How to apply for a loan against car
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Frequently asked questions
The processing fee for a Bajaj Finserv Loan Against Car goes up to 2.95% of the loan amount (inclusive of applicable taxes).
There is a fee up to 4.72% (inclusive of applicable taxes) on the part-payment amount paid. However, if you opt for a Flexi Loan, you can part-prepay as per your convenience without an additional charge.
Bounce charge is the fee you have to pay if you miss an EMI payment.
For every missed EMI, we charge Rs. 1,500 per bounce (inclusive of applicable taxes). Any delay in payment of monthly instalment/ EMI shall attract penal interest at the rate of 3.50% per month on the monthly instalment/ EMI outstanding, from the date of default until the receipt of the monthly instalment/ EMI.
You can get Bajaj Finserv Loan Against Car at competitive interest rates which range from 10.50% to 22% p.a.
There are several factors that affect your loan against car interest rates. These may include:
- Credit score: A higher credit score typically leads to a lower interest rate, as it signifies a lower risk for the lender.
- Loan amount: The amount being borrowed can affect the interest rate. A larger loan amount might have lower interest rates, while a smaller loan amount may have higher rates.
- Loan tenure: The tenure of your loan can influence the interest rate. Shorter tenures may have lower rates compared to longer tenures.
- Value of the car: The value of the car being used as collateral is a crucial factor. Lenders typically offer lower interest rates for vehicles with higher values.
A Bajaj Finserv Loan Against Car comes with no hidden costs. All our fees and charges are mentioned on our website and in the loan agreement. It is recommended that you thoroughly review the fees and charges before applying. You can also click here to know more about the documents required for our loan against car.
There are various factors that affect loan against car interest rates. Lenders consider the borrower's creditworthiness, the car's value, loan amount, and prevailing market rates. A higher credit score typically leads to a lower interest rate. Additionally, the loan term and down payment may influence the rate. It is crucial to shop around for the best offers. Use our loan against car EMI calculator to determine your monthly instalments.
The interest rate on a loan against car can be fixed or variable, depending on the lending institution's terms and conditions. Bajaj Finserv Loan Against Car is available to you at fixed interest rates starting at 10.50% p.a.
It's highly unlikely to get a loan against car with 0% interest. Lenders typically charge interest to offset the risk of lending. However, some financial institutions might offer promotional rates or deals, but they often come with conditions or limited timeframes. It is essential to research and compare options.
