Bajaj Personal Loan for medical expenses
Depending on the type of therapy you receive, medical expenses can be either anticipated or unexpected. Although insurance does cover these costs, it frequently falls short. Additionally, cosmetic procedures are not covered by insurance. Both elective and non-elective operations are covered by our Flexi Hybrid Personal Loan’s interest rate.
DIAGNOSTICS
You may have to pay hundreds or even more for specialised diagnostic scans. A single MRI scan can cost roughly Rs. 20,000, and you might require several scans in some circumstances. The price of further laboratory tests should be added.
HOSPITALISATION EXPENSES
There is a large list of exclusions, including room upgrades, special meals, doctor and dietician visits, and others, even though your insurance coverage could be adequate.
PHYSIOTHERAPY
As part of your post-operative treatment, you might need to attend many sessions of physical therapy, which might entail the use of specialized tools. These workshops can have thousands of participants each.
Also Read – How To Transfer Home Loan To ICICI Bank
HOUSEHOLD EXPENSES
You might still need to handle your monthly costs while you’re in the hospital. School fees for children, food costs, power bills, and fuel costs all add up quickly.
COSMETIC PROCEDURES
Maintain your youthful appearance with cosmetic operations like laser hair removal, facelifts, and dental care. The availability of clinics around the nation makes getting this done simpler than ever.
3 unique variants of our personal loan
Flexi Term Loan
For the first six months of a loan for Rs. 2 lakh with a period of 24 months, you would make your normal equivalent monthly payments (EMIs). You should have paid back roughly Rs. 50,000 by this point. You discover an unexpected requirement for Rs. 50,000 all of a sudden. To withdraw Rs. 50,000 from your Flexi Term Loan account, simply click to My Account. You just received a bonus of Rs. 1,000,000 three months later, and you’d like to pay back some of your Flexi Term Loan. Your interest has been automatically adjusted throughout, and you are only paying interest on the amount that is now owing. Both principle and adjusted interest are included in your EMI.
Flexi Hybrid Loan
This is another personal loan option from us that functions similarly to the Flexi Term Loan. The main distinction is that your EMI will only include the relevant interest throughout the loan’s first period. The interest and principle components of the EMI will be used for the remaining time.
Term Loan
This is like any regular personal loan. You borrow a certain amount of money, which is divided into equated monthly instalments that consist of both principal and the applicable interest. There is a fee applicable for repaying your term loan before the completion of your loan tenure.
Features and benefits of our personal loan
3 unique variants
Pick the loan variant that suits you best: Term Loan, Flexi Term Loan and Flexi Hybrid Loan.
No part-payment charge on Flexi Term Loan
Repay a part of your loan in advance, at no extra cost. You can part-pay as many times as you want.
Also Read – How to get a medical loan
Loan of up to Rs. 40 Lakh
Manage your small or large expenses with loans ranging from Rs. 20,000 to Rs. 40 lakh.
Convenient tenures
Manage your loan easily with repayment options ranging from 6 months to 96 months.
Approval in just 5 months
Complete your entire application online from the comfort of your home or wherever you are and get instant approval.
No hidden charges
The fees and charges are clearly mentioned and also the loan documents. We advise you to read these in detail before applying.
No guarantor or collateral needed
You do not need to provide any collateral such as gold ornaments, property papers, or have someone stand as a guarantor.
Also Read – How to apply for an IPO
Eligibility criteria and documents required
Anyone can apply for the personal loan online, as long as you meet five basic criteria mentioned below. If you meet all the eligibility criteria, you will need a set of documents to complete your application process. With this online personal loan offered by Bajaj Finserv, you can get an instant approval for up to Rs. 40 lakh. Meet the easy eligibility parameters and complete your basic documentation to avail the money you need within 24 hours of approval.
Eligibility criteria
- Nationality: Indian
- Age: 21 years to 80 years
- Employed with: Public or private or MNC
- CIBIL Score: 685 or higher
- Monthly salary: Starting Rs. 25,001 based on the city you live in
Documents required
- KYC documents: AADHAAR/Passport/ voter’s ID/ driving licence/Letter of National Population Register
- PAN Card
- Employee ID Card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
Step-by-step guide
- Click on ‘APPLY’ at the top of this page to open our online application form
- Enter your 10-digit mobile number and the OTP sent to your phone
- Fill in the application form with your basic details, such as you’re 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, and Flexi Hybrid
- Choose the repayment tenure tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’
- Complete your KYC and submit your application
Bajaj Personal loan interest rates and applicable charges
| Type of fee | Applicable fees |
| Rate of Interest | 11% to 35% p.a. |
| Processing fees | Up to 3.93% of the loan amount (inclusive of applicable taxes) |
| Flexi Fee | Term Loan – Not applicable Flexi variant – A fee will be deducted upfront from the loan amount Up to Rs. 1,999 for loan amount less than Rs. 2,00,000 Up to Rs. 3,999 for loan amount less than Rs. 2,00,000 to Rs. 3,99,999 Up to Rs. 5,999 for loan amount less than Rs. 4,00,000 to Rs. 5,99,999 Up to Rs. 7,999 for loan amount less than Rs. 6,00,000 to Rs. 9,99,999 Up to Rs. 9,999 for loan amount less than Rs. 15,00,000 to Rs. 19,99,999 Up to Rs. 10,999 for loan amount less than Rs. 20,00,000 to Rs. 24,99,999 Up to Rs. 11,999 for loan amount less than Rs. 25,00,000 to Rs. 29,99,999 Up to Rs. 12,999 for loan amount less than Rs. 30,00,000 and above *All the Flexi charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium and Vas charges |
| Bounce charges | In case of default of repayment instrument, Rs. 700 – Rs. 1,200 per bounce will be levied |
| Pre-payment charges | Full Prepayment Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full repaymentFlexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full repaymentFlexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as of the date of full prepayment Part-repayment Term loan: Up to 4.27% (inclusive of applicable taxes) of the principal amount of the loan prepaid on the date of such part-prepaymentNot applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid *Foreclosure will be processed post clearance of first EMI |
| Penal Interest | Any delay in payment of monthly instalment shall attract penal interest at the rate of 3.50% per month on the monthly instalment outstanding, from the respective due date until the date of receipt of the monthly instalment |
| Stamp duty | Payable as per state laws and deducted upfront from loan amount |
| Mandate registration charges | Re. 1 (inclusive of applicable taxes) applicable in case of UPI mandate registration |
| Mandate rejection charges | Rs. 450 per month from the first month of the due date for the mandate rejected by customer’s bank until the registration of new mandate |
| 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 0.25% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure |
| Broken Period Interest / Pre-EMI interest | Broken period interest / Pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios: Scenario 1: More than 30 days from the date of loan disbursal till the first EMI is changed: In this scenario, broken period interest is recovered by the following methods: For Term Loan: Deducted from the loan disbursementFor Flexi Term Loan: Added to the first instalmentFor Flexi Hybrid Loan: Added to the first instalment Scenario 2: Less than 30 days from the date of loan disbursal till the first EMI is changed: In this scenario, the interest rate is charged only for the actual number of days since the loan was disbursed |
| Switch fee | Up to 1.18% 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 |
*Terms and conditions apply
