Like other lenders, Bajaj Finance offers Personal Loan to meet your everyday needs. Why hold your important expenses when you can get the desired fund through Bajaj Finance Personal Loan?
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You can up to INR 25 lakh loan at attractive interest rates. With complete transparency and no hidden charges, you will avail a seamless borrowing experience with Bajaj Finance.
Two types of interest rates are charged on personal loans: Fixed interest rate and floating interest rate.
In the fixed interest rate, the rate remains constant throughout the loan period. So, the EMIs remain constant.
In the floating interest rate, the rates are adjustable and variable depending on other factors in financial institutions. The floating rate varies throughout the loan period.
The interest rate starts from 13% which goes upwards depending on several factors of your eligibility.
There are two kinds of Bajaj Finance Personal Loan interest rates: fixed and floating.
Here, the rate of interest charged on the Bajaj Finance Personal Loan amount will remain constant throughout the loan repayment period. You know your Bajaj Finance Personal Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, Bajaj Finance Personal Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Bajaj Finance Personal Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Bajaj Finance Personal Loan will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
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I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
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