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In summary
Used Car Ownership Made Easy
- Loan amounts range from Rs. 1 lakh to Rs. 2.50 crore.
- Funding can reach 100% of the assessed vehicle value.
- Repayment tenure ranges from 12 months to 84 months.
- Interest rates range from 10% to 18.25% p.a.
- A CIBIL Score of 650 or higher is required.
- Vehicle age and previous ownership are also assessed.
After you have compared the car price with your repayment capacity, review your pre-approved Bajaj Finance Used Car Loan offer before deciding the amount to finance.
What is a used car loan?
A used car loan provides financing for the purchase of a pre-owned vehicle. You repay the financed amount through monthly instalments together with applicable interest and charges.
Bajaj Finance Used Car Loan is available for eligible private cars. The amount sanctioned and the repayment terms depend on the assessment of both your financial profile and the selected vehicle.
How can a used car loan support your purchase in Bhubaneswar?
A pre-owned car may reduce the purchase cost compared with buying new, but paying the entire eligible amount upfront can still use a large part of your savings. Financing allows that amount to be divided over an agreed repayment period.
Keep the ownership budget separate from the purchase price. Fuel, insurance, servicing, tyres, battery replacement, and repairs can add to your monthly or annual expenses after you take delivery.
Compare the interest and applicable charges with the amount of savings you would otherwise use. This can help you decide whether to finance all or only part of the eligible purchase amount.
What does Bajaj Finance Used Car Loan offer?
Eligible customers financing a pre-owned private car can access the following loan parameters. Final terms depend on applicant eligibility and vehicle assessment.
| Feature | Details |
| Loan amount | Rs. 1 lakh to Rs. 2.50 crore |
| Funding | Up to 100% of the car’s assessed value |
| Repayment tenure | 12 months to 84 months |
| Interest rate | 10% to 18.25% p.a. |
| Doorstep assistance | Get support with document collection and Registration Certificate (RC) transfer. |
Last reviewed: September 2026
Funding up to 100% is the maximum available. The sanctioned amount can differ based on your repayment capacity, credit profile, eligibility, and the assessed value of the car.
Disbursal takes place after approval and completion of the applicable checks.
Additional read: Other benefits of choosing used car finance
Who is eligible for a used car loan in Bhubaneswar?
Indian salaried and self-employed applicants can apply after meeting the applicable used car loan eligibility criteria. Meeting these conditions allows you to apply but does not guarantee approval.
| Criteria | Salaried applicants | Self-employed applicants |
| Nationality | Indian | Indian |
| Age | 21 years to 80 years* | 21 years to 80 years* |
| Credit score | 650 or higher | 650 or higher |
| Income requirement | Minimum salary of Rs. 20,000 per month | Income Tax Return (ITR) for the previous 2 years |
| Experience | At least 1 year of work experience | Income assessed through ITR |
*Age should be 80 years or less at the end of the loan tenure.
Your current obligations, repayment capacity, income profile, credit history, and supporting records can also affect the assessment. The car you select is evaluated separately.
What vehicle details should you check before applying?
A car that suits your budget may not automatically meet the financing conditions. Its type, age, and ownership record are also relevant.
| Vehicle requirement | Details |
| Vehicle type | Private car |
| Maximum vehicle age | Not more than 12 years at the end of the loan tenure |
| Previous owners | Not more than 2 previous owners |
The age limit applies when the loan finishes. An older car may therefore support a shorter repayment period than a newer vehicle.
Review the Registration Certificate to confirm the first registration date and previous ownership. Also check whether any earlier lender hypothecation remains recorded.
What documents can you need for a used car loan in Bhubaneswar?
Salaried applicants may need
- Know Your Customer (KYC) documents
- Permanent Account Number (PAN) card
- Employee ID card, where applicable
- Salary slips for the previous 2 months
- Bank account statements for the previous 3 months
- Vehicle Registration Certificate
- Vehicle insurance copy
Self-employed applicants may need
- KYC documents
- PAN card
- ITR proof for the previous 2 years
- Bank account statements for the previous 3 months
- Vehicle Registration Certificate
- Vehicle insurance copy
Additional records can be requested where further verification is required. Check that the applicant information and vehicle details are consistent across the documents you provide.
What are the used car loan interest rates in Bhubaneswar?
Bajaj Finance Used Car Loan interest rates range from 10% to 18.25% p.a. The rate applicable to you can depend on income, credit profile, repayment capacity, loan amount, tenure, and vehicle details.
Interest is only one part of the overall borrowing cost. Processing fees, documentation charges, prepayment-related charges, penal charges, and other applicable costs can also affect the total amount payable.
Review the used car loan interest rate and fees and charges before accepting an offer. Your loan agreement contains the terms applicable to your borrowing arrangement.
How should you plan your EMI and tenure?
First work out what you can set aside each month after household spending, existing repayments, and savings. Then add the expected running costs of the car before fixing your EMI limit.
A shorter tenure raises the monthly instalment but reduces the number of months over which interest is charged. For the same principal and rate, a longer tenure lowers the EMI but increases total interest.
Use the used car loan EMI calculator to compare different combinations before deciding.
Consider:
- household expenses
- existing EMIs
- fuel
- insurance
- regular servicing
- tyres and battery
- repair allowance
- emergency savings
- age of the selected car
The car’s age may prevent you from selecting the longest available tenure. Check this before building your budget around a particular EMI.
Illustrative EMI example
Consider Sandeep, a 37-year-old salaried applicant in Bhubaneswar earning Rs. 74,000 per month with a CIBIL Score of 759.
Assume:
- Loan amount: Rs. 8.15 lakh
- Interest rate: 11.55% p.a.
- Tenure: 66 months (5 years and 6 months)
The EMI formula is:
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N – 1]
Here, P is the principal amount, R is the monthly interest rate, and N is the number of monthly instalments.
For these assumptions:
- Estimated EMI: Rs. 16,741 per month
- Estimated total repayment: Rs. 11,04,877
- Estimated interest paid: Rs. 2,89,877
These are illustrative figures. The calculation excludes processing fees, documentation charges, stamp duty, and other applicable costs. Your actual EMI and total repayment depend on the sanctioned amount, interest rate, tenure, and applicable charges.
What should you inspect before buying a used car in Bhubaneswar?
Check the underside and lower body panels
Look for visible corrosion, damage, or repair work around the lower body, wheel arches, and underbody areas that can be inspected safely.
Signs of repeated scraping or poorly repaired damage can indicate additional work that deserves closer examination.
Assess brakes and tyres together
Check whether the car stops in a straight line and whether the brake pedal feels consistent. Inspect tyre tread, age, and wear patterns on all four wheels.
Uneven tyre wear can indicate alignment, steering, or suspension issues.
Test the electrical and cooling systems
Run the air-conditioning after the engine has warmed up. Check power windows, lights, dashboard warnings, infotainment controls, and other electrical functions.
Watch the temperature gauge during the drive and look for coolant or fluid leaks afterward.
Review the service trail
Compare service invoices and repair records with the odometer reading and vehicle age. Ask about long gaps in servicing or major mechanical work.
Budget for work due after purchase
Identify tyres, brakes, battery, fluids, or scheduled servicing that may be due soon. Add these likely expenses to the asking price when comparing cars.
Consider an independent mechanical inspection if the available records do not give you enough confidence in the vehicle.
How to apply for a used car loan in Bhubaneswar?
- Visit the Bajaj Finance Used Car Loan product page and select ‘APPLY’.
- Enter your mobile number and complete one-time password (OTP) verification.
- Provide the requested personal details.
- Add your employment and income information.
- Enter the selected vehicle details, where applicable.
- Complete KYC and further verification requirements.
- Submit the application for assessment.
A Bajaj Finance representative can assist with the remaining documentation and verification requirements.
How should you plan a used car purchase in Bhubaneswar?
Bhubaneswar Municipal Corporation identifies Capital Region Urban Transport as part of the city’s public-transport network, while the Odisha Works Department lists several major and other district roads across Bhubaneswar.
If most of your driving is within the city, test braking, steering, cooling, air-conditioning, and transmission behaviour in slower traffic conditions. These can influence daily ownership more than headline performance figures.
For regular drives towards Cuttack, Puri, or other longer routes, add tyre condition, wheel alignment, suspension stability, and service history to your checks. When the vehicle condition and monthly repayment both fit your plan, check your eligibility before moving ahead with the transaction.
What do our customers say about us
Amit Chauhan
Reviewed on 04 Mar 2025
Smooth and transparent used car loan process. The interest rates were competitive, and the documentation was minimal. The team guided me clearly at every step, making my used car purchase simple and stress-free. Highly recommended for quick approvals.
Ashwin Kamble
Reviewed on 24 Feb 2025
Clear guidance, quick approval, and flexible repayment options made buying my used car easier than expected. The team handled everything professionally. Very satisfied and would definitely recommend their used car loan.
Rohit Sharma
Reviewed on 12 Apr 2025
I had a great experience while applying for my used car loan. The process was quick, and the interest rate helped me manage the purchase better. Customer service was helpful throughout. Highly recommended for a smooth used car financing experience.
Ajay Kulkarni
Reviewed on 08 Dec 2024
My used car loan experience was simple and hassle-free. The approval was quick, the repayment options were flexible, and the team explained every step clearly. It helped me buy my preferred used car without financial stress. I would surely recommend it.
Frequently asked questions about used car loan in Bhubaneswar
Overview
Repayment
Why should I include upcoming maintenance when comparing used cars?
Two cars with similar prices can require very different spending after purchase. One may need tyres, brakes, a battery, or a scheduled service soon, while the other may not. Estimate these expenses before comparing the asking prices. This gives you a better view of the initial ownership cost and helps you decide how much of your available funds should go towards the purchase itself.
Can an older used car restrict my repayment options?
Yes. The vehicle must remain within the permitted age limit when the loan tenure ends. A car that is already older may therefore qualify for fewer repayment months. Check its first registration date before finalising your financing plan. A shorter available tenure can increase the EMI for the same financed amount, which may change whether the car remains suitable for your monthly budget.
What should I look for in a used car’s service history?
Check whether servicing appears regular and whether the records match the vehicle’s age and odometer reading. Look for major repair bills, repeated work on the same component, and long gaps between services. Service records do not replace a mechanical inspection, but they can help you understand how the car was maintained and identify areas that deserve closer examination before purchase.
Is a lower EMI always better when choosing a used car loan?
No. A lower EMI can make monthly repayment easier, but it may come from extending the tenure. For the same principal and interest rate, a longer tenure can increase total interest because the loan remains outstanding for more months. Compare the EMI, total repayment, total interest, and vehicle-age eligibility together before selecting a repayment period.
How can I decide whether to finance more or use more of my savings?
Compare both outcomes. Financing a larger amount can help you retain more savings, but it also increases the amount on which interest is charged. Using more savings can reduce borrowing but leave you with less cash for emergencies, insurance, repairs, and other needs. Look at your remaining savings, proposed EMI, total interest, and expected ownership costs before deciding the split.
Disclaimer
1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.
2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.