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Loan Against Car

3 unique variants | Up to Rs. 77 lakh | Tenure up to 84 months
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Features and benefits of our Loan Against Car
 
 
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Trusted by 3 lakh+ customers

Loan Against Car
3 unique variants | Up to Rs. 77 lakh | Tenure up to 84 months
UCF_PDP_02_Car_Value
Up to 115% funding of car value
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3 unique variants
UCF_PDP_03_In_Principle
In-principle sanction letter
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Minimal documentation
UCF_PDP_05_Flexible_Tenure
Flexible tenures
UCF_PDP_02_Car_Value
Up to 115% funding of car value
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3 unique variants
UCF_PDP_03_In_Principle
In-principle sanction letter
UCF_PDP_04_Minimal_Doc
Minimal documentation
UCF_PDP_05_Flexible_Tenure
Flexible tenures
Loan Against Car EMI Calculator

Loan Against Car EMI Calculator

Plan your instalments better

Features and benefits

  • Loan of up to Rs. 77 lakh

    Get funds of up to Rs. 77 lakh to manage your significant or small expenses.

  • Convenient tenures

    Repay your loan easily with flexible repayment options ranging from 12 months to 72 months.

  • Minimal documentation

    You only need to submit a few basic documents to apply for our loan against car.

  • 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

    Check your pre-approved offer online by simply entering your mobile number and OTP and receive funds instantly.

  • 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

    You can apply for our loan against car from the comfort of your home, at a time convenient for you.

*Terms and conditions apply

Still haven’t found what you’re looking for? Click on any of the links at the top of this page.

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Eligibility and documents

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

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

Documents required

  • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
  • PAN card
  • Employee ID card
  • Bank statements for the last 3 months
  • Salary slips for the last 3 months
  • Vehicle registration certificate

*Terms and conditions apply

How to apply

A step-by-step guide to applying for a loan against car

  • Click on the 'APPLY' button on this page.
  • Enter your 10-digit mobile number and submit the OTP for verification.
  • Fill in your asset details such as the loan active on your car, make, model, variant, and more.
  • 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.
  • 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% to 19% 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-prepayment.
• 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
 Rs. 1,500 per bounce
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.
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 Recovery of charges
Repossession charges Recovery of charges maximum up to Rs. 50,000 (Inclusive of applicable taxes)
Auction charges Recovery of charges
Valuation charges Recovery of charges
Stockyard charges Rs. 118 per day for 60 days (inclusive of applicable taxes)
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).
Broken period interest/ pre-EMI interest Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by 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 – Less than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, interest is charged only for the actual number of days since the loan was disbursed.

Our loan variants

Loan variant What is it Flexibility Withdrawals EMIs Part-prepayment Charges Flexi Charges
Flexi Hybrid Loan Allows flexibility in borrowing and repaying within a specified loan limit. You can withdraw and repay multiple times within the approved limit. Interest is charged only on the amount utilised. Easily withdraw funds from the sanctioned limit and prepay effortlessly with our most flexible loan variant. Get unrestricted access to funds with multiple withdrawals from the approved loan limit. Interest-only EMIs for the initial part of the loan tenure. EMI applicable only on the withdrawn amount. No part-prepayment charge. Nominal Flexi charges applicable.
Flexi Term Loan Offers flexibility in borrowing and repaying within a specified loan limit. Your EMIs cover both the principal and interest for the withdrawn sum over the entire duration. Easily withdraw funds from the sanctioned limit and prepay effortlessly. More flexible than our regular term loan. Get unrestricted access to funds with multiple withdrawals from the approved loan limit. Fixed EMIs only on the withdrawn amount. No part-prepayment charge. Nominal Flexi charges applicable.
Term Loan There is no pre-assigned limit. Involves borrowing a fixed amount for a specified term. Repayments are made through regular EMIs, comprising both principal and interest. Fixed loan structure and repayment schedule. Less flexible than our flexi term or flexi hybrid loans. Single disbursement of the loan amount. Fixed EMIs on the disbursed amount. Nominal part-prepayment charges applicable. No Flexi charges.

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. 77 lakh with a repayment tenure ranging up to 72 months.

Who can avail of a loan against car?

Anyone who owns a car, meets the minimum eligibility criteria, and submits the required documents can avail themselves of a loan against the car.

Does this require a car verification or valuation?

We will conduct verification and valuation on the vehicle you offer as 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.

What is the minimum CIBIL Score required to get a loan against car?

A loan against car is a secured loan where you use your car as collateral and get funds against it. Since it is a secured loan, there is no minimum CIBIL Score required to avail of a loan. However, it is important to maintain a healthy CIBIL Score as it helps you to get a loan with better terms. Read more about the eligibility criteria for a loan against car.

What are the parameters that determine the eligibility of a loan against car?

You need to meet the following eligibility criteria to get a loan against car.

  • Your age must be between 18 and 80* years.
  • If you are a salaried individual, you must have a monthly salary of Rs. 20,000.
  • If you are a self-employed individual, you must have filed ITR for the last 2 years.

Beside meeting these eligibility criteria, you need to submit a few documents such as KYC documents, salary slips and more. Look at the complete list of documents needed.

How much loan can I get against the car?

You can borrow up to Rs. 77 lakh with a loan against car. However, the loan amount depends on the valuation of your asset. Bajaj Finance offers a loan against car that comes with simple eligibility criteria and minimal documents. Here is a look at the features of a loan against car.

Can I get a loan against car without income proof?

If you are a salaried individual who is looking for a loan against car, you need to submit your salary slips to get funds. You also need to have a minimum monthly salary of Rs. 20,000 to be eligible to get a loan against car.

However, if you are a self-employed individual who needs a loan against car, you need to submit your bank statements.

You can also read about how to get a loan against car without ITR.

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Why should I opt for a Loan Against Car?
 
 

Why should I opt for a Loan Against Car?

Eligibility criteria for a Loan Against Car
 
 

Eligibility criteria for a Loan Against Car

What is loan against car
 
 

What is loan against car

Documents required for Loan Against Car
 
 

Documents required for Loan Against Car

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.