Frequently Asked Questions

What is an EMI?

Equated monthly instalments, or EMIs, are monthly payments that include both the principal and interest components of the loan amount. You can repay your loan in smaller, more manageable payments spread out over the tenure of your choice with the help of EMIs.

How can I get a loan for a pre-owned car?

You may apply online by clicking the 'Apply online' button. You can also contact us through one of the modes listed in the 'Contact us' section.

What is the maximum loan amount that I can get?

You can get a used car loan of up to 100% of the vehicle's value.

What are the tenure options for used car loans?

Depending on your preference and loan amount, you can pick a tenure ranging up to 72 months.

How safe is the information provided by me?

We keep all of your information safe. Our online application system is fully private and secure, with a state-of-the-art security system in place.

Do I need a co-applicant or guarantor to get a used car loan?

No, you do not need a co-applicant to get a used car loan. However, if your income does not meet our eligibility criteria for a used car loan, we may ask you to offer a guarantor/ co-applicant as security for your loan.

How do I repay the loan?

The ECS feature allows you to repay the loan in equal monthly instalments (EMIs).

Do I have any special benefits as an existing Bajaj Finance Limited customer?

As a valued customer, you gain access to a variety of benefits through the Bajaj Finserv EMI Network. For pre-approved offers and additional benefits, log in to My Account now.

Is it possible to check my loan summary and payment details online?

Logging into My Account with your credentials gives you access to all of your loan account information.

Are there any changes for foreclosure or part-prepayment?

Customers are liable to pay up to 4.72% on the outstanding principal or prepaid amount for part-prepayment and foreclosure. This amount is inclusive of applicable taxes.

Can I get money to buy a new car?

Only pre-owned vehicles are eligible for financing.

Does this require vehicle verification or valuation?

The car requires verification or valuation. Bajaj Finance Limited performs vehicle valuation and verification as a part of the loan application process.

Which cars are eligible for financing?

You may fund any private car of your choice with a used car loan from Bajaj Finance Limited.

You will not be eligible for a used car loan in the case of:

  • A car with a yellow plate for commercial purposes.
  • The vehicle has had three former owners.
  • The car being more than 12 years old at the end of the loan tenure.
How can I get a duplicate NOC/ Form 35 for a fully repaid car loan?

Please visit our nearest branch and apply for a duplicate NOC, along with the original RC copy and a photo ID (if any further documents are required, you will be informed).

Who is responsible for the payment of interest and other fees in the event of loan cancellation?

In the event of loan cancellation, the customer is responsible for the interest levied from the date of disbursement until the date of cancellation. Processing fees, stamp duties, documentation fees and RTO fees are non-refundable charges and cannot be waived or returned if the loan is cancelled.

How do used car loans work?

A used car loan offers the necessary funds to buy a pre-owned vehicle, with a straightforward application process. Borrowers can repay the loan over a set period, with each instalment covering both the principal and interest. Bajaj Finserv Used Car Loan comes with a high-value loan amount of up to Rs. 77 lakh with minimal paperwork.

How long does it take to get your used car loan application approved?

Bajaj Finserv Used Car Loan comes with the benefits of a speedy approval and quick disbursement process. All you have to do is fill out the application form with your asset details and your basic information. Once you submit the required documents, your loan will get approved, and you will receive the amount within 48 hours*.

What is the interest rate applicable on the Bajaj Finserv Used Car Loan?

Bajaj Finance provides competitive used car loan interest rates ranging from 9.50% to 22%. You can use a used car loan EMI calculator to estimate your monthly instalments.

Can I apply for a used car loan if I am a self-employed professional?

Yes, you can apply for a Bajaj Finserv Used Car Loan if you are a self-employed professional. The applicant must need to submit an ITR proof of the last 2 years and meet the other edibility and document requirements.

Can I get a used car loan without income proof?

Obtaining a used car loan without proof of income is difficult. Lenders usually need income verification to ensure repayment capability. To be eligible for a Bajaj Finserv Used Car Loan, you will need to provide some basic documents. These include KYC documents, PAN card, bank statements, and salary proof among other documents.

What is the CIBIL Score required for a used car loan?

The CIBIL Score required for a used car loan varies from lender to lender. You must have a CIBIL Score of 720 or higher to apply for a Bajaj Finserv Used Car Loan.

What are the eligibility criteria to qualify for a used car loan for a salaried individual?

If you are a salaried individual, you must meet the following eligibility criteria to qualify for a used car loan:

Nationality: Indian

Age: 18 to 80* years

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.

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