Personal Loan under Rs. 1 lakh

Here is a list of options for a personal loan. With fast disbursal and a straightforward application process, securing the funds you need is hassle-free. Explore the available loan choices and select the one that best meets your needs.

Check the loan amount, tenure, disbursal time, and EMI to select the loan option that meets your needs perfectly.

Features and benefits of our personal loan

Read on to know why our personal loan is the best option for you.

  • 3 unique variants

    Pick the loan variant that suits you best: Term loan, Flexi Term Loan, and Flexi Hybrid Loan.

  • No part-prepayment charge on Flexi Loans

    Repay a part of your loan in advance, at no extra cost. You can part-pay as many times as you want.

    Read about Flexi Loans

  • Loan of up to Rs. 55 lakh

    Manage your small or large expenses with loans ranging from Rs. 20,000 to Rs. 55 lakh.

  • Approval in just 5 minutes 

    Complete your entire application online from the comfort of your home or wherever you are and get an instant personal loan with fast approval.

  • Money in your account in 24 hours* 

    Your bank account will be credited with your loan amount within 24 hours* or, in some cases, on the same day of approval.

  • No hidden charges 

    Our fees and charges are mentioned clearly on this page itself and also on our loan documents. We advise you to read these in detail before applying. 

    Know about our fees and charges

  • No guarantor or collateral needed 

    You do not need to provide any collateral such as gold ornaments, property papers, or have someone stand as a guarantor.

*Terms and conditions apply

Still have not found what you are looking for? Click on any of the links at the bottom of this page.

A loan for all your goals

Since our personal loan comes with freedom of usage, you can utilise the funds to manage a wide range of expenses, including higher education and wedding.

A hassle-free application and quick disbursal make it an ideal option to manage urgent needs such as a medical emergency or home repairs.

Apply today and manage your financial expenses without stress.

 

 

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How to apply for a personal loan

Step-by-step guide to apply for a personal loan

  1. Click on ‘APPLY’ at the top of this page to open our online personal loan application form.
  2. Enter your 10-digit mobile number and the OTP sent to your phone.
  3. Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
  4. Now, click on ‘PROCEED’ to visit the loan selection page.
  5. Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  6. Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.
  7. Complete your KYC and submit your application.

Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest

10% to 31% p.a. 

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes). 

Flexi Fee

 Term Loan – Not applicable

Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000
  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999
  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999
  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999
  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999
  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999
  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999
  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999
  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*All the Flexi charges above are inclusive of applicable taxes

*Loan amount includes approved loan amount, insurance premium, and VAS charges.

Bounce charges

Rs. 700 to Rs. 1,200 per bounce.
“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Part-prepayment charges

Full prepayment

  • 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 Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as of the date of full payment.

Part-prepayment

Term Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as of the date of full prepayment.

*Foreclosure will be processed post clearance of first EMI

Penal charge

Delay in payment of instalment(s) shall attract penal charge of Rs. 8 - Rs. 12 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

 

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges 

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.

 

 

Broken period interest / Pre-monthly Instalment interest

Broken Period Interest/Pre-monthly instalment Interest" shall mean the amount of interest on loan for the number of day(s) which is (are):

Scenario 1: Over and above the period of 30 (thirty) days from the date of disbursement of the loan.
 

Method of recovery of Broken Period Interest/pre-monthly instalment interest:

  • For Term Loan: Deduct from disbursement or added in first EMI, as applicable.
  • For Flexi Term Loan: Added to first instalment amount.
  • For Flexi Hybrid Loan: Added to first instalment amount.

Scenario 2: Less than period of 30 (thirty) days from the date of disbursement of the loan, interest on first instalment will be charged for actual number of days.
Switch fee

Up to 1.18% of the loan amount (inclusive of applicable taxes).

Switch fee is applicable only in case of switch of loan. In switch cases, processing fees will not be applicable.
Cash collection handling charges Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs.
Cash deposit charges Customers will incur a cash deposition charge of Rs. 50 (inclusive of applicable taxes) when making cash payments at our branch offices.
PG facility charges Rs. 11 (inclusive of applicable taxes) will be charged for utilizing the payment gateway to make part or full payments towards the loan through digital properties.


Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

For Micro Finance Loans, please note below:
Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Minimum interest, maximum interest, and average interest are 13%, 32%, and 34.76% per annum respectively. Part-prepayment and foreclosure charges are NIL. {Average interest rate is higher than max interest rate, because maximum interest rates was reduced effective 02 May 2024 however average interest rate is computed on a volume weighted basis for last quarter (Apr'24 - Jun'24)}

Frequently asked questions

What can you use a salaried personal loan for?

You can take a Bajaj Finserv Personal Loan for several scenarios such as:

  • Medical emergency
  • Wedding
  • Higher education
  • Home expenses

Our instant personal loan comes with no end-use restrictions, allowing you to meet a wide variety of expenses comfortably.

Read on to know why our personal loan is the best option

What is the CIBIL Score required to get a personal loan for salaried professionals?

You need a CIBIL Score of 685 or above to get our personal loan.

What is the maximum personal loan that I can get?

You can borrow up to Rs. 55 lakh without pledging any collateral.

What is the minimum salary required to get a personal loan?

The minimum salary criteria for a Bajaj Finserv Personal Loan depends on your city of residence.

Read on to know the criteria required to apply for our personal loan.

How is personal loan interest calculated?

Lenders provide an interest rate when you opt for a personal loan. The interest rate on a personal loan depends on several factors including CIBIL Score, income, debt-to-income ratio, employment stability etc. Once you know the interest rate, you can use the interest calculator to know your EMI outflow.

How to get quick approval on my personal loan application?

With a Bajaj Finance Personal loan, you get the benefit of instant approval and quick disbursal. All you need to do is apply for a personal loan by filling out the application form with your basic details. The personal loan amount will be approved once you meet the required eligibility criteria.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.