Bajaj Finserv Used Car Loan

Based on your eligibility, Bajaj Finerv offers used car loans of up to 90% of the value of the car (maximum of Rs.20 lakh). The used car loan is also provided at an attractive rate of interests. The process to apply for the Used Car Finance offered by Bajaj Finserv is hassle-free, quick, and smart.
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Procedure to apply for Bajaj Finserv Used Car Finance

The step-by-step procedure to apply for Bajaj Finserv Used Car Finance is mentioned below:

  • Choose the car you wish to buy.
  • You can apply for a loan online. Instant approval is also given. However, for new customers, approval will take up to 24 hours.
  • Documents are picked up at your doorstep as per a convenient time of your choosing.
  • The money will be transferred to the dealer in 48 hours.

Advantages and Features

The main advantages and features of the Used Car Finance offered by Bajaj Finserv are mentioned below:

  • Instant Approval: In the case of new customers, same-day approval is provided by Bajaj Finserv. Apart from instant approval, Bajaj Finserv customers will also receive pre-approved used car loan offers.
  • Doorstep facility: Doorstep assistance is provided right from picking up the documents to the transfer of the Registration Certificate (RC). The doorstep facility helps in making the process hassle-free and quick.
  • High-value loans: Loan of up to 90% of the value of the car is provided at an attractive rate of interest.
  • Repayment: You can pay the loan back in flexible tenure ranging between 12 months and 60 months in easy Equated Monthly Instalments (EMIs).
  • Offers: You will receive a 3M voucher at no extra cost once the used car loan has been availed.
  • Car services: Various deals such as monsoon care, polishing, and washing are provided on the car. End-to-end maintenance becomes easy with the help of Bajaj Finserv EMI Network Card. Various benefits such as car servicing, car accessories, and insurance renewals are provided as well.

Eligibility criteria

The eligibility criteria to avail the used car loan from Bajaj Finserv are mentioned below:

  • Salaried individuals must be between the ages of 21 years and 60 years. Self-employed individuals must be between the ages of 25 years and 60 years.
  • Salaried employees must have a monthly salary of at least Rs.23,000 and should have at least 1 year of work experience.
  • The used car loan can only be availed for private cars.
  • At the time of the loan completion, the car must not be more than 10 years old.
  • The maximum number of previous owners can be 3.

Documents

The documents that must be submitted to avail the used car loan offered by Bajaj Finserv are mentioned below:

  • The relevant Know Your Customer (KYC) documents must be submitted.
  • Salaried employees must submit the salary slips for the last three months as proof of income.
  • Self-employed individuals must submit the last 2 years Income Tax Returns (ITR) as proof of income.
  • Last 3 months bank statement must be submitted.

Fees and charges

The main charges that are levied by Bajaj Finserv are mentioned below:

Types Charges
Processing Fee Up to 4%
Documentation charges Rs.885
Penal interest 2% on a monthly basis
Bouncing charges Rs.1,000
Foreclosure charges 4% plus taxes
Duplicate NOC Rs.500
Loan re-booking Rs.1,000 plus taxes
Stamp duty At actuals

Bajaj Finserv Used Car Loan EMI Calculator

FAQs

  1. What are the different cities the used car loan can be availed from?
  2. The various cities the used car loan can be availed from are Jaipur, Hyderabad, Bangalore, Chennai, Delhi, Ahmedabad, Mumbai, and Pune.

  3. Is a co-applicant or guarantor necessary to apply for the used car loan?
  4. No, a co-applicant or guarantor is not necessary to apply for a used car loan. However, in case you do not meet the eligibility criteria, you can provide a co-applicant or a guarantor as security.

  5. What is the method to repay the loan?
  6. The EMI can be repaid using the Electronic Clearing Service (ECS) facility.

  7. Is it possible to avail a loan for a new car?
  8. No, loans are provided only for used cars.

  9. Does the vehicle require a valuation or verification?
  10. Yes, the vehicle that is being purchased will require verification or valuation. As part of the application process, the valuation procedure is handled by Bajaj Finserv.

  11. What cars are not financed under the used car loan facility?
  12. The cars that will not be financed under the loan facility are mentioned below:

    • Commercial vehicles or cars with a yellow number plate.
    • Vehicles that are more than 10 years old at the time of loan completion.
    • Vehicles that have had more than 3 previous owners.
  13. Do existing Bajaj Finserv customers get special benefits?
  14. Various benefits are provided to existing Bajaj Finserv customers. For pre-approved offers and any other benefits, you can contact a Bajaj Finserv sales representative.

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