Have an ongoing loan application?
Resume3 unique variants of new car loan
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Flexi Term Loan
Let’s say you get a new car loan of Rs. 10 lakh for 48 months and make regular monthly payments for the first six months.. At this point, you would have already repaid around Rs. 1.55 lakh.
However, if you suddenly require Rs. 50,000 for an expense you didn’t expect, you can log into our customer portal – My Account and withdraw the funds from your Flexi Term Loan account.
Later, if you were to receive a bonus of Rs. 1 lakh after three months and wish to pay off a part of your Flexi Term Loan, you can easily do so by visiting My Account.
Each time you make a withdrawal or deposit, your interest is automatically adjusted, and you are only charged interest on the outstanding balance. Your EMI includes both the principal amount and the adjusted interest.
What sets Flexi Term Loan apart from other loans is that there are no penalties or fees for withdrawing or repaying funds. This flexible loan solution is ideal for the unpredictable nature of managing finances in the present day.
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Flexi Hybrid Loan
This is another loan option that we provide, and it works very similarly to a Flexi Term Loan. The key difference is that your EMI will only comprise the interest component for the first part of the loan. This interest component can be based on the loan term.
Subsequently, for the remaining tenure, both the interest and principal will be included in your EMI.
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Term Loan
This works just like any other loan. You borrow a fixed loan amount, which is then divided into equal monthly payments that consist of both the principal and interest.
If you choose to repay the loan before the end of its term, you will be required to pay a part-prepayment or foreclosure fee.
Features and benefits of our new car loan
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All you need to know about our new car loan
Watch this video to learn everything about the features of our new car loan.
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3 unique variants
We offer three loan variants – Term Loan, Flexi Hybrid Loan, and Flexi Term Loan. Choose what suits you best.
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Loan of up to Rs. 10 crore
Get financing up to Rs. 10 crore to purchase your dream car.
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High-value finance
Get asset-based financing at competitive interest rates for up to 100% of the car's value.
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Flexible tenures
Repay your loan easily with flexible options ranging from 12 months to 96 months. You can use our online new car loan EMI calculator to find out your monthly instalments in advance.
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Pre-approved offers
You may already have a pre-approved offer. All you need is your mobile number and OTP to check your offer.
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No hidden charges
The charges applicable on our loan are clearly mentioned in our loan documents. There are no hidden fees or charges.
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For new passenger cars and taxis
New car finance is available for funding purchase of new passenger cars, new taxis, and taxi permit cars.
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Multiple vehicle segments
You can get financing for several types of new vehicles including hatchbacks, sedans, cross-overs, multi-utility vehicles (MUVs), sports-utility vehicles (SUVs), and more.
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*Terms and conditions apply
Eligibility criteria and documents required for new car loan
Our new car loan is available to anyone who meets the basic eligibility criteria. You will be required to provide a few essential documents to complete the application process.
Eligibility criteria
- Nationality: Indian
- Age: 18 years to 80 years*
- CIBIL Score: 700 or higher
- Employment:
- For salaried: Individuals should have a minimum monthly salary of Rs. 25,000
- For self-employed: Individuals must submit an an ITR proof of the past 2 years
Proprietorships, partnership firms, private limited companies, trusts, and others can also apply for a new car loan.
*Higher age limit is applicable at the time of loan maturity.
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 3 months
- Bank account statements for the previous 3 months
*Any additional documents that may be required will be communicated during the loan application process
How to apply for a new car loan
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Did you know?
You can lower your EMI amount by choosing a longer loan tenure.
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Did you know?
With Flexi Hybrid loan, you can pay interest-only EMIs for the initial part of the tenure.
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Did you know?
You can get up to 100% on-road funding with our new car loan.
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Did you know?
Paying your EMIs on time helps you build a better CIBIL Score.
Applicable fees and charges
Type of fee |
Applicable charges |
Rate of interest |
7.50% to 14% p.a. |
Processing fees |
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 Loan variant (as applicable below) - 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)
Part-prepayment
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Annual maintenance charges |
Term Loan - Not applicable Flexi Term Loan
Flexi Hybrid Loan
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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 Charge |
Delay in payment of instalment(s) shall attract Penal Charge of Rs. 20 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 |
Auction charges |
Recovery of charges |
Valuation charges |
Recovery of charges |
Stockyard charges |
Rs. 118 per day for 60 days (inclusive of applicable taxes) |
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). |
Other NOC |
Rs. 1,180 (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: In this scenario, broken period interest is recovered by the following method: For Term Loan, Flexi Term Loan, and Flexi Hybrid Loan: Added to the first instalment amount |
| Loan cancellation charges |
Up to Rs. 2,360 (inclusive of applicable taxes). Note - In the event of loan cancellation, customer shall also bear the interest accrued on the loan till the date of cancellation and stamp duty charges levied on loan at the time of loan origination. |
| IRR threshold | Up to 42% IRR recovered from dealers /manufacturers /customers IRR includes – customer ROI, manufacturer and dealer interest subsidy. |
Frequently asked questions
A car loan is a type of loan specifically designed to help you purchase a four-wheeler vehicle. You can borrow money from a lender such as Bajaj Finance to purchase a car and then repay the loan amount over a convenient tenure.
Bajaj Finance offers two kinds of car loans – new car loan and used car loan – to help you meet your goal of buying a car.
If you are looking to buy a brand-new car, you can read about the features and benefits of new car loan on this page.
Alternatively, you can consider used car loan from Bajaj Finance.
When you take a car loan, you are provided with funds to purchase the vehicle you like. In the case of most term loans, you are charged interest on the borrowed amount for the duration of the loan tenure. This amount and the interest component of your loan is what makes up your equated monthly instalments (EMIs). Bajaj Finance offers new car loans for convenient durations of 12 months to 96 months.
Apart from term loans, you can also choose one of two Flexi variants to make your loan more affordable. These are Flexi Term and Flexi Hybrid Loans. These can help you add a greater layer of flexibility to manage your loan.
Your car loan eligibility depends on several factors. These factors include your credit score, income, employment history, debt-to-income ratio, and the value of the vehicle you plan to purchase.
Usually, almost anyone can apply for a new car loan. Bajaj Finance offers financing to Indian nationals between the age of 18 years to 80 years with a CIBIL Score of 700 or higher.
There are several factors that influence car loan interest rates.
These factors include your credit score, loan term, loan amount, and prevailing market rates. Generally, borrowers with higher credit scores and shorter loan terms tend to receive lower interest rates. Bajaj Finance offers new car finance at attractive interest rates starting from 7.50% to 14% p.a.
The amount you can borrow depends on various factors, including your creditworthiness, income, and the lender's policies. Bajaj Finance offers new car loans ranging from Rs. 1 lakh to Rs. 10 crore. If you are looking to buy a pre-owned vehicle, you may be eligible for a used car loan of up to Rs. 1.02 crore.
You can qualify for our new car loan if you have a minimum salary of Rs. 25,000. Apart from meeting our income criteria, you also need to fulfil other parameters such as credit score, age, and more.
Our new car loan comes with flexible repayment tenures. You can repay your loan easily over a period of up to 96 months. For more flexibility, you can choose our Flexi Loan variants – Flexi Term Loan and Flexi Hybrid Loan. When you opt for any of our Flexi Loan variants, a loan limit is assigned to you, and you can withdraw from this limit as many times as you need. However, interest is charged only on the amount you withdraw and not the entire limit. You also have the option to part-prepay your Flexi Loan multiple times at no additional cost. With our Flexi Hybrid Loan, you get the additional facility of paying interest-only EMIs for the initial part of the tenure.
You can get quick approval on your car loan application if you meet the required eligibility criteria and submit the needed documents.
Having a good credit score helps you get loan approval easily and on better terms. However, if you are applying for a new car loan, you should have a minimum CIBIL Score of 700.
If you are applying for a new car loan offered by Bajaj Finance, you need to submit your PAN card, KYC document, employee ID card, salary slips, bank account statement and more.
With Bajaj Finserv New Car Finance, you can get a high-value loan of up to
Rs. 10 crore and bring home your desired vehicle with ease. Apart from this high-value loan, you can also benefit from our simple eligibility criteria, flexible repayment tenures, and minimal paperwork. These features make your loan borrowing experience hassle-free.
If you have an existing new car loan with Bajaj Finance, you can check its status by visiting our customer portal – My Account. You can use your registered mobile number and the OTP to log in and find your loan account details such as EMI amount, due date, and more.
