Features and benefits of used car finance

  • Exclusive pre-approved offers

    Exclusive pre-approved offers

    Check your pre-approved loan deals and get financing in an instant.

  • High-value Finance

    High-value finance

    Get an asset-based loan up to 90% of the car's value, at a competitive interest rate, from Bajaj Finserv.

  • Doorstep Assistance

    Doorstep assistance

    Get doorstep support for the complete process - right from collecting documents to RC transfer.

  • Fast Approval

    Fast approval

    Get approval on the same day of your loan application. Check and avail of the pre-approved offer for you for quicker processing.

  • Flexible Tenor

    Flexible tenor

    Choose a tenor between 12 and 60 months and repay your EMIs conveniently.

Drive home your dream car with the help of used car finance from Bajaj Finance Limited. This feature-packed loan offers a high-value sum at minimal documentation. With quick approval, get easy access to the funds for the purchase of a pre-owned vehicle. Benefits, including doorstep facility, flexible tenor and complimentary offers, make your overall borrowing experience seamless.

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Eligibility criteria for used car finance

Simple eligibility parameters for a Bajaj Finance Limited Used Car Loan make it easy for you to purchase your dream car.

  • Salaried individuals should be between 21 and 60 years
  • Self-employed individuals should be between 25 and 65 years
  • Salaried individuals should have at least 1 year of work experience and a minimum monthly salary of Rs. 20,000
  • The loan is only available for private cars
  • The car should not be more than 10 years old, at the end of tenor
  • The car should not have more than 2 previous owners

Documents required for used car finance

The documentation process for this loan is straightforward and minimal.

  1. 1 KYC documents
  2. 2 Bank statements of the last 3 months
  3. 3 Salary slips of the previous 3 months for salaried individuals
  4. 4 Income tax returns of the last 2 years for loan amount greater than 15 lakh for self-employed individuals

Fees and charges of used car finance

​​Types of fees Charges applicable
​Rate of interest 11% to 19% per annum
​Processing fee Up to 4% + applicable taxes
​​​Stamp duty At actuals (as per state)
​Documentation charges Rs. 2,360 (Inclusive of applicable taxes)
​Loan re-booking Rs. 1,000 (Inclusive of applicable taxes)
​Loan cancellation charges Rs. 2,360 (Inclusive of applicable taxes)
​Bouncing charges Rs. 2,000 (Inclusive of applicable taxes)
Penal interest Any delay in payment of monthly instalment/ EMI shall attract penal interest at the rate of 2% per month on the monthly instalment/ EMI outstanding, from the date of default until the receipt of monthly instalment/ EMI.
​Legal, repossession and incidental charges At actuals
​NDC for interstate transfer Rs. 1,000 + applicable taxes
​NDC to convert from private to commercial Rs. 3,000 + applicable taxes
​Duplicate NDC Rs. 500 (Inclusive of taxes)
​Mandate rejection charge Rs. 450 (Inclusive of taxes) will be applicable if the new mandate form is not registered within 30 days from the date of rejection of the previous mandate form by the customer’s bank for any reasons whatsoever.
Statement of account/ repayment schedule/ foreclosure letter/ interest certificate/ list of documents Download your e-statements/ letters/ certificates at no extra cost by logging into our customer portal - Experia. You can get a physical copy of your statements/ letters/ certificates/ List of documents from any of our branches at a charge of Rs. 50/- (Inclusive of applicable taxes) per statement/ letter/ certificate.

Prepayment charges and annual maintenance charges

Loan variants Full pre-payment (Foreclosure) charges (Foreclosure can be processed post 6th EMI payment) Part payment charges Annual maintenance charges
Term loan 4% + applicable taxes on the outstanding loan amount payable by the borrower on the date of foreclosure 4% + applicable taxes of the principal amount of loan prepaid on the date of part Pre-Payment Not Applicable
Hybrid Flexi 4% + applicable taxes of the total withdrawable amount as per the repayment schedule, during initial and subsequent tenor on the date of such full pre-payment Not Applicable Initial Tenor:
(a) For 1st year of initial tenor: Nil
(b) For 2nd year of initial tenor: 1.25% + applicable taxes on the total withdrawable amount, which will be charged at the beginning of the year. Subsequent tenor: 0.25% + applicable taxes of total withdrawable amount, which will be charged at the beginning of the year.

Fees and charges of Flexi conversion loan are as follows

Types of fees

Charges applicable

Rate of interest

11% to 19% per annum

Processing fee of conversion

Up to 4% + applicable taxes

Stamp duty

At actuals (as per state)

Loan cancellation charges 

Rs. 2,360 (Inclusive of applicable taxes)

Bouncing charges

Rs. 2,000 (Inclusive of applicable taxes)

Penal interest

Any delay in payment of monthly instalment/ EMI shall attract penal interest at the rate of 2% per month on the monthly instalment/ EMI outstanding, from the date of default until the receipt of monthly instalment/ EMI.

Legal, repossession and incidental charges

At actuals

NDC for interstate transfer

Rs. 1,000 + applicable taxes

NDC to convert from private to commercial

Rs. 3,000 + applicable taxes

Full pre-payment (foreclosure) charges (Foreclosure can be processed post clearance of 6th EMI)

4% of the total withdrawable amount plus applicable taxes as per the repayment schedule, during initial and subsequent tenor on the date of such full pre-payment

Part-prepayment charges

Nil

Annual maintenance charges

Initial Tenor:
(a) For 1st Year of initial tenor: Nil
(b) For 2nd year of initial tenor: 1.25% (plus applicable taxes) of total withdrawable amount, which will be charged at the beginning of the year
Subsequent Tenor: 0.50% (plus applicable taxes) of the total withdrawable amount, which will be charged at the beginning of the year.

Duplicate NDC

Rs. 500(Inclusive of taxes)

Statement of account/ repayment schedule/ foreclosure letter/ interest certificate/ List of documents

Download your e-statements/ letters/ certificates at no extra cost by logging into our customer portal, Experia. You can get a physical copy of your statements/ letters/ certificates/ list of documents from any of our branches at a charge of Rs. 50/- (Inclusive of applicable taxes) per statement/ letter/ certificate.


Note:
Additional cess will be applicable on all charges in accordance with the state-specific laws.

Used car finance: How to apply

Once you identify the car you wish to buy, follow these three steps:

  1. 1 Apply for the loan and receive an approval within 24 hours
  2. 2 Have the documents picked from your home at a time that is convenient for you
  3. 3 Your car dealer will receive the funds within 48 hours