The unsecured loan is designed to support both planned and urgent financial requirements, including home renovation, higher education, medical treatment, travel, weddings, and other personal expenses. The company stated that the application process requires minimal documentation and offers quick approval through a fully digital platform.
According to Bajaj Finance, several financial and credit-related factors determine the personal loan interest rate offered to an applicant. These include the applicant's credit score and repayment history, monthly income and repayment capacity, employment type and job stability, existing financial obligations, the loan amount requested, the repayment tenure selected, and the overall eligibility assessment conducted by the lender.
The company explained that applicants with stable financial profiles may receive loan offers after a comprehensive evaluation of their eligibility. For instance, a salaried software engineer in Pune earning Rs. 90,000 per month, maintaining manageable financial commitments and a strong repayment history, may apply for a Bajaj Finance Personal Loan of Rs. 8 lakh. The applicable interest rate is determined after assessing the applicant's complete financial profile, enabling the borrower to estimate monthly Equated Monthly Instalments (EMIs) and select a suitable repayment tenure.
Bajaj Finance stated that understanding these factors before applying allows customers to estimate borrowing costs more accurately, compare repayment options, and make informed financial decisions.
The personal loan offering provides loan amounts ranging from Rs. 40,000 to Rs. 55 lakh with interest rates between 10% and 30% per annum. Customers can choose repayment tenures from 12 months to 108 months, while eligible applicants may receive loan disbursal within 24 hours after approval. No collateral is required for the loan.
The most significant update in the offering is the extension of the maximum repayment tenure to 108 months. The company said the longer repayment period enables eligible customers to manage larger loan amounts with lower monthly EMIs by spreading repayments over an extended duration. However, it also noted that while longer tenures reduce monthly instalments, the total interest payable over the entire repayment period may increase. Customers are therefore encouraged to compare available tenure options before selecting a repayment structure suited to their financial circumstances.
As an illustration, Bajaj Finance noted that an individual borrowing Rs. 10 lakh may opt for a longer repayment tenure to reduce monthly EMI obligations while balancing overall borrowing costs.
The company emphasised that the applicable personal loan interest rate directly affects both the monthly EMI and the total cost of borrowing throughout the repayment period. Understanding the interest rate before applying helps customers estimate repayment obligations and choose an appropriate loan amount and tenure. The company also stated that customers can use an EMI calculator to compare different repayment scenarios for improved financial planning.
According to Bajaj Finance, the extended repayment tenure is particularly beneficial for eligible customers seeking lower monthly EMIs or greater repayment flexibility. The feature is expected to support homeowners planning renovation or repair work, parents financing higher education, individuals managing wedding expenses, customers facing medical emergencies, and professionals investing in career development or skill enhancement. The company stated that repayment flexibility of up to 108 months enables borrowers to align their repayment schedule with their income, existing financial commitments, and long-term financial goals.
The company said the entire application process is conducted online. Customers begin by accessing the Personal Loan section and checking their loan eligibility by entering the required loan amount and preferred repayment tenure. After reviewing the available loan offer, applicants provide their personal, financial, and employment details before completing Know Your Customer (KYC) verification and bank account validation. Following submission, the application undergoes assessment, after which a loan specialist contacts the customer regarding the next stage of the process. Eligible applicants may receive funds within 24 hours after approval and successful verification.
Bajaj Finance stated that the expanded personal loan offering is intended to provide eligible customers with a flexible borrowing solution that supports a wide range of financial needs. With loan amounts of up to Rs. 55 lakh, interest rates ranging from 10% to 30% per annum, and repayment tenures extending to 108 months, the company aims to help borrowers make informed financial decisions while managing repayment obligations more effectively.
Bajaj Finance Ltd., a subsidiary of Bajaj Finserv Ltd., is a deposit-taking Non-Banking Financial Company registered with the Reserve Bank of India and classified as an NBFC-Investment and Credit Company. The company operates across retail, small and medium enterprise, and commercial lending segments in urban and rural India while also accepting public and corporate deposits. Bajaj Finance serves a consolidated customer franchise of 69.14 million and holds domestic credit ratings of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable and ICRA AAA (Stable) for its fixed deposit programme. It also holds long-term issuer credit ratings of BB+/Positive and a short-term rating of B from S&P Global Ratings.
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