Frequently Asked Questions

What is the balance transfer and top-up facility?

You can avail of a balance transfer and top-up facility by transferring your existing car loan to Bajaj Finance. With this product, you get extra funds based on your car's valuation. At Bajaj Finance, you can avail of funds up to 180% of the car’s value, going up to Rs. 47 lakh.

What is the process of collection of documents?

Bajaj Finserv offers the facility of doorstep document collection to make the application process hassle-free. Once you fill out the application form, our executive will contact you to complete the paperwork at your convenience.

Are there any foreclosure and part prepayment charges applicable to this loan?

If you wish to part prepay or foreclose your loan up to 4.72% inclusive of applicable taxes on the principal outstanding/ prepaid amount will be charged as a foreclosure/ part-prepayments fee. Know the fees and charges for our car loan balance transfer and top-up.

What are the tenure options available?

Bajaj Finserv offers car loan balance transfer with a flexible range of tenure of up to 72 months that lets you repay your loan in affordable EMIs. You can choose the repayment period of your preference that suits your budget, and the loan sanctioning conditions.

Do I need a guarantor/co-applicant for pre-owned car loans?

You do not need a guarantor/ co-application for pre-owned car loans unless your income fails to meet our required eligibility criteria. In such cases, you may be required to have a guarantor or a co-applicant to stand surety for your loan.

Can I see my loan summary and future instalments online?

You can log in to our customer portal – My Account, to view your loan statement and instalments on the go without visiting our branches.

Can I get funding for new cars?

Bajaj Finance also offers loans only for new cars. You can choose either of our products as per your requirement – new car loans or used car loans.

Does this require car verification or valuation?

A balance transfer top-up loan requires verification/valuation of vehicles. Bajaj Finserv will arrange a valuation and verification for your cars as part of the loan application process. Based on the valuation of your car, a loan amount will be sanctioned to you.

Which cars can be financed with a balance transfer top-up loan?

Except for commercial vehicles or cars with yellow plates, we offer funding for all private passing vehicles, be it hatchbacks or sedans.

What are the benefits of a car loan balance transfer?

When you choose car loan balance transfer and top-up from Bajaj Finance, you will receive an additional loan amount of up to Rs. 47 lakh. You can use these funds to manage your car-related expenses such as servicing, adding new features and more. Know more about our car loan balance transfer and top-up features.

Can I transfer my car loan balance if I have a low credit score?

The eligibility criteria for car loan balance transfer differs from lender to lender. Therefore, it is advised to go through the eligibility criteria and the document list of your respective lender. However, it is advised to maintain a healthy CIBIL Score to ensure that you do not face any rejection on your loan application.

What happens if a car loan application for balance transfer is rejected?

It is recommended to carefully read the eligibility criteria and list of documents on your lender’s website to avoid any rejection. However, in most cases, your loan application is rejected if you fail to meet the eligibility criteria or submit the required documents.

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