With a Bajaj Finance New Car Loan, you can get financing support to buy your preferred car without using up your savings in one go. The loan comes with simple documentation, flexible repayment options, and financing of up to 100% of the car’s on-road price, subject to eligibility. Here are some of the key features of our new car loan.
Up to 100% financing: Get financing of up to 100% of the car’s on-road price, subject to eligibility and lender terms.
High loan amount: Get a loan amount ranging from Rs. 1 lakh to Rs. 10 crore based on your eligibility.
Competitive interest rate: Benefit from competitive interest rates on your new car loan, subject to eligibility and applicable policy terms.
Flexible tenure options: Repay your loan over a tenure ranging from 12 months to 96 months through manageable EMIs.
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
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Loan amounts ranging from Rs. 1 lakh to Rs. 10 crore
Get a loan ranging between Rs. 1 lakh and 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 road price.
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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 loans are available for funding the 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.
*Terms and conditions apply
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 documents to complete the application process.
How to apply for a New Car Loan
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Eligibility criteria
- Nationality: Indian
- Age: 21 years to 80 years*
- CIBIL Score: 650 and above
- 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.
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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.
Applicable fees and charges
Type of fee | Applicable charges |
| Rate of interest | Up to 12% 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). |
| Prepayment charges | Full prepayment (foreclosure)
Term Loan – Up to 4.72% (inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment. Note: - If the primary Borrower is individual or Micro & Small Enterprises (MSEs) with or without co-borrower and loan is availed on Floating Rate of Interest, then there will be no Foreclosure / Part Prepayment Charges applicable, irrespective of the source of funds used for pre-payment of loans, either in part or in full, and without any minimum lock-in period. |
| 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 at the rate of up to 24% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
| Stamp duty | Payable as per state laws and deducted upfront from the loan amount. |
| Repossession charges | Capping of up to Rs. 50,000 or At Actual |
| 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). |
| Flexdrive charges | Up to 1% of ex-showroom price |
*Terms and conditions apply
Frequently asked questions about car loan
Overview
Eligibility
Documents
Repayment
Others
A car loan is a financing option that helps you buy a four-wheeler without paying the full cost upfront. You can borrow the required amount from a lender and repay it through EMIs over a chosen tenure. Bajaj Finance offers car loan options for both new and pre-owned vehicles. You can choose a new car loan if you are planning to buy a brand-new car.
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.
Bajaj Finance New Car Loan lets you borrow loan amount ranging from Rs. 1 lakh to Rs. 10 crore. You can also benefit from simple eligibility criteria and minimal paperwork which make the process hassle. Our flexible repayment tenure options allow you to manage your repayment with ease.
Several things feed into the number you are quoted. Your credit score matters, as does the length of your loan, the amount you borrow, and whatever the market happens to be doing at the time. As a rule, a strong credit score paired with a shorter tenure works in your favour and pulls the rate down. Bajaj Finance offers new car finance at attractive car loan interest rates of up to 12% p.a.
Read about the interest rates and charges applicable on new car finance
Yes, you can get up to 100% financing on the on-road price of a new car with a Bajaj Finance New Car Loan. This means you may not need to use your savings to pay a large amount upfront. The final loan amount depends on your eligibility, income, repayment ability, the car you choose, and Bajaj Finance’s policy terms.
The loan amount you can get depends on your eligibility, income, repayment ability, and Bajaj Finance’s policy terms. With Bajaj Finance, new car loans are available 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 ranging between Rs. 1 lakh to Rs. 2.50 crore.
Apply for new car finance
Meet the eligibility criteria, submit the documents asked for, and approval tends to come through quickly.
You need a minimum monthly salary of Rs. 25,000 to apply for a Bajaj Finance New Car Loan. Your salary is not the only factor. Your credit score, age, repayment ability, and other eligibility criteria will also be checked.
Your car loan eligibility rests on a handful of things working together: your credit score, your income, your employment history, your debt-to-income ratio, and the value of the car you intend to buy.
Usually, almost anyone can apply for a new car loan. Bajaj Finance offers financing to Indian nationals between the age of 21 years to 80 years with a CIBIL Score of 650 or higher.
You need a CIBIL Score of 650 or higher to apply for a Bajaj Finance New Car Loan. A good CIBIL Score can improve your chances of approval and may help you get better loan terms. Your income, age, repayment ability, and other eligibility criteria will also be considered.
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 650.
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.
Our new car loan comes with flexible repayment tenures. You can repay your loan easily during a tenure range between 12 months and 96 months.
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*.