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In Summary
A used car loan in Chennai can help you fund a second-hand car and repay the amount through EMIs. This is useful if you want a hatchback, sedan, or SUV for daily travel without using all your savings at once.
- The loan amount can range from Rs. 1 lakh to Rs. 2.50 crore.
- The repayment tenure can range from 12 months to 84 months.
- Funds can be disbursed within 48 hours* of approval.
- Get financing of up to 100% of the car’s value.
- Salaried applicants need a minimum monthly salary of Rs. 20,000.
- Both salaried and self-employed applicants need a CIBIL Score of 650 or above.
Why should Chennai buyers consider a used car loan?
Used Car Loan – Simple 5-Step Online Application Process
Daily travel in Chennai can take time, especially during peak hours. Areas such as Hinjewadi, Baner, and Kharadi often see heavy traffic.
Public transport may not always match your office hours, family routine, or weekend plans. This is why many buyers look for used cars in Chennai.
The used car market offers hatchbacks for city drives, sedans for comfort, and SUVs for longer trips. You can often find well-maintained cars with useful features at a lower price than new models.
A used car loan in Chennai can help you manage the cost better. You can split the amount into monthly instalments instead of paying the full price at once. If you already have a car in mind, check your eligibility for the Bajaj Finance Used Car Loan early. This helps you plan a clear budget and avoid delays later.
What are the features of a used car loan in Chennai?
Bajaj Finance Used Car Loan is designed to help you fund a second-hand car purchase. It gives you access to a loan amount based on the car’s value and your profile.
| Feature | Detail |
| Loan amount | Rs. 1 lakh to Rs. 2.50 crore |
| Repayment tenure | 12 months to 84 months |
| Disbursal timeline | Within 48 hours* of approval |
| Doorstep document collection facility | Submit required documents to our representative from the comfort of your home. |
| Asset based financing | Up to 100% financing of the car’s value |
You can use the loan to choose from a wide range of used cars. The final loan amount depends on your eligibility and the selected vehicle.
If you want to move faster, checking your pre-approved offer can reduce waiting time during the process.
Who is eligible for a used car loan?
You can apply for a used car loan in Chennai if you meet the lender’s eligibility criteria. The requirements are different for salaried and self-employed applicants.
| Eligibility criterion | Salaried applicants | Self-employed applicants |
| Nationality | Indian resident | Indian resident |
| Age | 21 to 80 years* | 21 to 80 years* |
| CIBIL Score | 650 or above | 650 or above |
| Income proof | Minimum monthly salary of Rs. Rs. 20,000. | ITR for the last 2 years. |
| Work requirement | At least 1 year of work experience | ITR-based income assessment |
*Age should be 80 or less at the end of the loan tenure.
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.
If you are unsure about your eligibility, you can check it online in a few steps. This helps you understand your loan options before applying.
What documents do you need for a used car loan?
You need a few basic documents to complete your used car loan application. Keeping them ready can help reduce delays during verification.
| Document required | Purpose |
| PAN card | Identity and financial verification |
| KYC documents (Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card) | Identity and address proof |
| Bank statements for the previous 3 months | Income and repayment assessment |
| Salary slips for the last 2 months | Income proof for salaried applicants |
| ITR | Income proof for self-employed applicants |
Vehicle registration certificate and insurance copy
| Vehicle ownership and insurance verification |
Make sure your details match across documents. Any mismatch may delay approval.
What are used car loan interest rates in Chennai?
Used car loan interest rates in Chennai can vary based on the lender, loan amount, tenure, vehicle value, and your profile. Your income, repayment capacity, and CIBIL Score can also affect the final rate offered. Bajaj Finance offers used car loan interest rates ranging between 10% and 18% p.a.
To understand how the interest rate affects your monthly payment, plan in advance. You can use a used car loan EMI calculator by entering your loan amount, tenure, and interest rate.
If you are comparing options, try adjusting the tenure and loan amount. This helps you find a balance between a comfortable EMI and the total interest you may pay over time.
How can you apply for a used car loan?
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Applying for a used car loan with Bajaj Finance is a simple online process. Keep your mobile number, income details, KYC details, and car information ready before you start.
Follow these steps:
- Click on the ‘Apply’ button on this page.
- Enter your mobile number.
- Verify it with OTP.
- Fill in your personal and income details.
- Add car details if you have selected one.
- Verify or update your KYC details.
- Submit your application.
After submission, a representative will guide you through the next steps.
Final takeaway on used car loan in Chennai
A used car loan in Chennai can help you buy a second-hand car without paying the full amount at once. It can support your plans if you need a car for office travel, family use, or weekend trips.
With Bajaj Finance Used Car Loan, you can get a loan amount from Rs. 1 lakh to Rs. 2.50 crore. You can also choose a repayment tenure from 12 months to 84 months, based on your comfort.
Before applying, check the car’s condition, ownership records, insurance status, and resale value. You should also estimate your EMI and check your eligibility.
Ready to bring home your desired used car? Check your pre-approved used car loan offer with us and start planning your purchase.
Explore used car loans in other locations
| Used car loan in Navi Mumbai | Used car loan in Chennai | Used car loan in Bangalore |
| Used car loan in Hyderabad | Used car loan in Coimbatore | Used car loan in Gurgaon |
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.
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Frequently asked questions about used car loan in Chennai
Overview
Repayment
Who can apply for a used car loan in Chennai?
You can apply for a used car loan in Chennai if you are an Indian resident and meet the lender’s eligibility criteria. Salaried and self-employed applicants can apply. Salaried applicants need a minimum monthly salary of Rs. 20,000 at least 1 year of work experience, and a CIBIL Score of 650 or above.
What is the loan amount for a used car loan in Chennai?
With Bajaj Finance Used Car Loan, you can get a loan amount ranging from Rs. 1 lakh to Rs. 2.50 crore. The final loan amount depends on the car’s value, your income, repayment capacity, CIBIL Score, and overall profile.
What documents are required for a used car loan?
You need a PAN card, KYC documents, bank statements, and income proof. Salaried applicants may need salary slips. Self-employed applicants may need ITR documents. Keeping these documents ready can help you complete the application faster.
How soon can I get the loan amount?
Funds can be disbursed within 48 hours* of approval. The exact timeline can depend on document verification, eligibility checks, car details, and completion of the required process. Keeping your documents ready can help reduce delays.
What is the repayment tenure for a used car loan?
You can choose a repayment tenure ranging from 12 months to 84 months. A longer tenure may reduce your monthly EMI, but it may increase the total interest paid over time. Choose a tenure after checking your monthly budget.
How can I calculate EMI for a used car loan?
You can use a used car loan EMI calculator to estimate your monthly instalment. Enter the loan amount, interest rate, and tenure. The calculator gives an instant EMI estimate and helps you compare different repayment options before applying.
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.