Used Car Loan in Chandigarh

• Borrow from Rs. 1 lakh to Rs. 2.50 crore.
• Funding can cover up to 100% of the assessed car value.
• 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 also form part of the assessment.

Once you have shortlisted a vehicle, check your pre-approved Bajaj Finance Used Car Loan offer before deciding the purchase and repayment plan.

A used car loan is financing taken to purchase a pre-owned vehicle. You repay the financed amount, along with applicable interest and charges, through monthly instalments over an agreed tenure. A Bajaj Finance Used Car Loan is available for eligible private cars. Your personal eligibility and the selected vehicle are assessed separately before the final loan amount and terms are determined.

A used car loan can reduce the amount you need to pay from your available funds when purchasing an eligible pre-owned car. Instead of using the entire purchase amount upfront, you can repay the financed portion over time. This can leave funds available for insurance, servicing, repairs and other ownership expenses.

Paying from savings remains an alternative. Compare that option with the interest, applicable charges and total repayment before deciding how much you want to borrow.

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

The final document requirement depends on your applicant profile and the verification required for the used car loan application.

Bajaj Finance Used Car Loan interest rates range from 10% to 18.25% p.a. Your applicable used car loan interest rate can depend on your credit profile, income, repayment capacity, loan amount, tenure and vehicle details.

Interest is not the only borrowing cost. Processing fees, documentation charges, prepayment charges, penal charges and other applicable costs can affect the total amount you pay. Review the current fees and charges and your sanction documents before accepting the loan.

Use the used car loan EMI calculator to compare loan amounts and repayment periods. Consider:

• income after essential expenses
• existing EMIs
• fuel expenses
• insurance
• servicing
• expected repairs
• emergency savings
• age of the vehicle

Do not select a longer tenure only to lower the monthly EMI. Vehicle age can also restrict the repayment period available.

Illustrative EMI example

Consider Meera, a 33-year-old salaried applicant in Chandigarh earning Rs. 72,000 per month with a CIBIL Score of 768.

Assume:

• Loan amount: Rs. 7.50 lakh
• Interest rate: 12% p.a.
• Tenure: 60 months (5 years)

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. 16,683 per month
• Estimated total repayment: Rs. 10,01,000
• Estimated interest paid: Rs. 2,51,000

Illustrative figures only. 

The calculation excludes processing fees, documentation charges, stamp duty and other applicable costs. Your actual EMI and total repayment depend on the sanctioned amount, rate, tenure and charges.

Compare the records with the vehicle: Review service records, insurance details and available repair bills. Compare the maintenance history with the car’s age, odometer reading and ownership records.

Test the main systems: During the test drive, check:

• engine response, smoke and leaks
• clutch or automatic transmission
• braking performance
• steering
• suspension
• tyres
• cooling system
• air-conditioning
• electrical functions

Drive the car long enough to assess its behaviour beyond the first few minutes.

Look for previous repair work: Compare paint shades and panel gaps. Check for visible welding, unusual alignment or signs of repair around the body and underbody.

Estimate spending after purchase: tyres, battery, brakes, servicing and suspension repairs can add to your first-year ownership cost. Include expected work when comparing the asking price with your budget. 

If the car’s condition or service history remains unclear, consider an independent mechanical inspection before proceeding with the used car loan and purchase.

1. Visit the Bajaj Finance Used Car Loan product page and select ‘APPLY’.
2. Enter your mobile number and complete one-time password (OTP) verification.
3. Provide the required personal information.
4. Add your employment and income details.
5. Enter the selected vehicle information, where applicable.
6. Complete KYC and any further verification requirements.
7. Submit the application for assessment.

A Bajaj Finance representative can support you with the remaining verification and document-related steps. Once the vehicle, records and repayment amount meet your requirements, check your eligibility before completing the purchase.

How should you plan a used car purchase in Chandigarh?

The Chandigarh Administration describes the city's circulation system as a hierarchy ranging from arterial roads and major boulevards to sector roads, neighbourhood streets and access lanes. This official road-network information was accessed in September 2026 through the Chandigarh Administration circulation page. 

For regular sector-based driving, inspect the transmission, brakes, cooling system and air-conditioning. If your use includes longer journeys outside Chandigarh, also check tyres, wheel alignment, suspension, braking performance and service history. After reviewing the vehicle condition and ownership costs, compare them with your EMI and total used car loan repayment. This gives you a fuller basis for deciding whether the vehicle and financing both fit your budget.