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CIBIL Score for Bajaj Finserv Personal Loan

Bajaj Finserv Ltd. is a leading non-banking financial services company which focuses on lending, wealth and asset management, insurance and credit related facilities. One popular credit instrument is that of a personal loan. Bajaj Finserv offers quick personal loans which can be availed online as well. The borrower does not have to guarantee any collateral or mortgage as the personal loan is an unsecured loan. One of the many benefits of a personal loan is that the loan amount can be utilized for any purpose. Be it marriage, destination wedding, vacation abroad, medical emergencies or home renovation, you can use the personal loan amount for any desired purpose as long as it is within the legal framework.

Importance of CIBIL Score for getting Bajaj Finserv Personal Loan

Every time an individual applies for a personal loan, the bank or lending institution runs a credit check on the financial health of the potential borrower. That is, they seek a high CIBIL credit score. A CIBIL score of 750 plus is considered ideal in most conditions for availing a personal loan. The minimum CIBIL score required for availing a personal loan from Bajaj Finserv is 750. If your CIBIL score is above 750, Bajaj Finserv will process your loan application further. There are times when you can avail a loan with a CIBIL score i.e. below 700, but it will be in unfavorable terms and conditions with a higher rate of interest. The CIBIL score is a reflection of your past credit history with respect to your payback capacity. If you have made any payment defaults in the past, it gets recorded in your credit information report and brings about a negative impact on your CIBIL score. Lenders usually do not give personal loans to individuals who have defaulted on a payment in the past, as banks do not want to take the risk arising out of a non-paying borrower.

Bajaj Finserv Personal Loan Information

Eligibility and KYC

Age25 yrs - min
58 yrs - max
StatusResident Salaried Individual
Monthly Income RequirementBased on the city of residence. (Mentioned below)
Rs. 40,000/- plusDelhi, Mumbai, Hyderabad, Bangalore, Chennai and Thane.
Rs. 35,000/- plusAhmedabad, Pune, Kolkata, Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi Gobindgarh, Indore, Jaipur, Jalandhar, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada, Yamunanagar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Madurai, Mangalore and Mohali.

The basic documentation needed is:

ID ProofAadhaar Card, Driving License, Passport or Voter ID.
Residence ProofPassport / Driving License / Ration card / Latest Mobile Bill / Letter from Employer (with HR /Admin sign).
Employee ID ProofEmployee ID Card and Visiting card.
Bank StatementLatest 3 month’s salary account bank statement.
Salary SlipsLatest 3 month’s salary slips.
Work ExperienceCurrent offer letter, appointment letter, old salary slips, form 16, ITR.

Interest Rates and Charges:

Interest Rates11.99%-16%
Processing FeesUp to 2%
Foreclosure ChargesUp to 4% post 1st EMI clearance
Repayment OptionsUp to 5 years
Max Loan AmountRs. 25 Lakhs
Secure Fee (Applicable only for Online Approvals)Rs. 4,499
Turn Around Time (TAT)48 hours

Features and Benefits of Bajaj Finserv Personal Loan

  • Instant Approval - The entire process of loan application is completely hassle free as the personal loan application can be availed online with instant approval.
  • TAT - Post approval, the loan amount is disbursed quickly into the bank account of the potential borrower within 24-48 hours.
  • Lower EMI - With Flexi Personal Loan Feature, you can avail a loan up to ₹25 Lakhs with up to 45% lower EMI.
  • Higher Amount - You can take a personal loan up to ₹25 Lakhs.
  • Minimal Documentation - Through the online mode, there is minimal documentation and the entire process is paperless.
  • Flexible Tenure - With Bajaj Finserv, you can avail a repayment tenure ranging from 12 to 60 months.
  • Collateral Free Loan - You do not need a guarantor/collateral/mortgage for a Bajaj Finserv personal loan.
  • Pre-Approved Offers - You can be eligible for pre-approved loans on the basis of your financial history and bank balance.

Probable reasons for Bajaj Finserv personal loan rejection

  • Poor Credit Score - If you have a poor CIBIL credit score, most likely you will not get a loan as you are a categorized as having high risk for the bank.
  • Existing Loan - If you have an existing loan, banks will hesitate to give you another loan as an additional loan will increase the burden of EMIs on the borrower.
  • Age - If you are young with a new job, banks will not lend you money as they prefer salaried individuals with a stable employment history.

Tips for improving CIBIL Score to get Bajaj Finserv Personal Loan

  • Good Credit History - Increase your CIBIL score by paying all your EMIs on time or refinance an existing loan for a longer tenure. These two steps will help you improve your overall credit history.
  • Lower EMIs - As mentioned above, you should refinance an existing loan for a longer tenure as this will result in lower EMIs and reduces the financial burden. This prevents any miss-outs on payment.
  • Prepayment - If you have few low EMIs remaining, it is better that you settle them at one go and close your loan account. This will give you higher disposable income which will enable you to get a higher loan amount limit.
  • Mix and Match - It is advisable to have a mixed bag of secured and unsecured loans. When you build equal credit and debit at the same time, it will improve your credit report.
  • Avoid Multiple Loans - Do not apply for multiple loans from different banks as each bank will request a credit check at the same time. In case of multiple rejections, it will degrade your credit score and report.
  • Additional Credit Cards - Do not apply for additional credit cards as this will considerably lower your overall credit limit.

FAQs On Bajaj Finserv Personal Loan

What if I have a low CIBIL score, will I get a personal loan from Bajaj Finserv?

Most likely no, you require a minimum CIBIL score of 750 in order to avail a loan from Bajaj Finserv. In case you do get a personal loan, it will come with a higher rate of interest or unfavourable terms and conditions.

Does skipping ICICI Bank personal loan payment affect my CIBIL score?

Yes, skipping even a single payment of any bank’s personal loan payment or EMI can have a negative impact on your credit history and score.

Had a loan settlement with Bajaj Finserv, will it affect my CIBIL score?

Yes, it will have a negative impact on your credit score. When a bank labels the loan as settled, it implies that the loan amount was never recovered completely or became a permanent NPA. You need to change the status to closed when you have paid all your dues and loan amount.

Can I get more than 3 Bajaj Finserv personal loans if I have a good credit score?

No, you can avail only one personal loan at a time from Bajaj Finserv.