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.

    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

01:01

Car Loan Balance Transfer and Top-up

All you need to know about the features of 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 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/ 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

*You should be 80 years or younger at the end of the loan tenure.

Car loan balance transfer and top-up application process

Video Image 01:56
 
 

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

10.50% 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 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 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 total withdrawable Amount during subsequent tenure.

Bounce charges

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

Penal interest

Delay in payment of monthly instalment shall attract penal interest at the rate of 3.5% per month on the monthly instalment outstanding, from the respective due date until the receipt of monthly instalment.

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 actuals 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)

Mandate registration charges

 In case of UPI mandate registration Re. 1 (inclusive of applicable taxes) will be collected from the customer.

Mandate rejection charges

Rs. 450 per month from the first month of the due date for the mandate rejected by the customer’s bank until the new mandate is registered.

Loan re-booking

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 Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by the following methods:

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

Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, interest is charged only for the actual number of days since the loan was disbursed.

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.

Show More Show Less