Overview
Bajaj Finance Ltd, a subsidiary of Bajaj Finserv Ltd and an RBI‑registered NBFC‑D, has released details of its personal loan product, highlighting loan amounts, tenures, interest rates, eligibility criteria, application steps, and disbursal timelines.
Loan Features
The personal loan is available for amounts ranging from Rs 40,000 to Rs 55 lakh. Borrowers can choose repayment tenures between 12 months and 108 months. The applicable interest rate varies from 10% to 30.5% per annum, with the final rate contingent on the lender’s assessment of eligibility, documentation, and other terms. A longer tenure spreads the repayment over more months, reducing the monthly EMI but increasing total interest payable; conversely, a shorter tenure raises the EMI while potentially lowering overall interest costs.
Eligibility
Eligibility requirements include Indian nationality, age between 21 and 80 years (the borrower must be 80 years or younger at the end of the loan tenure), employment with a public, private, or multinational corporation, or self‑employment, and a CIBIL score of 650 or higher. Meeting these criteria does not guarantee approval; the final offer remains subject to verification and the lender’s discretion.
Application Process
Customers can initiate the application online via the Bajaj Finance website. The process involves:
1. Checking loan eligibility by entering the desired amount and tenure and clicking “CHECK LOAN OFFER”.
2. Providing personal, financial, and employment details to receive a personalized offer.
3. Reviewing the loan offer and adjusting amount or tenure if needed.
4. Completing KYC verification of identity and bank details.
5. Speaking with a loan specialist who contacts the applicant after submission.
An EMI calculator is provided on the website, allowing borrowers to input loan amount, interest rate, and tenure to estimate monthly instalments and total repayment, facilitating comparison of different scenarios.
Disbursal and Charges
The stated disbursal timeline is within 24 hours, subject to successful document verification and applicable terms; this timeline is not guaranteed. Borrowers should also consider applicable charges, part‑prepayment terms, and other loan conditions as outlined in the offer documents.
About Bajaj Finance Ltd
Bajaj Finance Ltd (BFL) is a deposit‑taking NBFC‑D classified as an NBFC‑Investment and Credit Company (NBFC‑ICC). It serves over 124.43 million customers through a diversified 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. BFL holds an AAA/Stable long‑term credit rating, A1+ short‑term rating, CRISIL AAA/Stable and ICRA AAA/Stable ratings for its FD program, a BBB/Stable long‑term rating and A‑2 short‑term rating from S&P Global, and a Moody’s Baa3 Corporate Family Rating with a stable outlook.
Terms and conditions apply. Disbursal within 24 hours is subject to successful document verification and applicable terms.