During times of a financial difficulty, people often look for solutions that can give them quick access to funds. Obtaining unsecured loans may be quick and convenient, however, they may have a higher interest rate as they lack the need of any security. In comparison, loans that requiring significant collateral, such as gold loan or loan against property, may take longer to get processed and approved. In such scenarios, opting for a loan against car may be the ideal solution.
A loan against car is a secured loan that allows individuals to use their vehicle as collateral to obtain funds. This financing option offers substantial loan amounts, competitive interest rates, and flexible repayment choices, making it a feasible solution for a range of financial requirements.
Here are five benefits of applying for a loan against car:
The perks of getting a loan against car can vary depending on the lender. The following are some notable features of a Bajaj Finserv Loan Against Car:
- Substantial loan amount
Bajaj Finance Loan Against Car provides funds up to Rs. 77 lakh, allowing you to cover a wide range of major and minor costs. Whether you are taking on a home improvement project, paying for college expenses, covering medical bills, or any other financial needs, this loan gives you the financial flexibility you need to manage your expenses with ease and confidence. - Minimal documentation
Customers who want to apply for our loan against car must fulfil a few simple requirements and submit the necessary documents. These consist of a vehicle registration certificate, bank statements, salary slips of the past three months, PAN cards, employee ID cards, and KYC documents. The application is verified quickly after all relevant documents are submitted. In most cases, loan applications are accepted within a day after document verification. - Rapid disbursal
The loan amount is deposited into the customer's bank account within 48 hours* of loan approval. This guarantees quick access to funds and lets customers take care of their financial needs right away. - Flexible repayment terms
There are various tenure options available for Bajaj Finance Loan Against Car. These range from 12 months to 84 months. You can select a repayment period that fits your financial situation, easing the repayment process. - Three unique variants
Bajaj Finance provides loan against car in three unique loan variants: Term Loan, Flexi Hybrid Loan, and Flexi Term Loan. If you choose the Flexi option, we provide you with a loan limit that you can use to withdraw funds as needed. You only pay interest on the amount withdrawn, and not on the total approved limit. Furthermore, there are no extra fees associated with making multiple withdrawals and partial repayments from your loan limit. The Flexi Hybrid Loan option also has the benefit of paying interest-only EMIs for the initial part of the loan tenure.
Process of applying for a loan against car:
The process of applying for a loan against car is straightforward. You can head over to the loan against car page and click on the ‘APPLY’ button to open the application form. Fill out your asset information, personal details and submit your loan against car application.
Our representative will then contact you and walk you through the next steps. Once your documents have been successfully verified, the loan amount will be transferred to your bank account.
*Terms and conditions apply.
