Bajaj Finserv Personal Loan Interest rates from 10.75% p.a

Get Bajaj Finserv personal loans at interest rates starting from 10.75%. Enjoy quick disbursal, flexible EMIs, and hassle-free processing. Apply now!

Bajaj Finserv Personal Loan Interest rate

Personal loans at Bajaj Finserv have interest rates ranging from 10.75% to 31% per annum and include borrowing for both employees and business people. The available interest rate is depending on some parameters such as credit standing, financial status, and ability to pay back the loan on time.

• Credit Score: It has been found that whoever gets a score between 750 and up pays the lowest rates.
• Income: Higher and steady income levels when demanding for loans make it easier to get better terms.
• Employment Type: Employees of important organizations normally possess better bargaining power in terms of the rates they are charged.
• Relationship with Bajaj Finserv: The existing customers may be given usual offers or coupons or any other additional features.

Key Features of Bajaj Finserv Personal Loan Interest Rates:

• Credit Score: A credit score of 750 or above is considered to be a very good credit score, and this range tends to attract the lowest interest rates.
• Income: Higher and steady income levels when demanding for loans make it easier to get better terms.
• Employment Type: Employed workers in reputed firms usually get an opportunity to pay less compared to other crop sizes.
• Relationship with Bajaj Finserv: The existing customers may be given usual offers or coupons or any other additional features.

Factors Influencing Bajaj Finserv Personal Loan Interest Rates

• Creditworthiness: A good credit position represents good financial habits and minimizes the risk for the lender, leading to lower interest rates.
• Loan Amount and Tenure: Generally, longer loan amounts and shorter repayment periods are associated with lower interest rates due to lower risks for the credit providers.
• Income and Repayment Capacity: People with lots of disposable income and less amount of debt will be charged lower interest rates.
• Market Conditions: Interest rates can be adjusted by lenders depending on the current economic conditions which include inflation and the repo rates provided by the RBI.
• Borrower’s Profile: Other factors such as the age, employment status, and geographical location also affect the interest rate that is charged on the loan.

Bajaj Finserv Personal Loan Interest Rate with an Example

An EMI calculator helps you estimate your monthly repayments, making financial planning easier.

 Formula: EMI = \[P x R x (1+R)^N\] / \[(1+R)^N - 1\],

where:

P = Loan amount,

R = Monthly interest rate,

N = Loan tenure in months.

How It Works:

1. Enter the loan amount.
2. Input the applicable interest rate.
3. Choose the desired repayment tenure.

Example Calculation:

• Loan Amount: ₹6,00,000
• Interest Rate: 12.5% p.a.
• Tenure: 5 years (60 months)
• Monthly EMI - ₹13498.76
• Total Cost of the loan - ₹ 8.10 Lakh (Excluding fees and charges)

FAQ on Bajaj Finserv Personal Loan Interest rate

1. Can I negotiate my personal loan interest rate with Bajaj Finserv?

Yes, if you have a strong credit profile and an existing relationship with Bajaj Finserv, you may be able to negotiate better terms.

2. Are Bajaj Finserv’s personal loan rates fixed or floating?

Personal loan rates from Bajaj Finserv are typically fixed, ensuring consistent EMIs throughout the loan tenure.

3. Is there a processing fee for Bajaj Finserv personal loans?

Yes, Bajaj Finserv charges a processing fee, which is usually upto 3.93% of the loan amount

4. How quickly can I get a personal loan from Bajaj Finserv?

Bajaj Finserv offers instant approval for eligible applicants, with funds disbursed within 24 hours in many cases.

5. Is GST applicable on the personal loan interest?

GST is not applicable on the interest part of the personal loan. However, it may be applicable on other aspects