An instant personal loan offers a quick and straightforward way to access funds for various needs, such as emergencies or personal projects. The key advantage is the easy approval process, which allows borrowers to receive funds rapidly without extensive paperwork or delays. These loans are designed for convenience, with many lenders providing instant loan disbursement upon meeting basic eligibility criteria like age, income, and credit score. With fast processing and minimal hassle, instant personal loans are ideal for those needing immediate financial relief or quick access to cash without lengthy approval procedures.
Features and benefits of instant personal loan
- High-value and collateral-free loan
Get funding up to Rs. 40 lakh without having to pledge an asset as security. - Instant loan approval
Avail an instant personal loan on simple eligibility terms to get approval within 5 minutes*. - Minimal documentation
Submit your basic documents and get your application processed quickly. - Swift disbursal
Obtain money in the bank within 24 hours* of instant loan approval and document verification. - Convenient repayment
Adjust your EMIs to your income with a flexible repayment term of up to 96 months. - Nil hidden charges
Apply for an instant personal loan online without worry, knowing that you enjoy 100% transparency in loan dealings. - Flexi Hybrid feature
Opt for the Flexi Hybrid facility to pay interest-only EMIs for a part of the tenure and make multiple withdrawals and deposits.
Instant personal loan from Bajaj Finance
Apply online for an instant personal loan from Bajaj Finance to benefit from approval within 5 minutes. Our eligibility criteria are simple, and the documentation requirement is basic. This speeds up the loan application process, and you get the funds you need within 24 hours* of approval and verification. You can avail up to Rs. 40 lakh without needing to pledge any security as collateral.
Use an instant personal loan to cater to unplanned expenses that come your way. You can repay the funds at your convenience over a repayment term of up to 96 months.
Bajaj Finance offers competitive interest rates on personal loan offerings to make repayment affordable for you. Check the other fees and charges to make a repayment plan before applying. You are assured of zero hidden charges.
For flexibility in borrowing, we offer the Flexi Hybrid feature. It allows you to make multiple withdrawals and deposits from your pre-approved sanction on the go. You do not incur additional charges to withdraw or pre-pay funds. Moreover, you pay interest-only EMIs for the initial part of the repayment term. This allows you to access instant funds and ease your way into repayment.
Types of instant personal loans in India
Instant personal loans bear no end-use restrictions, which makes them suitable for meeting diverse urgent funding needs, such as
Instant loan for wedding: An instant loan for a wedding provides quick access to funds for covering wedding expenses such as venue, catering, and decorations. With minimal paperwork and fast approval, these loans help manage the financial demands of a wedding, allowing you to celebrate without worrying about immediate financial constraints.
Instant loan for higher education: An instant loan for higher education offers rapid funding to cover tuition fees, books, and other educational costs. Designed for swift approval, it helps students or their families meet educational expenses without delays, ensuring smooth academic progress.
Instant loan for travel: An instant loan for travel provides immediate funds for booking flights, accommodations, and other travel-related expenses. This type of loan is ideal for those who need quick financing to take advantage of travel opportunities or handle unexpected travel costs.
Instant loan for home renovation: An instant loan for home renovation allows homeowners to quickly access funds for remodelling projects or repairs. With a streamlined approval process, this loan helps facilitate timely improvements and upgrades to your living space.
Instant loan for medical emergencies: An instant loan for medical emergencies offers immediate financial support for urgent medical treatments or hospitalizations. This loan type ensures you have quick access to necessary funds during critical health situations, providing peace of mind in emergencies.
Instant loan for second-hand car purchase: An instant loan for a second-hand car purchase provides fast financing for buying used vehicles. With easy approval and quick disbursement, this loan helps you secure a vehicle promptly without the need for extensive delays or lengthy application processes.
Opt for an instant approval personal loan online as per your financing needs. Use the online personal loan EMI calculator to estimate your fixed monthly outgo and choose a repayment term accordingly.
Instant personal loan interest rate and charges
The instant personal loan interest rate is the percentage of the loan amount that borrowers pay to the lender as the cost of borrowing. For personal loan instant approval, this rate is based on factors like creditworthiness. With personal loan instant disbursal, you receive funds quickly when approved. Personal loan charges include processing fees, a one-time cost for loan application handling, and foreclosure charges, which are incurred if the loan is paid off early. Bajaj Finance offers competitive personal loan interest rates and charges. Moreover, you are assured of zero hidden charges and 100% transparency.
Personal loan interest rate and applicable charges
| Type of fee | Applicable charges |
| Rate of interest | 11% to 40% p.a. |
| Processing fees | Up to 0.0393 of the loan amount (inclusive of applicable taxes). |
| Flexi Fee |
Term Loan – Not applicable
*All the Flexi charges above are inclusive of applicable taxes |
| Bounce charges | Rs. 700 to Rs. 1,200 per bounce.“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason |
| Part-prepayment charges | Full prepayment
Part-prepayment
*Foreclosure will be processed post clearance of first EMI |
| Penal charge | Delay in payment of instalment(s) shall attract penal charge of Rs. 8 - Rs. 12 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
| Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
| Annual maintenance charges | Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure. |
| Broken period interest / Pre-monthly Instalment interest |
Scenario 1: Over and above the period of 30 (thirty) days from the date of disbursement of the loan. Method of recovery of Broken Period Interest/pre-monthly instalment interest:
Scenario2: Less than period of 30 (thirty) days from the date of disbursement of the loan, interest on first instalment will be charged for actual number of days. |
| Switch fee | Up to 0.0118 of the loan amount (inclusive of applicable taxes). Switch fee is applicable only in case of switch of loan. In switch cases, processing fees will not be applicable. |
| Cash collection handling charges | Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs. |
| Cash deposit charges | Customers will incur a cash deposition charge of Rs. 50 (inclusive of applicable taxes) when making cash payments at our branch offices. |
| PG facility charges | Rs. 11 (inclusive of applicable taxes) will be charged for utilizing the payment gateway to make part or full payments towards the loan through digital properties. |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
For Micro Finance Loans, please note below: Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Minimum interest, maximum interest, and average interest are 15%, 40%, and 40.00% per annum respectively. Part-prepayment and foreclosure charges are NIL. {Average interest rate is higher than max interest rate, because maximum interest rates was reduced effective 02 May 2024 however average interest rate is computed on a volume weighted basis for last quarter (Apr'24 - Jun'24)}
Eligibility criteria for instant personal loan
Eligibility criteria refer to the specific requirements or conditions that an individual must meet to qualify for a personal loan. These criteria are set to ensure that applicants have the necessary qualifications, characteristics, or circumstances to be considered suitable. For example, in personal loans, eligibility criteria might include age, income level, and credit score. Below are the eligibility criteria for a personal loan from Bajaj Finance.
- Nationality: Indian
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for instant personal loan
Documents required for personal loan typically include proof of identity (like a passport or driver’s license), proof of income (such as pay stubs or tax returns), proof of residence (like utility bills or lease agreements), and details of existing debts or liabilities. Some lenders might also ask for bank statements and employment verification. These documents help the lender assess your creditworthiness and ability to repay the loan. You may require the following documents when you apply for Bajaj Finserv Personal Loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Utility bill of electricity and piped gas
Type of documents and their examples
Type of document |
Requirement |
Proof of identity |
PAN card, Aadhaar Card, voter ID, passport, or any other government-issued photo identity proof |
Proof of address |
Aadhaar Card, voter ID, passport, ration card, utility bills, or any other government-issued proof of address |
Income proof |
Salary slips for the last 3 months and bank account statements for the previous 3 months |
Why choose Bajaj Finserv for online instant loan?
Choosing Bajaj Finserv for an online instant loan offers numerous benefits. With personal loan instant approval, you can receive quick funds with efficient processing. Bajaj Finserv provides a seamless experience for those looking to apply online for an instant personal loan, simplifying the application process and reducing paperwork. Their competitive interest rates and flexible repayment options make it an attractive choice for borrowers. Additionally, Bajaj Finserv's user-friendly platform ensures that the entire process, from application to disbursal, is fast and hassle-free, meeting your financial needs with ease and convenience.
How to apply for instant personal loan online
- Click on ‘APPLY’ at the top of this page to open our online personal loan application form.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.
