Loan Against Car eligibility calculator

Find the estimated loan amount you are eligible for.

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: 18 to 80 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/ passport/ voter’s ID/ driving license/ letter from NPR/ 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

*Higher age limit is applicable at the time of loan maturity.

Frequently asked questions

How much loan can I get with a loan against car?

With a Bajaj Finserv Loan Against Car, you can get up to Rs. 47 lakh by fulfilling some simple eligibility criteria. This high-value loan provides you with the required financial flexibility to manage your multiple planned and unplanned expenses.

How is EMI calculated for a loan against car?

Your EMI for a loan against car is calculated based on various factors such as interest rate, loan amount, and repayment tenure. Given below is the formula that is used to calculate your loan against car EMIs:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount, R is the interest rate, and N stands for the number of instalments.

Manually calculating your EMIs can be a lengthy process. In such a situation, you can use our loan against car EMI calculator. This online tool helps calculate the EMIs of your loan against car in just a few clicks.

Is my loan against car amount calculated based on the valuation of my vehicle?

Your loan against car amount depends on the lender’s policies and your eligibility criteria. With Bajaj Finserv Loan Against Car, you can get a loan amount of up to 115% of the car’s value at a competitive interest rate.

What is the interest rate for a loan against car?

Bajaj Finance offers a loan against car that comes with competitive interest rates starting at 9.50% p.a.

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Disclaimer

Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.

The calculator(s) are not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.

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