Car Loan Balance Transfer and Top-up fees and charges

Read the fees and charges in detail before applying for our car loan balance transfer and top-up.

Applicable fees and charges

Type of fee

Applicable charges

Rate of interest

9.50% to 22% p.a.

Processing fee

Up to 2.95% of the loan amount (inclusive of applicable taxes).

Documentation charges

Up to Rs. 2,360 (inclusive of applicable taxes).

Flexi fee

Term Loan – not applicable

Flexi Term Loan (Flexi Dropline) - up to Rs. 999/- (inclusive of applicable taxes)

Flexi Hybrid Loan (as applicable below)

  • Up to Rs. 1,999/- (inclusive of applicable taxes) for loan amount less than Rs. 2,00,000/-
  • Up to Rs. 3,999/- (inclusive of applicable taxes) for loan amount from Rs. 2,00,000/- to Rs. 3,99,999/-
  • Up to Rs. 5,999/- (inclusive of applicable taxes) for the loan amount from Rs. 4,00,000/- to Rs. 5,99,999/-
  • Up to Rs. 6,999/- (inclusive of applicable taxes) for the loan amount from Rs. 6,00,000/- to Rs. 9,99,999/-
  • Up to Rs. 7,999/- (inclusive of applicable taxes) for the loan amount of Rs. 10,00,000/- and above

The charges above will be deducted upfront from the loan amount

*Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Prepayment charges

Full prepayment (foreclosure)

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount payable by the borrower as on the date of full prepayment.
  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of such full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule, during initial and subsequent tenure, on the date of such full prepayment.

Part-prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part pre-payment.
  • Not applicable for Flexi variants

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline):

  • up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan:

  • up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure.
  • Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during subsequent tenure.

Bounce charges

Rs. 1,500 per bounce. 

“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.

Penal Charge

Delay in payment of instalment(s) shall attract Penal Charge up to Rs. 25 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from the loan amount.

Legal and incidental charges

Actual legal and incidental charges under applicable laws

Repossession charges

Repossession charges at actual with a maximum capping of Rs. 50,000 (inclusive of applicable taxes)

Auction charges

At actuals

Valuation charges

At actuals

Stockyard charges

Rs. 118 per day for 60 days (inclusive of applicable taxes)

Loan re-booking charges

Rs. 1,000 (inclusive of applicable taxes).

Loan cancellation charges

Rs. 2,360 (inclusive of applicable taxes) (interest till cancellation to be borne by the customer).

NOC for interstate transfer

Rs. 1,180 (inclusive of applicable taxes).

NOC to convert from private to commercial

Rs. 3,540 (inclusive of applicable taxes).

Duplicate NOC

Rs. 500 (inclusive of applicable taxes).

Broken period interest/ pre-EMI interest

Broken period interest/ pre-EMI interest shall mean the amount of interest on the loan for the number of day(s), which is(are) charged in two scenarios:

Scenario 1 – beyond 30 days from the loan disbursal date until charging the first EMI:

In this scenario, we recover broken period interest through the following methods:

  • For Term Loan: Added to the first instalment amount
  • For Flexi Term Loan: Added to the first instalment amount
  • For Flexi Hybrid Loan: Added to the first instalment amount

Scenario 2 – within the first 30 days from the loan disbursal date until charging the initial EMI:

In this scenario, we charge interest solely based on the actual number of days since disbursing the loan.

PG facility charges Rs. 11 (inclusive of applicable taxes) will be charged for utilising the payment gateway to make part or full payments towards the loan through digital properties.
Cash collection handling charges Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs.
Cash deposit charges Customers will incur a cash deposition charge of Rs. 50 (inclusive of applicable taxes) when making cash payments at our branch offices.

 

Car loan balance transfer and top-up application process

Video Image 01:12
   

Step-by-step guide to applying for a car loan balance transfer and top-up

  1. Click on the ‘APPLY' button on this page.
  2. Enter the details of your car, such as the make and model, active loan, year of purchase and more.
  3. Fill in the application form with your information, such as your date of birth and employment details among others.
  4. Once you fill in all the details, click on ‘SUBMIT’ to finish your application.

Our representative will call you on the provided number for the next steps.

Frequently asked questions

What is the processing fee for car loan balance transfer and top-up?

The processing fee for a Bajaj Finserv Car Loan Balance Transfer and Top-up can go up to 2.95% of the loan amount (inclusive of applicable taxes).  

Is there a charge applicable on part-prepayments?

There is a fee of 4.72% (inclusive of applicable taxes) on the part-payment amount paid for the term variant. No part-prepayment fees apply on Flexi variants.

What does bounce charge mean?

A bounce charge is a fee that is charged when an EMI payment is not made on time.

For each missed EMI, we charge Rs. 1,500 per bounce. 

“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.

What is the interest rate for car loan balance transfer and top-up?

Bajaj Finance offers car loan balance transfer and top-up at competitive interest rates starting from 9.50% to 22% p.a.

Are there any hidden charges for a car loan balance transfer and top-up?

There are no hidden fees associated with a Bajaj Finance Car Loan Balance Transfer & Top-up. Our fees and charges are all clearly listed on our website and in the loan agreement. Before applying, it is recommended that you thoroughly review the fees and charges.

What factors determine the interest rate for a car loan balance transfer and top-up?

The interest rate for a car loan balance transfer and top-up is influenced by various factors. These include the borrower's credit score, financial history, the lending institution's policies, prevailing market rates, and the terms of the existing loan. Additionally, the value of the car and the loan-to-value ratio may also impact the interest rate offered by the lender.

Are there late payment charges for car top-up loans?

Yes, late payment penalties apply to car loan balance transfers and top-ups. Delays in payment of monthly instalments will result in a penalty of 3.5% per month on the unpaid monthly instalment from the respective due date until receipt of monthly payments.

Is the interest rate fixed or variable for a car top-up loan?

The interest rate for a car loan balance transfer and top-up can be either fixed or variable, depending on the terms and conditions set by the lending institution. Bajaj Finserv Car Loan Balance Transfer and Top-Up is available to you at competitive interest rates starting at 9.50% p.a.

Can I prepay my car loan balance transfer and top-up to reduce the interest rate?

You can have the option of prepaying a portion of your loan. With the Flexi facility, you can part-prepay a portion of your loan at no extra cost, as many times as you wish.

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