The Bajaj Finserv Overdraft is a flexible alternative to a regular personal loan. Instead of a lump sum, you get a sanctioned limit of up to ₹55 lakh, withdraw from it as many times as you need, and pay interest only on the amount you actually withdraw. Interest starts from 11% a year, and you can repay over up to 108 months. It is open to salaried borrowers from 21 all the way up to 80 years of age, and first-time borrowers with no credit history can apply too.
Key features
| Limit | Up to ₹55 lakh |
|---|---|
| Interest rate | From 11% a year |
| Interest charged on | Only the amount withdrawn |
| Withdrawals | Multiple times, as required |
| Tenure | Up to 108 months |
Why pay interest only on what you use?
Say you are sanctioned ₹10 lakh but only need ₹5 lakh for the next few months. With a regular loan, you would take and pay interest on the full amount. With the overdraft, you withdraw ₹5 lakh and, at an illustrative 11% a year, pay roughly ₹4,583 a month in interest on that amount. If you later need more, you draw it then; if you repay early, the interest stops on the part you have returned.
That makes it well suited to expenses that arrive in stages, such as a home renovation, a child’s education fees across semesters, or business-like expenses for a salaried professional.
Overdraft vs regular personal loan
| Bajaj Overdraft | Bajaj Personal Loan | |
|---|---|---|
| How you get money | Draw from a limit as needed | Fixed amount upfront |
| Interest | Only on the amount withdrawn | On the full loan amount |
| Maximum | Up to ₹55 lakh | Up to ₹35 lakh |
| Minimum income | ₹35,000 a month | ₹15,000 a month |
| Age | 21–80 | 25–57 |
Discipline matters: having funds always available is convenient, but treat the limit as borrowed money. Withdraw only for planned needs and repay as soon as you can.
Eligibility
| Age | 21 to 80 years |
|---|---|
| Employment | Salaried only |
| Minimum income | ₹35,000 a month |
| Credit score | 720+ |
| New to credit? | Allowed |
Documents you will need
- Identity: PAN card
- Address: Aadhaar, passport, driving licence or voter ID
- Income: bank statements and pay slips for the last 3 months
How to apply
- Tap Apply on Bajaj Finserv site on this page to open Bajaj Finserv’s official website.
- Register with your Aadhaar-linked mobile number and check your eligible limit.
- Upload your documents and complete video KYC from your current address in the same session.
- Review the limit, rate and terms, accept, and start withdrawing as you need.
Before you sign
- Compare the offered rate with the starting rate; most borrowers get a rate based on their score, income and employer.
- Check the processing fee and any prepayment or foreclosure charges in the loan agreement.
- Keep total EMIs under about 40–50% of your take-home pay, including existing loans and card EMIs.
- Choose the shortest tenure you can comfortably afford to keep total interest down.
Who it suits
A good fit for salaried borrowers earning ₹35,000 or more who expect to need money in stages and want to avoid paying interest on idle funds. Look elsewhere if you are self-employed, or if you need a single fixed amount and prefer the simplicity of fixed EMIs.
