Used Car Loan in Pune

Review these financing parameters before deciding how much you want to borrow.

Last updated: September 2026

Funding of up to 100% does not mean every customer receives the same proportion of the 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.

Your age, income, employment profile and credit history are among the factors considered during assessment.

*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. Existing debt, repayment capacity, income profile, credit history and supporting records can also affect the assessment.

→ Quick definition: A Credit Information Bureau (India) Limited (CIBIL) Score is a three-digit number ranging from 300 to 900. It reflects your past credit repayment behaviour and is one of the factors lenders use during loan assessment.

Your equated monthly instalment (EMI) mainly depends on three inputs: the principal 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 approximate total interest using:

Total interest = (EMI × N) − Principal loan amount

Consider this illustrative example.

Neha, a 36-year-old salaried applicant in Pune, earns Rs. 86,000 per month and has a CIBIL Score of 772.

Assume:

• Loan amount: Rs. 8.25 lakh
• Interest rate: 11.55% p.a.
• Tenure: 60 months

For this example:

• P = Rs. 8,25,000
• R = 11.55 ÷ 12 ÷ 100
• N = 60

Estimated EMI: Rs. 18,165 per month

• Estimated total repayment: Rs. 10,89,877
• Estimated total interest: Rs. 2,64,877

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 test different loan amounts, interest rates and tenures before deciding what monthly repayment fits your budget.

→ Pro tip: A lower EMI does not always mean a lower borrowing cost. Extending the tenure can reduce the monthly instalment but increase total interest for the same loan amount and rate.

Bajaj Finance can fund up to 100% of the car’s assessed value, but your sanctioned loan amount may still be below the purchase price.

The amount you need to arrange depends on the seller’s price, assessed vehicle value, sanctioned loan amount and costs that are not financed.

Example 1: What if the sanctioned amount is lower than the car price?

Suppose Arjun, a 34-year-old salaried applicant in Pune earning Rs. 79,000 per month with a CIBIL Score of 760, agrees to buy a used car for Rs. 10.80 lakh.

Assume:

• Agreed purchase price: Rs. 10.80 lakh
• Assessed vehicle value: Rs. 10.10 lakh
• Loan sanctioned after assessment: Rs. 8.60 lakh

Arjun would need to arrange at least Rs. 2.20 lakh towards the purchase price from his own funds.

He should also keep money aside for applicable fees, insurance, transfer-related expenses and any immediate servicing or repairs not covered by the loan.

Funding of up to 100% applies to the assessed value of the vehicle and remains subject to sanction. It does not automatically mean the full amount quoted by the seller will be financed.

Example 2: How does paying more upfront affect your EMI?

If Arjun chooses to contribute more from his own funds, the principal used in the EMI calculation becomes smaller. With the interest rate and tenure unchanged, this reduces both the EMI and total interest.

Suppose Arjun can borrow Rs. 8.60 lakh, but contributes another Rs. 50,000 and borrows Rs. 8.10 lakh instead.

Assume an interest rate of 11.70% p.a. and a tenure of 60 months.

By contributing an additional Rs. 50,000 upfront, Arjun reduces the estimated EMI by around Rs. 1,105 per month.

A larger upfront contribution can therefore reduce both your monthly repayment and total interest. However, avoid using all your savings only to lower the EMI. Keep sufficient funds available for insurance, servicing, repairs and emergencies.

These are illustrative figures. Your actual upfront contribution, sanctioned loan amount and EMI depend on your eligibility, vehicle assessment, applicable interest rate, tenure and charges.

The document requirement depends mainly on whether you are salaried or self-employed. Vehicle records are also needed for assessment.

Salaried applicants

• KYC (Know Your Customer) documents
• PAN (Permanent Account Number) card
• Employee ID, where applicable
• Salary slips for the previous 2 months
• Bank statements for the previous 3 months
• Vehicle RC (Registration Certificate)
• 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.

Bajaj Finance Used Car Loan interest rates range from 10% to 18.25% p.a.

The rate applicable to you can depend on factors such as your credit profile, income, repayment capacity, loan amount, tenure and vehicle details.

Other applicable borrowing costs can include:

• Processing fees
• Documentation charges
• Prepayment or foreclosure charges
• Penal charges for delayed payments
• Other applicable fees and charges

Last reviewed: September 2026

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.

A used car can fit your purchase budget but still require significant spending soon after ownership begins. Inspect its condition before deciding whether the asking price represents good value for you.

Pay particular attention to:

• Clutch and gearbox: In a manual car, check clutch bite, slipping and gear engagement. In an automatic, look for delayed, hesitant or rough shifts.
• Brakes: Check whether the car stops straight and whether you notice vibration, noise or inconsistent pedal response.
• Tyres and alignment: Look at tyre age, tread and wear across all four tyres. Uneven wear can indicate alignment or suspension issues.
• Suspension and steering: Listen for knocking sounds and check whether the steering remains stable over different road surfaces.
• Cooling and air-conditioning: Confirm that engine temperature remains stable and the AC performs consistently during the test drive.
• Service records: Look for regular servicing and check whether high-cost items such as tyres, brakes, battery or major scheduled maintenance may be due soon.

Also inspect the body and underbody for signs of accident repairs, corrosion, water entry or poorly finished panel work.

If the car’s physical condition and available records do not give you enough confidence, consider an independent mechanical inspection before committing.

Once you have shortlisted a car and estimated the amount you need to borrow, you can start the application.

1. Click on the ‘CHECK ELIGIBILITY’ button to open the application form.
2. Enter your mobile number and verify it using a one-time password (OTP).
3. Fill in your personal details.
4. Add your employment and income information.
5. Provide the selected vehicle details, where applicable.
6. Complete KYC and the required verification.
7. Submit your 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.

After comparing the vehicle condition, upfront requirement and monthly repayment, check your eligibility to understand the loan amount available before completing the purchase.

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