Rs. 1 lakh – Rs. 2.50 crore
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In summary
Used Car Ownership Made Easy
Before financing a used car in Nashik, check whether the monthly repayment fits your budget and whether the car meets the applicable financing conditions.
- Borrow from Rs. 1 lakh to Rs. 2.50 crore, with funding of up to 100% of the assessed car value.
- Choose a tenure from 12 months to 84 months, with interest rates from 10% to 18.25% p.a.
- A CIBIL Score of 650 or higher is required, while vehicle age and previous ownership are also assessed.
Once the car and repayment plan fit your requirements, check your pre-approved Bajaj Finance Used Car Loan offer and plan your purchase with ease.
Last updated: September 2026
Used car loan in Nashik at a glance
Here are the main loan details to consider before planning your purchase.
| 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 | Support with document collection and Registration Certificate (RC) transfer |
Last updated: September 2026
Funding up to 100% does not mean every applicant receives the same proportion of the assessed vehicle value. Your sanctioned amount depends on factors such as repayment capacity, credit profile, eligibility and vehicle assessment.
Disbursal takes place after used car loan approval and completion of the applicable checks.
What are the eligibility criteria for a used car loan?
You can apply after meeting the applicable applicant-level eligibility criteria.
| 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 | Minimum Rs. 20,000 per month | ITR for the previous 2 years |
| Experience | At least 1 year of work experience | Income assessed through ITR |
*You should be 80 years old or younger at the end of the loan tenure.
Meeting these criteria allows you to apply but does not guarantee sanction. Bajaj Finance can also assess your existing debt, repayment capacity, income profile, credit history and supporting records.
→ Quick definition: A Credit Information Bureau (India) Limited (CIBIL) Score is a three-digit number from 300 to 900 that reflects your credit repayment history. Lenders use it while assessing your credit profile.
Additional read: Other benefits of choosing used car finance
Does your selected used car qualify for financing?
Meeting the applicant criteria does not automatically make every pre-owned car eligible for financing. Check the vehicle conditions before you finalise the purchase.
| 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 vehicle-age condition applies at the end of the loan tenure. An older car may therefore qualify for fewer repayment months.
For the same loan amount and interest rate, a shorter tenure results in a higher EMI.
Check the first registration date and ownership history on the RC. If an earlier lender’s hypothecation is still recorded, clarify how it will be removed before completing the purchase.
→ Quick definition: Hypothecation is the lender’s legal claim over a financed vehicle until the related loan is repaid. It is recorded on the RC.
What will you pay each month?
Your equated monthly instalment (EMI) depends mainly on the amount borrowed, applicable interest rate and repayment tenure.
You can calculate EMI using this formula:
EMI = P × R × (1 + R)ᴺ ÷ [(1 + R)ᴺ − 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate, calculated as annual interest rate ÷ 12 ÷ 100
- N = Number of monthly instalments
You can calculate the approximate total interest using:
Total interest = (EMI × N) − Principal loan amount
Here is an illustrative example.
Aditi, a 35-year-old salaried applicant in Nashik, earns Rs. 74,000 per month and has a CIBIL Score of 764.
Assume:
- Loan amount: Rs. 7.80 lakh
- Interest rate: 11.60% p.a.
- Tenure: 60 months
For this example:
- P = Rs. 7,80,000
- R = 11.60 ÷ 12 ÷ 100
- N = 60
Estimated EMI: Rs. 17,193 per month
- Estimated total repayment: Rs. 10,31,605
- Estimated total interest: Rs. 2,51,605
These are illustrative figures. The calculation excludes processing fees, documentation charges, stamp duty and other applicable costs.
Use the used car loan EMI calculator to compare your own loan amount, interest rate and tenure.
→ Pro tip: A shorter tenure raises your EMI but reduces total interest. A longer tenure lowers the monthly payment but increases total interest for the same loan amount and rate.
How much do you need to pay as down payment?
Bajaj Finance can fund up to 100% of the car’s assessed value, but your sanctioned amount may be lower. The amount you need to arrange depends on the purchase price, assessed value, approved loan amount and applicable costs.
Example 1: What if your loan is lower than the car price?
Suppose Ajay, a 33-year-old salaried applicant in Nashik earning Rs. 70,000 per month with a CIBIL Score of 755, agrees to buy a used car for Rs. 9.50 lakh.
Assume:
- Agreed purchase price: Rs. 9.50 lakh
- Assessed vehicle value: Rs. 8.80 lakh
- Loan sanctioned after assessment: Rs. 7.50 lakh
Ajay would need to arrange at least Rs. 2 lakh towards the purchase price from his own funds.
He may also need separate funds for applicable fees, insurance, transfer-related expenses and other costs not covered by the sanctioned loan.
Funding of up to 100% applies to the assessed vehicle value and remains subject to sanction. It does not necessarily mean the full seller-quoted price will be financed.
Example 2: Can paying more upfront reduce your EMI?
Yes. If Ajay chooses to contribute more from his own funds, the amount he needs to borrow falls. For the same interest rate and tenure, this reduces both the EMI and total interest.
Suppose he can borrow Rs. 7.50 lakh but decides to contribute another Rs. 50,000 and borrow only Rs. 7 lakh.
Assume an interest rate of 11.70% p.a. and a tenure of 60 months (5 years).
| Scenario | Total amount paid upfront | Loan amount | Estimated EMI |
| Borrow Rs. 7.50 lakh | Rs. 2 lakh | Rs. 7.50 lakh | Rs. 16,570 per month |
| Borrow Rs. 7 lakh | Rs. 2.50 lakh | Rs. 7 lakh | Rs. 15,465 per month |
By paying another Rs. 50,000 upfront, Ajay reduces the estimated EMI by around Rs. 1,105 per month.
Paying more upfront can reduce your monthly repayment and total interest. However, avoid using all your available savings only to reduce the EMI. Keep enough funds for insurance, servicing, repairs and emergencies.
These are illustrative figures. Your actual upfront contribution, sanctioned amount and EMI depend on the assessed vehicle value, your eligibility, applicable rate, tenure and charges.
What documents do you need?
The documents mainly depend on whether you are salaried or self-employed. Vehicle records are also required for assessment.
Salaried applicants
- KYC documents
- PAN card
- Employee ID, where applicable
- Salary slips for the previous 2 months
- Bank statements for the previous 3 months
- Vehicle RC
- Vehicle insurance copy
Self-employed applicants
- KYC documents
- PAN card
- ITR proof for the previous 2 years
- Bank statements for the previous 3 months
- Vehicle RC
- Vehicle insurance copy
Additional documents may be requested depending on verification requirements.
What is the interest rate?
Bajaj Finance Used Car Loan interest rates range from 10% to 18.25% p.a.
Your applicable rate can depend on your income, credit profile, repayment capacity, loan amount, tenure and vehicle details.
Other applicable costs can include:
- Processing fees
- Documentation charges
- Prepayment or foreclosure charges
- Penal charges for delayed payments
- Other applicable fees and charges
Review the complete used car loan interest rate and charges and fees and charges before accepting an offer.
Your loan agreement contains the terms applicable to your borrowing arrangement.
What should you check before buying the car?
A used car that appears attractively priced can require substantial spending after purchase if wear or overdue maintenance is overlooked.
Check:
- Engine and cooling: Let the engine warm up and watch for warning lights, overheating, smoke, unusual noises or fluid leaks.
- tyres: Check tyre age, tread, sidewalls and uneven wear rather than looking only at remaining tread depth.
- Brakes: Make sure the car stops evenly without pulling, vibration or unusual noise.
- Steering and suspension: Check whether the vehicle tracks straight and listen for knocks or rattles over uneven surfaces.
- Electrical systems: Test windows, locks, lights, wipers, air-conditioning, dashboard warnings and infotainment.
- Service history: Review maintenance records and identify tyres, brakes, battery, fluids or scheduled servicing that may be due soon.
Add likely repair or replacement expenses to the asking price before comparing the car with another option.
If important parts of the vehicle history or condition remain unclear, consider an independent mechanical inspection before committing to the purchase.
What should you consider in Nashik while selecting?
Think about whether the car will mainly handle daily city travel or regular longer road journeys.
For local driving, check low-speed steering, brake response, clutch or automatic gearbox behaviour, air-conditioning and parking visibility. These areas can affect everyday usability even when the car performs well on an open road.
Nashik has major road connections towards Mumbai, Pune, Dhule, Ahmednagar, Surat and other cities. If longer journeys form part of your routine, give additional attention to tyres, braking stability, wheel alignment, suspension and consistent service history.
Include fuel, insurance, servicing, repairs and other ownership costs when deciding the EMI, you can comfortably manage.
How do you apply for a used car loan?
You can start the application once you have shortlisted a car and estimated the borrowing amount you need.
- Click on the ‘CHECK LOAN OFFER’ button to open the application form.
- Enter your mobile number and verify it using a one-time password (OTP).
- Fill in your personal details.
- Add your employment and income information.
- Provide the selected vehicle details, where applicable.
- Complete KYC and the required verification.
- Submit the application for assessment.
Approval and disbursal are subject to applicant assessment, vehicle assessment, document verification and completion of the applicable checks.
A Bajaj Finance representative can assist with the remaining documentation and verification requirements.
Once the vehicle condition and repayment plan both fit your requirements, check your eligibility to understand the loan amount available before completing the purchase.
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 Nashik
Repayment
On the vehicle
Can an older used car give me fewer tenure options?
Yes. The car must remain within the permitted vehicle-age limit at the end of the loan tenure. If the vehicle is already several years old, the longest product tenure may not be available. A shorter repayment period can result in a higher EMI for the same loan amount. Check the first registration date before relying on a particular tenure while planning your purchase.
Is paying a larger down payment always better?
A larger upfront contribution reduces the amount you need to borrow, which can lower both your EMI and total interest for the same rate and tenure. However, using too much of your savings can leave less money available for insurance, servicing, repairs and emergencies. Compare the EMI reduction with the savings you would retain before deciding how much to contribute upfront.
What should I compare before choosing between two tenures?
Compare the monthly EMI, total interest, overall repayment amount and the number of instalments under both options. A longer tenure generally reduces the monthly payment but increases total interest for the same principal and rate. Also check whether the selected vehicle’s age supports both repayment periods, since an older car may not qualify for the longer option.
What should I check if a used car has covered high kilometres?
Higher kilometres do not automatically make a car unsuitable, but maintenance history becomes more important. Review service intervals and check tyres, brakes, suspension, clutch or automatic transmission behaviour and upcoming scheduled maintenance. Compare the odometer reading with available records and visible wear. If major maintenance cannot be verified, consider a mechanical inspection before deciding whether the asking price is justified.
How can I compare two used cars with similar asking prices?
Compare the cars on age, ownership history, service records, tyre and brake condition, expected repairs and available loan tenure rather than price alone. A slightly cheaper car may require substantial maintenance soon after purchase. Adding those likely expenses to the asking price gives you a more realistic comparison and can help you decide which vehicle fits your overall budget better.
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