Is Bajaj Finance Personal Loan Interest Rate Affordable? Bajaj Finserv has two products under its personal loan category. One is called the Hybrid Flexi Plan, and the other is the regular term loan plan. Bajaj Finance Personal Loan Interest Rate for both the plan start from 12.99% per annum onwards. This is one of the best interest rates offered when it comes to the Non Banking Financial Company category. If you have a good credit score, there are high chances of you getting the lowest Bajaj Finance Personal Loan Interest Rate. What Factors Affect Bajaj Finance Personal Loan Interest Rates? 1. High Salary: One of the biggest eligibility criteria that Bajaj Finance takes into consideration is that whether you’re a salaried individual or not. If you have a high net monthly income, Bajaj offers you low interest rates. This is your monthly income is a projection of your risk profile. Higher the monthly income, lower is the risk of defaulting. Thus, you can negotiate with Bajaj to offer you the lowest interest rate if you have a high net monthly income. 2. Credit Score: Credit score is a reflection of your credit worthiness. These scores are assigned by credit information company. In India, scores by TransUnion CIBIL is widely accepted. CIBIL score ranges from 300-900, where 300 is considered as the worst and 900 the best. Bajaj Finserv easily gives loans to customer if they’ve a score of 750 and above. Keeping a score of 750 and above also gives you bargaining power. You can bargain with Bajaj Finance to give you low interest rates. Bajaj Finance personal loan interest rate is low if you’ve maintained a good CIBIL score. 3. Good Relationship: If you’re an old loan customer and your relationship with Bajaj Finance has been a good one, chances are that the NBFC might offer you personal loan at really low interest rates. This is only possible if you’ve been good in terms of servicing your debt. So, do pay your EMIs on time to avail a low Bajaj Finance personal loan interest rates. Can the Bajaj Finance Personal Interest be Calculated Manually? It is extremely tough to calculate the Bajaj Finance Personal Loan Interest Amount. In order to calculate the Interest Amount, you should first calculate the EMI. And, calculating Equated Monthly Installment (EMI) requires a hell lot of patience and time using the formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. Doesn’t it look too complex. Engaging into such calculations manually will lead to errors resulting into failed planning
for you. This is the reason Bajaj Finserv has introduced the Bajaj Finance Personal loan Calculator. How can Bajaj Finance Personal Loan EMI Calculator can help You? Assistance in Planning: Planning is highly necessary when it comes to personal loan. Taking a personal loan can sabotage 10%-20% of your salary. So you will need to revamp your monthly expenses. In order to plan, you will need an estimated figure of how much money will you be contributing from your monthly salary towards the payment of personal loan EMI. Bajaj Finance Personal Loan Calculator helps you that figure in no-time. Hassle-Free: Imagine, going through the pain of calculating the EMI all by yourself using the aforementioned formula. What you can do instead is use the Bajaj Finance Personal Loan Calculator, which does the job in the blink of an eye. How to use Bajaj Finance Personal Loan EMI Calculator? It is utterly easy to use the Bajaj Finance Personal Loan EMI Calculator. All you have to do is enter three things and the EMI figure will be right before your screen. The three details that you’ve to enter are - Loan Amount required, Desired Tenure and the Applicable Interest Rate.