Features and benefits of Used Car Finance

  • Exclusive pre-approved offers

    Exclusive pre-approved offers

    Check your pre-approved loan deals and get financing instantly.

  • High-value Finance

    High-value finance

    Get an asset-based loan up to 100% of the car's value, at a competitive interest rate, from Bajaj Finserv.

  • Doorstep Assistance

    Doorstep assistance

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

  • Fast Approval

    Fast approval

    Get approval on your loan application faster. Check and avail the pre-approved offer for you for instant processing.

  • Flexible Tenor

    Flexible tenor

    Choose a tenor between 12 and 72 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

Easily purchase your dream car with our simple eligibility parameters set for Bajaj Finance Used Car Loan.

  • Salaried and Self-employed individuals should be between 21 to 70 years
  • Salaried individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000
  • The loan can is only available for private cars
  • The car should not be more than 12 years old, at the end of the tenor
  • The car should not have more than 2 previous owners

Fees and charges of Used Car Finance

 

Rate of interest

10.50% to 19.00% per annum

Processing fee

Up to 2.95% (Inclusive of applicable taxes) of the loan amount* *Loan amount is inclusive of Insurance Premium, VAS Charges, Documentation Charges and Flexi Fees.

Stamp duty

Payable as per state laws and deducted upfront from the loan amount

Documentation charges

₹ 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) (Interest till cancellation to be borne by the customer)

Bouncing charges

Rs. 1,500

Penal interest

Delay in payment of Monthly instalment will attract penal interest at the rate of 3.5% per month on the Monthly Instalment outstanding, from the respective due date until the date of receipt

Legal, Repossession and Incidental Charges

At actuals

NDC for interstate transfer

Rs. 1,180

NDC to convert from Private to Commercial

Rs. 3,450

Duplicate NDC

Rs. 500/- (Inclusive of applicable taxes)

Mandate Rejection charges

Rs. 450/- per month from the first month of the due date for the mandate rejected by the customer’s bank until the new mandate is registered

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 -My Account. You can also 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.

Documents required for Used Car Finance

Our loan documentation process is simple 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

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

4.72% (Inclusive of applicable taxes)

4.72% (Inclusive of applicable taxes)

NA

Hybrid Flexi

4.72% (Inclusive of applicable taxes)

NA

Initial Tenure: (a) For 1st Year of initial tenor: Nil (b) For 2nd year of initial tenor: 0.59% (Inclusive of applicable taxes) of Total Withdrawable Amount, which will be charged at the beginning of the year.

Subsequent Tenure: 0.295% (Inclusive of applicable taxes) of Total Withdrawable Amount, which will be charged at the beginning of the year.

Used Car Finance: How to apply

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

  1. 1 Click on 'APPLY ONLINE' to open the application form
  2. 2 Enter your name and phone number to get the OTP
  3. 3 Share your basic information.
  4. 4 Select the loan amount your wish to borrow.