Frequently asked questions
The processing fee for a Bajaj Finserv Insta Personal Loan may go up to 3.93% of the loan amount (Inclusive of applicable taxes).
When making a part-prepayment, you must account for a fee of 4.72% (inclusive of applicable taxes) on the part-prepayment amount made.
A bounce charge is the penalty incurred when you miss an EMI payment. Bajaj Finserv charges Rs. 700/- per bounce, for every EMI missed. Additionally, delay in payment of monthly instalment shall attract penal interest at the rate of 3.50% per month on the monthly instalment outstanding, from the respective due date until the date of receipt of the monthly instalment.
You can avail of a Bajaj Finserv Insta Personal Loan at a competitive interest rate starting at 16% to 32% p.a.
When foreclosing your loan, you must account for a charge of 4.72% inclusive of applicable taxes on the outstanding principal if you have taken a term loan.
CIBIL score: 685 or higher is the minimum CIBIL score required for a personal loan. High CIBIL scores indicate a clean financial track record and help you secure a lower interest rate. Click here to check your CIBIL score for free.
Occupation: Salaried and self-employed individuals may be offered different interest rates because of their income. Often, salaried persons are treated as less risky.
Income: Higher-income helps you get a lower interest rate as lenders can be assured of repayment.
Debt-to-income ratio: Keeping this ratio low helps reduce the risk of default as you will have more funds to pay your EMIs. The interest rate may be lower accordingly.
Age: Younger applicants, with many earning years remaining, may receive more affordable rates than those nearing retirement.
Employment: Being employed at a renowned organisation can help you get a better rate as there is more job and income stability.
Association with the lender: Existing customers may get more favourable interest rates.
You can repay your loan over a tenure from 84 months to 87 months.
The Repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks. A cut in repo rate usually translates to lower borrowing costs such as interest rates and EMIs for individuals and banks.
Repo rate affects the interest rate on loans only if you opt for a floating interest rate. Loans offered at fixed interest rates aren’t affected by a repo rate cut.
All the fees and charges will be mentioned in your loan documents. There are no hidden charges.
All the charges related to Insta Loan will be mentioned in your loan documents.
