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  • Bajaj Finserv Car Loan

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  • The Loan Against Car facility offered by Bajaj Finserv can be availed by applicants who own a car. The funds can be used for various requirements such as working capital, home renovation, higher education, etc. Applicants will need to pledge their vehicle in order to receive the funds and up to 95% of the vehicle’s value may be provided as a loan.
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    Procedure to avail the Loan Against Car facility

    The step-by-step procedure to avail the Loan Against Car facility is mentioned below:

    • Visit the official website of Bajaj Finserv.
    • Under the ‘Products’ category, click on ‘Loans’.
    • Next, click on ‘Loan Against Car’, which can be found under the ‘Pre-Owned Vehicle Finance’ section.
    • On the next page, click on ‘Apply Now’.
    • Next, you will have to enter various details of the car such as make, model, variant, colour, number of previous car owners, year of purchase, type of vehicle, and if an active loan is present on the car.
    • Click on ‘Next’ once the above details have been entered.
    • On the next page, personal details such as your full name, mobile number, email ID, pin code, type of residence, and employment type must be entered.
    • Check the consent box and click on ‘Submit’.
    • A representative from Bajaj Finserv will call you once the above step is completed.

    Advantages and Features of Loan Against Car

    The main advantages and features of the Loan Against Car facility are mentioned below:

    • High loans can be availed: Loans of up to Rs.20 lakh can be availed.
    • Flexible tenure: The tenure to repay the loan ranges between 12 months and 60 months.
    • Easy application process: The process to apply avail the loan is simple. The easy-to-meet eligibility criteria and minimal documentation make the application process hassle-free as well.
    • Tracking process is simple: With the help of Bajaj Finserv’s Experia portal, any loan-related information can be tracked anytime and from anywhere.
    • Quick disbursal: You will receive the loan amount in the bank account within 24 hours.
    • Instant approval: You loan application may be approved the same day. In case you are already a Bajaj Finsev customers, you will receive instant approvals and pre-approved offers.
    • Transparency: You will be informed about all the charges and fees of the loan that is being availed.

    Eligibility Criteria

    The eligibility criteria that must be met vary for salaried employees and self-employed individuals. The eligibility for both categories are mentioned below:

    Salaried employees

    • You must be at least 21 years of age when the loan is being availed.
    • You cannot be above 60 years of age at the time of loan completion.
    • You must be working in the current organisation for at least a year.
    • Your minimum salary must be at least Rs.23,000.
    • The repayment track record of the vehicle must be a minimum of 9 months.

    Self-employed individuals

    • You must be at least 25 years old when you apply for the loan.
    • You cannot be above 60 years of age at the time of loan completion.
    • Income Tax Returns (ITR) for the last 2 years must be submitted and the individual ITR must be at least Rs.2 lakh.
    • The repayment track record of the vehicle must be a minimum of 9 months.

    Documents required

    The documents that must be submitted in order to avail the Loan Against Car facility are mentioned below:

    • Relevant Know Your Customer (KYC) documents
    • Bank statement
    • Passport-size photo
    • Income Tax Returns or payslips

    Bajaj Finserv Car Loan EMI Calculator

    FAQs

    1. Does the car require a valuation or verification?
    2. Yes, the car that is being pledged will have to undergo verification or valuation.

    3. Is there any minimum age that the car must not exceed?
    4. At the time of loan completion, the car cannot be more than 10 years old. The car must also be used only for private purposes.

    5. What type of cars can be financed?
    6. Under the Loan Against Car category, all Sedans and Hatchbacks apart from ones that have been discontinued will be financed. However, finance is not provided for commercial vehicles.

    7. Should security or guarantor be provided?
    8. No, a guarantor or security need not be provided as the car acts as the security.

    9. Who can avail the Loan Against Car facility?
    10. Any individual who owns a car can avail this facility.

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    Bajaj Finserv Car Loan Reviews

    • Bajaj Finserv Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      When I applied for car loan I got very good response from bajaj finserv. They offered me 15% which was very low when compared to other banks. The best part was they dont have any kind of charges for prepayment . As per the policy structure the documentation part has been completed. Hassle free bank.
      Was this review helpful? 9
      , surat
      Reviewed on Oct 29, 2014
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