Overview

Bajaj Finance Ltd., a deposit‑taking NBFC‑D registered with the RBI and a subsidiary of Bajaj Finserv Ltd., announced an updated personal loan offering that provides borrowers with a collateral‑free loan amount ranging from ₹40,000 to ₹55 lakh, an interest rate band of 10% to 30% per annum, and a repayment tenure now extended to a maximum of 108 months. The loan is designed for both planned and urgent expenses such as home renovation, higher education, medical treatment, travel, and weddings, with a digital application process that can result in fund disbursal within 24 hours of approval, subject to terms and conditions.

Key Features

  • Loan Amount: ₹40,000 – ₹55 lakh.
  • Interest Rate: 10% – 30% per annum.
  • Repayment Tenure: 12 – 108 months.
  • Disbursal Time: Within 24 hours after approval and verification.
  • Collateral: None required.

New Tenure Extension

The most recent enhancement is the extension of the maximum repayment period from the earlier limit to 108 months. This longer horizon allows borrowers to spread repayments over a longer period, thereby reducing the monthly EMI. For example, a borrower taking a ₹10 lakh loan can choose a longer tenure to lower the monthly instalment, though the total interest payable over the life of the loan will increase compared with a shorter tenure.

Eligibility Factors

Bajaj Finance evaluates several financial and credit‑related parameters before assigning an interest rate, including:

  • Credit score and repayment history.
  • Monthly income and repayment capacity.
  • Employment type and job stability.
  • Existing financial obligations.
  • Requested loan amount.
  • Selected repayment tenure.
  • Overall eligibility assessment.

An illustrative case mentions a salaried software engineer in Pune earning ₹90,000 per month, with manageable commitments and a strong repayment record, applying for an ₹8 lakh loan; the final interest rate would be determined after a full assessment of the applicant’s financial profile.

Application Process

The loan application is fully online and proceeds through the following steps:

1. Visit the Bajaj Finance website and navigate to the Personal Loan page.

2. Enter the desired loan amount and preferred tenure, then click “CHECK LOAN OFFER”.

3. Provide personal, financial, and employment details to receive a personalised offer.

4. Review the offer and adjust amount or tenure if needed.

5. Complete KYC verification and bank account linking.

6. Submit the application for assessment; a loan specialist contacts the applicant for next steps.

Eligible customers may receive the sanctioned amount within 24 hours after successful verification.

Company Background

Bajaj Finance Ltd. (BFL) operates as an NBFC‑D and NBFC‑ICC, offering a diversified lending portfolio across retail, SME, and commercial segments, with a presence in both urban and rural India. The company serves approximately 69.14 million customers and holds the highest domestic credit ratings of AAA/Stable for long‑term borrowing and A1+ for short‑term borrowing, along with CRISIL AAA/Stable and ICRA AAA/Stable for its fixed‑deposit program. Internationally, S&P Global rates BFL at BB+/Positive for long‑term and B for short‑term debt.