Overview
Features
Eligibility
How to apply
Fees and charges
FAQs

New Car Loan

Easy Process | Up to 10 crore | Tenure of up to 96 months

Trusted by 3 lakh+ customers

New Car Loan

Easy Process | Up to 10 crore | Tenure of up to 96 months

Key features

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Loan of up to Rs. 10 crore

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

Minimal documentation

Take advantage of minimal paperwork, ensuring a fast and hassle-free process.

Flexible tenures

Get the flexibility to choose a repayment term of 12 months to 96 months, while still benefiting from reasonable interest rates.

Key features

Watch video ‌

Loan of up to Rs. 10 crore

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

Minimal documentation

Take advantage of minimal paperwork, ensuring a fast and hassle-free process.

Flexible tenures

Get the flexibility to choose a repayment term of 12 months to 96 months, while still benefiting from reasonable interest rates.

How to apply for a new car loan

Click on ‘Apply’ to open the application form.
Enter your personal details such as name, PAN and more.
Input your car details such as brand, model and dealer.
Verify your bank account details and submit the form.

After submitting the online form, you have to complete the remaining process offline.
Post form submission, you can visit your nearest dealer and choose your car.
Our representative will guide you on further steps and complete the loan process.

New Car Loan EMI Calculator

Instantly estimate your monthly instalments on your loan and interest payable.

Features and benefits

Features and benefits of New Car Finance

Loan of up to Rs. 10 crore

Get financing up to Rs. 10 crore to purchase your dream car.
High-value finance

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

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

New car loans are available for funding the purchase of new passenger cars, new taxis, and taxi permit cars.
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 and documents

Our new car loan is available to anyone who meets the basic fair. You will be required to provide a few essential docu-ments to complete the applica-tion process.

Eligibility criteria and documents required for New Car Finance

Eligibility criteria
- Nationality: Indian
- Age: 18 years to 80 years*
- CIBIL Score: 720 or higher
- For salaried: Individuals should have a minimum monthly salary of Rs. 25,000
- For self-employed: Individuals must submit 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.

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Type of fee	Applicable charges
Rate of interest	Up to 19% 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 facility charge	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 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 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. 1500 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 (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)
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	Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows: Scenario 1: If a loan is disbursed on 1st or post 15th of the month: For Term Loan, Hybrid Flexi Loan, Flexi Term Loan (Dropline Flexi): BPI amount will be capitalised, i.e, added to principal amount on due date / added to first instalment. Scenario 2: If a loan is disbursed between 3rd and 15th of the month: First instalment will consist of interest for actual number of days.
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.

*Terms and conditions apply

Frequently asked questions

Overview

Eligibility

Documents

Repayment

Others

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.

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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.

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 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 of up to 19% p.a.

Read about the interest rates and charges applicable on new car finance

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. 1.02 crore.
Apply for new car finance

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.

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 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 720 or higher.

Learn about the eligibility criteria for new car finance

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 720.

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 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.

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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Disclaimer

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

New Car Loan

Key features

Key features

How to apply for a new car loan

New Car Loan EMI Calculator

Features and benefits

Eligibility and documents

Applicable fees and charges