Frequently Asked Questions
What is an EMI?
An EMI stands for Equated Monthly Instalments which consist of both the principal and interest components of the loan amount you need to repay your lender. EMI gives you the ease and benefit of paying back the loan amount in smaller convenient instalments that can be spread conveniently over a period as per your convenience.
How do I apply for a pre-owned car loan?
You can apply online by clicking on the ‘Apply Now’ button or contact us through various modes mentioned in the contact us section.
What is the maximum loan amount I can get?
You can get avail a Used Car Finance from Bajaj Finserv up to 90% of the car valuation. Usually, this goes up to Rs.20 lakh, depending on your eligibility.
What are the tenor options available?
You can choose a tenor ranging from 12 to 60 months depending on your preference and the loan sanctioning conditions.
How secure is the information provided by me?
All your information is secure with us. Our online application process is a completely secured application system, using state of the art security systems.
What are the cities from where I can avail a Used Car Finance from?
You can avail a Used Car Finance from Pune, Mumbai, Ahmedabad, Delhi, Chennai, Bangalore, Hyderabad and Jaipur. More locations will be added shortly.
Do I need a guarantor/co-applicant to avail a Used Car Loan?
No, but if your income does not meet our credit criteria, then you may be required to provide a guarantor/co-applicant as a security on your loan.
How do I repay the loan?
You can repay the loan in Equated Monthly Instalments (EMIs) using the ECS facility
As an existing Bajaj Finserv customer, do I get any special privileges?
As our esteemed customer you are entitled to a host of benefits through the Bajaj EMI Network. Contact our sales representative for preapproved offers and other benefits.
Can I see my loan summary and information on my instalments online?
Access all your loan account information by logging on to the Experia portal with your credentials.
Are there any foreclosure and part prepayment charges?
Following are the charges: 4% + applicable taxes on principal outstanding / amount being prepaid.
Part prepayment and foreclosure are allowed only after you complete paying your 1st 6 EMIs.
Can I get funding for new cars?
You can only get loans on pre-owned cars.
Does this require car verification or valuation?
Verification or valuation will be required for the vehicle. To make your loan experience hassle-free, Bajaj Finserv does the valuation and verification done for your vehicles as a part of the loan application process itself.
Which cars can be financed?
With a Used Car Loan from Bajaj Finserv, you can fund any private vehicle of your choice.
There is no funding provided for:
- Yellow plate or commercial Vehicles
- Vehicles owned by more than 3 previous customers
- Vehicles with a age of more than 10 years on loan completion
How do I obtain a duplicate NOC/Form 35 for a vehicle loan that has been closed and fully repaid?
To obtain a duplicate NOC, please visit our nearest branch and submit application for duplicate NOC along with the original RC copy and a photo identity (if there’s any additional document needed, you will be informed)
Who is responsible for payment of interest and other charges in case of cancellation of loan?
In case of loan cancellation, the interest charges would be borne by the customer from the date of disbursement till the date of the cancellation. Processing fee, stamp duty, documentation charges and RTO charges are non-refundable charges that cannot be waived/ refunded in case of loan cancellation.