Frequently asked questions

What is a used car loan?

With Bajaj Finserv Used Car Loan, you can get funds to purchase a pre-owned vehicle. We offer up to Rs. 77 lakh with a repayment tenure ranging from 12 months to 72 months. Click here to learn how to apply for a used car loan.

What are the tenure options for a used car loan?

Bajaj Finance offers used car loans with flexible repayment options. You can repay your used car loan comfortably over tenures ranging from12 months to 72 months.

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

If you are looking to apply for a used car loan, you should have a CIBIL Score of 700 or higher.

What are the eligibility criteria for getting a used car loan?

The eligibility criteria are as follows:

Nationality: Indian

Age: 18 to 80 years*

CIBIL Score: 700 or higher

If you are salaried, you should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000.

If you are a self-employed individual, you must submit an ITR proof of the last 2 years.

*Age should be 80 or less at the end of the loan tenure.

Is there a charge applicable on part-prepayments?

You have to pay additional fee of up to 4.72% (inclusive of applicable taxes) on the part-payment amount paid. However, if you opt for any of our Flexi Loan variants, you can part-prepay as per your convenience without any additional charge.

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Understanding our used car loans

3 unique variants

Used car loans provide a gateway to affordable and efficient vehicle ownership. Whether you're upgrading your ride or entering the world of car ownership, used car loans open doors to quality vehicles without breaking the bank. With Bajaj Finserv Used Car Loans, you can get of up to Rs. 77 lakh and drive home your desired car with ease. We offer used car loans in 3 unique variants – Flexi Term Loan, Flexi Hybrid Loan, and Term Loan and choose the one that suits your need.

Understanding our Flexi Loan variants

Let us 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 that you did not 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 that 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 of a pre-owned car loan is perfect for the way people live now, when managing money can be hard to predict.

We offer another variant of Flexi Loan, which is Flexi Hybrid Loan. It works largely in the same way as a Flexi Term Loan with some additional features. With this variant, you can choose to pay interest-only EMIs for the initial part of the tenure. For the rest of the time, your second-hand car loan EMIs will consist of the interest and the principal.

Know all about our Term Loans

This is the same as any other used car 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 second-hand car loan before the end of its tenure, you will have to pay a part-prepayment or foreclosure fee.

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