Bajaj Finserv Personal Loan for Salaried & Self-Employed
📌 Overview
Bajaj Finserv offers quick, hassle-free personal loans to both salaried and self-employed individuals with no collateral requirement. The loan features flexible repayment options, instant approval, minimal documentation, and high loan amounts up to ₹40 lakhs.
🏢 About Bajaj Finserv
Bajaj Finserv is a reputed Non-Banking Financial Company (NBFC) offering financial services such as loans, insurance, and investment products. Known for its technology-driven process, it offers fast disbursals, customer-centric policies, and a user-friendly app for loan management.
🎯 Key Features
| Feature | Details |
|---|---|
| Loan Type | Unsecured Personal Loan |
| Loan Amount | ₹10,000 – ₹40,00,000 |
| Tenure | 12 to 96 months |
| Interest Rate | Starts from 11% p.a. |
| Processing Time | Within 24–48 hours |
| Collateral | Not required |
| Application Mode | Online or Offline |
| Flexi Loan Option | Available (withdraw as needed) |
🌟 Benefits of Bajaj Finserv Personal Loan
- No collateral/security required
- Fast disbursal (within 24 hours)
- Flexible tenure and EMI options
- Pre-approved offers for existing users
- Flexi Loan reduces interest burden
- Easy online management through app
- Customizable loan repayment schedule
👥 Eligible Applicants
✔️ Salaried Individuals
- Age: 21–67 years
- Employed in MNC, private or public firm
- Minimum salary: ₹25,000/month
- Minimum experience: 1 year
- CIBIL Score: 685+
✔️ Self-Employed Individuals
- Age: 24–70 years
- Stable income with business continuity
- Business vintage: Minimum 3 years
- Proper ITRs and financial proof
- CIBIL Score: 685+
📄 Required Documents
| Salaried | Self-Employed |
|---|---|
| PAN card, Aadhaar | PAN card, Aadhaar |
| Salary slips (3–6 months) | ITRs (last 2–3 years) |
| Bank statements | Business registration, GST |
| ID proof, Address proof | Bank statements (6–12 months) |
💰 Interest Rates & Charges
| Charges | Details |
|---|---|
| Interest Rate | 11% to 24% p.a. |
| Processing Fee | 2% to 3.93% + GST |
| Foreclosure Charges | 4% after 1 EMI |
| Bounce Charges | ₹700–₹1200 per bounce |
| EMI Mandate Rejection | ₹450 per instance |
| Statement Charges | Free online, ₹50 physical copy |
🧮 Loan Amount & Tenure Options
- Loan range: ₹10,000 to ₹40,00,000
- Tenure: 12 to 96 months
- Flexi Loan: Withdraw and repay as needed, pay interest only on used amount
🖥️ How to Apply (Online)
- Visit bajajfinserv.in
- Select “Personal Loan”
- Fill in your details and verify OTP
- Upload documents
- Choose loan amount and tenure
- Accept terms and sign digitally
- Get instant disbursal into bank account
🏢 Offline Application
- Visit a Bajaj Finserv branch or partner outlet
- Submit physical documents
- Fill out form and verify
- Wait for approval and disbursal
🔁 EMI Calculation Example
- Loan: ₹5,00,000
- Interest: 13% p.a.
- Tenure: 4 years (48 months)
- EMI: ₹13,377 (approx)
- Total repayment: ₹6,41,000
Use the Bajaj EMI Calculator on their website for exact figures.
💸 Foreclosure & Prepayment Terms
- Allowed after one EMI payment
- Foreclosure charges: 4%
- Partial prepayment allowed
- Helps reduce overall interest burden
🔍 Why CIBIL Score Matters
- Minimum required: 685
- Higher score = better offers
- Impacts approval, interest rate, and loan limit
🎯 Purpose of Loan
- Wedding
- Education
- Medical emergencies
- Home renovation
- Travel
- Debt consolidation
- Business needs (for self-employed)
👔 Personal Loan for Salaried
- Based on monthly income and company category
- Fastest processing and instant pre-approved loans
- Useful for lifestyle and emergency expenses
🧾 Personal Loan for Self-Employed
- Proof of business income required
- Use for expansion, stock, rent, etc.
- ITRs and GST help verify eligibility
- Flexi Loan ideal for seasonal cash flow needs
📊 Personal Loan vs. Business Loan
| Criteria | Personal Loan | Business Loan |
|---|---|---|
| Collateral | Not needed | May be required |
| Purpose | Personal/general | Business-specific |
| Processing Time | 24–48 hours | 3–7 days |
| Docs Needed | Fewer | More financial proofs |
📅 Tax Benefits of Personal Loan
- Not tax-deductible unless:
- Used for home renovation (interest part)
- Used for business (interest is deductible)
- Used to buy capital asset (interest added to cost)
👍 Customer Reviews
- ✅ Fast processing within 2 hours
- ✅ Smooth experience and EMI flexibility
- ✅ Flexi Loan helped in managing business cash needs
- ✅ Reliable for emergencies and urgent cash needs
⚠️ Common Mistakes to Avoid
- Ignoring EMI affordability
- Applying with low CIBIL score
- Hiding existing loans
- Skipping fine print on prepayment charges
- Borrowing more than required
✅ Pros & Cons
✅ Pros:
- Quick approval and disbursal
- No collateral or guarantor needed
- High loan amounts
- Digital convenience via app
❌ Cons:
- High foreclosure fee
- Slightly higher rates for low credit profiles
- Processing fees applicable
📊 Comparison with Other Lenders
| Lender | Interest (from) | Max Loan | Speed |
|---|---|---|---|
| Bajaj Finserv | 11% p.a. | ₹40L | 24 hours |
| HDFC Bank | 10.5% p.a. | ₹40L | 2–3 days |
| ICICI Bank | 10.75% p.a. | ₹25L | 3–4 days |
| Tata Capital | 10.99% p.a. | ₹35L | 2–3 days |
📱 Bajaj Finserv App Features
- Apply for new loans or top-ups
- View EMI schedule
- Pay EMI online
- Get loan offers
- Track loan status
- Update KYC or documents
💳 Bajaj EMI Card vs Personal Loan
| Feature | EMI Card | Personal Loan |
|---|---|---|
| Purpose | Purchase goods on EMI | Use for any purpose |
| Loan Limit | ₹10,000 – ₹3,00,000 | ₹10,000 – ₹40,00,000 |
| Interest | 0% to 18% | 11% to 24% |
| EMI Tenure | 3–24 months | 12–96 months |
❓ FAQs
Q. What is the minimum salary required?
₹25,000/month (varies by city)
Q. Can I apply with low CIBIL?
You need at least 685 to be eligible
Q. How fast is the disbursal?
As quick as 24 hours for eligible customers
Q. Can I repay before the end of tenure?
Yes, with 4% foreclosure charge (after 1 EMI)
Q. Can I use the loan for business purposes?
Yes, especially if you are self-employed
📝 Conclusion
Bajaj Finserv Personal Loan is a perfect blend of speed, flexibility, and convenience, ideal for both salaried and self-employed individuals. With zero collateral, quick disbursal, and a transparent process, it stands out as a top personal loan provider in India. Whether you need funds for an emergency, wedding, education, or business, this loan can be your reliable financial partner.
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