Loan Against Car

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

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.

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.

The repayment period for the loan ranges from 12 months to 84 months.

A loan against car is a secured loan where you use your car as collateral and get funds against it. Since it is a secured loan, there is no minimum CIBIL Score required to avail of a loan. However, it is important to maintain a healthy CIBIL Score as it helps you to get a loan with better terms. Read more about the eligibility criteria for a loan against car.

You need to meet the following eligibility criteria to get a loan against car.

• Your age must be between 18 and 80* years.
• If you are a salaried individual, you must have a monthly salary of Rs. 20,000.
• If you are a self-employed individual, you must have filed ITR for the last 2 years.

Beside meeting these eligibility criteria, you need to submit a few documents such as KYC documents, salary slips and more. Look at the complete list of documents needed.

You can borrow up to Rs. 77 lakh with a loan against car. However, the loan amount depends on the valuation of your asset. Bajaj Finance offers a loan against car that comes with simple eligibility criteria and minimal documents. Here is a look at the features of a loan against car.

If you are a salaried individual who is looking for a loan against car, you need to submit your salary slips to get funds. You also need to have a minimum monthly salary of Rs. 20,000 to be eligible to get a loan against car.

However, if you are a self-employed individual who needs a loan against car, you need to submit your bank statements.

You can also read about how to get a loan against car without ITR.