In today’s fast-paced world, unexpected expenses can arise at any time — be it a medical emergency, wedding, higher education, travel, or home renovation. In such situations, a personal loan can provide the financial support you need. Bajaj Finserv, one of India’s leading financial service providers, offers quick and hassle-free personal loans with minimal paperwork.
This article explains the Bajaj Finserv personal loan process, eligibility, required documents, and benefits, so you can make an informed borrowing decision.
Key Highlights of Bajaj Finserv Personal Loan
Here’s what makes Bajaj Finserv personal loans stand out:
Loan Amount: Up to ₹40 Lakhs
Tenure: 12 to 96 months (1 to 8 years)
Interest Rate: Starting from 11% per annum
Approval Speed: Instant approval in 5 minutes
Disbursal Time: Funds credited within 24 hours
Flexi Loan Option: Pay interest-only EMIs initially to reduce repayment pressure
No Collateral: Completely unsecured loan
Eligibility Criteria
To qualify for a Bajaj Finserv personal loan, you must meet the following criteria:
Eligibility Factor Requirement
Age 21 to 80 years (at loan maturity)
Employment Type Salaried employee
Minimum Monthly Income ₹25,000 – ₹35,000 (varies by location)
Credit Score 685 or higher
Residency Must be a resident of India
Documents Required
The documentation process is simple and requires the following:
Identity Proof: Aadhaar Card, PAN Card, Passport, or Voter ID
Address Proof: Aadhaar Card, Passport, Utility Bill, or Rental Agreement
Income Proof: Salary slips from the last 3 months and bank statements
Photograph: Recent passport-sized photo
Step-by-Step Bajaj Finserv Personal Loan Process
Step 1: Check Loan Eligibility
Start by checking your eligibility using the loan eligibility tool available on the Bajaj Finserv platform. Enter details like your monthly income, employment type, and location to know the maximum loan amount you qualify for.
Step 2: Fill Out the Application Form
Visit the official Bajaj Finserv platform or use the mobile app.
Provide basic information such as your name, date of birth, PAN, mobile number, and desired loan amount.
Verify your mobile number using the OTP sent to you.
Step 3: Upload Documents
Upload clear, scanned copies of your required KYC and income documents. This step is crucial for faster approval.
Step 4: Instant Loan Approval
Once your application and documents are submitted, an automated system evaluates your eligibility and creditworthiness.
If you qualify, you will receive instant approval within 5 minutes, along with a detailed loan offer.
Step 5: Loan Agreement
After accepting the offer, you will receive a loan agreement that you must read carefully. Sign it digitally to move forward.
Step 6: Disbursal of Funds
Upon successful verification, the approved loan amount is credited directly to your bank account within 24 hours.
Repayment Options
Bajaj Finserv provides two convenient repayment structures:
- Standard EMI: A fixed EMI that includes both principal and interest components.
- Flexi Loan EMI: Pay only the interest component initially, and the principal amount later, making the first few months easier on your pocket.
You can also make part-prepayments or foreclose the loan as per the terms to reduce overall interest costs.
Benefits of Bajaj Finserv Personal Loan
Quick approval and fast disbursal
Zero collateral requirement
Flexible repayment tenure up to 8 years
Transparent fees with no hidden charges
Option for top-up loans for existing customers
User-friendly mobile app to track your loan status
Tips for Faster Approval
Maintain a credit score of 750 or above
Keep your existing debt levels low
Provide accurate and up-to-date information
Avoid applying for multiple loans at once
Choose a realistic loan amount based on your income
20 Frequently Asked Questions (FAQs)
- What is the maximum loan amount offered by Bajaj Finserv?
Up to ₹40 lakhs, depending on eligibility. - How soon can I receive the funds?
Within 24 hours after approval. - Is collateral required for a Bajaj Finserv personal loan?
No, it is a completely unsecured loan. - What is the minimum salary required to apply?
Between ₹25,000 and ₹35,000 per month, based on city classification. - What is the loan repayment tenure?
Between 12 and 96 months. - Can self-employed individuals apply for this loan?
This loan is primarily designed for salaried employees. - What are the starting interest rates?
From 11% per annum. - Is foreclosure allowed?
Yes, foreclosure is allowed after paying a minimum number of EMIs. - Can I get instant approval?
Yes, approval is provided within 5 minutes if you are eligible. - What are the processing fees?
Typically ranges between 2% and 4% of the loan amount. - Is a PAN card mandatory?
Yes, PAN is required for loan processing. - Can I apply offline?
Yes, you can visit a Bajaj Finserv branch to apply. - Is part-prepayment allowed?
Yes, part-prepayment is allowed as per the terms. - How can I calculate my EMI?
Use the Bajaj Finserv EMI calculator tool. - What happens if I miss an EMI payment?
Late fees and penalties will be charged. - Are there any hidden charges?
No, Bajaj Finserv maintains full transparency. - Can I take a top-up on my existing loan?
Yes, subject to repayment history and eligibility. - What is a Flexi Personal Loan?
A facility where you initially pay only interest EMIs and the principal later. - Is a co-applicant mandatory?
Not mandatory, but it can increase eligibility. - How can I track my loan status?
Through the Bajaj Finserv mobile app or customer portal.
Conclusion
The Bajaj Finserv personal loan process is designed to be simple, fast, and stress-free. With instant approval, flexible repayment options, and minimal documentation, it serves as a reliable financial solution for salaried individuals. Whether you need funds for a medical emergency, home renovation, or personal event, Bajaj Finserv provides the flexibility and support you need.
By following the steps outlined above and ensuring your eligibility, you can secure a personal loan quickly and conveniently.
