Product Overview
Bajaj Finance Ltd (BFL), a subsidiary of Bajaj Finserv Ltd, announced its unsecured personal loan product that provides loan amounts from ₹40,000 up to ₹55 lakh. The loan is collateral‑free and can be repaid over flexible tenures ranging from 12 months to a maximum of 108 months, allowing borrowers to select a schedule that aligns with their cash‑flow requirements.
Pricing and Cost
The applicable annual interest rate is tiered between 10 % and 30.5 % per annum, depending on the borrower’s credit profile, eligibility and specific loan terms. A higher rate results in a larger monthly EMI and greater total interest payable over the life of the loan.
EMI Calculator
Bajaj Finance provides an online personal‑loan EMI calculator. Users input three parameters – the desired loan amount (within the ₹40,000‑₹55 lakh band), the annual interest rate, and the chosen repayment tenure (12‑108 months). The tool then displays the estimated monthly instalment and the projected total interest, enabling borrowers to compare shorter versus longer tenures. A shorter tenure typically yields higher EMIs but lower overall interest, whereas a longer tenure reduces the EMI at the expense of higher cumulative interest.
Application Process
The loan can be applied for entirely online. The steps are:
1. Check eligibility by entering the desired amount and tenure on the Bajaj Finance website and clicking “CHECK LOAN OFFER”.
2. Submit personal, financial and employment details to receive a personalised offer.
3. Review and, if needed, adjust the loan amount or tenure.
4. Complete KYC verification of identity and bank details.
5. A loan specialist contacts the applicant to confirm next steps.
Upon approval and completion of verification, funds may be disbursed within 24 hours, subject to the lender’s terms and conditions. Approval, interest rate, tenure and disbursal are not guaranteed for every applicant.
Borrower Profile and Use Cases
The product targets salaried individuals who require financing for planned or urgent needs such as home repairs, education expenses, medical bills, family events or other large expenditures. Prospective borrowers are advised to assess their income, existing EMIs, household expenses and savings before selecting a loan amount and tenure.
Company Background and Ratings
Bajaj Finance Ltd is a deposit‑taking NBFC‑D registered with the Reserve Bank of India and classified as an NBFC‑Investment and Credit Company (NBFC‑ICC). It serves over 124.43 million customers through a portfolio that includes consumer loans, SME finance, commercial lending, rural lending, fixed deposits and payments, delivered via web, app and more than 4,000 physical locations. The company holds the highest domestic credit ratings of AAA/Stable for long‑term borrowing and A1+ for short‑term borrowing, along with CRISIL AAA/Stable, ICRA AAA/Stable for its fixed‑deposit programme, S&P BBB/Stable (long‑term) and A‑2 (short‑term), and Moody’s Baa3 Corporate Family Rating with Stable outlook.
Disclosures
All terms, including interest rates, repayment tenure, fees, charges and disbursement timelines, are subject to eligibility verification and the lender’s standard terms and conditions.