Are Bajaj Finserv Personal Loan Interest Rates Affordable?

Bajaj Finserv is one of the leading lenders providing personal loans to fulfill different wishes, such as education, marriage, medical emergency, etc. The Pune-headquartered private lender disburses maximum personal loans to widen its reach among the masses. But to know whether the loan is a fit to your case or not would depend pretty much on the interest rates charged on the same. So, without wasting any time further, let’s get started to introspect Bajaj Finserv Personal Loan Interest Rates from different perspectives.

A Take on Bajaj Finserv Personal Loan Interest Rates

Bajaj Finserv offers personal loans at interest rates from 12.99% per annum onward. Now, the setting of actual interest rates would depend on the earnings, credit score, job stability, company status, etc. A greater income can make it easy for you to grab lower interest rates compared to when the income is on the shorter side. The repayment potential is expected to be on the higher side with more income on hand, influencing the lender to ease the rates.

Bajaj Finserv Personal Loan EMI Calculator - Switch on to Compute Your Repayment Future

Bajaj Finserv Personal Loan EMI Calculator is a vital tool to sum up your repayment future. All that you need to do is to use the loan amount, the rate of interest and tenure in the calculator which would then do the rest for you. The calculator computes the Equated Monthly Installment (EMI) combining a portion of both interest and principal amount towards a loan. You would also get to know the total interest payable over the period you choose to service the loan. You can even check the amortization schedule giving you a break-up of interest and principal amount over the years. In addition, the outstanding loan balance of every year till the end can be seen through the calculator.

Be Flexible with Bajaj Finserv Personal Loan Tenure

You should be careful while choosing the tenure, which can be a maximum of 5 years at Bajaj Finserv, to service the loan. Many borrowers choose a very long tenure to bring down the amount of installment. But, servicing for such a tenure takes out a lot of interest from their pocket, a fact that they realize later on. At the same time, a very short tenure can raise the installment amount beyond one’s reach, causing delays or defaults with respect to the loan payment. So, the tenure must be relatively shorter you can reduce interest outgo while also being able to pay the installment with ease.

How to Apply for Bajaj Finserv Personal Loan?

You can apply for Bajaj Finserv Personal Loan on the official website of the lender. The application can even be made at its nearest branch. You must provide the necessary personal and professional details before submitting the application. Bajaj Finserv would then check the details thoroughly before giving it an okay to the application. The application, once gets approved, would then go on to disburse you a loan to your account. Ensure you pay the EMIs on time to keep improving your credit score.