3 unique variants of our car loan balance transfer and top-up
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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.
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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.
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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.
Features and benefits of our car loan balance transfer and top-up
All you need to know about our Car Loan Balance Transfer and Top-up
Watch this video to know everything about our car loan balance transfer and top-up.
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3 unique variants
Choose the type of loan that fits your needs – Flexi Term, Flexi Hybrid, or Term.
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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.
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Flexible tenures
Repay your loan easily with convenient repayment options ranging up to 72 months.
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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.
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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.
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Premium services
Get additional services such as car insurance, life insurance, financial fitness report and GPS tracker at a very nominal cost.
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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.
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Doorstep assistance
Get doorstep support by submitting your documents to our representative without stepping out of your home.
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*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.
Pre-approved offers for new customers
We have a host of pre-approved offers for our new and existing customers. You just need to enter your mobile number and OTP to check the offer.
You might not require a loan at this time, or you might not have a pre-approved offer. There is still a vast selection of products available, which you can choose from:
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Set up your Bajaj Pay Wallet
The 4-in-1 wallet gives you the option to transfer money or pay using UPI, EMI Network Card, Credit Card, and your digital wallet.
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Check your credit health
The two most crucial factors you should consider are your credit health and your CIBIL Score. Know your financial health with our Credit Health Report.
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Pocket Insurance to cover all your life events
We have more than 400 insurance plans that start from Rs. 19. They cover all life events, like hiking, common diseases, losing your car keys, and more.
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Set up an SIP for as little as Rs. 100 per month
Select from over 900 mutual funds from 40 mutual fund companies, like Aditya Birla, SBI, HDFC, ICICI Prudential, and more.
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: 21 to 70 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 70 years or younger at the end of the loan tenure.
Applicable fees and charges
Type of fee |
Applicable charges |
Rate of interest |
10.50% to 22% p.a. |
Processing fees |
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 variant (as applicable below) - a fee will be deducted upfront from the loan amount
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| Pre-payment charges | Full pre-payment (Foreclosure)
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| Annual maintenance charges | Term Loan: Not applicable Flexi Term Loan (Flexi Dropline):
Flexi Hybrid Loan:
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| Bounce charges | Rs. 1,500 per bounce. |
Penal interest |
Any 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 date of default until the receipt of the monthly instalment/ EMI. |
| Stamp duty | Payable as per state laws and deducted upfront from the loan amount. |
| Legal, repossession and incidental Charges | Actual legal and incidental charges under applicable laws |
| Auction charges | At actuals |
| Mandate registration charges | Re. 1 (inclusive of applicable taxes) applicable in case of UPI mandate registration |
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 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). |
NDC for interstate transfer |
Rs. 1,180 (inclusive of applicable taxes). |
NDC to convert from Private to Commercial |
Rs. 3,540 (inclusive of applicable taxes). |
Duplicate NDC |
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:
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
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.
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.
With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can repay the loan over tenures ranging up to 72 months.
This facility is available only to transfer an existing loan to Bajaj Finance and get a top-up amount.
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
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.
To make your loan application procedure simple and seamless, we perform vehicle valuation and verification as a part of the loan application process.
