How to Take Bajaj Personal Loan – Upto Rs 50 Lakhs

5000 to 50 Lakhs Personal Loan 

Friends, in this article, we’ll discuss about Bajaj Finserv Personal Loan. In this article, the maximum amount of personal loan that Bajaj Finserv gives; the processing fees, the rate of interest that’s required, if I take a personal loan from Bajaj Finserv. 

So all these major and minor questions and along with them, the full process of applying for it  from your home, you can apply for a personal loan from Bajaj Finserv. So I’ll tell you the entire process of this as well. 

But, we’ll look at all these things one at a time. First of all, what Bajaj Finserv itself states is that they give a maximum amount of 50 lakhs as a personal loan. And the second thing they say is that for a maximum period of 6 years, they give personal loans to the customers.

Now, if I’m to call Bajaj Finserv as Bajaj Markets, then that’s far better. Why? Because, if you come to the interface of it, which would look similar to this. then here not only Bajaj itself offer for personal loans, along with that, it has 15-20 partner brands as well.

Look, it’s written over here as well there are 15+ partners. What happens is that suppose that you enter your details whether you’re salaried, this is your PAN card number, this is the Aadhar card number you enter all these details. 

So, Bajaj itself would certainly look through your details infallibly to make sure if they’re okay. Bajaj itself would say… take it as an example that, by looking at your PAN card, they can agree to give you a personal loan of a maximum of 1 lakh.

 Similarly, think that Bajaj sends the data to the KeditBee app. KeditBee would say, they’d give a personal loan of 1.5 lakhs at most, and that would be given at a rate of interest of 20%. I’m saying it as an example. 

Similarly, suppose that, Bajaj there’s an instant loan app called PaySense Bajaj sends data to them- and they say that they can provide a maximum loan of 70K, and that they would give at a rate of interest of 15%. Consider that, from any random instant loan app various sorts of offers would come. What I mean to say is that you want to get a personal loan, from the platform of Bajaj. 

So you would enter your data. Then, PAN card etc. all your details if you’re salaried, what your income is while keeping all these things in mind, you’ll have 4-5 companies before you, who would be interested in giving you loans. 

Now, what will happen afterwards is that these 4-5 companies who’d come forward you’ll be able to see the rates of interest of all of these, the amount of processing fees that is required all of these would be shown. 

Remember, this is what Bajaj is saying- not me. For me, when I applied myself, when I entered each and every detail so I’ll also repeat the entire process in front of you. One by one. You just stick by. So, upto now, you’ve understood the gist of the story. That, these partner brands of Bajaj I’m showing the screenshot of that as well, that not only Bajaj itself gives loans, but similarly, there’s Zype, Kissht, Yes Bank itself. Here’s an instant loan app, then Kotak Mahindra bank. 

Then, instant loan. I mean, there are one or two banks- such as Yes Bank, and Kotak Mahindra bank it has tie-ups with these. As for the rest of 15-18 brands, all of them are instant loan apps only. And instant loan apps personally, neither do I ever suggest these to anyone, nor do I use these myself.

 However, if there’s too much of an emergency, that money is immediately needed, at any cost, and it’s needed instantly, then you can prefer a RBI-registered instant loan app. But from my side, it will always be a ‘no’. Personally, I never tell someone to prefer instant loan apps. As for the reason behind it- that we will see later on in the article. 

But firstly, our main topic let’s stick to that. Well, I’ll just show you once again, in detail it looks similar to this on the interface of Bajaj that Bajaj the apps over here such as CASHe, Fibe. These are all the apps here. Before them, the rate of interest of each has been written, that the interest rate starts at a minimum of 12% with Bajaj Finance With CASHe, the interest rates start from 27%..

 It might be possible that the rate of interest goes upto even 50%, or perhaps even upto 70%. The upper limit isn’t mentioned- the lower limit is. In the same way, I’ve added the screenshots of all of them. 

What are all of these? Partner instant instant loan apps of Bajaj. And, lastly, this one. Now, following this, I’ll tell you right from here. Upto now- you’ve got the story that, how the interface of Bajaj is, how Bajaj functions. Now, for one time, I myself before you, the article of the screen recording, that I did on my own with that, I’ll tell you the whole process for once. Suppose you do want to apply for it. 

Then, firstly, over here, you enter that whether you’re salaried, or self-employed you select all of that. Then you enter the mobile no. Then you enter your DOB, your full name, and the Pincode of your city. Then, if you scroll down a little, then here are some basic details. 

Enter your DOB, your full name, your Pincode, and select all the checkboxes down below. After that, you click on the ‘Proceed’ option. I’ll tell you all of that quickly. After that, an OTP will be sent to your mobile no. Enter that OTP over here. Then, it will ask for some more basic details on the next page, as to how much loan you’d like to take. So, just enter a random number here. Whether 20 lakhs, or 50 lakhs over here, it won’t make any difference. Then, enter your PAN card no. Enter your name as mentioned in the PAN card. Then enter your pin code. Then they’ll ask in which company are you working? So, for example, suppose that I’m showing myself as an employee in my own company, so I’m selecting ‘Proprietor’ over here. For the company’s name, I’m entering the name of my own company of my YT channel ‘XY Axis Education’. Then I enter my monthly income, a random 70K.

 Then I enter my personal email ID. After that, I’ll click on the ‘Submit’ option. On to the next page, personally speaking, it was showing me that I’m eligible for a loan of 6 lakhs. When I scroll down this page, then I’m being shown these different companies. For e.g., Fibe. Fibe is offering me a loan of Rs 490000. 

Similarly, here’s PaySense. They are offering me a maximum loan amount of Rs 91000. And, Bajaj here is offering me a maximum amount of 6 lakhs as personal loan. No problems here- upto this point, it can be understood that, keeping in view my PAN card, and my CIBIL score, only these 3 companies have shown interest in giving me a personal loan. Among which’

 one is offering Rs 490000. One is ready to give 6 lakhs. And the last one, Rs 91000. Now, here is Fibe. In case of Fibe, it’s being shown that there’s a rate of interest of 18%, and as for tenure, they’re ready to give me a loan for 24 months. 

No problems. After this, when I move on to the next page, I receive this ‘Congratulations’ message. And…sorry, not on the next page when I scroll up along this page itself, I re-enter here that I do not want a loan of 6 lakhs, I only want a loan of 1 lakh. And I want this loan for a maximum period of 6 months only. 

Because, only in order to tell you, I’ve been going through this entire process. Personally, I don’t have any need for a personal loan at this moment. I’m using myself as live proof in order to show you the entire process. 

So I’ve put a number here randomly. Because, what happens many a time is that they disburse it directly. I don’t have any need for so much of loan. I have just put 1 lakh randomly and that I want for 6 months only. After that, it asked for a little bit of more details, for e.g., my address- then I put all my basic details. After that, when I finish entering all these details, it starts taking a little bit of loading time. 

And, on the last page, the message comes up with a congratulation, that the amount I had filled in over there, of 1 lakh so the message comes lastly, that, to you, a loan worth 95K, with a time period of 12 months, will be offered by PaySense. Alright. I had entered 1 lakh only. At the very beginning, it was being shown that Bajaj also was giving 6 lakhs. But, automatically, all those things have been eliminated, and this message appears before me, congratulating me, the loan you applied for will be approved. 

The story of Bajaj ends right here. After this, I know that, on my phone, every 10 minutes, calls will start coming from different numbers. The first call comes from PaySense. I talked to them. They started saying, now what you can do is as said by the employee talking to me on behalf of PaySense he tells me to go on to Play 

Store, and install the PaySense instant loan app. I said, okay. Once again I receive a call. From Fibe. They said, you should install the Fibe instant loan app. After this, a call came from Bajaj itself. This time, the employee from Bajaj is not telling me to install the app by Bajaj. Instead, they’re telling me to install PaySense. 

Sometimes, I’m being told to install Fibe. I mean, what is going on? What is going on is that Bajaj is not doing anything directly. There’s a platform of Bajaj, from where on, customers are being sold certain plans. In a way, they’d sell it over to PaySense, and if PaySense does manage to give me the loan, then Bajaj would earn a equitable amount of commission. 

If I take a loan either from Fibe, or if I take a loan from Fibe by going to the platform of Bajaj, then Bajaj would get… a fair share of commission. So that’s what is going on. Well, even then, to show a little more interest, I told Fibe wait, no, from whom had I received the message? Whoever it was- well, it was Fibe with whom I had a converstaion. So I told the employee from Fibe that although you are giving me the loan of 95K, but nothing about it is written over here. Because, my page has been closed here. 

Nothing is written over here as to how much loan you will get, which rate of interest you’ll be charged, or, the amount of processing fees. So, the lady who was on the other side of the phone she tried to lecture me. 

She said- you are getting a loan of 95K. I said- that’s right, but why don’t inform me about the rate of interest? And what would be my EMI? So she started saying- well, I also asked about the processing fees. 

So she attempted to teach me that I shouldn’t be worried about the processing fees as such, no processing fees would be demanded from you. Whatever the processing fees be, that would adjusted within your EMI only. 

I kept thinking, it’s been 7 years since I’ve been working in the bank, and now you’re playing games with me. But anyway, I had to prepare the content, so I kept on listening to her patiently. I said, well, okay, the processing is adjusted in between the EMIs. Well, anyway. 

But, if a normal person talks to them, who has no knowledge of banking, then they would really make him happy, and also draw him into such a big fraudulence. So I held on, said fine. So they gave me these excuses. 

They said, if you take a 95K loan for 9 months, then your EMI would be Rs 12300. I listened. Then, when I calculated it myself, I saw that I was to repay Rs 110795 for an amount of 95K. Now, think. As soon as I put it in the calculator that the loan I’ve taken is of 95K for 9 months and if my EMI is Rs 12300 I entered that amount, there’s only a difference of Rs 4. So, no worries there, just adjust it.

 So, when my EMI is this much, then the rate of interest is equal to 38%. I thought, am I bitten by some mad dog, that I’d take a loan from you at 38%? That’s something. Well, they had given a quotation along with this. It said, if you take the loan for 12 months instead of 9 months, then, your EMI would be Rs 9300.

 When I calculated that, then the number that comes is Rs 11160. So I calculated it again. That, if the EMI is Rs 9300, as is the case over here, against the loan of 95K, taken for 1 year even then the rate of interest is 30.9%, which is almost 31%. I keep thinking, I’d take a loan at 31% or 38% from you better than that I’d go to the market, and get hold of some local moneylender. 

Even he’d charge me 2% that’s the current market rate. If you borrow money from a ‘Bania’, who are known as moneylenders… If I take a loan from them- then the monthly rate is 2%. If you multiply 2% by 12, then at a yearly rate 24%, I can get a loan at the market. Which is regarded as the most expensive rate of interest. 

So why would I get one from these people at 38%? That equals to a number even higher than 3% per month the rate of interest that I’m being charged. So, here’s a simple thing. I said this to you several times before, I also made a separate article.

 On instant personal loan apps. My topic in that one was- the best personal app. In that too, I said the exact thing repeatedly. 

Well, what happens is that there’s personal loan. We are under the impression that it’s easily available. On that article, I also received a lot of love from you guys. Several comments were also posted on it I mean, everyone said that I had written on that, if you agree with what I say, then make sure to comment below that you do agree.