Bajaj Finance has introduced a comprehensive and highly customized personal loan (PL) policy catering to a wide range of salaried individuals across sectors. With offerings up to ₹50 lakhs, extended tenures, paperless processes, and dynamic eligibility norms, Bajaj’s policy reflects a perfect blend of flexibility and financial discipline.
Here’s a complete breakdown of the policy for stakeholders, partners, and customers.
1. Loan Amount & Tenure
Feature | Details |
---|---|
Maximum Loan Amount | ₹50 Lakhs (including all fees and VAS) |
Minimum Loan Amount | ₹1 Lakh |
Maximum Tenure | 96 months (for salaries ≥ ₹50K) |
Term Loan Limit for < ₹50K Salary | Max 60 months |
NTH Salary + Incentives ≤ ₹1.10L | Max loan restricted to ₹20 Lakhs |
2. Eligibility Criteria
Basic Parameters
Criteria | Requirement |
---|---|
Minimum Age | 23 years |
Maximum Age | 59 years (up to 65 for govt. professors) |
Minimum Salary | ₹50,000 (all prime locations) |
Minimum CIBIL Score | 685 (if < 685, salary must be > ₹2L) |
Minimum PL Score | 650 |
Salary Proof | Last 3 months’ payslips (except NIP) |
3. Segmentation & Multiplier Structure
Bajaj follows a segmentation model that influences eligibility, multiplier, and FOIR limits.
Segment-Based Multipliers
Segment | Salary Bracket | Multiplier |
---|---|---|
Super Green | > ₹75K | 20x / 22x / 24x (based on criteria) |
Super Green | < ₹50K | 14x |
Green | ₹50K – ₹75K | 16x |
Green | > ₹75K | 20x |
Special Multiplier Kickers
- 22x Multiplier:
- Salary > ₹75K
- Listed companies only
- FUW UW/NIP program
- 24x Multiplier:
- Super Green, salary > ₹75K
- HL ever in bureau
- <2 live unsecured loans
- Listed companies only
4. FOIR (Fixed Obligation to Income Ratio) Norms
Condition | FOIR Allowed |
---|---|
Salary < ₹50K | 60% |
Salary > ₹50K, No HL | 65% |
Salary > ₹50K, HL in bureau | 70% |
FOIR Kickers
- +5% FOIR if:
- ABB > ₹40K and salary > ₹1L (Prime) or > ₹75K (Green/Super Green)
- Super Green + HL + <2 unsecured loans + ABB ≥ ₹20K + listed company
5. Key Program Types
Program | Details |
---|---|
Super Green | Best risk segment, eligible for high multipliers and FOIR kickers |
Green | Moderate risk segment with balanced eligibility |
NIP | No Income Proof required (basis AA/Perfios), no payslips required |
MTS | Marginal segment with restricted limits |
SAL Govt. | State/Central/PSU employees; unique rules apply |
DOE 2 | Amber/Red segment allowed with capped limits (Max ₹20L and ₹15L respectively) |
6. Balance Transfer & Credit Card Policies
- BT Allowed: 100% paperless BT (26AS mandatory)
- Credit Card BT:
- Not obligated if CC outstanding < net salary
- ₹10L outstanding allowed if salary > ₹1.5L
7. Additional Observations & Notes
- No obligations for gold loans
- Proprietorship/Partnership firm employees are allowed under ABB
- Residency and geo-tagging conditions apply for those staying with parents
- Maximum age allowed up to:
- 62 years with retirement proof (Govt. employees)
- 65 years for Government Professors
Conclusion
Bajaj Finance’s latest personal loan policy introduces a finely tuned lending ecosystem that rewards financial responsibility and strong profiles. With segment-specific risk grading, generous multiplier kickers, paperless journeys, and inclusive programs like NIP and SAL Govt., the offering caters to a wide audience while maintaining credit discipline.
For DSAs, finance professionals, and customers alike, this policy is both an opportunity and a guideline for smarter, faster, and more flexible personal loan sourcing.