FAQs about Used Car Loan

Depending on your preference and loan amount, you can pick a tenure ranging up to 84 months.

We keep all of your information safe. Our online application system is fully private and secure, with state of the art security system in place.

No, however, if your income does not meet our eligibility criteria, you may be asked to offer a guarantor/ co-applicant as security for your loan.

The ECS feature allows you to repay the loan in equal monthly instalments (EMIs).

Through the Bajaj Finserv EMI Network, you are entitled to a variety of benefits as a valued customer. For pre-approved offers and additional benefits, log in to My Account now.

Logging into My Account with your credentials gives you access to all of your loan account information.

Customers are liable to pay up to 4.72% on the outstanding principal or prepaid amount for part-prepayment and foreclosure. This amount is inclusive of applicable taxes.

Only pre-owned vehicles are eligible for financing.

The car requires verification or valuation. To make your loan application procedure simple and seamless, Bajaj Finance Limited performs vehicle valuation and verification as a part of the loan application process.

You may fund any private car of your choice with a used car loan from Bajaj Finance Limited.

You won’t be eligible for a used car loan in the case of:

• A car with a yellow plate for commercial purposes.
  
• The vehicle has had three former owners.
  
• The car being more than 12 years old at the end of the loan tenure.

Please visit our nearest branch and apply for a duplicate NOC, along with the original RC copy and a photo ID (if any further documents are required, you will be informed).

In the event of loan cancellation, the customer is responsible for the interest levied from the date of disbursement until the date of cancellation. Processing fees, stamp duties, documentation fees and RTO fees are non-refundable charges and cannot be waived or returned if the loan is cancelled.

A used car loan offers the necessary funds to buy a pre-owned vehicle, with a straightforward application process. Borrowers can repay the loan over a set period, with each instalment covering both the principal and interest. Bajaj Finserv Used Car Loan comes with a high-value loan amount of up to Rs. 1.02 crore with minimal paperwork.

Bajaj Finserv Used Car Loan comes with the benefits of a speedy approval and quick disbursement process. All you have to do is fill out the application form with your asset details and your basic information. Once you submit the required documents, your loan will get approved, and you will receive the amount within 48 hours*.

Bajaj Finance provides competitive used car loan interest rates ranging from 10% to 19%. You can use a used car loan EMI calculator to estimate your monthly instalments.

Yes, you can apply for a Bajaj Finserv Used Car Loan if you are a self-employed professional. The applicant must need to submit an ITR proof of the last 2 years and meet the other edibility and document requirements.

Obtaining a used car loan without proof of income is difficult. Lenders usually need income verification to ensure repayment capability. To be eligible for a Bajaj Finserv Used Car Loan, you will need to provide some basic documents. These include KYC documents, PAN card, bank statements, and salary proof among other documents.

The CIBIL Score required for a used car loan varies from lender to lender. You must have a CIBIL Score of 720 or higher to apply for a Bajaj Finserv Used Car Loan.

If you are a salaried individual, you must meet the following eligibility criteria to qualify for a used car loan:

Nationality: Indian

Age: 18 to 80* years

CIBIL Score: 720 or higher

Employment for salaried: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000.