Car Loan Balance Transfer and Top-up for servicing

Regular car maintenance is the only way to ensure that your vehicle is in the best operating condition. Maintaining your car and keeping it in good working order requires more of your time and effort, while also increasing your expenses. You can take care of these costs by opting for our loan.

CHECK-UP AND SERVICING

CHECK-UP AND SERVICING

Getting your car serviced can be an expensive affair because of the long list of things that are on the maintenance checklist. The costs of detailed check-ups, changing the oil, changing the filters, and more, are just a few of them.

BRAKES AND SUSPENSION

BRAKES AND SUSPENSION

Pre-owned cars may demand heavy maintenance of brakes and suspension. Upgrading old brake pads, checking and replacing the suspension components like shock absorbers, struts, and bushings in your vehicle when they are worn out can be significant expenses to bear.

TYRES AND WHEELS

TYRES AND WHEELS

When the car gets older, the tyres will certainly need to be replaced due to their wear and tear. Getting new tyres for your car and making sure that the wheels are aligned and balanced is a must to guarantee your safety.

ELECTRICALS

ELECTRICALS

You might want to make your car up to date by installing the latest infotainment systems, cameras, and speakers. To keep your car in good working order, you will also need to replace the batteries regularly, which will cost extra money.

SERVICING PACKAGES

SERVICING PACKAGES

Your maintenance service provider may offer complete maintenance for your product under an annual maintenance contract (AMC). You can choose a longer AMC contract at a special or discounted rate to ensure that your car receives great servicing for a longer duration.

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.

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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.

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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% 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.

 

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 servicing work?

When you opt for 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 expenses such as car servicing, fixing old tyres and more.

What are the benefits of car loan balance transfer and top-up for servicing?

When you choose a car loan balance transfer offered by Bajaj Finance, you get a top-up loan of up to Rs. 47 lakh. This additional loan amount helps you to manage the expenses related to the maintenance of your car.

How do I apply for a car loan balance transfer and top-up for servicing?

You can apply for a car loan balance transfer for servicing by following these simple steps

  • Open the application form by clicking on the ‘Apply’ button on this page.
  • You can then enter your mobile number and submit the OTP.
  • Share your basic details such as PAN, date of birth and more
  • Enter the details of your car such as, make and model, ongoing loan details and more.
  • Complete your KYC verification and check your estimated offer.
  • You can then schedule an appointment with our representative who will guide you on further steps.
Are there any hidden fees or charges associated with a car loan balance transfer and top-up?

Bajaj Finance offers a car loan balance transfer and top-up that comes with simple eligibility and no hidden charges. All the fees and charges related to this product are mentioned on our website and in your loan documents. It is recommended to go through them carefully before applying.

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