Bajaj Finance, a leading NBFC in India, is recognized for offering dependable financial services nationwide. Whether you’re planning a wedding, need funds for medical expenses, or simply want to buy a new phone on EMI — Bajaj Finance offers quick and flexible loan options for every financial need.
But before you hit that “Apply Now” button, take a moment to understand what you’re signing up for. From loan types, interest rates, and hidden charges, to EMI calculation and eligibility criteria — making an informed decision can save you money, stress, and even your credit score.
Let’s walk you through everything you need to know to borrow smartly with Bajaj Finance in 2025. ✅
🔹 1. Types of Loans Offered by Bajaj Finance
Bajaj Finance caters to a wide range of borrowing needs with different loan products. Whether you’re a salaried individual, business owner, or a student — there’s likely a loan that fits your situation.
| Loan Type | Purpose |
|---|---|
| Personal Loan | Medical emergencies, wedding expenses, travel, education |
| Home Loan | Buying, building, or renovating a house |
| Loan Against Property | Get large funding by mortgaging your property |
| Business Loan | For MSMEs, professionals, startups, freelancers |
| Consumer Durable Loan | Finance electronics and home appliances like phones, laptops, or TVs through convenient EMI plans |
| Gold Loan | Short-term funding by pledging gold ornaments |
Different loan types offer unique advantages and flexible repayment choices. For example, a Bajaj Finance personal loan is unsecured, while a loan against property offers higher amounts at lower interest rates due to the collateral involved.
📌 Tip: Choose your loan based on actual need and your repayment capacity. Avoid taking on more debt than you can reasonably manage to pay back.
🔹 2. Eligibility Criteria & Documents
Before applying for a loan from Bajaj Finance, it’s crucial to check if you meet the basic eligibility. This increases your chances of quick approval and reduces unnecessary rejections, which can hurt your credit score.
✅ Basic Eligibility Requirements:
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Age: 21 to 60 years
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Monthly Income: ₹20,000 or more (varies by city and loan type)
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Employment Status: Salaried or self-employed with stable income
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Credit Score: 700+ is preferred for faster approval
📄 Documents You’ll Need:
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Aadhaar Card & PAN Card
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Latest salary slips or 3–6 months bank statements
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Address proof (utility bill, rent agreement, etc.)
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Recent passport-size photograph
If you’re applying online, Bajaj Finance also allows easy document uploads via the Bajaj Finserv App or official website, making the process faster.
📌 Tip: Keep scanned copies of your documents ready to save time during the digital application process.
🔹 3. Interest Rate Range & Hidden Charges
Interest rate is a key factor when taking a loan. Interest rates for Bajaj Finance personal loans and other financial products are determined by factors such as your credit history, the type of loan, and the duration of repayment.
📉 Typical Interest Rate Range:
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Personal Loan: ~11% – 36% p.a. (depending on applicant profile)
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Home Loan: Lower than personal loan (secured)
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Business Loan & Gold Loan: Vary based on risk, loan tenure, and security
💸 Common Fees & Charges:
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Processing Fee: Typically ranges between 1% and 4% of the total loan amount.
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Foreclosure Charges: Around 4%, applicable once the first EMI has been paid.
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EMI Bounce Charges: ₹700 to ₹1,200 + GST
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Insurance Charges: Often added by default (check before signing)
⚠️ Hidden Charges to Watch Out For:
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Documentation fees
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Mandate rejection or ECS failure charges
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Pre-approved loan deals often come with additional services you might not actually require.
📌 Tip: Always ask for the full “Schedule of Charges” or fee breakdown before signing the loan agreement. Transparency here can save you thousands.
🔹 4. EMI Calculation Example (Use EMI Calculator Tool)
Before committing to a loan, it’s wise to calculate your EMI using a Bajaj Finance EMI calculator. This helps you plan your monthly budget, compare loan offers, and avoid future stress.
Let’s take a real-world example:
📊 Loan Amount: ₹1,00,000
Tenure: 24 months
Interest Rate: 16%Monthly EMI: ₹4,896
Total Interest Payable: ₹17,511
Total Repayment: ₹1,17,511
This calculation shows that while the monthly EMI seems manageable, the interest outgo adds up over time.
📌 Tip: Use the EMI calculator on Bajaj Finserv’s website to test different combinations of amount, rate, and tenure. Try adjusting the loan term to see how it impacts your EMI and total repayment.
📌 Check EMI Now
| EMI Loan Calculator |
📌 Check Loan Eligibility
| Check Loan Eligibility |
📢 Coming Up Next:
In Part 2, we’ll show you:
✅ How to get fast loan approval from Bajaj Finance
✅ Proven tips to reduce EMI without hurting your credit
✅ Common loan mistakes to avoid at all costs
So bookmark this guide and stay informed! Your financial future deserves smart choices.
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5 Powerful Tips to Confidently Invest in Jio Finance Shares (Even as a Beginner)
🔚 Final Words:
In 2025, borrowing from Bajaj Finance can be a wise choice—provided you have the right information. Understanding the different types of loans, calculating your EMI in advance, knowing your eligibility, and watching out for hidden charges can make your borrowing journey smooth and stress-free.