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Used Car Loan

Instant disbursal | Up to Rs. 1.02 crore | Tenure up to 84 months
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All you need to know about our used car loan
 
 
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Trusted by 3 lakh+ customers

Used Car Loan
Instant disbursal | Up to Rs. 1.02 crore | Tenure up to 84 months
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Up to 115% funding of car value

Get a loan amount that covers the complete value of your car.

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In-principle sanction letter

Get your in-principle sanction letter on approval of the loan.

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Minimal documentation

You only need a few basic documents such as your KYC, income proof, bank statements, and car papers.

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Flexible tenures

Plan your loan repayment and choose tenure that suits you best.

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Up to 115% funding of car value

Get a loan amount that covers the complete value of your car.

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In-principle sanction letter

Get your in-principle sanction letter on approval of the loan.

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Minimal documentation

You only need a few basic documents such as your KYC, income proof, bank statements, and car papers.

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Flexible tenures

Plan your loan repayment and choose tenure that suits you best.

Used Car Loan EMI Calculator

Used Car Loan EMI Calculator

Compute your monthly instalments on used car loan.

Features and benefits

  • 3 unique variants

    We offer 3 unique variants for our used car loan – Term Loan, Flexi Term and Flexi Hybrid Loan. Choose the one that works best for you.

  • High-value finance

    Get asset-based finance of up to 115% of the car’s value at a competitive interest rate with our used car loan

  • Loan of up to Rs. 1.02 crore

    Get funds ranging up to Rs. 1.02 crore to bring your dream car home.

  • Flexible tenures

    Repay your second-hand car loan easily with convenient repayment options ranging from 12 months to 84 months.

  • Money in your bank account in 48 hours*

    Get the used car loan amount credited to your account within 48 hours* of approval.

  • Doorstep assistance

    Get doorstep support to complete your loan application process – from collecting documents to transferring your registration certificate.

  • Pre-approved offers

    Check your pre-approved offer on a used car loan by simply entering your mobile number and OTP and get funds instantly.

  • No hidden charges

    Our fees and charges are clearly mentioned on our loan documents and on this page. Read them in detail before applying.

*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 and documents

A few simple criteria must be met to qualify for our used car loan. You will also need a few documents to complete your application.

Eligibility criteria

  • Nationality: Indian
  • Age: 18 to 80*
  • CIBIL Score: 700 or higher
  • Employment:
  • For salaried: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000.
  • For self-employed: Applicant must submit an ITR proof of the last 2 years.

*Age should be 80 or less at the end of the loan tenure.

Documents required

 

  • KYC documents -Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ 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

Note:

  • The loan is available only for private cars.

  • The car should not be more than 12 years old, at the end of the tenure.

  • The car should not have more than 2 previous owners.

*Terms and conditions apply

How to apply

A step-by-step guide to applying for a used car loan

  • Click on the 'APPLY' button on this page.

  • Enter your 10-digit mobile number and submit the OTP for verification.

  • Fill in your personal details including your full name, mobile number, email ID, and more.

  • Enter details of the car if you have identified the one.

  • Verify or update your KYC details and proceed to schedule an appointment for further verification.

Our representative will call you on the next steps. The loan amount will be transferred to your bank account upon the verification of your submitted documents.

Applicable fees and charges

Type of fee

Applicable charges

Rate of interest

10% to 19% 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 facility charge

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 such full pre-payment.

• 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-prepayment.

• 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

 Rs. 1,500 per bounce
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) 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

Recovery of charges
Repossession charges
Recovery of charges maximum up to Rs. 50,000 (Inclusive of applicable taxes)
Auction charges Recovery of charges
Valuation charges Recovery of charges
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).
Broken period interest/ pre-EMI interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:


Scenario 1: If a loan is disbursed on 1st or post 15th of the month:

For Term Loan, Hybrid Flexi Loan, Flexi Term Loan (Dropline Flexi): BPI amount will be capitalised, i.e. added to principal amount on due date / added to first instalment


Scenario 2: If a loan is disbursed between 3rd and 15th of the month:

First instalment will consist of interest for actual number of days.


In the event of loan cancellation, customer shall also bear the interest accrued on the loan till the date of cancellation and stamp duty charges levied on loan at the time of loan origination.

Our loan variants

Loan variant
 What is it
 Flexibility
 Withdrawals
 EMIs
 Part-prepayment Charges

Flexi facility Charges
Flexi Hybrid Loan
 Allows flexibility in borrowing and repaying within a specified loan limit. You can withdraw and repay multiple times within the approved limit. Interest is charged only on the amount utilised.
 Easily withdraw funds from the sanctioned limit and prepay effortlessly with our most flexible loan variant.
 Get unrestricted access to funds with multiple withdrawals from the approved loan limit.
 Interest-only EMIs for the initial part of the loan tenure. EMI applicable only on the withdrawn amount.
 No part-prepayment charges.
 *Nominal Flexi facility charges applicable.
Flexi Term Loan
 Offers flexibility in borrowing and repaying within a specified loan limit. Your EMIs cover both the principal and interest for the withdrawn sum over the entire duration.
 Easily withdraw funds from the sanctioned limit and prepay effortlessly. More flexible than our regular term loan.
 Get unrestricted access to funds with multiple withdrawals from the approved loan limit.
 Fixed EMIs only on the withdrawn amount.
 No part-prepayment charges.
 *Nominal Flexi facility charges applicable.
Term Loan There is no pre-assigned limit. Involves borrowing a fixed amount for a specified term. Repayments are made through regular EMIs, comprising both principal and interest. Fixed loan structure and repayment schedule. Less flexible than our flexi term or flexi hybrid loans. Single disbursement of the loan amount. Fixed EMIs on the disbursed amount. Nominal part-prepayment charges applicable. No Flexi facility charges.

Frequently asked questions

What is a used car loan?

Bajaj Finserv Used Car Loan is a loan provided to purchase your dream car. We offer up to Rs. 1.02 crore with a repayment tenure ranging from 12 months to 84 months. Click here to learn how to apply for a used car loan.

How can I get a loan for a pre-owned car?

You can get a used car loan from Bajaj Finance at the comfort of your home. Simply click the ‘Apply’ button on this page and submit your application.

What is the maximum amount I can get for a pre-owned car?

You can apply for a Bajaj Finserv Used Car Loan of up to Rs. 1.02 crore.

What are the tenure options for a used car loan?

With Bajaj Finserv Used Car Loan you can repay the loan comfortably over tenures ranging from 12 months to 84 months.

Click here to learn how to choose the right tenure for your used car loan.

How do I apply for used car loan?

Simply click on the 'Apply’ button to open the online application form. Once you share your basic details, our representative will contact you and help you with the further process. Submit the required documents to our representative. Once your documents are verified and your loan is approved, you will get the money in your account.

Can I get funding for new cars?

No. You can only get loans for pre-owned cars.

Do I need a guarantor to avail of a used car loan?

You do not need a guarantor to avail of a second-hand car loan. However, if your income does not meet our used car loan eligibility criteria, then you may require a guarantor/ co-applicant. In such a case, you might need a guarantor as a security for your loan.

How do used car loans work?

When you apply for a used car loan, the loan amount is decided based on your eligibility and the value of the second-hand car. Bajaj Finance offers asset-based funding of up to 115% of the car’s value. Click here to learn more about the features and benefits of used car loans.

How much time does it take to process a pre-owned car loan?

When you apply for a pre-owned car loan with Bajaj Finance, you will receive the funds within 48 hours* of approval.

Are there any tax benefits on car loans?

If you are purchasing a car for your personal use, you cannot claim any tax benefit on your second-hand car loan. However, you might get some tax benefits if you are self-employed individual using the car for business purposes.

Do we get the loan amount to cover the 100% cost of my second-hand car?

Bajaj Finance offers asset-based finance of up to 115% of your car’s value. When you choose our used car loan, you can get funds up to Rs. 1.02 crore with minimal documents.

What are the benefits of a second-hand car loan?

Second-hand car loans give you access to a high-value loan and help you purchase your dream car easily. Bajaj Finance offers used car loans that come with simple eligibility criteria and minimal documentation. With a Bajaj Finserv Used Car Loan, you can funds get up to Rs. 1.02 crore in just 48 hours* of approval.

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Watch our videos

What is Used Car Loan
 
 

What is Used Car Loan

Eligibility criteria and documents required for Used Car Loan
 
 

Eligibility criteria and documents required for Used Car Loan

Documents required for Used Car Loans
 
 

Documents required for Used Car Loans

Type of cars you can buy with a Used Car Loan
 
 

Type of cars you can buy with a Used Car Loan

No more cancelled cabs! Get a second-hand car today
 
 

No more cancelled cabs! Get a second-hand car today

Used car loan as easy as ABC
 
 

Used car loan as easy as ABC

ह्युमेन भी जोक बाटाओ
 
 

ह्युमेन भी जोक बाटाओ

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.