Here’s a comprehensive look at Bajaj Finance (Finserv) Personal Loans – perfect for one-time needs like emergencies, renovations, weddings, or consolidating debt.
Types of Bajaj Personal Loans
Bajaj Finance offers three key loan variants:
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Term Loan (traditional fixed-sum loan)
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Flexi Term Loan – withdraw from a pre-approved limit, pay interest only on what you use
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Flexi Hybrid Loan – similar to Flexi Term, with added flexibility in repayment structure
(www.bajajfinserv.in)
Key Features & Highlights
Loan Amount & Tenure
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Max Loan: Up to ₹55 lakh
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Tenure: Up to 96 months (8 years)
(www.bajajfinserv.in, Bajaj Markets, Moneycontrol)
Interest Rates
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General Range: 10% to 32% per annum
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Flexi & Term Loans: 11% to 32% p.a.
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Competitive Offers:
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Salaried borrowers: 10% – 31%
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Pre-approved (Insta) Loans: 16% – 31%
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Professionals (Doctors/CA): 11% – 19%
(www.bajajfinserv.in, Bajaj Markets, Paisabazaar)
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Processing & Other Charges
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Processing Fee: Up to 3.93% (inclusive of taxes)
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Flexi Facility Charge: Tiered based on loan amount (e.g., Rs. 1,999 for < ₹2 lakh, up to ₹12,999 for ≥ ₹30 lakh)
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Annual Maintenance Charge (Flexi variants): Up to 0.295% of withdrawable amount
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Foreclosure / Pre-payment Charges:
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Term Loan: Up to 4.72% (inclusive of taxes)
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Flexi variants: Up to 4.72% on the “dropline” or part-prepaid amount
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Bounce / Penal Charges: Up to ₹1,200 per bounce; late EMIs attract up to 36% p.a.
(www.bajajfinserv.in, Bajaj Markets, MyMoneyMantra)
Eligibility Criteria
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Nationality: Indian citizen
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Age: 21 to 80 years (at maturity)
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Employment:
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Salaried: MNC, private, or public sector
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Self-employed professionals (e.g., doctors, CAs): eligible in some cases
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Minimum Income: Starts from ₹25,001 per month (varies by city)
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Credit Score: 685+ for best offers
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Docs Needed (salaried):
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KYC (e.g., Aadhaar, PAN)
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Salary slips (last 3–6 months)
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Bank statements (3–6 months)
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Utility bill
(www.bajajfinserv.in, Moneycontrol)
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Application & Approval
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Process:
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Visit the Bajaj Finserv/Bajaj Markets website or app
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Check eligibility and pre-approved limit (if any)
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Apply online with OTP authentication
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Upload documents
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Get instant approval and disbursal—funds credited within hours
(www.bajajfinserv.in, Maharashtra Times)
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Digital Convenience: Entire process is online—no physical visit needed
(Maharashtra Times)
Pros & Considerations
Advantages
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High loan amounts (up to ₹55 lakh) with long tenures
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Flexi options with interest-only initial EMIs and part-prepayment flexibility
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Quick, fully online process
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Suitable for salaried and certain professionals
Downsides (User Experiences)
Some customers report challenges such as hidden fees or high effective interest costs, aggressive collections, and opaque terms:
“Interest rate may be 21%… hidden conditions…”
“Worst mistake ever… even now get calls…”
(Reddit)
Others warn about application confusion and undisclosed charges:
“They said OD facility but it was a personal loan with hidden charges”
(Reddit)
Quick Comparison Table
| Feature | Details |
|---|---|
| Loan Amount | Up to ₹55 lakh |
| Tenure | Up to 96 months |
| Interest Rate | 10% – 32% p.a. |
| Processing Fee | Up to 3.93% |
| Flexi Facility Charges | ₹1,999 – ₹12,999 tiered |
| AMC (Flexi) | ~0.295% of withdrawable limit |
| Foreclosure Charges | Up to 4.72% |
| Eligibility | Salaried/self-employed; CIBIL 685+ |
| Approval Time | Instant; funds in ~2 hours |
| Pros | Flexibility, quick, high limits |
| Cons | Potential hidden fees, high rates |
Final Thoughts
Bajaj Finance personal loans can be powerful tools for large, immediate financial needs, offering flexibility and quick access. The Flexi variants are especially useful if you need variable access or want to manage cash flow strategically.
However, it's wise to carefully review all charges, read the terms thoroughly, and compare offers (especially interest rates and processing fees) with traditional banks before committing.
Would you like help calculating estimated EMIs, comparing with a bank’s offer, or understanding documentation?