Our Verdict

This personal loan is given for a wide range of reasons without any collateral. It is primarily for the salaried from a particular income bracket. It has many useful features like flexi and flexi hybrid making the repayment convenient.

Bajaj Finserv Markets Personal Loan

Bajaj Finserv Markets Personal Loan
3.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Rate of Interest

Starting with 12.99%

Repayment Tenor

12 months to 60 months

Processing Fee

2% of the loan + 18% GST

Bajaj Finserv Markets Personal Loan

Rate of Interest

Starting with 12.99%

Repayment Tenor

12 months to 60 months

Processing Fee

2% of the loan + 18% GST


What Is Bajaj Finserv Markets Personal Loan Best For?

You can get a Bajaj Finserv Markets Personal Loan for:

  • Education
  • Marriage
  • Medical emergencies
  • Housing renovation
  • Holidays or travel
  • Debt consolidation
  • To buy a used car

Personal Loan Amount and Terms

  1. Loan amount: INR 25 lakh
  2. Rate of Interest (APR): Starting with 12.99%.
  3. Repayment tenor: 12 months to 84 months.
  4. Processing Fees: 2% of the loan + 18% GST.
  5. Prepayment or Foreclosure: Company is offering three kinds of personal loans and prepayment and foreclosure amount differs accordingly.

These three types include:

  • Term Loan: On the date of full payment, 4% of the principal outstanding amount of loan plus taxes.
    A term loan is given for a particular period of time with an agreed-upon repayment schedule with a fixed interest rate charged from the borrower.
  • Flexi-term Loan: 4% of the withdrawable amount with taxes and cess.
    Flexible loans are the kind of loans allowing the borrowers to withdraw or deposit money in the loan account according to their wish, without incurring any additional charges.
  • Flexi Hybrid Loan: 4% of the withdrawable amount with taxes and cess.
    These are long tenor loans extending to 25 years where the borrower can make part payment anytime they wish without paying extra charges. One can get this amount at a later stage and pay only interest on it.

Here the withdrawable amount means the total amount that the borrower has been allowed to withdraw at a time as per the payment schedule.

How does this flexi loan arrangement work?

  • If a borrower has got a loan of INR 25 lakh approved for some renovation work but the requirement at that point in time is only of INR 10 lakh, there is no compulsion for the borrower to take the full amount of the loan.
  • They can take just INR 10 lakh and will be charged interest only on that actual sum borrowed, that is INR 10 lakh, and if they require a loan disbursal amount again and the borrowed sum is not sufficient, they can again borrow the money from the approved limit of INR 25 lakh.

This arrangement makes the EMIs cheaper as one only pays interest on the fraction borrowed and not the whole sum.

Approval Process

You can apply for the Bajaj Finserv Markets personal loan online with the required documents. The company claims to be able to verify it in a very short duration as low as 15 minutes if all documents are in place.

Repayment

Bajaj Finserv Markets has its own app for this purpose known as Bajaj Finserv Markets Experia app, and you can self-pay back this loan in the following manner:

  • NEFT or bank transfer
  • With the help of a credit card or debit card

Insurance

Loan protection insurance can be purchased for almost any kind of debt, from mortgages to credit cards to personal loans.

How to Apply

You can apply online for this loan, or by visiting their local offices.


Personal Loan Balance Transfer

What is a Personal Loan Balance Transfer?

This is a facility which allows you to transfer your outstanding balance of a loan from one bank to another bank giving you better facilities or lower rate of interest.

Features of the balance transfer to Bajaj Finserv Markets Personal Loan include:

An interest-only repayment option for initial two years on the refinanced loan at a negotiable interest rate.

Instant Approval

The company has made this process quick and you can get an instant approval by applying online for a balance transfer from other banks.

If the eligibility criteria is met by the applicant then the balance transfer will be done immediately.

Flexi Benefits

Bajaj Finserv Markets is not charging the interest on the principal but on the amount utilized from the loan limit. This keeps the interest accrual in check throughout the tenure of the loan.

Free Unlimited Part-prepayments and Withdrawals

With the flexi hybrid feature, the borrower can make multiple withdrawals from the pre-sanctioned amount and make unlimited part pre-payments without any charges.

Extension in Tenure of Repayment

After transferring a previous loan to Bajaj Finserv Markets one can get an extension of up to 84 months in the tenor of the loan.

Minimal documentation

Very few documents are required like identity, address and income proof to avail a balance transfer.


Methodology

We considered top factors that help consumers decide whether they want to opt for a specific loan offering. We ranked the Bajaj Finserv Markets personal loan on the basis of these factors that include:

  • Ease of Access: 20%
  • Rate of Interest: 15%
  • Other Cost and Charges: 20%
  • Borrowing Limit: 15%
  • Extra Benefits: 20%
  • Loan Transfer Facility: 10%