Bajaj Finance Ltd (a subsidiary of Bajaj Finserv Ltd) announced a personal loan product with amounts ranging from Rs 40,000 to Rs 55 lakh and repayment tenures up to 108 months (9 years), targeting retail, SME and commercial customers across urban and rural India.
The product is positioned within the NBFC‑ICC segment, expanding the company's unsecured lending portfolio and potentially influencing the broader financial services sector.
Interest Rates, Inflation, and Liquidity
Interest rates are quoted in an indicative range of 10 % to 30 % per annum, determined by borrower eligibility factors such as CIBIL score, income stability and existing debt obligations.
Example: a Rs 5 lakh loan at 14 % p.a. for 60 months yields an EMI of approximately Rs 11,634; extending the tenure to 84 months reduces the EMI to about Rs 9,117, illustrating the trade‑off between lower monthly outflow and higher total interest.
Digital Application and Disbursement
The application process is fully digital, requiring standard KYC (Aadhaar, PAN) and income documents (salary slips, bank statements, or ITR for self‑employed).
Upon verification and approval, funds are typically disbursed within 24 hours, catering to time‑sensitive needs such as medical emergencies or wedding bookings.
