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Key Takeaways
The maximum repayment tenure of the personal loans that are offered by Bajaj Finance has increased from 96 months to 108 months that is it has increased by a tenure of 1 year. The tenure of loan for all persons that meets with the requirements set by Bajaj Finance for personal loans that do not require any security will be increased, ranging from 40,000 to 55 lakh.
Earlier, the maximum tenure of personal loan provided by Bajaj Finance was 96 months or 8 years. However, now the tenure has increased to 108 months or 9 years. As a result, now the customer gets an additional 12 months to repay the loan. It is significant because increased tenure results in decreased outflow of EMIs but increases the interest paid.
A long period may be helpful in reducing monthly instalment burdens of salaried professionals and entrepreneurs while making sure they do not have to make any sacrifices elsewhere. Such considerations are most relevant in cases of medical emergencies, marriage, renovation of the house, educational needs, and travel costs.
The trade-off is straightforward, customers who wish to repay faster and reduce overall interest cost may continue to choose shorter tenures, within the 12 to 108 month range. A 2024 MOSPI report cited by LoansJagat found that 28% of urban Indian borrowers between 2019 and 2022 chose loan tenures beyond five years, confirming the same pattern of borrowers favouring longer repayment windows that the Bajaj Finance tenure extension now caters to.
For those salaried professionals as well as self-employed people who have fixed budgets for their monthly outlays, an increased tenure would be helpful to minimise their monthly burden of payment without affecting other payments at all. This is quite important for sudden medical expenses, wedding celebrations, home improvement, educational expenses, and travelling that need huge amounts of money in a single shot.
On the other hand, the compromise is quite clear where customers who want fast repayment along with minimising interest payment may go for shorter tenures in the range of 12 to 108 months. A 2024 MOSPI report stated by LoansJagat has revealed that 28% of urban Indian loan borrowers in 2019-2022 have opted for loan tenures above five years, which is the same as the Bajaj Finance tenure increase.
Bajaj Finance encourages customers to assess their income and expenses before applying for a personal loan. This can prevent financial pressure in the future. The company has stated this directly in its public communications, noting that simple tools such as EMI calculators and repayment schedules can help borrowers understand their commitments clearly before taking a loan.
The solution lenders point to is comparing tenure options before finalising a choice. The application process itself is fully online, requiring only basic identity, address, and income documents.
By increasing the loan repayment period from 96 months to 108 months, Bajaj Finance has granted personal loan borrowers an extra year of cushion in India's zero-collateral lending space. With loan options extending to 55 lakh and interest rates ranging from 10% to 30% p.a., the changes are most beneficial for those with significant, urgent financial needs that require small EMIs – so long as the extra interest outflow is a manageable consideration in their long-term repayment capacity.
How can I become debt-free in the quickest way possible without damaging my credit score?
Rank all your debts according to their interest rate, repay the highest interest first and pay minimum payments on other debts, this is called the avalanche technique. In India, personal loans have an interest rate between 10.5% to 24% depending on your credit score, monthly income, and employment type.
Personal loan eligibility requirements and maximum limit of Bajaj Finance in 2026?
The highest personal loan limit available from Bajaj Finance can be as much as Rs. 55 lakh and can be extended up to Rs. 25 lakh, to both salaried individuals and self-employed. Some of the most important Bajaj Finance personal loan eligibility criteria that are set by the company is that one must be aged at least 21 years, should have a credit score of 685 or above, and the income requirement is the key.
