Car Loan Balance Transfer and Top-up for bodywork

There is always a good feeling about driving a good-looking shiny car. However, given the traffic on the roads, maintaining it can be quite a challenge. Keeping the exterior of the car in great condition could be expensive. Fixing the odd dent, getting a ceramic coating to retain the shine, or re-painting the entire car – all can be quite a heavy expense on the pocket. Our car loan balance transfer and top-up covers the costs of essential bodywork repairs and replacements.

DENTING AND PAINTING

DENTING AND PAINTING

Dents and deep scratches can lead to corrosion and rust, which not only alter the way the car looks but also has an adequate impact on its depreciation. Repairing these issues can help increase the car’s trade value. Cover the heavy expenses of denting and painting with our car loan balance transfer and top-up.

REPAINTING AND VINYL WRAP

REPAINTING AND VINYL WRAP

The cost of re-painting or wrapping a car can vary based on the material used, the size of the car, and many other factors. If you use high-quality vinyl, the cost of giving your car a makeover can go up substantially. Give your car the look of your choice without burning a hole in your pocket.

CERAMIC COATING

CERAMIC COATING

Ceramic coating can help maintain the exterior paint of your car for a long time. It makes the surface shiny and scratch-resistant. Moreover, it also addresses the swirl marks on the surface of your paint caused due to dust. Give your used car the pampering that it deserves and get it to look as good as new.

BUFFING AND POLISHING

BUFFING AND POLISHING

Timely buffing and polishing of your car can help retain a swanky exterior. The cost of buffing and polishing a large or luxury car, such as an SUV, can be quite high and shake your finances. A car loan balance transfer and top-up allows you the flexibility of borrowing more to cover such additional expenses.

ENGINE DETAILING

ENGINE DETAILING

It is advisable to give your car a thorough deep clean once a year. Your engine bay is prone to attract a lot of dust and grime over time and it can hamper the smooth running of your car. A thorough cleaning and detailing of your car’s engine can be quite a heavy expense. Our car loan balance transfer and top-up can even cover costs such as these.

3 unique variants of our car loan balance transfer and top-up

  • Flexi Term Loan

    Let us say you have a Rs. 20 lakh loan with a 24-month repayment period. You made timely EMI payments for the first year. By this time, you must have repaid approximately Rs. 10 lakh plus interest.

    You can use our car loan balance transfer and top-up calculator to evaluate your EMIs.

    Now, you need an extra Rs. 5 lakh. All you have to do is withdraw the amount from your Flexi Term Loan account.

    Let us say you decided to pay off a certain amount of your debt after four more months, around Rs. 10 lakh. You can simply prepay in your Flexi Term Loan account.

    Interest is adjusted throughout, and you pay interest only on the remaining principal. Both the principal and the adjusted interest are included in your EMI.

  • Flexi Hybrid Loan

    This variant works just like the Flexi Term Loan. The only difference is that, for the initial period of the loan, your EMI will only consist of the applicable interest. For the subsequent period, the EMI will consist of both, the interest and principal components.

    Click here for a detailed description of how our Flexi Hybrid Loan works.

  • Term Loan

    This is like a regular top-up loan. You borrow a certain amount of money, which is divided into equated monthly instalments that consist of both, principal and the applicable interest.

Show More Show Less

Features and benefits of our car loan balance transfer and top-up

Benefits of Car Loan Balance Transfer and Top-up 00:27

Benefits of Car Loan Balance Transfer and Top-up

Watch this video for a quick view of the key features of Bajaj Finserv Car Loan Balance Transfer and Top-up

  • 3 unique variants

    3 unique variants

    Choose the type of loan that fits your needs – Flexi Term, Flexi Hybrid, or Term.

  • Loan of up to

    Loan of up to Rs. 47 lakh

    Transfer the balance of your existing car loan and get a high-value top-up of up to 180% of the car’s value with a limit of up to Rs. 47 lakh.

  • Flexible tenures

    Flexible tenures

    Repay your loan easily with convenient repayment options ranging up to 72 months.

  • No part-prepayment charge on Flexi Loans

    No part-prepayment charge on Flexi Loans

    Pay back a portion of your loan ahead of schedule at no extra cost with our Flexi facility. You can part-prepay as many times as you want.

  • Immediate processing

    Immediate processing

    In most cases, you will get the car loan balance transfer and top-up amount credited to your account within 48 hours of approval.

  • Premium services

    Premium services

    Get additional services such as car insurance, life insurance, financial fitness report, and GPS tracker at a very nominal cost.

  • No hidden charges

    No hidden charges

    All fees and charges are mentioned upfront on this page and in the loan document. We advise you to read these in detail.

    Know about our fees and charges

  • Doorstep assistance

    Doorstep assistance

    Get doorstep support by submitting your documents to our representative without stepping out of your home.

  • *Terms and conditions apply.

    Still haven’t found what you’re looking for? Click on any of the links at the top of this page.

Show More Show Less

Eligibility criteria and documents required

There are just a few simple criteria to be eligible for our car loan balance transfer and top-up. Once you meet all the criteria, you need very few documents to finish your application process.

Eligibility criteria

Nationality: Indian

Age: 18 to 80 years*

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

For self-employed individuals: Applicants must submit an ITR proof for the last 2 years

Documents

  • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
  • PAN card
  • Employee ID card
  • Salary slips for the last 2 months
  • Bank account statements for the previous 3 months
  • Vehicle registration certificate and insurance copy

*Higher age limit is applicable at the time of loan maturity.

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.

Applicable fees and charges

Type of fee

Applicable charges

Rate of interest

9.50% 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

In case of default of repayment instrument, Rs. 1,500 per bounce will be levied.

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)

Instalment default charges Rs. 450 per month from the first instalment due date for mandates rejected by customers bank until the new mandate is registered.

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.

 

Frequently asked questions

What is a car loan balance transfer and top-up facility?

Car loan balance transfer and top-up is a facility where you can transfer your existing car loan to Bajaj Finance and can also get some extra funds as a top-up based on your car’s valuation.

Do I need a guarantor to avail of a car loan balance transfer and top-up?

You do not need a guarantor to avail of a car loan balance transfer and top-up. However, if your income does not meet our credit criteria, then you may require a guarantor to get a loan.

What are the tenure options for a car loan balance transfer and top-up?

With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can repay the loan over tenures ranging up to 72 months.

Can I get funding for new cars?

This facility is available only to transfer an existing loan to Bajaj Finance and get a top-up amount.

Which cars can be financed?

With a car loan balance transfer and top-up, you can fund any private vehicle of your choice.

However, funding is not provided for:

  • Yellow plate or commercial vehicles
  • Vehicles owned by more than 3 previous customers
  • Vehicles with an age of more than 10 years on loan completion
Is CIBIL Score important for getting a car loan balance transfer and top-up?

Your CIBIL score plays a vital role in getting a car loan balance transfer and top-up. CIBIL Score must be 720 or above to be eligible for this facility.

Does it require vehicle verification or valuation of the car?

To make your loan application procedure simple and seamless, we perform vehicle valuation and verification as a part of the loan application process.

How does a car loan balance transfer for bodywork work?

When you choose a car loan balance transfer and top-up from Bajaj Finance, you get up to Rs. 47 lakh as a top-up loan. You can use these additional funds to cover some of the bodywork expenses of your car such as repainting, denting, and painting and more.

What types of bodywork expenses that I can manage with a top-up loan?

When you choose a car loan balance transfer from Bajaj Finance, you get a top-up loan of up to Rs. 47 lakh. You can manage multiple bodywork expenses such as fixing the odd dent, getting a ceramic coating to retain the shine, or re-painting the entire car.

Can I transfer the remaining balance of my car loan to cover bodywork expenses?

With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can easily transfer your existing car loan by fulfilling the simple eligibility criteria. When you choose a car loan balance transfer, you get an additional loan amount of up to Rs. 47 lakh to manage your bodywork expenses.

What are the benefits of a top-up on a car loan for bodywork?

If you have an existing car loan and are looking for additional funds, you can opt for a top-up on your car loan. Bajaj Finance offers up to 180% of the value of the car with a limit of Rs. 47 lakh. You can use this top-up loan to manage car-related expenses such as repainting the car, fixing dents or more.

Will transferring my car loan balance for bodywork affect my credit score?

Transferring your existing car loan will not affect your credit score. You can easily transfer your existing car loan to Bajaj Finance by fulfilling the simple eligibility criteria. With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can also get an additional loan amount, which you can use to manage bodywork-related expenses.

What happens if the expense of the bodywork exceeds the remaining balance on the car loan?

When you choose Bajaj Finserv Car Loan Balance Transfer and Top-up, you get an additional loan amount of up to Rs. 47 lakh. You can use these funds to manage your bodywork expenses such as repainting your car, fixing a dent and more.

Show More Show Less