Bajaj Finance Personal Loan Interest Rate – What You Should Know

Key Takeaways

• Bajaj Finance assesses your credit score and monthly income to set your interest rate
   
• It offers a Term Loan for fixed EMIs, a Flexi Term Loan for flexible withdrawals, and a Flexi Hybrid for interest-only payments
   
• Bajaj Finance approves applications within 5 minutes and disburses funds within 24 hours

Bajaj Finance Personal Loan offers competitive interest rates from 10% to 31% per annum. With flexible repayment options up to 8 years and loans up to Rs. 55,00,000, based on individual eligibility criteria. The digital application process ensures approval within minutes for eligible borrowers.

This comprehensive guide covers everything about Bajaj Finance personal loan rates, features, calculation methods, and tips to secure better terms.

Bajaj Finance Personal Loan Interest Rates 2025

Bajaj Finance Personal Loan interest rates range from 10% to 31% per annum. The actual rate depends on your credit profile and income. Your final rate is determined after individual assessment.

Types of Bajaj Finance Personal Loan Schemes

Bajaj Finance Personal Loan offers various schemes for different financial needs.

• Regular term loan: This scheme provides fixed monthly payments over a set period.
   
• Flexi Term Loan (Flexi Overdraft): You withdraw funds as needed and pay interest accordingly.
   
• Instant EMI Card: Convert purchases into easy monthly instalments using this card.
   
• Digital Personal Loan: Apply online and receive quick approval for urgent needs.
   
• Business Loan: Bajaj Finance Personal Loan supports small business expansion requirements.
   
• Professional Loan: Designed specifically for doctors, lawyers, and other professionals.

These diverse Bajaj Finance Personal Loan options cater to varied requirements.

Key Features of Bajaj Finance Personal Loan

Bajaj Finance Personal Loan stands out as India's leading personal lending solution. Here are its key features that make it popular:

Three Different Loan Options Available: Bajaj Finance Personal Loan offers three distinct loan types. You can choose Term Loan, Flexi Term Loan, or Flexi Hybrid Loan. Each option suits different financial needs and repayment preferences.

Interest-Only EMI Benefits: The Flexi Hybrid option provides interest-only EMIs for 24 months. This feature keeps your monthly payments low during the initial period. You only pay the principal amount after the interest-only phase ends.

Quick Money Transfer: You receive loan funds in your bank account within 24 hours. Some approvals even provide a same-day money transfer to your account. This ensures you get quick access to the required funds.

High Loan Amount Available: Bajaj Finance Personal Loan provides loans from Rs. 40,000 to Rs. 55,00,000. This wide range covers various expense types and financial requirements. You can borrow according to your specific needs.

Extended Repayment Period: The repayment period extends up to 96 months or 8 years. This long tenure makes EMIs more manageable and affordable. You can plan your finances better with extended repayment options.

Fast Approval Process: Complete your online application and get approval within 5 minutes. The digital process makes loan approval quick and hassle-free. You can apply anytime from your home or office.

No Prepayment Charges: Flexi Loans allow part-prepayment without any extra charges. You can withdraw and repay as many times as needed. This flexibility helps you manage your loan better.

No Collateral Required: You don't need guarantors or collateral for this unsecured loan. No gold ornaments or property papers are required for approval. The loan approval depends on your income and credit score.

These features make the Bajaj Finance Personal Loan one of India's top lending options.

Factors Affecting Bajaj Finance Personal Loan Interest Rate

Several factors determine your Bajaj Finance Personal Loan interest rate.

1. Credit Score Impact: Your credit score shows your past payment performance history. Timely payments increase your score, while defaults lower it. CIBIL scores range between 300 and 900 points. A score of 685 or higher is considered healthy. Higher scores help you get better loan terms.

2. Monthly Income Requirements Lenders prefer borrowers with higher monthly income levels. Higher income shows better loan repayment capacity overall. Metro residents need a minimum salary of Rs. 35,000 monthly. Other city residents can qualify with lower salaries.

3. Employer Reputation Matters: Working with reputable firms benefits your loan application. Good organisations show stability for timely EMI payments. Employment type also impacts your Bajaj Finance Personal Loan rates. Salaried employees get different rates than self-employed professionals.

4. Your Relationship with Bajaj Finserv: Existing customers receive special privileges and better benefits. Good repayment records qualify you for lower rates. Previous customers also get faster loan processing facilities.

These factors directly impact your final Bajaj Finance Personal Loan terms.

Bajaj Finance Personal Loan Interest Rate Calculation

The Bajaj Finance Personal Loan EMI Calculator helps estimate monthly payments. This simple online tool calculates your loan repayment amounts quickly.

EMI Formula for Personal Loans: The formula to calculate personal loan EMIs is: 

EMI = P x R x (1+R)^N / [(1+R)^N-1]

Where:

• EMI = Equated Monthly Instalment
• P = Principal loan amount
• R = Monthly interest rate
• N = Loan tenure in months

How to Calculate Your EMI: Use the personal loan EMI calculator for loan amounts up to Rs. 55,00,000. Choose a flexible tenure from 12 months to 96 months. Interest rates start at 10% per annum for calculations.

Enter your desired loan amount in the calculator first. Add the applicable interest rate for your loan profile. Select your preferred repayment period from the available options. The calculator instantly shows your monthly EMI amount.

Calculation Example 

• Loan Amount: Rs. 5,00,000 
• Interest Rate: 12% per annum
• Repayment Period: 60 months
• Monthly Rate: 1% (12%÷12)

Monthly EMI = Rs. 11,122

This helps you choose the best Bajaj Finance Personal Loan terms.

Tips to Get Lower Interest Rates from Bajaj Finance

Follow these simple tips to reduce your Bajaj Finance Personal Loan interest rates effectively.
 

• Improve Your Credit Score: Higher credit scores lead to lower interest rates. Pay all EMIs and bills on time regularly. Clear pending dues before applying for new loans.
   
• Negotiate with Bajaj Finserv: Approach the lender for better loan terms directly. Existing customers often receive special discounted rate offers.
   
• Consider Balance Transfer: Transfer your loan to banks offering lower rates. Compare different lenders before making final decisions.
   
• Choose Longer Tenure: Longer tenures sometimes offer lower interest rates. However, the total interest amount may increase over time.
   
• Watch for Seasonal Offers: Banks provide discounted rates during festive seasons regularly. Special promotions often have better rates available.
   
• Maintain a Low Debt-to-Income Ratio: Keep monthly debts manageable within your total income. Stable financial profiles qualify for better rates easily.
   
• Opt for Secured Loans: Providing collateral can reduce your Bajaj Finance Personal Loan rates. Secured loans typically offer lower interest rates overall.

These strategies help you secure better loan terms.

Bonus Tip: Timely payments improve credit scores and future loan terms.

Conclusion

Bajaj Finance Personal Loan offers rates from 10% to 31% annually. Your credit score directly affects your Bajaj Finance Personal Loan rate. Higher income helps you secure better Bajaj Finance Personal Loan terms. Existing customers often receive special discounts on the Bajaj Finance Personal Loan. 

Choose the right loan type based on your repayment capacity. Maintain timely payments to improve your Bajaj Finance Personal Loan eligibility. Compare all schemes before selecting your Bajaj Finance Personal Loan option.

FAQs

1. Is it possible to get a personal loan without documents? 

Getting a Bajaj Finance Personal Loan without documents is not possible. Documentation helps assess creditworthiness and reduces borrower risk effectively.

2. What is the EMI for a Rs. 20,00,000 personal loan? 

EMI depends on the interest rate and the loan tenure. At 10% interest for 5 years, EMI is Rs. 42,494.

3. How does my current debt level determine my interest rate? 

High debt levels increase lender risk and rates. Bajaj Finance Personal Loan rates depend on your debt-to-income ratio.

4. How can I reduce the burden of paying interest on a personal loan? 

Choose shorter tenure, make part-prepayments, or refinance at lower rates. Paying EMIs on time improves your Bajaj Finance Personal Loan terms.

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.