Rate of interest on a Bajaj Finserv Personal Loan
Bajaj Finance Limited levies a nominal interest rate on personal loans, starting at 10% p.a. While this is the primary charge applicable on your personal loan, you may have to bear other charges such as a processing fees, EMI bounce charges, penal interest (in case you delay EMI payments) and document/ statement charges.
How to calculate interest on your Bajaj Finserv Personal Loan?
A personal loan has two components: the principal, which is the borrowed amount, and the interest, which is the cost of borrowing. Interest is a percentage of the amount borrowed. Since you can get a personal loan without pledging an asset as security, the interest rate for a personal loan is slightly higher than that of other secured loans.
Each EMI (Equated Monthly Instalment) that you pay comprises a principal portion and an interest portion. As the interest rate is fixed, your EMI depends on the loan repayment tenor, ranging from 12 months to 96 months.
Use our personal loan EMI calculator to easily personal loan EMI calculator amount. Also, use it to view the total interest you will have to pay.
What are the factors that influence personal loan interest rates?
The following are the factors that affect personal loan interest rates:
- Credit Score: A higher credit score often leads to lower interest rates. It is advised to check your credit score before taking a personal loan.
- Income Level: Lenders consider your income to gauge repayment capacity.
- Debt-to-Income Ratio: A lower ratio signals better financial health and can result in lower rates.
- Loan Amount and Tenure: Larger loans or longer tenures may attract higher rates.
- Employment Stability: Stable employment history enhances trust, potentially reducing rates.
- Relationship with the Lender: Existing relationships may lead to preferential rates.
- Market Conditions: Economic factors can influence overall interest rate trends.
For any help regarding loans, you can reach our Bajaj Finance Personal Loan customer care number. Whether you have inquiries about loan eligibility, application status, repayment options, or any other concerns, our dedicated team is available to provide support and guidance to ensure a smooth borrowing experience.
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Bajaj Finserv App for All Your Financial Needs and Goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Explore and apply for co-branded credit cards online.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
