Overview
Bajaj Finance Ltd, a subsidiary of Bajaj Finserv Ltd and an RBI‑registered deposit‑taking NBFC‑D, announced its Personal Loan product with interest rates ranging from 10% to 30.5% per annum. Eligible borrowers can obtain unsecured loans between Rs 40,000 and Rs 55 lakh for a variety of personal needs.
Loan Features
The loan is collateral‑free and offers repayment tenures from 12 to 108 months. A shorter tenure results in higher monthly EMIs but lower total interest, whereas a longer tenure reduces the EMI at the cost of higher overall interest. The applicable interest rate for each borrower depends on credit profile, income and employment details, existing financial obligations, loan amount, repayment tenure, and the lender’s assessment of the lending terms. Borrowers are advised to consider the interest rate together with processing fees, total repayment amount, and other charges before accepting an offer. The company recommends using a personal loan EMI calculator to compare different loan amounts, rates, and tenures.
Eligible Uses
The personal loan can be utilised for medical, education, wedding, travel, home renovation expenses, or any other eligible personal requirement as defined by the loan terms.
Application Process
Customers can apply online by visiting the Bajaj Finance personal loan webpage, entering the desired loan amount and repayment period, and clicking “CHECK LOAN OFFER” to assess eligibility. The subsequent steps include providing personal, financial, and employment details, reviewing the personalised loan offer, completing KYC verification of identity and bank details, and speaking with a loan specialist who will guide the applicant through the final steps. Minimal documentation is required, and, subject to successful verification, disbursal can occur within 24 hours.
About Bajaj Finance
Bajaj Finance 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. The company holds the highest domestic credit rating of AAA/Stable for long‑term borrowing, A1+ for short‑term borrowing, and CRISIL AAA/Stable and ICRA AAA/Stable for its fixed‑deposit programme. It also carries a long‑term issuer rating of BBB/Stable and a short‑term rating of A‑2 from S&P Global, along with a Moody’s Baa3 Corporate Family Rating with a Stable outlook.
Terms and conditions apply; the 24‑hour disbursal is contingent on successful document verification and compliance with applicable loan terms.