3 unique variants of our loan against car
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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.
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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.
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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.
Features and benefits of our loan against car
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Loan of up to Rs. 47 lakh
Get funds of up to Rs. 47 lakh to manage your big or small expenses.
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Convenient tenures
Repay your loan easily with flexible repayment options ranging from 12 months to 72 months.
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Money in your bank account in 48 hours*
Get the loan amount credited to your bank account within 48 hours* of approval.
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Minimal documentation
You only need to submit a few basic documents to apply for our loan against car.
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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.
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Pre-approved offers
Check your pre-approved offer online by simply entering your mobile number and OTP and receive funds instantly.
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Quick approval
In most cases, your application for a loan against car will get approved within a day of document verification.
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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.
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*Terms and conditions apply
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.
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.
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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.
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Check your credit health
Your CIBIL Score and credit health are two important factors you should take into consideration for maintaining your credit health.
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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.
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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.
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.
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
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.
A loan against car can be availed of by anyone who owns a car, meets the minimum eligibility criteria and submits the required documents.
A car verification and valuation will be performed on the vehicle you pledge as a security.
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 72 months.
