The Big Flash Sale on Personal Loans from Bajaj Finserv is here

Personal Loans come handy when you need instant cash. Be it for a medical emergency, travel, higher education, wedding, or anything else. Personal Loans are loans that are not secured against any collateral such as your property.

If you are looking for some instant funds for your personal needs, you have come to the right place. Bajaj Finserv is running an exclusive offer on Personal Loans. The deal is if you take a Personal Loan from Bajaj Finserv between 24th to 30th April 2017, you will get assured Tanishq vouchers up to Rs.15,000.

Read MoreHow to Put Your Personal Loan to Good Use?

What’s on offer?

If you are a salaried individual and you apply for a Personal Loan from Bajaj Finserv through our online application process, you will get assured Tanishq vouchers of up to Rs.15,000.

Here are the details of the offer:

Loan amount Assured vouchers
Rs.10 lakh and above Tanishq voucher worth Rs.15,000
Rs.7 lakh to Rs.9.99 lakh Tanishq voucher worth Rs.10,000
Rs.5 lakh to Rs.6.99 lakh Tanishq voucher worth Rs.5,000


Line of Credit Facility Available

Along with a Personal Loan and this exclusive offer, Bajaj Finserv offers Line of Credit facility. A personal line of credit is a unique credit facility allocated to individuals for a specified amount. The person borrowing the amount is free to withdraw any amount of money from within the allowed limit. The distinguishing feature of this however, is the fact that you only have to pay interest on the amount you withdraw. While this interest is payable every month, the total amount withdrawn has to be repaid at the end of the chosen tenure of the facility.

The best thing about a Personal Line of Credit from Bajaj Finserv is that you can use it for anything you want. So, if you’re planning a holiday or if you have a wedding coming up, you can use a personal line of credit to manage all your financial goals.

Check your Eligibility and EMI

Before you apply for a Personal Loan, you can check your eligibility for the Personal Loan by putting in basic information such as your income, employer, date of birth, etc. in our Personal Loan Eligibility calculator.

Once you know you are eligible, calculate your probable EMI to get a better idea of what to expect.

Instant approval

Bajaj Finserv, one of India’s best known non-banking financial companies (NBFCs), approves loan applications instantaneously. Post approval, the loan amount is disbursed to your account in as little as 72 hours. All you have to do is apply for one on the website, show that you meet our eligibility criteria and get your application approved.

To further sweeten the deal, Bajaj Finserv is offering you a number of exciting benefits.

Tanishq voucher with every Personal Loan

If you have made up your mind about applying for a Personal Loan, it is the right time. Bajaj Finserv is offering you easy loan approval, a great interest rate and an Tanishq voucher of up to Rs.15,000.

Apply for a Personal Loan between 24th to 30th April and fulfil your financial needs such as sudden medical expenses, home improvement, funding your child’s higher education, or going for a family vacation.

Simply log on to the Bajaj Finserv website and apply!

Calculate Your Personal Loan EMI Check your Personal Loan Eligibility

Taking a personal loan against your FD: Is it a good idea

They say you cannot have the best of both worlds. You need to choose one option and let go of the other.
Unless you are talking about a personal loan against fixed deposit (FD), of course.
Desperate times call for desperate measures. During a financial crunch, you may want to liquidate your FD. This means you might consider breaking your FD to get the money you need. That may solve your financial problem.
But then your savings go for a toss. A good way to deal with this is to take a personal loan against your FD. You then get a short-term loan without breaking your FD.
Here are some factors you must consider before opting for such a loan.

                           Let’s Understand Each Factor in Detail:

How Much Loan Can You Take?

Banks and non-banking financial companies (NBFCs) usually offer a loan up to 90% of your FD amount. For example, say you have an FD of Rs 3 lakh. Then you can get a loan of up to Rs 2.7 lakh. But you must keep the loan tenure in mind. It cannot exceed the tenure of your FD.

What Are the Charges Involved?

When you take a standalone personal loan, you pay interest between 12–22%. The interest rate is lower in the case of loan against FDs. You pay an interest that is a percent or two higher than your FD interest rate. Say, your FD offers 8% interest. Then you may have to pay around 10% for your personal loan.
Most lenders charge a penalty if you make premature withdrawals from your FD. The penalty rates vary between 0.5 and 1%. In such cases, your returns reduce because of the penalty. You can skip these charges if you take a loan against the FD. Such loans have no prepayment penalties. They also charge only a small processing fee. Besides, lenders may waive some of the fee if you have a good relationship with them.

What Is the Repayment Schedule?

Such loans have a flexible repayment schedule. You can repay your loan in instalments. Or you could pay a lump sum when your FD matures. Some lenders may ask for monthly repayments. But many customers prefer to repay the loan at maturity.

How Long Does It Take to Get an Approval?

Obtaining a loan against your FD is a simple process. The approvals do not take much time either. Your loan approval may come through within a day. This is because the lender already has your basic details. But you might have to submit extra documents along with the application form.

Is The Overdraft Facility Available?

Most lenders offer an overdraft facility against FDs. So, you can borrow money for a short period. You can repay the amount much before the expiry of the tenure. You pay interest only for the period that you use the loan.

The bottom line:
A personal loan against an FD offers many benefits. But you must make a thoughtful decision. If you default on the repayment of your loan, the lender will close your FD. Such defaults hurt your credit score too.

Invest in FD @8.05% High Interest Rate

All you need to know about Used Car Loans

All you need to know about Used Car Loans

Mohan was planning to buy a car. However, he was thinking of a used car. He wanted to test his driving skills on a used car before getting a new one. Moreover, his finances did not permit him to buy a new car. In fact, even for the used car he wanted to buy, he needed a used car loan. He was not aware of next steps to take.  

Here are the features of a used car loan available from banks and financial institutions:

  • The quantum of loan available

There is a limit to the amount of loan you can avail to buy a used car. Banks and financial institutions usually lend up to a maximum of 80% of the value of the used car. You are required to pay the remaining 20% of the cost of the car out of your own pockets. Though the available amount of loan varies between different lenders the maximum limit is usually limited to 80% of the car’s cost.

  • The age of the pre-owned car

Another important consideration for a used car loan is the age of the car which you are considering to buy. Lenders usually allow you a loan only if the pre-owned car is not more than 10 years old. The loan is not available for a car more than 10 years old.

  • Your eligibility criteria

Banks and Non-Banking Financial Companies (NBFCs) have a prescribed eligibility criterion for borrowers. You can avail a used car loan only if you meet the prescribed eligibility criteria. Some common criteria required are:

o   Age of the borrower – there is a minimum and a maximum age limit for availing a used car loan. You should be at least 21 years of age to apply for and avail a used car loan. The maximum age for the repayment of the loan is, usually, 65 years.

o   Occupation of the borrower – used car loans are available only to the salaried or self-employed individuals.

o   The current Income level of the borrower – your monthly income is also a criterion for a used car loan. Lenders specify a minimum level of monthly income and if your monthly income meets this minimum level you can avail the loan.

  • Documents required

There are various documents which are required to avail a used car loan. These documents include:

o   Your age proof like your Voter’s ID Card, Passport, Driving License, etc.

o   Your address proof like your electricity bill, phone bill, Passport, etc.

o   Your identity proof like your Voter’s ID Card, PAN Card, etc.

o   Your bank details (bank statement of your bank account of the last 3 or 6 months)

o   Proof of your income (Form 16 or Salary Slips if you are salaried or IT Returns if you are self-employed)

o   Your proof of signature

These were the features of a used car loan. To avail a loan to buy a pre-owned car, you can go online and get the loan. The online medium provides you with the facility of used car loan EMI calculator which calculates the EMIs of your used car by taking into account the loan quantum and the used car loan interest rate. Bajaj Finserv also allows personal loans for used cars. If you are interested in applying for a personal loan from Bajaj Finserv, you can apply online for the same.

Mohan availed a personal loan for the used car and bought a car for himself. You can do so yourself. Opt for a used car loan and get a car yourself. What are you waiting for?

Do you know how your credit score works?

Many of you must have heard the word ‘credit score’ or ‘CIBIL score’. It is mentioned frequently when you apply for a loan. But do you know what it means?

Your credit score or CIBIL score is actually an indication of your credit worthiness. When banks and financial institutions consider lending you funds, they want to make sure that you are capable of repaying the loan along with the applicable interest. Your credit score determines your capability to repay the loan. Since this score determines whether you would be able to get a loan or not, let us understand the meaning of the credit score and factors influencing it.

What is credit score?

A credit score is a three-digit number ranging from 300 to 900 based on your credit history. The credit report company collects your credit related transaction records. It uses the information to create your Credit Information Report and assign you a credit score. This score is available to banks and financial institutions and they use it to determine your eligibility.

A credit score above 750 is usually considered good. Lenders allow loans to individuals having scores higher than 750. In fact, the closer you are to 900, the better the chances of you availing a loan easily. Low scores are considered bad and you might face problems availing a loan if your credit score is below 750.

Factors constituting and influencing your credit score

Your credit score is calculated after careful calculations based on a number of factors. These factors form a part of your credit score and also influence it. Let’s see what these factors are:

  • Repayment History

Your credit score comes into the picture as soon as you avail any credit (loans or credit cards). The repayment history takes into account all the repayments you did for any credit you availed. Repayment history constitutes the major chunk of your credit score accounting for 30% of your score. If you have never defaulted on your earlier loans or credit card bill payments, your repayment history would be favourable and help in increasing your overall credit score.

  • Credit Mix

The next constituent of your credit score is the type of loans or credits availed by you in the past. The credit mix measures the ratio of secured loans to unsecured loans in your credit portfolio. It also takes into account the length of your credit history, i.e. for how long have you availed of existing loans. Secured loans are better as they reflect that you have a sound financial footing. Home loans, auto loans, education loans, loans against properties are types of secured loans which have a favourable impact on your credit score. On the other hand, personal loans and credit cards are unsecured loans. In fact, you can avail personal loans with CIBIL check too. However, higher the unsecured loans you have the lower would be your credit score. Credit Mix constitutes for 25% of your credit score.

  • Credit exposure

The next factor is the amount of credit which you have availed. A higher credit availed by you within a short period of time is bad. It depicts that you might be living beyond your income level which denotes bad credit worthiness. Credit exposure dominates 25% of your credit score.

  • Other miscellaneous factors

The last 20% of your credit score is composed of various smaller factors like credit utilization, for how long have you been availing credit and your current credit paying behavior.

So, the working of your credit score can be depicted through the following pie-chart:

This is how your credit score works. There are some points which you should remember with reference to your credit score. These points are as follows:

  • Your credit score is dynamic. It changes with changes in your credit history.
  • If you have a low score, you can improve your CIBIL score by taking corrective measures like cutting down on credit instruments, making repayments on time, having secured loans, etc.
  • Before applying for a loan, you should check your credit score.
  • Multiple inquiries into your credit score have a bad impact on your score. So, when applying for a loan, do not make multiple applications.

Your credit score is like your financial mark sheet which depicts your creditworthiness. So, understand what the score is, how your credit score works in India and how to improve CIBIL score. 

Have you filed your online Income Tax Return? Did you e-Verify it

Have you filed your online Income Tax Return? Did you e-Verify it?

With the financial year ended, most of you are preparing to file your Income Tax Returns (ITR) before the due date of 31 July. The online medium has made the whole ITR filing process smoother than before. But, does e-filing your ITR complete the tax filing process? No, it doesn’t. For the process to be complete, you have to also verify your ITR. This verification can also be done online.

e-Verification of your ITR is the process to establish taxpayer’s identity. This is done through an Electronic Verification Code (EVC), which is generated on the e-filing website of the Income Tax Department. The EVC is a unique code generated against the PAN number of the assesse. It is valid for verifying ITR1, ITR2, ITR 2A, ITR 3, ITR 4 and ITR 4S. Once generated, the EVC is valid only for 72 hours and it can be generated multiple times through various modes.

e-Verify your ITR

e-Verification of the ITR is simple. It can be done as follows:

  • Log onto the e-Filing website of the Indian Income Tax Department and upload your ITR
  • After the ITR is uploaded, go to the e-File tab on the website and select ‘e-verify Return’ from the drop down box.
  • You would be directed to a new page showing the uploaded ITR which is pending e-Verification.
  • Clicking on ‘e-Verify’ will redirect you to a new page with 4 different options:
    • I already have an EVC to e-Verify my return
    • I do not have an EVC and I would like to generate EVC to e-Verify my return
    • I would like to generate Aadhaar OTP to e-Verify my return
    • I would like to send ITR-V/I would like to e-Verify later

Here are the steps for each option:

 For Option 1 –

o    If you have already generated an EVC, then click on this option and e-verify your return.

For Options 2 and 3 –

There are 6 alternative ways to e-Verify your ITR if you don’t have an EVC and would like to generate it or if you would like to generate your Aadhaar OTP for such verification. Let us understand these alternatives:

  1. Through Net banking

If you had used the Net banking facility, you can easily e-Verify your ITR using it. You simply have to log into your Net banking account. Next, select the ‘e-Filing’ option and select the ‘e-Verify’ link available on your uploaded ITR. Your ITR would be e-Verified.

  1. Through your registered mobile number and email id

For this alternative, select the ‘Generate EVC’ option and you would receive the EVC on your registered mobile number and email id. By entering this EVC on the e-Filing portal, you can e-Verify your return.

  1. Through your bank’s ATM

You would have to swipe your bank’s ATM card at your bank’s ATM machine. Then you should enter your PIN number for e-Filing. You would receive the EVC on your registered mobile number. Then you should visit the e-Filing portal of the Income Tax Department, enter your EVC and your return would be e-Verified.

  1. Through your bank account number

For this option, you would have to visit the e-Filing portal and pre-validate your bank account number if not done earlier. After validating, select ‘e-Verify’, select ‘e-Verify using bank account details’ and you can generate an OTP. After entering the OTP, the EVC would be generated and sent to your registered mobile number that should be then entered on the e-Filing portal for e-verification.

  1. Through your demat account number

Even your demat account can help in e-verification of your ITR. To do so, log into the e-Filing portal and pre-validate your demat account number first. After the details are successfully validated, click ‘e-Verify’, select ‘e-Verify using demat account details’ and you would get an OTP. Using this OTP you can generate an EVC that would be sent to your registered mobile number. Using this EVC you can e-Verify your ITR.

  1. Through Aadhaar OTP

This alternative is relevant for Option 3 wherein you can enter your Aadhaar Card details to e-Verify your ITR. Log into the e-Filing portal and link your Aadhaar Card to your PAN number if you have not done so before. After this validation, select ‘e-Verify’, select ‘e-Verify return using Aadhaar OTP’ and generate an OTP. This OTP then generates the EVC number that is sent to your registered mobile. This EVC number, when entered in the e-Filing portal, e-verifies your ITR.

So, these were the 6 different alternatives of e-Verifying your ITR for options 2 and 3. Alternatives 1, 2, 4 and 5 are available for taxpayers having an income of fewer than Rs.5 lakhs or no pending refunds. Alternatives 1, 4 and 5 are for taxpayers with incomes more than Rs.5 lakhs or having a tax refund.

For Option 4 –

If you want to e-Verify your ITR later, you can select Option 4. After clicking ‘Continue’, you are directed to a Success page wherefrom you can download your ITR-V. You can then sign the downloaded Form manually and post it to the Centralised Processing Center (CPC) in Bangalore within 120 days from the date you uploaded your ITR online.

While you can file an online income tax return, e-Verification of your ITR is necessary to complete the ITR filing process. This verification can be done online and is easy and convenient.

Follow any of the above options and alternatives to e-Verify your ITR easily.

9 affordable international travel destinations

9 affordable international travel destinations for you and your family this summer

With the summer vacation starting soon and so many long weekends lined up, this is the best time to plan for a holiday and make new memories with your loved ones. Why not plan something unusual and go for an international trip this year? We all know travelling abroad with family can be hard on your wallet; however, our list of affordable international travel destinations can easily fit in your budget and let you have an unforgettable trip too! And to make matters even easier, we also tell you all you need to know about how a travel loan will come in handy when it comes to making your dream holiday a reality.

Here are the most pocket-friendly holiday spots to visit outside India:

  1. Thailand: Indulge in delicious Thai curries, relax on pristine beaches and enjoy the beauty of amazing temples and theatrical performances in Thailand, which is one of the cheapest travel destinations from India. With its highest tourism ratio, Thailand scenic landscapes speak for themselves.
  1. Singapore: Singapore is a city-state surrounded by water with a variety of things to offer to all kinds of tourists, be it the best of nature, cuisines, infrastructure, architecture and beaches. It is the fashion capital of Asia, which gives you an opportunity to indulge in sinful shopping. Marina Bay is a must-visit too!
  1. Dubai: Yet another popular destination among Indians, Dubai is famous for its malls, flashy infrastructure and spectacular beauty. You can walk around the historic city, visit a desert safari, and indulge in fabulous food. Dubai has something to offer for everyone, which makes it a perfect for a family vacation.
  1. Hong Kong: High on energy, Hong Kong is known as one of the most trendy holiday spots among Indians. Kids love Hong Kong as they get to visit Disneyland and adults love it for its glitzy architecture, street food, theatre and museum culture and art. Don’t forget to sample those yummy dim sums!
  1. Mauritius: If you love the idea of spending time on sun-kissed beaches, getting a relaxing spa message and indulging in adrenaline-pumping water sports then Mauritius is your perfect destination. Book an all-inclusive package to save some money and you are sure to be mesmerized by the turquoise beaches.
  1. Indonesia: This beautiful green island rich in varied flora and fauna will amaze you. The volcanoes and the scenic beauty are enough to make you want to visit again, and the friendly locals are simply cherry on top of the cake. The clear blue-green beaches offer underwater adventures and for foodies too, this island is true paradise.
  1. Qatar: Another admired travel destination in the Middle East, Qatar offers a taste of ancient beauty, traditional handicrafts and rich cultural heritage. Enjoy the spectacular beauty of the Persian Gulf, and yes, you just cannot avoid shopping here!
  1. South Korea: A location not on every traveller’s list, but one that deserves to be, South Korea has everything to make it the perfect holiday destination. Its natural beauty, serene beaches, national parks, caves and adventurous treks will give you a fun-filled experience.
  1. Nepal: if you just love the snow-covered mountains and want to explore spirituality, Nepal should be on your list. You will be left awestruck by the picture-perfect landscapes, temples and national parks. You can enjoy a peaceful and relaxing time in Nepal well within your budget and enjoy the local Dhindo and Gundruk cuisines.

While you pick the summer vacation spot of your choice, worry your financial worries behind by choosing one of the many vacation loans on offer. Pick one that allows you to pay in easy EMIs and covers all your holiday expenses. Consider Bajaj Finserv’s personal loans for travel, which come with quick approval within 5 minutes, fast disbursal of the loan amount and a loan up to Rs.25 lakhs. For more information, visit

5 types of business loans

5 Types of Business Loans Every Business Owner Must Know

Sudesh Thakur had a textile business in Mumbai. He was doing sufficiently well in it. After a few years of establishing himself, he decided to expand. He was looking for finance options to fund this.

To start, grow and expand, your business requires huge capital. You may not always have the needed fund. This is where business loans come handy. There are different types of business loans available at low-interest rates. Here are a few of them:

 Working Capital Loan:

Every business needs capital to carry out day-to-day transactions. These include petty cash expenses, purchase of raw materials, etc. Working capital loans provide such business finance. There are two types of capital loans – Secured and Unsecured. You do not need any guarantee or security for availing the latter. However, you might have to pay a higher interest for it. Many Non-banking Financial Companies (NBFCs) offer such loans at attractive interest rates.

 Loan for Professionals:

Every profession has a different set of requirements.  To cater to individual business needs, many lenders offer specialised loans. There are separate loans for doctors, engineers, and chartered accountants. Such loans help them grow and expand in their profession. Say, you are a doctor and you want to set up your own clinic. You can easily fund your dream with a Doctor loan. Most lenders offer loans up to Rs. 30 lakh without any security or guarantee.

Loan Against Assets:

An asset is a valuable thing that you own such as a house or a car. It also includes financial securities such as shares, bonds, fixed deposits (FDs). Such assets turn out to be helpful while borrowing. Taking a loan against an asset is easier. This is because you provide certain security to the lender.

You can take a loan against your property. The lender becomes the legal owner of your property if you are unable to repay on time. Your financial securities, such as shares, can also be useful while taking a loan. You can pledge your securities with the lender. Lenders usually provide loans up to 50-70% of the value of your shares.

You can also fund your business with gold. Lenders offer loan against the security of gold. This becomes an easy way of ensuring the smooth functioning of your business. The next option available to you is that of taking a loan against your FD. You can borrow up to 90% of your FD amount without breaking it.

 Term Loans:

Terms loans are loans that you can take for a specific tenure. These are classified into three categories based on the tenure – Short-term loans, Medium-term loans, and Long-term loans. You can take a loan as per your repayment capability. Lenders usually offer flexible repayment options. You repay the loan in Equated Monthly Instalments (EMIs). You can choose your EMI schedule. You can also foreclose your account with minimum or charges.

Flexi Loans:

Flexi loans work like overdrafts. Such loans offer a credit facility to you. You can take a flexi loan of a certain amount. However, you pay interest only on the amount that you use. This reduces your interest cost. Flexi loans are good financing options for businesses. This is because every business strives to reduce its operational cost. The money that is saved can be used productively. It, thus, helps them grow profitably.

The bigger your business, the greater might be the need for finance. Business loans fulfil your financial needs. To get the right finance at attractive rates, you can consider lenders like Bajaj Finserv.

Apply for Business Loan

Reduce Home Loan Interest Rates

How Can Existing Borrowers Reduce Their Home Loan Interest Rates?

Buying a nest in which you can lay your head comfortably after a hard day at work is an expensive proposition. As the years roll by, the burden of generating the funds to finance your dream abode is increasing. If the government is keen on achieving its target of ‘housing for all’ by 2022 it will have to provide enough support to the real estate sector so that homes are made more affordable. But getting a loan to buy your house and then working on repaying it through EMIs can be mind-boggling. No one wants to be saddled with a Home Loan that makes a sizeable dent in his or her income. Here’s how you can pay less on the borrowings that finance your home.

Extend the Tenure

If you have longer repayment period, your Home Loan interest rates can be reduced accordingly as your principal and interest is distributed across a larger number of months. However, while Home Loan EMI will be smaller in the long run you will actually be paying more interest.

Increase Down Payment

When you get your loan, don’t forget that you also have to make a large down payment for your home. This reduces your principal. The smaller the principal, the lower the interest and the lower the EMI. It might seem like a big hole in your pocket, but this is the best way to meet long-tenure loans like Home Loans, which involve paying back for years on end.

Premature Repayment

Another way you can reduce your Home Loan EMI for a large part of your repaying period is to prepay a large amount when you find yourself able to afford it. It is best to do this in the initial stages of the tenure so that your principal decreases, thereby reducing your interest on subsequent payments.

Switch to MCLR

If you have approached a public or private sector bank for your Home Loan you can hop from a base rate to marginal cost of funds based lending rate (MCLR), which lets you derive the maximum from changes in interest rates as it is directly linked to repo rate. There is however a cost involved as banks levy a conversion fee.

Switch to a Lower Rate

If you have taken a Home Loan from a housing finance company or a non-banking financial company, you can tweak your interest rate by paying a conversion fee and switching to low existing rates. The way housing finance companies and NBFCs do this is by changing the spread, which results in an overall reduced rate.

Find Another Lender

Chances are that if you scout around you may find someone who gives you Home Loan with better terms and conditions than you are presently experiencing. Do a Home Loan Balance Transfer and take advantage of lower interest rates as well as flexible repayment options from a new lender. However, don’t just jump into it, but weigh the cost involved in transferring your loan. If your liabilities turn out to be more it is not worth running to another lender.

Bajaj Finserv lets you prepare for that house warming party with attractive Home Loans that can mean greater savings.

For instance, if you are paying a base rate of 10% on your current loan, a transfer to Bajaj Finserv can mean great savings over your remaining tenure.

Tenure of Loan Savings per lakh for remaining tenure (in Rs.)*
8.50% 8.60% 8.85%
25 years 31,200 29,100 24,000
20 years 29,100 27,300 22,500
15 years 27,000 25,200 21,000
10 years 24,600 23,100 18,900

*The savings listed above may vary depending on processing fee and other charges as applicable.

And that’s not all: The company not only lends you money for the concrete structure, but also for the furnishing and fixtures. It also lets you foreclose your Home Loan anytime during your loan tenure without paying any charges. There’s also a three-month EMI grace period to help you repay that loan.

Transfer your Home Loan Online Home Loan Balance Transfer Calculator

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