The Bajaj Finserv guide toPersonal Loan

Are you a prospective personal loan applicant, looking for a comprehensive loan guide?

We’d like to help as much as possible, so here’s an extensive guide to all your queries.

A personal loan is a loan that can be used for any purpose without providing any collateral.

For instance, to fund an overseas vacation or an emergency medical situation. In fact, there

are few loans that allow complete freedom to spend on whatever or however you want to.

That’s why a personal loan carries a higher rate of interest.

What is a personal loan?

VACATION

PAYING OFF AN EXISTING DEBT

WEDDING

EDUCATIONAL PURPOSES

MEDICAL EMERGENCY

GIFT

HOME IMPROVEMENT

Personal Loan can be used for:

What are the different types of personal loans in India?

1. Secured loanHere the borrower pledges a certain asset as guarantee against the loan. If you fail to make

the repayments, the bank can take over your asset and auction it to recover money.

2. Unsecured loanUnsecured loans are sanctioned without any collateral. This type of loan is considered risky by

lenders. Therefore an unsecured loan usually carries a high rate of interest. This is the most

common kind of personal loan in India.

3. Fixed rate loanThis offers the same interest over the entire period of your loan so you don’t have to worry

about increasing rates. But you wouldn’t be able to reap benefits of interest cuts.

4. Variable loanThis loan has a variable rate of interest and repayments can fluctuate. This is great to take

advantage of low prevailing interest rates, but can be a burden if interest rates rise.

5. Flexi LoanThe Flexi Loan is an industry-first option offered by Bajaj Finserv. Here, you can prepay any

time with the ability to drawdown funds, up to your credit limit. So, you can access large

amounts for multiple occasions without applying for individual loan each time. You can save

on interest rates as you only pay for the amount utilized for a given period.

A personal loan is a great tool in managing your finances

and acts as an impetus in putting your plans into action.

Here are the unique benefits of Bajaj Finserv Personal

Loan:

Instant online approvalsWith Bajaj Finserv Personal Loan say goodbye to the never ending wait for a Personal Loan

approval or heaps of paperworks or the daily visit to banks. Get 100% end-to-end online

Personal Loan solutions, from approval to disbursal. By opting for a Personal Loan from

Bajaj Finserv you can get instant approval in 5 minutes and the loan amount will be

disbured to your bank account within 72 hours.

From wherever you are, simply log onto the online section, fill an online form and get

approval on your application within minutes.

Get funds in bank within 72 hoursBajaj Finserv understands that at times you may need funds in a short span of time and to ensure

that funds are at your disposal at the earliest we make sure that loan amount is disbursed to your

bank in 72 hours.

Loans up to Rs.25 lakhYou can apply for a Personal Loan online from Bajaj Finserv up to Rs.25 lakh and repay it at your

ease by opting for tenures ranging from 24 months to 60 months.

Part prepayment facilityThere are times when you may have some extra cash in hand or get a bonus at work, you can

choose to prepay your loan amount to get a reduction in EMIs or a reduced tenure which can help

you close your loan quicker.

Bajaj Finserv gives you the choice to prepay your EMIs six times in a calender year provided the

minimum prepayment sum is equivalent to 3 EMIs. There is no maximum limit for repayment

amount.

Nil foreclosure chargesThere are times when you may want to close your Personal Loan before its tenure but don't as

closing your loan before the tenure is subjected to foreclosure charges.

But Bajaj Finserv gives you the advantage of choosing to foreclose your personal loan account

during your tenure without paying any foreclosure charges.

Preapproved offersAs an existing customer of Bajaj Finserv, you will be eligible to get exclusive pre-approved offers

from us.

Online account accessOnce you avail of a Personal Loan from Bajaj Finserv, you can get all information about your loan

like payment schedule, interest certificate, repayment track and all key information related to

your loans through our online customer portal.

How can you apply for a Personal Loan with Bajaj Finserv?You can apply for a Personal Loan from Bajaj Finserv either online or offline:

1. OnlineApplying for personal loan online is a simple four step procedure

Application form

Access the online form on Bajaj Finserv’s website and make sure you provide all the correct

details.

Approval

On submission of loan application, you will receive a confirmation email.

Document verification

After your loan approval, our representative will collect the required documents.

Loan credit

After necessary checks, the loan amount will be disbursed to your designated account along

with a welcome kit and the login details on your mobile.

2. Offline

You can also get your loan process started through the below mentioned offline procedures.

Call on 020-46900700

SMS “PL” at 9773633633

Give a missed call at 9212489356

Write to us at personalloans@bajajfinserv.in

1. ONLINE2. OFFLINE

Interest rates and other applicable fees

Bajaj Finserv offers one of the most reasonable interest rates. The fees on instant online

approvals for loans of up to Rs.25 lakh are:

Type of Fee Charges

Processing Fee 2%-3% of principal loan amount

Foreclosure Charges N/A

Penal Interest 2% p.a.

EMI Bounce Charges Rs.1,000 per bounce

Secure Fee (only for online) Rs.999

Average Interest Rate 16%

What is the eligibility criteria to avail of a Personal Loan?

25-58 years of age.

Net monthly income of Rs.40,000, or more applicable to residents of metro cities and

Rs.35,000, or more, in Tier-II cities.

What are the documents required?

Financials

Salary slips of the last three months.

Employment proof

Employee ID card and visiting card.

Work experience documentsCurrent work experience documents include your appointment letter, Form 16 and salary slips.

Previous employment documents like appointment letter, Form 16, confirmation letters and

salary slips.

Know-Your-Customer documents

KYC documents must be furnished. These include:

Identity Proof

Signature Proof Age Proof

Address Proof