Loan Against Car for home expenses

Putting a new house together or fixing an old one can cost a considerable amount of money. Kitchen remodels or a much-needed bedroom makeover could mean a considerable expense. Sometimes, you may have to do major repairs that were not planned. Why use your savings when you could get a loan against car from us?

BUYING

BUYING

Your home loan may only cover 80% of the total price. You can get a loan against car to pay for the rest of the price, the broker's fee, the stamp duty, and other expenses.

RENOVATION

RENOVATION

We all have times when we want to change the bedroom or get a new couch for the living room. As kids get older, they may need their own space. You would not want to hold back from making these expenses for a more comfortable life.

FURNISHINGS

FURNISHINGS

Sometimes, all you need to turn your apartment into a luxury home is furniture, upholstery, and lights. While these may seem like small expenses to make, but when you want to change the look of your entire house, it may end up as a larger expense.

MAJOR REPAIRS

MAJOR REPAIRS

Every home needs major repairs once in every five years. You might need to hire an architect and civil engineer. Depending on the size of the house, these repairs could mean a heavy expense.

SMART HOME

SMART HOME

Your friend just turned his apartment into a smart home. He got all the cool stuff, like voice-controlled lights, wi-fi heating, and remote security. How about giving your home a smart new look?

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

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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

10.50% 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 interest

Delay in payment of a monthly instalment shall attract penal interest at the rate of 42% per annum applicable on the monthly instalment outstanding, from the respective due date until the receipt of the monthly instalment.

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 rejection charges

Rs. 450/- per month from the first month of due date for mandate rejected by 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).

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.

Frequently asked questions

What is a loan against car?

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.

Who can avail of a loan against car?

A loan against car can be availed of by anyone who owns a car, meets the minimum eligibility criteria and submits the required documents.

Does this require a car verification or valuation?

A car verification and valuation will be performed on the vehicle you pledge as a security.

Is a guarantor required for a loan against car?

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

Which cars are eligible for a loan against car?

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.

How do I apply for a loan against car?

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.

What are the tenure options available for a loan against car?

The repayment period for the loan ranges from 12 months to 72 months.

How does a loan against a car for home expenses work?

A loan against car for home expenses works like any other secured loan. You need to fulfil the required loan against car eligibility criteria and fill out a simple application form. Based on the valuation of your car, a loan amount is defined for you. You can either choose to go ahead with the same amount or opt for a lower amount as per your requirement.

Bajaj Finance offers a loan against car that comes with the flexibility of end use and helps you manage significant and small home expenses. When you choose Bajaj Finserv Loan Against Car, you can get up to Rs. 47 lakh for your financial needs.

Can I get a loan against car to fund home repairs or renovations?

A loan against car comes with the flexibility of end use and you can easily manage expenses related to home repairs or renovations. With Bajaj Finserv Loan Against Car, you get funds up to Rs. 47 lakh with minimal paperwork.

How much loan amount can I get against my car?

The loan amount you can borrow depends on the valuation of your car, your eligibility, and a few other factors. Bajaj Finserv Loan Against Car comes with a high-value loan of up to Rs. 47 lakh and flexible repayment tenure of up to 72 months. Use our loan against car EMI calculator to determine what your monthly instalments would be.

Is it necessary to have a good credit score to apply for a loan against a car for home expenses?

It is advisable to maintain a good credit score if you are looking to apply for a loan against car. A healthy CIBIL Score helps you to get a loan against car for home expenses at competitive interest rates.

How long does it take to get a loan against a car for home expenses?

Bajaj Finance offers a loan against car that comes with minimal paperwork and quick disbursal. With our loan against car, you get funds in just 48 hours of approval.

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