clean repayment record.
  • Employer Category: This financial institution may have an internal list of companies categorized based on the size, existing relationship with Bajaj Finserv, reputation and other factors. The category is ranked from high to low based on these factors. If you are employed with higher ranked companies, then you may be eligible for concessional rates and attractive offers.
  • Relationship with the NBFC: The financial institution offers special charges, rates, and schemes to existing customers/borrowers. Those who had made all payments in the past on time may benefit with better rates.

Personal Loan Illustration – Bajaj Finserv

Here is the example on the total cost of personal loan Bajaj Finserv:

  • Flexi Loan
  • Lifestyle Finance Personal Loan
  • Durable Finance Personal Loan
  • Digital Product Finance Loan
  • PLOC Loan
  • Medical Emergency Loan
Annual Percentage Rate (APR) 12.99% to 15.50%
Example of the Total Cost of Personal Loan Including All Charges Here is a simple calculation of Bajaj Finserv Personal Loan Cost:
  • Total loan amount: Rs. 1 lac
  • Tenure: 12 months to 60 months
  • Processing Fee: Up to Rs. 2,000 or from 1.50% to 3% of the borrowed amount + applicable tax
  • Fee to Loanbaba: No Fee
  • Total Monthly Cost: At 15.50% rate and 12 months tenure, the EMI is Rs. 9,049. At 12.99% rate and 60 months tenure, the EMI is Rs. 2,275. The total cost over the loan tenure is Rs. 38,488 for a loan taken for 60 months.
  • EMI differs on personal loans taken at different tenures. As per the above given example, it is evident that EMI is lower for a loan taken for a longer tenure.
  • With each EMI payment, the interest component reduces and the principal repayment increases.
  • To understand the EMI payment, refer the amortization sheet provided by the financial institution. You will get to know the entire repayment schedule till end of tenure.

Bajaj Finserv Personal Loan EMI Calculation

EMI is the equated monthly instalment. You need to pay this amount towards the loan repayment till end of tenure. The EMI is to be paid on a fixed date every month. The lowest EMI per lac offered by the NBFC is Rs. 2,275. This EMI amount is on the basis of 60 months tenure at 12.99% interest rate. Below mentioned is an example of different loan amount and EMI calculation over different tenures.

Loan Amount 5 Years Loan 3 Years Loan 1 Year Loan
Rs. 3 lac Rs. 6,824 Rs. 10,107 Rs. 26,794
Rs. 6 lac Rs. 13,649 Rs. 20,213 Rs. 53,588
Rs. 12 lac Rs. 27, 298 Rs. 40,427 Rs. 1,07,175
  • It is evident that EMI is lower when you take a loan for a longer tenure, and vice-versa.
  • The EMI contains both principal and interest component. Though the EMI is constant every month, the proportion of interest and principal repaid changes.
  • With EMI payment every month, the principal component increases while the interest component reduces.

Bajaj Finserv Personal Loan Interest Calculation

Below mentioned is the interest calculation for personal loan Bajaj Finserv. The applicable rate is 12.99% while the loan amount is Rs. 1 lac.

Bajaj Finserv Personal Loan 5 Years Loan 3 Years Loan 2 Years Loan
Loan amount Rs. 1 lac and 12.99% rate of interest Rs. 2,275 Rs. 3,3697 Rs. 4,754
Total repayment amount (principal + interest) Rs. 1.36 lac Rs. 1.21 lac Rs. 1.14 lac
Interest payout on the tenure Rs. 36,500 Rs. 21,284 Rs. 14,096
  • It is evident that EMI is lower on a longer tenure, but the interest outgo is higher. For instance, you have to pay Rs. 2,275 as EMI for 5 years with Rs. 36,500 as the total interest amount.
  • On the other hand, if you take the loan for only 2 years, the EMI is higher Rs. 4,754. But the total interest is only Rs. 14,096.
  • Thus, when choosing the loan amount and tenure, calculate the interest amount and EMI that you have to pay so that you have an idea about the total cost of the loan.

FAQs for Bajaj Finserv Personal Loan Interest Rate

Below-mentioned are the frequently asked questions about personal loan interest rates and schemes by Bajaj Finserv:

  • add1. What is a Flexi Loan?

    This is a loan facility like an Overdraft. You can deposit, withdraw, and prepay through the loan account. You need to only pay interest on the used amount.

    • This scheme is valid for only the existing customers.
    • The loan amount is between 25,000 to Rs. 2 lac.
    • There are no prepayment charges. The tenure is maximum 84 months.
    • To apply for this Bajaj Finserv loan, you need to be at least 27 years old and working with a reputed company.
  • add2. What is a Medical Emergency Loan?

    This is loan is for emergency financial help to take care of medical treatment and healthcare cost. The loan is among other pre-approved offers. You can borrow up to Rs. 25 lac. You need to be at least 25 years of age to 58 years to avail this loan. The medical emergency personal loan involves minimal documentation, minimal processing fees and charges, and approved in as less as 72 hours.

  • add3. What is Durable Finance personal loan?

    This loan helps the borrower to pay in easy monthly instalments for purchase of lifestyle products such as electronic gadgets and appliances such as computer accessories, kitchen appliances, music system, etc. You can close the loan without paying any additional charges. The loan is available for customers who are between 25 years and 58 years of age.

    • The loan amount is between Rs. 25,000 and Rs. 25 lac.
    • The loan is available to purchase any consumer durable product whose purchase value is up to Rs. 5,00,000
    • The maximum tenure is 84 months.
    • You need to provide minimal documents such as address proof, KYC details, and in case of ECS – a cancelled cheque.
    • You need to earn monthly at least Rs. 40,000 to avail this loan.
  • add4. What is Digital Product Finance Loan?

    With this loan, you can purchase digital products such as laptop, smartphone, tablet, etc. You can repay in easy EMIs. The loan is approved instantly with minimal documentation at the partner stores. The loan amount is between Rs. 10,000 and Rs. 1 lac. The loan is available for customers who are between 25 years and 58 years of age.

    • There is facility to prepay the loan. Prepayment of loan will help reduce the EMI burden.
    • The loan is available to both salaried and self-employed professionals.
    • You can make 6 prepayments in 1 year. The prepayment amount must be more greater than the sum of 3 EMIs.
  • add5. What is Lifestyle Finance personal loan?

    This loan is for borrowers who wish to get the latest renovations and interiors for their dream home. The Lifestyle finance personal loan comes as a pro-approved scheme, and a top-up scheme for existing borrowers. The loan is available for customers who are between 25 years and 58 years of age.

    • This amount provided is to purchase any consumer durable product with purchase value up to Rs. 3 lac.
    • There is facility to prepay the loan. Prepayment of loan will help reduce the EMI burden.
    • You can make 6 prepayments in 1 year. The prepayment amount must be greater than the sum of 3 EMIs.
  • add6. What is a PLOC Loan?

    Bajaj Finserv offers Line of Credit to manage your cash flow in an effective manner. You have to pay the interest on only the used-up amount. Here, you can withdraw amount and prepay as per the credit limit approved during the loan agreement.

    • There are no charges for part prepayments. Simultaneously, there is no limit to the number of part prepayments you make.
    • Every month, you only have to pay the interest amount.
    • You can repay the entire principal amount at the end of tenure.

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