3 unique variants of our loan against car

  • Flexi Term Loan

    Let us say to have Rs. 2 lakh loan with a 24-months repayment term. You pay the regular equated monthly instalment (EMI) for the first six months. You must have paid back approximately Rs. 50,000 by this point.

    You suddenly realise that you need Rs. 50,000 more. You only need to withdraw Rs. 50,000 from your Flexi Term Loan account by visiting our customer portal – My Account. Three months later, you got your bonus of Rs. 1,00,000 and would like to pay back a portion of your Flexi Term Loan. Once again, all you have to do is visit My Account and make a partial repayment of your Flexi Term Loan. Your interest will automatically be adjusted throughout, and you only have to pay interest on the balance principal amount. Both principal and adjusted interest are included in your EMI.

    Unlike in the case of other loans, there are absolutely no fees/ penalty/ charges for paying back or withdrawing from your Flexi Term Loan account.

    This variant is perfect for today’s lifestyle, where the expenses are unpredictable.

  • Flexi Hybrid Loan

    This is another variant of our loan against car that works almost like a Flexi Term Loan. The only distinction is that your EMI will comprise the applicable interest during the loan's initial period, which may vary depending on the loan's tenure. For the remaining period, the EMI will consist of the interest and principal components.

  • Term Loan

    This is similar to a regular loan against car. You borrow a specific amount against your car, which is divided into equated monthly instalments. These instalments consist of both principal and the interest. There is a fee applicable for paying off your term loan before the completion of your loan tenure.

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Features and benefits of our loan against car

  • Loan of up to

    Loan of up to Rs. 47 lakh

    Get funds of up to Rs. 47 lakh to manage your big or small expenses.

  • Convenient tenures

    Convenient tenures

    Repay your loan easily with flexible repayment options ranging from 12 months to 72 months.

  • Money in your bank account in

    Money in your bank account in 48 hours*

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

  • Minimal documentation

    Minimal documentation

    You only need to submit a few basic documents to apply for our loan against car.

  • No hidden charges

    No hidden charges

    Our fees and charges are mentioned on our loan documents and also on this page. We advise you to read them in detail before applying.

  • Pre-approved offers

    Pre-approved offers

    Check your pre-approved offer online by simply entering your mobile number and OTP and receive funds instantly.

  • Quick approval

    Quick approval

    In most cases, your application for a loan against car will get approved within a day of document verification.

  • End-to-end online application process

    End-to-end online application process

    You can apply for our loan against car from the comfort of your home, at a time convenient for you.

  • *Terms and conditions apply

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Pre-approved offers for new customers

We have pre-approved offers for our existing and new customers. We just need your mobile number to verify your identity. If you are a pre-approved customer, you do not have to complete the entire loan application process.

Check your pre-approved offer

In case you do not have a pre-approved offer or do not need a loan, you can still pick from a variety of our products.

  • Set up your Bajaj Pay Wallet

    Set up your Bajaj Pay Wallet

    The 4-in-1 wallet allows you to transfer money or pay others via UPI, EMI Network Card, Credit Card, and your digital wallet.

    Download Bajaj Pay

  • Check your credit health

    Check your credit health

    Your CIBIL Score and credit health are two important factors you should take into consideration for maintaining your credit health.

    Check your CIBIL score for free

  • Pocket Insurance to cover all your life events

    Pocket Insurance to cover all your life events

    We offer more than 400 insurance options including hiking, breaking or misplacing your car keys, rainy-season ailments, and more. Pocket Insurance starts as low as Rs. 19.

    Discover Insurance Mall

  • Set up an SIP for as little as Rs. 500 per month

    Set up an SIP for as little as Rs. 500 per month

    Choose from over 900 mutual funds from 40 mutual fund companies, including Aditya Birla, SBI, HDFC, ICICI Prudential Mutual Fund, and others.

    Discover Investment Mall

Eligibility criteria and documents required

You have to meet some basic criteria to be eligible for our loan against car. Once you meet all the criteria, you will need a few documents to complete your application process.

Eligibility criteria

  • Nationality: Indian
  • Age: 21 to 70 years*
  • 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 filed for the last 2 years

Documents required

  • 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

*Age should be 70 or less at the end of the loan tenure.

How to apply for a loan against car

Step-by-step guide to apply for a loan against car

  1. Click on the 'APPLY' button on this page.
  2. Fill in your asset details such as the loan active on your car, make, model, variant, and more.
  3. Fill in the application form with your personal information, such as your name, mobile number, email ID, pin code, residence type and type of employment.
  4. Submit your loan against car application.

Our representative will call and guide you on the next steps. The loan amount will be transferred to your bank account once your documents are successfully verified.

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

  • 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
    *Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.
Pre-payment charges Full pre-payment (Foreclosure)
  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment
  • Flexi Hybrid Loan/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.
Part pre-payment
  • 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 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:

  • 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 loan against car?

Bajaj Finserv Loan Against Car is a loan that allows pledging your car to get a loan. We offer up to Rs. 47 lakh with a repayment tenure ranging up to 72 months.

Who can avail of a loan against car?

A loan against car can be availed of by anyone who owns a car, meets the minimum eligibility criteria and submits the required documents.

Does this require a car verification or valuation?

A car verification and valuation will be performed on the vehicle you pledge as a security.

Is a guarantor required for a loan against car?

The guarantor is not required as the vehicle serves as a security.

Which cars are eligible for a loan against car?

All vehicles including hatchbacks, sedans and more are eligible for a loan against car. Models that are out of production are however not eligible for a loan against car. Funding against commercial/ yellow number plate cars is not available.

How do I apply for a loan against car?

Simply click on the 'Apply’ button to open the online application form. Once you share your basic details, our representative will call 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.

What are the tenure options available for a loan against car?

The repayment period for the loan ranges from 12 months to 72 months.

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