Bajaj Finance Loan | Eligibility, Interest Rates, Documents, EMI & How to Apply (Full Guide)

If you’re exploring a Bajaj Finance Loan, you’re looking at one of India’s prominent NBFC personal-loan offerings. Whether you need funds for a wedding, medical emergency, home improvement, or just consolidating debt, a Bajaj Finance Loan can be a convenient option provided you meet the eligibility requirements (such as age, credit score, and income) and understand what happens when you fall behind on payments.

In this article, we cover in detail: what happens with late repayment, what CIBIL score you should have, age limits, and sample EMI tables for ₹10,000 and ₹50,000 loans (12-month tenure), including processing fees based on published rates. We also discuss how, if your CIBIL score is very low or zero, you may not qualify, and we’ll point you to an alternative loan app where you can apply.

What is a Bajaj Finance Loan?

Bajaj Finance Limited (through its personal loan product) allows salaried and self-employed individuals to borrow unsecured amounts without collateral. The lender is known for its quick digital application process, relatively moderate interest rates (for qualified borrowers), and flexible tenures.

Key features include:

• Loan amount of up to ₹55 lakh for the personal loan variant.
• No collateral required.
• Interest rate range: approximately 10% to 31% p.a. based on profile.
• Processing fee: up to ~3.93% of the loan amount.

Late Repayment: What Happens?

If you take a Bajaj Finance Loan and fail to repay on time, here’s what you must know:

• The company explicitly states that “Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.
• For you, this means: missing an EMI could mean your interest cost rises sharply (since the penalty rate is very high).
• Additionally, late payments are reported to credit bureaus, which can lower your credit score (CIBIL), making future borrowing more difficult and costly.
• Repeated default can lead to recovery proceedings, a negative listing, legal action, or the forced sale of assets (in the case of secured loans). Although this loan is unsecured, the lender still retains rights under the contract.
• Important tip: Always keep track of due dates, set auto-debit instructions, and if you foresee difficulty, talk to the lender early to avoid full default.

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Required CIBIL Score & What If It’s Low or Zero?

• According to the public data from Bajaj’s own site, “A CIBIL Score of 685 and above is required to get a personal loan with Bajaj Finance.

• If your CIBIL score is very low or zero (which typically indicates a lack of credit history), the chances of approval are low. The lender has a risk of non-repayment, and thus they usually decline or offer very high interest rates if they approve.

• In our advice: If your CIBIL is low or zero, you cannot count on getting favourable terms from Bajaj Finance. You may either need to build your credit history (by making small credit card payments, small EMIs, and timely repayments) or choose alternative lenders/apps that specialise in thin-credit borrowers (but expect a higher rate and processing fee).

• Building CIBIL: Make small loans or credit card purchases, repay on time, maintain low credit utilisation, and check your CIBIL report for errors.

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Age Limit / Eligibility Age Criteria

• The published eligibility criteria for the Bajaj personal loan include: Age between 21 and 80 years at the end of the loan tenure.
• Practically, they expect you to be 21 or above at application and typically not older than 60-66 at the time of sanction, depending on tenure. For example, one partner site specifies an age range of 21 to 66 years.
• Self-employed or salaried status matters (employment vintage may be required).
• Income minimums may apply (although not continuously published), but higher credit scores and incomes can help secure lower interest rates.

Sample EMI Tables

Below are sample tables for two loan amounts (₹10,000 and ₹50,000) for a tenure of 12 months, assuming an interest rate of a mid-bench figure (we’ll use 12% p.a for illustration) plus a processing fee. Note: These are illustrative only. Actual EMI depends on your rate, tenure, and processing fee.

Assumptions

• Interest rate: 12% p.a. (i.e., monthly rate ~1%)
• Processing fee: 3.93% of the loan amount (the upper published fee)
• Tenure: 12 months
• Loan disbursal equals principal minus processing fee.

Table for ₹10,000 loan

 

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Table for ₹50,000 loan

 

Note: These numbers are for illustration only. If your interest rate is higher (say 18% or above), your EMI will be higher. Additionally, if the processing fee is less or more, the net disbursement and cost change accordingly.

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Alternative Loan Application: “Loan App Apply Here

If you find your CIBIL is low or you do not meet the criteria for a Bajaj Finance Loan, you can consider applying via a loan app that offers short-term loans to thin-credit or first-time borrowers. Insert your link here as “Apply here” for that specific app. Always check the app’s credibility, regulatory compliance (it must be an RBI-registered NBFC partner), transparent fees and interest rates, default terms, and customer reviews.

Final Thought

Choosing a Bajaj Finance Loan can be a smart move if your credit profile is healthy and you need funds quickly. But the cost of non-repayment is high, so treat it responsibly and plan your budget well.

Disclaimer: This article is for informational purposes only and does not constitute financial advice or an offer of credit. Interest rates, eligibility criteria, and fees may vary based on individual profile, lender policies, and prevailing regulations. Please check the official website of Bajaj Finance Limited or speak to their authorized representative before applying.