Frequently asked questions

What is a loan against car?

Bajaj Finserv Loan Against Car is a secured loan that allows to get funds against your car. Get up to Rs. 47 lakh and repay it easily over a loan repayment tenure of up to 72 months.

Who can avail of a loan against car?

Both salaried and self-employed individuals can avail of a loan against car if they own a car, meets the minimum eligibility criteria, and submits the required documents.

What are the eligibility criteria for getting loan against car?

The eligibility criteria are as follows:

Nationality: Indian

Age: 18 to 80 years*


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.

*Age should be 80 or less at the end of the loan tenure.

What is the salary required to be eligible for loan against car?

Individuals should have at least a minimum monthly salary of Rs. 20,000 to apply for our loan against car.

How does a loan against a car work?

A loan against car works like any other secured loan. You need to fulfil the required eligibility criteria, fill out application form and submit a handful of documents. Based on the valuation of your car, a loan amount will be offered to you. You can either choose to go ahead with the same amount or choose a lower amount as per your need. With Bajaj Finserv Loan Against Car, you can get up to Rs. 47 lakh for your financial needs.

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Understanding our loan against car

3 unique variants

A loan against a car is a savvy financial move, allowing you to leverage your vehicle's value without parting ways with it. This secured loan option empowers individuals to use their car as collateral, unlocking immediate financial support. With Bajaj Finserv Loan Against Car, you can get up to Rs. 47 lakh and manage your expenses with ease. Our loan against car comes in 3 unique variants – Flexi Term Loan, Flexi Hybrid Loan and Term Loan. You can choose the variant that suits your requirements.

Understanding our Flexi Loan variants

Let us say you take out a loan against car for Rs. 2 lakh for 24 months. You pay regular monthly instalments for the first six months (EMIs). You would have paid back about Rs. 50,000 by now.

You need Rs. 50,000 for something that you did not expect. Just sign-in to our customer portal – My Account and borrow Rs. 50,000 out of your Flexi Term Loan account. You got a bonus of Rs. 1,00,000 three months later and would like to pay back some of your Flexi Term Loan. This time, all you have to do is go to My Account and pay back a part of your Flexi Term Loan.With every withdrawal or deposit, your interest is automatically changed, and you only pay interest on the amount you still owe at any given point. Your EMI includes both the amount that you owe and the adjusted interest.

Unlike other loans, there are no fees or penalties for paying back your Flexi Term Loan or taking money out of your account.

This version is perfect for the way people live now, when managing money can be hard to predict. Another Flexi variant we offer is Flexi Hybrid Loan. It works largely in the same way as a Flexi Term Loan. It come with an additional feature of paying interest-only EMIs for the initial part of the tenure. For the rest of the time, the interest and the principal will make up the EMI.

Know all about our Term Loans

This is the same as any other loan. You borrow a specific amount, divided into monthly payments covering both the principal and interest. If you pay off your loan before the end of its tenure, you will have to pay a part-prepayment or foreclosure fee.

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