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In summary
Used Car Ownership Made Easy
- Loan amounts range from Rs. 1 lakh to Rs. 2.50 crore.
- Get funding of up to 100% of the car’s value.
- Repayment tenure ranges from 12 months to 84 months.
- Interest rates range from 10% to 18.25% p.a.
- A CIBIL Score of 650 or higher is required.
Vehicle age and previous ownership also affect eligibility.
Have a used car in mind? Check if you are eligible for a pre-approved Bajaj Finance Used Car Loan offer before taking the purchase forward.
Why consider a used car loan in Kerala?
Buying a pre-owned car can reduce the purchase cost, but paying the full amount together may still use up a sizeable portion of your savings. A financing option such as a used car loan allows you to repay the amount through planned monthly instalments.
This can be useful whether you need a car for daily office travel, school runs, family requirements, or regular intercity journeys within Kerala. Keeping some savings aside can also help you manage insurance, routine servicing, fuel, and repairs after the purchase.
Start by deciding the EMI amount that works with your regular expenses. Once you know this figure, you can shortlist used cars within a more realistic overall budget.
What does Bajaj Finance Used Car Loan offer?
Bajaj Finance Used Car Loan helps eligible customers finance a pre-owned private car. Your approved loan amount and repayment terms depend on your financial profile as well as the vehicle selected.
| Feature | Details |
| Loan amount | Rs. 1 lakh to Rs. 2.50 crore |
| Funding | Up to 100% of the car’s value |
| Repayment tenure | 12 months to 84 months |
| Interest rate | 10% to 18.25% p.a. |
Funding of up to 100% of the car’s value is subject to eligibility and vehicle assessment. The final amount may vary based on your credit profile, repayment capacity, and the value of the car.
What are the used car loan interest rates and charges?
Bajaj Finance Used Car Loan interest rates range from 10% to 18.25% p.a. Your applicable rate can depend on your credit profile, income, existing obligations, loan amount, repayment tenure, and the vehicle being financed. Interest is not the only cost you should consider. Check the applicable processing fee, documentation charges, repayment-related charges, and other costs mentioned in your loan terms.
When comparing your options, consider the EMI and total repayment together rather than looking only at the starting interest rate. This gives you a clearer picture of what the loan may cost over its full tenure.
How can you choose a suitable EMI and tenure?
A shorter tenure usually increases the monthly EMI but helps you repay the loan sooner. Choosing a longer tenure can lower the EMI but keeps the repayment commitment active for a longer period.
Before selecting your tenure, consider:
- monthly take-home income
- existing EMIs
- household expenses
- fuel and maintenance costs
- insurance expenses
- emergency savings
- age of the selected car
The vehicle must not be more than 12 years years old at the end of the loan tenure. This means an older used car may have fewer tenure options available. You can use a used car loan EMI calculator to test different loan amounts and repayment periods before deciding.
Choose the combination that keeps your monthly repayment manageable rather than simply opting for the highest eligible amount.
Who can apply for a used car loan in Kerala?
Both salaried and self-employed Indian applicants can apply for a Bajaj Finance Used Car Loan, subject to the applicable eligibility criteria.
| Criteria | Salaried applicants | Self-employed applicants |
| Nationality | Indian | Indian |
| Age | 21 to 80 years* | 21 to 80 years* |
| CIBIL Score | 650 or higher | 650 or higher |
| Income requirement | Minimum salary of Rs. 20,000 per month | ITR for the last 2 years |
| Experience | At least 1 year of work experience | ITR-based income assessment |
*Age should be 80 or less at the end of the loan tenure.
Meeting the basic criteria does not automatically confirm approval. Your income, existing repayment commitments, credit profile, documents, and selected car are considered during the complete assessment. If you already have other loans or credit obligations, include those EMIs while deciding how much additional monthly repayment you can take on comfortably.
Which used cars can qualify for financing?
The car itself must meet certain requirements in addition to your personal eligibility.
| Vehicle requirement | Details |
| Vehicle type | Private car |
| Maximum vehicle age | Not more than 12 years old at the end of the loan tenure |
| Previous owners | Not more than 2 previous owners |
This matters particularly when you are considering an older car. As the vehicle must remain within the permitted age when the loan ends, the available repayment tenure may become shorter as the car gets older. Check the registration date and ownership history early in your buying journey. This can help you avoid finalising a car that may not meet the financing requirements.
What documents do you need for a used car loan?
- KYC documents
- PAN card
- Employee ID card, where applicable
- Salary slips for the last 2 months
- Bank account statements for the previous 3 months
- Vehicle Registration Certificate
- Vehicle insurance copy
Self-employed applicants may need to submit ITR proof for the previous 2 years. The exact documents required can vary based on your profile and verification requirements.
How to apply for a used car loan in Kerala?
- Visit the Used Car Loan application page.
- Enter your mobile number and verify it using the OTP.
- Provide your personal and employment information.
- Fill in the required income details.
- Add the vehicle information if you have already shortlisted a car.
- Complete the required KYC and verification process.
- Submit your application for assessment.
It is useful to estimate the EMI, review the loan charges, and check both borrower and vehicle eligibility before you apply. Found a car that suits your needs and budget? Check your eligibility for the Bajaj Finance Used Car Loan and see how much you may be able to borrow.
Explore used car loans in other locations
| Used car loan in Kochi | Used car loan in Pune | |
| Used car loan in Chennai | Used car loan in Bangalore | Used car loan in Navi Mumbai |
What do our customers say about us
Amit Chauhan
Reviewed on 04 Mar 2025
Smooth and transparent used car loan process. The interest rates were competitive, and the documentation was minimal. The team guided me clearly at every step, making my used car purchase simple and stress-free. Highly recommended for quick approvals.
Ashwin Kamble
Reviewed on 24 Feb 2025
Clear guidance, quick approval, and flexible repayment options made buying my used car easier than expected. The team handled everything professionally. Very satisfied and would definitely recommend their used car loan.
Rohit Sharma
Reviewed on 12 Apr 2025
I had a great experience while applying for my used car loan. The process was quick, and the interest rate helped me manage the purchase better. Customer service was helpful throughout. Highly recommended for a smooth used car financing experience.
Ajay Kulkarni
Reviewed on 08 Dec 2024
My used car loan experience was simple and hassle-free. The approval was quick, the repayment options were flexible, and the team explained every step clearly. It helped me buy my preferred used car without financial stress. I would surely recommend it.
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Frequently asked questions about used car loan in Kerala
Overview
Repayment
Who can apply for a used car loan in Kerala?
Both salaried and self-employed applicants can apply, subject to the required eligibility criteria. Salaried applicants need to meet the applicable income and work-experience conditions, while self-employed applicants need the required ITR-based income proof.
How much used car loan can I get in Kerala?
You can apply for a Bajaj Finance Used Car Loan ranging from Rs. 1 lakh to Rs. 2.50 crore. Your approved amount is based on factors such as your income, credit profile, repayment capacity, and the assessed value of the selected car.
What documents are required for a used car loan?
You will need KYC documents, PAN card, income proof, bank statements, vehicle RC, and insurance documents. Requirements can differ for salaried and self-employed applicants based on their income and employment profiles.
What is the repayment tenure for a used car loan?
Bajaj Finance Used Car Loan offers repayment tenures from 12 months to 84 months. The tenure available for a specific application can also depend on customer eligibility and the age of the car.
Disclaimer
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