Everything you should know about the charges applicable on Personal Loan

Loans come with different types of fees and charges. These include basic charges like interest rates and processing fees, plus specific charges like EMI bounce fees. Before applying for a loan, always look at all these charges to help with proper money planning.

A personal loan is a reliable tool for funding your needs. However, it's still important to keep track of how much you'll spend getting the loan and during repayment. This helps you make the right decisions and ensures smoother repayment. Whether you want a personal loan for an international trip or to upgrade your home, read about the charges first so you can plan your expenses properly.

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Basic charges

• Processing fee: Up to 3.93% of the loan amount (inclusive of applicable taxes). This fee covers processing costs for your loan application and approval, like credit checks and admin costs.
• Interest rates: 10% to 30% p.a. This is the cost charged by the lender for borrowing the personal loan. It's an annual rate calculated on the loan amount, which forms part of your EMI.
• Rs. 700 to Rs. 1,200/- per bounce
  “Bounce charges” shall mean charges for (i) Dishonor of any payment instrument; or (ii) Non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.
• Penal charge: Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.
   

Additional Read: Personal Loan Processing Fees

Foreclosure charges

• Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.
• Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.
• Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.

Additional read: What is loan account number (LAN)
 

• Part-prepayment charges
  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.
  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Part-prepayment charges

• Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.
• Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid Term Loan.

Fees for duplicate statement

With Bajaj Finserv Personal Loan, you can download e-statements/letters/certificates free of cost by logging into the customer portal - My Account. You can get a physical copy of your statements/letters/certificates/other documents from any of our branches.

Annual maintenance charges

• Term Loan: Not applicable
• Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
• Flexi Hybrid Term Loan: Up to 0.472% (Inclusive of applicable taxes) of the Dropline limit during Initial Tenure. Up to 0.472% (Inclusive of applicable taxes) of Dropline limit during Subsequent Tenure

Eligibility criteria

• Nationality: Indian
• Age: 21 years to 80 years.
• Employed with: Public, private, or MNC.
• CIBIL Score: 650 or higher.
• Customer profile: Self-employed or Salaried

*You should be 80 years or younger, at the end of the loan tenure.

Documents required

• KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
• PAN card
• Employee ID card
• Salary slips of the last 3 months
• Bank account statements of the previous 3 months
• Piped gas bill
• Pension order
• Letter of Allotment of Accommodation Issued by Employer
• Property / Municipal tax receipt
• Utility bill
• Phone bill
• Real-time image / photograph
• Ration card

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