3 unique variants of our used car loan
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Flexi Term Loan
Let's say you take out a used car loan for Rs. 2 lakh for 24 months. You pay regular monthly instalments for the first six months (EMIs). You would have paid back about Rs. 50,000 by now.
You need Rs. 50,000 for something you didn't expect. Just sign-in to our customer portal – My Account and borrow Rs. 50,000 out of your Flexi Term Loan account. You got a bonus of Rs. 1,00,000 three months later and would like to pay back some of your Flexi Term Loan. This time, all you have to do is go to My Account and pay back a part of your Flexi Term Loan.
With every withdrawal or deposit, your interest is automatically changed, and you only pay interest on the amount you still owe at any given point. Your EMI includes both the amount you owe and the adjusted interest.
Unlike other loans, there are no fees or penalties for paying back your Flexi Term Loan or taking money out of your account.
This version is perfect for the way people live now, when managing money can be hard to predict.
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Flexi Hybrid Loan
This is another variant of loan we offer, and it works largely in the same way as a Flexi Term Loan. The only difference is that your EMI will only include interest for the first part of the loan, which could be different depending on your loan tenure. For the rest of the time, the interest and the principal will make up the EMI.
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Term Loan
This is same as any other loan. You take out a loan for a certain amount of money, which is then split into equal monthly payments that include both the principal and the interest.
If you pay off your loan before the end of its tenure, you will have to pay a part-prepayment or foreclosure fee.
Features and benefits of our used car loan

Used Car Finance
All you need to know about the features of used car finance
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3 unique variants
We offer 3 unique variants for our used car loan – Term Loan, Flexi Term Loan and Flexi Hybrid Loan. Choose the one that works best for you.
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High-value finance
Get asset-based finance of up to 100% of the car’s value at a competitive interest rate.
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Loan of up to Rs. 77 lakh
Get funds ranging up to Rs. 77 lakh to bring your dream car home.
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Flexible tenures
Repay your loan easily with convenient repayment options ranging from 12 months to 72 months.
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Money in your bank account in 48 hours*
Get the used car loan amount credited to your account within 48 hours* of approval.
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Doorstep assistance
Get doorstep support to complete your loan application process – from collecting documents to transferring your registration certificate.
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Pre-approved offers
Check your pre-approved offer by simply entering your mobile number and OTP and get funds instantly.
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No hidden charges
Our fees and charges are clearly mentioned on our loan documents and on this page. Read them in detail before applying.
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*Terms and conditions apply
Still haven’t found what you’re looking for? Click on any of the links at the top of this page.
Eligibility criteria and documents required
A few simple criteria must be met to qualify for our used car loan. You will also need a few documents to complete your application.
Eligibility criteria
Nationality: Indian
Age: 18 to 80*
CIBIL Score: 720 or higher
Employment:
For salaried: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000
For self-employed: Applicant must submit an ITR proof of the last 2 years
Documents required
- KYC documents - Aadhaar/ passport/ voter’s ID
- PAN card
- Employee ID card
- Salary slips for the last 2 months
- Bank account statements for the previous 3 months
- Vehicle registration certificate and insurance copy
Note:
- The loan is available only for private cars.
- The car should not be more than 12 years old, at the end of the tenure.
- The car should not have more than 2 previous owners.
*Age should be 80 or less at the end of the loan tenure.
How to apply for used car loan

Applicable fees and charges
Type of fee |
Applicable charges |
Rate of interest |
10.50% to 22% p.a. |
Processing fee |
Up to 2.95% of the loan amount (inclusive of applicable taxes). |
Documentation charges |
Up to Rs. 2,360 (inclusive of applicable taxes). |
Flexi fee |
Term Loan – Not applicable Flexi Term Loan (Flexi Dropline) - Up to Rs. 999/- (inclusive of applicable taxes) Flexi Hybrid Loan (as applicable below)
The charges above will be deducted upfront from the loan amount *Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges. |
Prepayment charges |
Full prepayment (foreclosure)
Part-prepayment
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Annual maintenance charges |
Term Loan: Not applicable Flexi Term Loan (Flexi Dropline):
Flexi Hybrid Loan:
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Bounce charges |
In case of default of repayment instrument, Rs. 1,500 per bounce will be levied. |
Penal interest |
Delay in payment of monthly instalment shall attract penal interest at the rate of 3.5% per month on the monthly instalment outstanding, from the respective due date until the receipt of monthly instalment. |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from the loan amount. |
Legal and incidental charges |
Actual legal and incidental charges under applicable laws |
Repossession charges |
Repossession charges at actuals with a maximum capping of Rs. 50,000 (inclusive of applicable taxes) |
Auction charges |
At actuals |
Valuation charges |
At actuals |
Stockyard charges |
Rs. 118 per day for 60 days (inclusive of applicable taxes) |
Mandate registration charges |
In case of UPI mandate registration Re. 1 (inclusive of applicable taxes) will be collected from the customer. |
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. |
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). |
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). |
Duplicate NOC |
Rs. 500 (inclusive of applicable taxes). |
Broken period interest/ pre-EMI interest |
Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged: |
Frequently asked questions
Bajaj Finserv Used Car Loan is a loan provided to purchase your dream car. We offer up to Rs. 77 lakh with a repayment tenure ranging from 12 months to 72 months.
You can get Bajaj Finserv Used Car Loan by applying online. Simply click the ‘Apply’ button on this page and submit your application.
You can apply for a Bajaj Finserv Used Car Loan of up to Rs. 77 lakh.
With Bajaj Finserv Used Car Loan you can repay the loan comfortably over tenures ranging from 12 months to 72 months.
Simply click on the 'Apply’ button to open the online application form. Once you share your basic details, our representative will contact you and help you with the further process. Submit the required documents to our representative. Once your documents are verified and your loan is approved, you will get the money in your account.
No. You can only get loans for pre-owned cars.
You do not need a guarantor to avail of a used car loan. However, if your income does not meet our eligibility criteria, then you may require a guarantor/ co-applicant as a security for your loan.
When you apply for a used car loan, the loan amount is decided based on your eligibility and the value of the second-hand car. Bajaj Finance offers asset-based funding of up to 100% of the car’s value. Click here to know more about the features and benefits of used car loans.
When you apply for a pre-owned car loan with Bajaj Finance, you will receive the funds within 48 hours* of approval.
If you are purchasing a car for your personal use, you cannot claim any tax benefit on your car loan. However, you might get some tax benefits if you are self-employed individual using the car for business purposes.
Bajaj Finance offers asset-based finance of up to 100% of your car’s value. When you choose our used car loan, you can get funds up to Rs. 77 lakh with minimal documents.
Second-hand car loans give you access to a high-value loan and help you purchase your dream car easily. Bajaj Finance offers used car loans that come with simple eligibility criteria and minimal documentation. With a Bajaj Finserv Used Car Loan, you can funds get up to Rs. 77 lakh in just 48 hours* of approval.