Are you paying high EMIs on your car loan? You might want to consider car loan refinancing. Also called a car loan balance transfer, this option helps you switch your current car loan to another lender offering better terms.
Refinancing your car loan can make your payments more affordable. It may help you get a lower interest rate, bring down your monthly EMIs, and give you access to extra funds through a top-up loan.
Bajaj Finance makes it simple to apply for a car loan balance transfer. You not only get better terms, but you also have the chance to increase your loan amount through a top-up.
Steps to apply for car loan refinancing
Applying for a Bajaj Finserv Car Loan Balance Transfer and Top-up is easy and takes only a few minutes online. Just follow these steps:
- Click on the ‘Apply’ button to go to the car loan balance transfer product page.
- Enter your mobile number and verify with OTP.
- Fill in your asset and personal details in the online form.
- Submit your application.
- A Bajaj Finserv representative will call you and guide you through the next steps.
Looking to switch your loan quickly? Check your car loan balance transfer and top-up eligibility today and enjoy a smoother financing experience.
Eligibility and documents required for car loan refinancing
Before you apply for refinancing, you must check if you meet the basic eligibility criteria. Here is the list of eligibility parameters required for car loan refinancing.
Parameter |
Requirement |
Nationality |
Indian |
Age |
18 to 80 years* |
For salaried applicants |
Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000 |
For self-employed |
Applicants must submit an ITR proof for the last 2 years |
*You should be 80 years or younger at the end of the loan tenure.
Here is the list of documents required for car loan balance transfer.
- KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
- Employee ID card
- Bank statements for the last 3 months
- Salary slips for the last 3 months
- Vehicle registration certificate and insurance copy
Check your car loan balance transfer and top-up offer now and take the first step towards better car loan terms.
Benefits of refinancing your car loan
Refinancing your car loan comes with many advantages. Here are the top benefits:
Competitive interest rates
One key reason to choose a car loan balance transfer is to reduce your interest rate. Even a small cut in your interest rate can mean big savings on your total loan cost.
With Bajaj Finance, you can get car loan balance transfer interest rates starting from just 10% p.a.
Better loan terms
Lenders frequently allow you to make prepayments on your car loan. However, some lenders charge fees for these kinds of early payments, which might limit the borrower's flexibility. In these circumstances, a car loan balance transfer is a viable option. You can transfer your existing car loan to a lender that offers better terms, such as flexible prepayment options without penalties.
Top-up loan amount
You may need more money for repairs or personal use. Bajaj Finance offers a top-up loan of up to 190% of the car's value with a limit ofRs. 52 lakh. Refinance now and enjoy more flexible terms, competitive interest rates, and access to top-up funds— all in one step.
Car loan refinancing interest rates and charges
Bajaj Finance offers car loan balance transfer and top-up loans with competitive rates and minimal charges.
What you get:
- Competitive car loan balance transfer interest rates
- Flexible repayment options
- Quick and transparent processing
When you apply for car loan balance transfer, you can lower your total loan cost and repay on better terms.
Check your car loan balance transfer and top-up offer and switch to better loan terms today.
Things to remember before refinancing your car loan
Before you move ahead with refinancing, keep these tips in mind:
- Check your credit score
A good credit score improves your chances of getting better loan terms. If your score is higher now than when you first took the loan, you could get lower EMIs and better interest rates. - Evaluate current loan terms
Review your existing loan’s interest rate, balance, and EMI. Compare these with the new offer. If the new deal gives you better value, refinancing is a good choice. - Research multiple lenders
Compare offers from multiple lenders before deciding. Look for:- Competitive interest rates
- Flexible prepayment options
- No hidden charges
Bajaj Finance offers all these benefits, making it a trusted option when you apply for car loan balance transfer.
Check your car loan balance transfer and top-up eligibility and make your car loan repayment terms simpler.
