In today’s fast-paced life, there are times when we need quick financial support — whether it’s for medical emergencies, travel, home renovation, or education. A personal loan can provide the necessary funds without the hassle of long bank processes. Among various options available in India, Bajaj Finserv Personal Loan stands out due to its quick approval, flexible repayment, and simple application process. In this blog, we will explore everything you need to know about this loan, including eligibility, features, benefits, types, application process, and examples with calculations.
What Is a Bajaj Finserv Personal Loan?
A Bajaj Finserv Personal Loan is an unsecured loan designed to provide financial support to individuals without requiring any collateral or guarantor. This means you can borrow money based on your income, credit score, and financial profile, without pledging any property or assets.
The loan is suitable for a wide range of purposes, including:
- Medical emergencies or treatment
- Travel expenses for family vacations
- Home renovation or repairs
- Wedding or celebration costs
- Education or skill development courses
- Debt consolidation
One of the biggest advantages of this loan is that it can be applied completely online, and the funds can be disbursed quickly, sometimes within 24 hours of approval.
Key Features of Bajaj Finserv Personal Loan
Understanding the features of the loan will help you make an informed decision.
1. Loan Amount
The loan amount varies depending on eligibility. Individuals can get loans from ₹40,000 to ₹55 lakh. The exact amount depends on income, credit score, and repayment capacity.
Example:
If your monthly income is ₹70,000 and your existing EMIs are ₹10,000, you might be eligible for a loan of up to ₹15 lakh.
2. Interest Rates
The loan comes with competitive interest rates starting from 10% per annum. The final rate depends on your credit score and repayment history.
Calculation Example:
Suppose you take a loan of $10,000 at an interest rate of 10% per annum for 3 years (36 months).
EMI Calculation Formula:
Where:
- P = Principal loan amount ($10,000)
- r = Monthly interest rate (10% / 12 = 0.00833)
- n = Loan tenure in months (36)
So, you would pay $322 per month for 36 months. Total repayment = $322 × 36 = $11,592.
3. Flexible Repayment Options
The loan tenure ranges from 12 months to 96 months, allowing borrowers to choose a comfortable monthly installment based on their income. Longer tenure reduces EMI but increases total interest.
Example:
For a $10,000 loan at 10% interest:
| Tenure | EMI ($) | Total Payment ($) | Total Interest ($) |
| 24 mo | 461 | 11,064 | 1,064 |
| 36 mo | 322 | 11,592 | 1,592 |
| 60 mo | 212 | 12,720 | 2,720 |
4. Quick Approval and Disbursal
Bajaj Finserv offers instant approval for pre-approved customers and fast processing for new applicants. Funds can reach your bank account within 24 hours after approval.
5. Minimal Documentation
Unlike traditional banks, you need fewer documents:
- Identity proof (Aadhaar, PAN, Passport)
- Address proof (Utility bills, Rent agreement)
- Income proof (Salary slips or bank statements)
- Business proof (for self-employed applicants)
6. No Collateral Required
This is an unsecured loan, which means you don’t need to pledge property, car, or any other asset to secure the loan.
7. Pre-Approved Loan Options
Bajaj Finserv provides pre-approved loans for existing customers, based on their profile and credit score. This makes the process even faster and simpler.
Eligibility Criteria
To apply for a Bajaj Finserv Personal Loan, you need to meet the following criteria:
- Age: 21 to 80 years
- Residential Status: Must be an Indian citizen
- Employment: Salaried or self-employed
- Minimum credit score: 650+ for better interest rates and faster approval
Note: Higher income and good credit history can increase your eligibility and reduce interest rates.
Types of Bajaj Finserv Personal Loans
- Standard Personal Loan – For most financial needs such as weddings, education, travel, and home renovations.
- Flexi Personal Loan – A credit line where interest is charged only on the amount used.
- Insta Personal Loan – Fast approval via mobile number & OTP for pre-approved customers.
Benefits of Bajaj Finserv Personal Loan
1. Quick Financial Support
- Funds are disbursed quickly, which is helpful during emergencies.
2. Flexible EMIs
- Choose a repayment period from 12 to 96 months based on your comfort.
3. Unsecured Loan
- No collateral or guarantor required.
4. Competitive Interest Rates
- Lower interest compared to credit cards or informal lenders.
5. Online Application
- Apply from the comfort of your home with minimal paperwork.
Potential Drawbacks
- Interest rates vary depending on credit score, so poor credit may result in higher rates.
- Processing fees of up to 3.93% of the loan amount may apply.
- Late payments affect your credit score and may attract penalties.
How to Apply for Bajaj Finserv Personal Loan
Step-by-Step Guide:
- Visit the official Bajaj Finserv Personal Loan page.
- Enter your mobile number and OTP.
- Fill in your personal, income, and employment details.
- Select your loan amount and tenure.
- Upload required documents.
- Submit and wait for approval. Funds can be credited within 24 hours.
Tip: Use the EMI calculator to plan your monthly installments and total interest before applying.
Example Scenario
Let’s assume you want a loan of $5,000 to renovate your home.
- Loan amount: $5,000
- Interest rate: 10% per annum
- Tenure: 24 months
Monthly EMI:
Total Payment: $231 × 24 = $5,544
Total Interest Paid: $544
This example shows how affordable a personal loan can be with Bajaj Finserv, compared to other high-interest options like credit cards.
Also Read: Budgeting Percentage Rule: A Complete Guide With Examples
Tips for Managing Your Personal Loan
- Pay EMIs on time to maintain a good credit score.
- Choose the right tenure — longer tenure reduces EMI but increases total interest.
- Avoid borrowing more than needed — borrow only what you can comfortably repay.
- Check for pre-approved offers to save time and possibly get better rates.
Conclusion
A Bajaj Finserv Personal Loan is a reliable and convenient option for individuals who need quick financial support. With flexible repayment options, fast approval, minimal paperwork, and competitive interest rates, it can be a perfect solution for various financial needs, including emergencies, education, travel, and home renovation. By understanding eligibility, features, and calculating EMIs beforehand, you can make an informed borrowing decision.
Remember, responsible borrowing and timely repayment can not only fulfill your immediate needs but also improve your credit score for future financial opportunities.