Understanding Bajaj Finance Personal Loans: Rates, Features, and Eligibility

Bajaj Finance provides personal loans for both salaried and self-employed individuals, offering flexible terms to suit various needs. Salaried individuals can avail loans up to Rs 40 lakh with interest rates starting at 11% p.a., while self-employed individuals can borrow up to Rs 50 lakh (Rs 55 lakh for doctors and CAs) with interest rates between 15-25% p.a. Benefits include instant approval, minimal documentation, same-day disbursal, and pre-approved loan options for select customers.

LOANBAJAJ FINSERV

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6/14/20242 min read

Bajaj Finance Personal Loans
Bajaj Finance Personal Loans

Understanding Bajaj Finance Personal Loans: Rates, Features, and Eligibility

Bajaj Finance offers personal loans catering to both salaried and self-employed individuals, with distinct terms and conditions for each category. Below are the key details of these loans:

Interest Rates and Loan Amounts
  • Salaried Individuals:

    • Interest Rate: 11% p.a. onwards

    • Loan Amount: Up to Rs 40 lakh

    • Tenure: Up to 8 years

    • Processing Fee: Up to 3.93% of the loan amount

  • Self-Employed Individuals:

    • Interest Rate: 15% - 25% p.a.

    • Loan Amount: Up to Rs 50 lakh (Up to Rs 55 lakh for Doctors and Chartered Accountants)

    • Tenure: Up to 8 years

    • Processing Fee: Up to 2.95% of the loan amount

Key Features
  • Instant Approval: Loans are approved instantly.

  • Minimal Documentation: Documentation requirements are minimal, making the process swift.

  • Same-Day Disbursal: Loan amount is disbursed on the same day of approval.

  • Pre-Approved Loans: Select existing customers can avail pre-approved loans.

Types of Bajaj Finance Personal Loans
  1. Personal Loan for Salaried Individuals: For various needs such as travel, weddings, medical emergencies, education, home renovation, etc.

  2. Personal Loan for Self-employed Individuals: For business or personal needs.

  3. Personal Loan for Doctors: For professional needs like clinic renovation, equipment upgrades, etc.

  4. Personal Loan for Chartered Accountants: For business expansion, office renovation, travel, etc.

  5. Flexi Personal Loan: An overdraft facility allowing withdrawal from a pre-approved limit with interest only on the withdrawn amount.

  6. Other Specific Loans:

    • Wedding Loan: For wedding-related expenses.

    • Medical Emergency Loan: For planned and unplanned medical expenses.

    • Debt Consolidation Loan: For consolidating existing debts.

    • Loan for Higher Education: For financing higher education expenses.

    • Personal Loan for Home Expenses: For home purchase, renovation, repairs, furnishings, etc.

Eligibility Criteria
  • Salaried Applicants:

    • Age: 21-80 years

    • Nationality: Indian

    • Profession: Employed with MNC/Public/Private company

    • CIBIL Score: 685 or higher

    • Minimum Monthly Salary: Rs 25,001 (varies based on city)

  • Self-Employed Applicants:

    • Age: 24-70 years

    • Nationality: Indian

    • Credit Score: 685 or higher

    • Business Vintage: At least 3 years

  • Doctors:

    • Age: 22-72 years

    • CIBIL Score: 685 or higher

    • Qualification: Specific criteria for super specialists, graduate doctors, dentists, Ayurvedic, and Homeopathic doctors

  • Chartered Accountants:

    • Age: 22-72 years

    • CIBIL Score: 685 or higher

    • Professional Experience: At least 2 years

    • Property Ownership: Must own a house or office in the city where Bajaj Finance operates

Required Documents
  • Salaried Applicants:

    • KYC documents

    • Last 2 months' salary slips

    • Employee ID card

    • Last 3 months' bank account statement

  • Self-Employed Applicants:

    • KYC documents (PAN, Aadhaar, Passport, Voter ID, Driving License)

    • Proof of business ownership

    • Other financial documents

  • Doctors:

    • KYC of authorized signatories

    • Certificate of medical registration

  • Chartered Accountants:

    • KYC documents

    • Address proof documents

    • Practice certificate

    • Bank account statement

    • Property ownership proof

Fees and Charges
  • Salaried Applicants:

    • Processing Fee: Up to 3.93% of the loan amount

    • Penal Interest: 2%-4% p.m.

    • Part pre-payment Charges: 2% + taxes

    • Bounce Charges: Rs 600-Rs 1,200

    • Foreclosure Charges: 4% + taxes

    • Other Charges: As applicable (e.g., document charges, stamp duty, etc.)

  • Self-Employed Applicants:

    • Processing Fee: Up to 2.95% of the loan amount

    • Penal Interest: 2% p.m.

    • Bounce Charges: Up to Rs 3,000

    • Document Processing Charges: Rs 2,000 + taxes

    • Other Charges: As applicable (e.g., document charges, outstation collection charges, etc.)

Bajaj Finserv provides a variety of personal loan options catering to different financial needs, ensuring quick and hassle-free loan processing with competitive interest rates and flexible terms.

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