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In summary
Used Car Ownership Made Easy
- Borrow from Rs. 1 lakh to Rs. 2.50 crore.
- Get funding of up to 100% of the car’s assessed value.
- Choose a tenure 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 affect financing.
Already shortlisted a car? Check your pre-approved Bajaj Finance Used Car Loan offer before negotiating the final purchase price and planning your repayment.
What is a used car loan?
A used car loan is financing taken to purchase a pre-owned vehicle. You repay the financed amount, along with interest, through instalments over an agreed tenure. A used car loan can reduce the amount you need to pay upfront. You still need to plan for insurance, fuel, servicing, repairs and other ownership expenses.
Paying for the car fully from savings is another option. Compare that choice with the total borrowing cost before deciding.
What does the Bajaj Finance Used Car Loan offer?
Bajaj Finance provides financing for eligible customers purchasing pre-owned private cars.
| 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. |
| Quick disbursal | Get faster disbursal after loan approval. |
| Doorstep assistance | Get support with document collection and Registration Certificate (RC) transfer. |
The sanctioned amount depends on your repayment capacity, credit profile and vehicle assessment. Funding up to 100% is the maximum available. The final approved amount depends on your individual profile and vehicle assessment. Approval and disbursal depend on completion of the required verification and applicable checks.
Additional read: Benefits of choosing second-hand car finance
Am I eligible for a used car loan?
Salaried and self-employed Indian applicants can apply after meeting the applicable used car loan eligibility criteria.
| Criteria | Salaried applicant | Self-employed applicant |
| Nationality | Indian | Indian |
| Age | 21 to 80* years | 21 to 80* years |
| CIBIL Score | 650 or higher | 650 or higher |
| Income | 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 or less at the end of the loan tenure. Meeting these criteria does not guarantee approval. Bajaj Finance can also assess your existing EMIs, repayment capacity, credit record, documents and selected vehicle.
Which used cars can qualify for financing?
Bajaj Finance Used Car Loan finances eligible private cars. Commercial vehicles do not qualify under this product.
| Vehicle requirement | Condition |
| Vehicle use | Private car |
| Vehicle age | Not more than 12 years at the end of the tenure |
| Previous ownership | Not more than 2 previous owners |
Car age can affect the tenure available. An older vehicle may need a shorter repayment period to remain within the maximum permitted age. Check the Registration Certificate before paying the seller. Confirm the registration date, ownership history and any existing hypothecation.
What documents do you need for a used car loan?
Salaried applicants may need
- Know Your Customer (KYC) documents
- PAN card
- Employee ID card
- 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
- Applicable financial or bank records
- Vehicle Registration Certificate
- Vehicle insurance copy
The final document list can change according to your applicant profile and verification requirements.
What does a used car loan cost?
Bajaj Finance Used Car Loan interest rates range from 10% to 18.25% p.a. Your applicable used car loan interest rate depends on factors such as your credit profile, income, repayment capacity, loan amount, tenure and vehicle details. Apart from interest, additional fees and charges can apply. These can include processing fees, part-prepayment charges and other applicable costs. Check the fees and charges before accepting the loan. Review your loan agreement to understand the costs that apply to your specific loan.
How should you choose EMI and tenure for a used car loan?
A longer tenure lowers the monthly instalment but keeps the used car loan active for longer. A shorter tenure increases the EMI but closes the loan sooner. Compare both options using the used car loan EMI calculator.
Consider:
- income after essential expenses
- existing EMIs
- insurance
- fuel
- servicing
- repairs
- emergency savings
- vehicle age
Illustrative EMI example
Consider Ramesh, a 32-year-old salaried buyer in Hyderabad earning Rs. 70,000 per month with a CIBIL Score of 760.
Assume:
- Loan amount: Rs. 8 lakh
- Interest rate: 12% p.a.
- Tenure: 60 months
The EMI formula is:
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N – 1]
Here, P is the principal, R is the monthly interest rate, and N is the number of monthly instalments.
For these assumptions:
- Estimated EMI: Rs. 17,796 per month
- Estimated total repayment: Rs. 10,67,760
- Estimated interest paid: Rs. 2,67,760
This example excludes processing fees, documentation charges, stamp duty and other applicable costs. Your actual EMI depends on the sanctioned rate, amount and tenure.
What should you inspect before taking a used car loan?
Check the history
Review service records, insurance details and available repair bills. Compare the maintenance history with the vehicle’s age and odometer reading.
Inspect the main systems
During inspection and the test drive, check:
- engine noise, smoke and leaks
- clutch or automatic transmission
- brakes
- tyres
- steering and suspension
- air-conditioning
electrical systems
Look for previous repairs
Uneven paint, unusual panel gaps, welding marks or poorly aligned panels can indicate earlier body repairs.
Estimate immediate spending
Add likely expenses for tyres, battery, servicing, brakes or repairs to the seller’s asking price. This gives you a better estimate of the actual purchase cost.
Consider an independent mechanical inspection when the vehicle history or condition is unclear.
How do you apply for a used car loan?
You can start the Bajaj Finance Used Car Loan application online after shortlisting the vehicle and checking your repayment budget.
- Visit the Bajaj Finance Used Car Loan product page and select ‘APPLY’.
- Enter your mobile number and complete OTP verification.
- Provide the required personal information.
- Add your employment and income details.
- Enter the selected vehicle information.
- Complete KYC and the required verification.
- Submit the application for assessment.
A Bajaj Finance representative can guide you through the remaining verification and document steps. Car selected and budget checked? Check your eligibility before you complete the purchase.
How should you plan a used car purchase in Hyderabad?
Hyderabad has an extensive road network linking the city with other parts of Telangana and neighbouring states. Regular driving can include dense city traffic as well as longer journeys towards areas such as Secunderabad and Shamshabad. For frequent urban use, check the clutch or automatic transmission, brakes, AC and cooling system carefully. If you expect regular highway travel, also prioritise tyre condition, suspension and service history.
Once the vehicle meets your needs, the records are clear, and the EMI fits your finances, a Bajaj Finance Used Car Loan can help you structure the purchase through monthly repayments.
Explore used car loans in other locations
| Used car loans in Gurgaon | Used car loans in Navi Mumbai | Used car loan in Bangalore |
| Used car loans in Ludhiana | Used car loans in Chandigarh | Used car loan in Visakhapatnam |
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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Bajaj Finance app for all your financial needs and goals
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Frequently asked questions about used car loan in Hyderabad
Overview
Repayment
Who can apply for a used car loan in Hyderabad?
Both salaried and self-employed customers can apply subject to the applicable eligibility conditions. Salaried applicants need the required work experience and income, while self-employed applicants need the applicable ITR proof.
How much used car loan can I get in Hyderabad?
Bajaj Finance Used Car Loan amounts range from Rs. 1 lakh to Rs. 2.50 crore. The actual amount offered depends on your eligibility, repayment capacity, credit profile, and the value of the car you plan to buy.
What documents are required for a used car loan?
Common documents include KYC documents, PAN card, income proof, bank statements, vehicle RC, and insurance documents. Salaried and self-employed applicants may need different income-related documents based on their profiles.
What is the repayment tenure for a used car loan?
Bajaj Finance Used Car Loan offers repayment tenures from 12 months to 84 months. The actual tenure available can depend on your eligibility and the age of the vehicle.
How can I calculate EMI for a used car loan?
A comfortable EMI is usually more useful than choosing the maximum amount you are eligible to borrow. You can use the online used car loan EMI calculator by entering the loan amount, tenure and interest rate and find out the EMI amount instantly.
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.