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3 unique variants of new car loan

  • 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.

  • 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.

  • 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.

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Features and benefits of our new car loan

All you need to know about our new car loan 00:32

All you need to know about our new car loan

Watch this video to learn everything about the features of our new car loan.

  • 3 unique variants

    3 unique variants

    We offer three loan variants – Term Loan, Flexi Hybrid Loan, and Flexi Term Loan. Choose what suits you best.

  •  Loan of up to Rs. 10 crore

    Loan of up to Rs. 10 crore

    Get financing up to Rs. 10 crore to purchase your dream car.

  • High-value finance

    High-value finance

    Get asset-based financing at competitive interest rates for up to  100% of the car's value.

  • Flexible tenures

    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.

  • Pre-approved offers

    Pre-approved offers

    You may already have a pre-approved offer. All you need is your mobile number and OTP to check your offer.

  • No hidden charges

    No hidden charges

    The charges applicable on our loan are clearly mentioned in our loan documents. There are no hidden fees or charges.

  • For new passenger cars and taxis

    For new passenger cars and taxis

    New car finance is available for funding purchase of new passenger cars, new taxis, and taxi permit cars.

  • Multiple vehicle segments

    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.

  • *Terms and conditions apply

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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

Video Image 00:47

Step-by-step guide to applying for new car loan

1. Click on the 'APPLY NOW' button on this page to begin.
2. Enter your 10-digit mobile number and submit the OTP for verification.
3. Fill in the application form with details such as your PAN, date of birth, PIN code, and more.
4. Select the name of your finalised car brand and dealer.
5. Verify your KYC details to proceed.
6. Submit your banking details to complete your application.

Our representative will contact you regarding the next steps.

  • Did you know?

    You can lower your EMI amount by choosing a longer loan tenure.

  • Did you know?

    With Flexi Hybrid loan, you can pay interest-only EMIs for the initial part of the tenure.

  • Did you know?

    You can get up to 100% on-road funding with our new car loan.

  • 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

  • Up to Rs. 999 (inclusive of applicable taxes) for a loan amount up to Rs. 9,99,999
  • Up to Rs. 1,499 (inclusive of applicable taxes) for a loan amount of Rs. 10,00,000 and above

*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 such full prepayment
  • Flexi Hybrid Loan/Flexi Term 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


  • 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 Loan variants.

Annual maintenance charges

Term Loan - Not applicable

Flexi Term Loan

  • 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 the initial tenure
  • Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the subsequent tenure

Bounce charges

Rs. 1,500 per bounce.

“Bounce charges” shall mean charges for 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

Actual legal and incidental charges under applicable laws.

Repossession charges

At actuals 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)

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).

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:

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 method:

For Term Loan, Flexi Term Loan, and 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.

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.

Cash collection handling charges Rs. 177 (inclusive of applicable taxes) will be charged if the 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.
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.

Frequently asked questions

What is a car loan?

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.

How do car loans work?

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.

What factors affect car loan eligibility?

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.

How is the interest rate determined for a car loan?

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.

How much can I borrow for a car loan?

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. 77 lakh.

What is the minimum salary required for a car loan?

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.

What are the car loan repayment terms?

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.

How to get quick approval on your car loan?

You can get quick approval on your car loan application if you meet the required eligibility criteria and submit the needed documents.

Can I get a new car loan with a low credit score?

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.

What are the documents required to avail of a car loan?

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.

What are the benefits of taking a new car loan from Bajaj Finance?

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.

How to check the status of a new car loan?

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.

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