Monthly installments are calculated on the basis of interest rates, loan amount and tenure. If you are planning to take a personal loan from Bajaj Finance, you can do it without any hesitation only if you are fully prepared for the repayment.
Now, how can you check whether you can repay the loan or not? You can do it by calculating the payment amount in advance. There are so many loan calculators available online to do this calculation.
For reference purposes, here is the latest interest rate and an example showing EMI based on this rate. Later on, you will read about the Flexi pay option offered by Bajaj Finserv personal loan and eligibility criteria along with the documentation checklist.
Bajaj Finance Personal Loan Interest Rate
The interest rates at Bajaj are one of the lowest interest rates with the starting rate of 10.99% per annum.
Bajaj Finance Personal Loan EMI Calculator
To check the monthly installments, you need to mention the below data in the calculator:
- Loan amount
- Interest rate
For example, if you have taken a personal loan of ₹2,00,000 for the tenure of 5 years at the interest rate of 10.99% p.a. The EMI, Total Interest Outgo, and Total Amount will be:
Total Interest Outgo-₹60,849
Bajaj Flexi Pay
- Flexibility to prepay the loan with idle funds without any extra cost involved
- Re-avail the prepaid amount within the drop-line facility at any time during the loan tenure with no additional documentation needed
- Interest paid only on the utilized loan amount.
- Easy and hassle-free online transactions with self-service account access tool for drawdown and RTGS (Real-time Gross Settlement Systems) that allows pre-payment through net banking facility
- Facility to make prepayments for up to 6 times in a year
Purposes for which Bajaj Personal Loan Can Be Given
Bajaj Finserv PL is a multi-purpose loan and can be taken for any legitimate purpose. So, have a look at some of the main purposes for which you can take money:
- Home Improvement
- Medical Emergency
- Higher Education
Just like any other finance company, Bajaj Finserv also has a certain eligibility criteria which are subject to change from profession to profession. So, here is the eligibility criteria:
- Minimum age of the applicant-25 years
- Maximum age of the applicant-53 years
- Net monthly salary:
- ₹40,000 (Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat, Thane)
- ₹35,000 (Chandigarh, Cochin, Jaipur, Nagpur)
- ₹30,000 (Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag)
To apply for a personal loan at Bajaj Finserv, you must have to have the following documents:
- Last 2 months salary slips
- Last 3 months bank statement with salary credit details
- Employee ID card
- Identity Proof- Passport/Voter ID Card/Driving License/PAN Card
- Address Proof- Passport/Driving License/Ration Card/Latest Mobile Bill/Letter from employer (with HR/admin sign)