Loan Against Car for higher education

Higher education requires a significant investment. There will always be unexpected costs, whether it is for tuition, travel, extra courses, living expenses, or a place to stay. Our loan against car takes care of all such costs. Borrow what you need and prepay when possible with our Flexi Loan.

VISA AND FLIGHTS

VISA AND FLIGHTS

Application fees are significant components of the costs of higher education. When you add in the cost of flights, visas, and other paperwork needed for an international course, it becomes even more expensive.

COURSE FEES

COURSE FEES

Education loans will likely only cover the cost of tuition. However, a loan against car with a high amount and flexible repayment options gives you the freedom to pay for all other costs.

LIVING EXPENSES

LIVING EXPENSES

Rent is one of the aspects of your living expenses. You also have to pay for groceries, transportation, a cell phone, internet, and other things. These could cost you a considerable amount of money.

COURSE MATERIALS

COURSE MATERIALS

You could need books, equipment, special software, and other items during your course. While these costs will remain scattered throughout the course duration, but when put together the amount can be quite high.

EMERGENCY FUND

EMERGENCY FUND

It is crucial to save money in case unexpected incidents occur, such as accidents or sickness. Even though insurance can help in certain situations, it cannot always pay for everything.

3 unique variants of our loan against car

  • Flexi Term Loan

    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.

  • Flexi Hybrid Loan

    This is another variant of loan that we offer, and it works largely in the same way as a Flexi Term Loan. Your EMI will only cover interest for the initial loan period, varying based on your loan tenure. For the rest of the time, the interest and the principal will make up the EMI.

  • Term Loan

    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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Features and benefits of our loan against car

Features and benefits of our Loan Against Car 00:38

Features and benefits of our Loan Against Car

Watch this video to know everything about 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 significant 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

    We mention our fees and charges 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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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.

How to apply for a loan against car

Video Image 01:20
   

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

9.50% to 22% p.a.

Processing fee

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 Hybrid Loan (as applicable below)

  • 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

The charges above will be deducted upfront from the loan amount

*Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Prepayment charges

Full prepayment (foreclosure)

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount payable by the borrower as on the date of full prepayment.
  • 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 such full prepayment.
  • Flexi Hybrid Loan: up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule, during initial and subsequent tenure, on the date of such full prepayment.

Part-prepayment

  • 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

In case of default of repayment instrument, Rs. 1,500 per bounce will be levied.

Penal charges

Delay in payment of instalment(s) shall attract penal charge up to Rs. 25 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from the loan amount.

Legal and incidental charges

Actual legal and incidental charges under applicable laws

Repossession charges

Repossession charges at actual with a maximum capping of Rs. 50,000/- (inclusive of applicable taxes)

Auction charges

At actuals

Valuation charges

At actuals

Stockyard charges

Rs. 118/- per day for 60 days (inclusive of applicable taxes)

Mandate registration charges In the case of UPI mandate registration Re. 1 (inclusive of applicable taxes) will be collected from the customer.
Instalment default charges
Rs. 450 per month from the first instalment due date for mandates rejected by customers 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).

NOC for interstate transfer

Rs. 1,180/- (inclusive of applicable taxes).

NOC to convert from private to commercial

Rs. 3,540/- (inclusive of applicable taxes).

Duplicate NOC

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 the loan for the number of day(s), which is(are) charged in two scenarios:

Scenario 1 – beyond 30 days from the loan disbursal date until charging the first EMI:

In this scenario, we recover broken period interest through the following methods:

  • For Term Loan: Added to the first instalment amount
  • For Flexi Term Loan: Added to the first instalment amount
  • For Flexi Hybrid Loan: Added to the first instalment amount

Scenario 2 – within the initial 30 days from the loan disbursal date until charging the first EMI:

In this scenario, we charge interest based solely on the actual number of days since disbursing the loan.

PG facility charges
Rs. 11 (inclusive of applicable taxes) will be charged for utilising the payment gateway to make part or full payments towards the loan through digital properties.
Cash collection handling charges
Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs.
Cash deposit charges
Customers will incur a cash deposition charge of Rs. 50 (inclusive of applicable taxes) when making cash payments at our branch offices.

Frequently asked questions

How does a loan against car for education work?

A loan against car for higher education operates in the same way as any other secured loan. You must meet the loan against car eligibility criteria and complete a simple application form. The value of your car will determine your loan amount. You can either go ahead with the same amount or choose a lower amount based on your needs.
Bajaj Finance provides a loan against car that assists you in managing large or minor expenses associated to your higher education. You can get up to Rs. 47 lakh for your financial needs when you choose Bajaj Finserv Loan Against Car.

Can I get a loan against car to fund my higher education?

A loan against car gives you the freedom of end usage and helps you manage expenses associated with your higher education conveniently. You can acquire funds up to Rs. 47 lakh with minimum documentation requirements once you opt for a Bajaj Finserv Loan Against Car.

Can I get a loan against car for higher education with a low credit score?

You can use a loan against car to pay for a range of expenses, including higher education. Your eligibility for a loan against car depends on a number of factors, including the value of your car, and more. You do not necessarily have to check your CIBIL Score to receive a loan against your car. However, it is recommended to maintain a good credit score if you plan on applying for a loan against car as a healthy credit score helps you secure a loan against car at competitive interest rates.

How much money can I borrow for a loan against car?

The loan amount that you can obtain is determined by the value of your vehicle, your eligibility, and a few other factors. Bajaj Finserv Loan Against Car has a high loan amount of up to Rs. 47 lakh and a flexible repayment term of up to 72 months. Use our loan against car EMI calculator to figure out your monthly payments.

How long does it take to get a loan against a car for higher education?

Bajaj Finance provides a loan against car with minimal paperwork and quick disbursal. With our loan against car, you will receive funds within 48 hours of approval.

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