Used Car Loan in Vijaywada

These are the key financing parameters to review before deciding how much you want to borrow.

Last updated: September 2026

Funding of up to 100% does not mean the entire seller-quoted price will necessarily be financed. The final sanctioned amount depends on your eligibility, repayment capacity, credit profile and the vehicle assessment.

Funds are disbursed after loan approval and completion of the applicable checks.

The car itself must also meet the applicable financing conditions. Check these before paying a large booking amount or completing the purchase.

The vehicle-age rule applies when the loan ends. Therefore, two cars with similar purchase prices may not qualify for the same repayment tenure if one is significantly older.

A shorter available tenure can also mean a higher EMI for the same principal and interest rate.

Check the first registration date, ownership history and RC carefully. If an earlier lender is still recorded on the RC, confirm the process for removing that hypothecation before completing the transaction.

→ Quick definition: Hypothecation records the lender’s legal interest in a financed vehicle until the related loan is repaid.

Your equated monthly instalment (EMI) is mainly determined by three things: how much you borrow, the applicable interest rate and how long you take to repay it.

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

Consider this illustrative example.

Sandeep, a 37-year-old salaried applicant in Vijayawada, earns Rs. 72,000 per month and has a CIBIL Score of 768.

Assume:

• Loan amount: Rs. 6.90 lakh
• Interest rate: 11.40% p.a.
• Tenure: 60 months

For this example:

• P = Rs. 6,90,000
• R = 11.40 ÷ 12 ÷ 100
• N = 60

Estimated EMI: Rs. 15,140 per month

• Estimated total repayment: Rs. 9,08,417
• Estimated total interest: Rs. 2,18,417

These are illustrative figures. They exclude processing fees, documentation charges, stamp duty and other applicable costs.

You can use the used car loan EMI calculator to change the loan amount, rate and tenure and see how your monthly repayment changes.

→ Pro tip: Do not judge affordability from EMI alone. A longer tenure can reduce the monthly instalment, but for the same loan amount and interest rate, it also increases the total interest paid over the loan period.

Bajaj Finance can fund up to 100% of the car’s assessed value. However, the sanctioned amount may be below the amount you need to pay the seller.

Your upfront contribution will depend on the agreed purchase price, the assessed value of the car, the sanctioned loan amount and expenses that are not covered by the loan.

Example 1: What if the sanctioned loan is below the purchase price?

Meera, a 31-year-old salaried applicant in Vijayawada, earns Rs. 66,000 per month and has a CIBIL Score of 752. She agrees to buy a used car for Rs. 8.50 lakh.

Assume:

• Agreed purchase price: Rs. 8.50 lakh
• Assessed vehicle value: Rs. 7.90 lakh
• Loan sanctioned after assessment: Rs. 6.40 lakh

Meera would need to arrange at least Rs. 2.10 lakh from her own funds towards the purchase price.

She should also account separately for applicable fees, insurance, ownership-transfer expenses, repairs or other purchase-related costs that are not covered by the sanctioned amount.

Funding of up to 100% applies to the assessed vehicle value and remains subject to approval. It should not be treated as an assurance that the complete seller-quoted price will be financed.

Example 2: How can a higher upfront contribution reduce your EMI?

If Meera contributes more from her own funds, the principal used in the EMI formula becomes smaller. When the interest rate and tenure remain the same, this reduces the monthly instalment and total interest.

Suppose Meera qualifies to borrow Rs. 6.40 lakh but decides to contribute another Rs. 50,000 and restrict the loan to Rs. 5.90 lakh.

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

By contributing another Rs. 50,000 upfront, Meera reduces the estimated monthly EMI by around Rs. 1,105.

A higher upfront contribution can therefore reduce both the amount borrowed and the interest paid over the tenure. However, do not exhaust your savings simply to bring down the EMI. Keep money available for insurance, servicing, repairs, tyres and unexpected ownership expenses.

These are illustrative figures. The actual contribution you need to make, and the EMI payable will depend on your sanctioned loan amount, assessed vehicle value, interest rate, tenure and applicable charges.

Your document requirements depend mainly on whether you are salaried or self-employed. The car’s registration and insurance records are also required.

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 the 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, selected tenure and vehicle details.

Interest is not the only borrowing cost to consider. Other applicable 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.

The amount you pay the seller is only one part of the purchase decision. A car that needs immediate mechanical work can change your effective ownership cost considerably.

Before finalising the vehicle, check:

• Cooling and air-conditioning: Run the car long enough to confirm that the engine temperature stays stable, and the AC performs consistently.
• Tyres: Inspect tread, tyre age, sidewalls and uneven wear. A complete tyre replacement shortly after purchase can add a meaningful expense.
• Braking: Check for vibration, pulling, unusual sounds or inconsistent pedal response.
• Engine and gearbox: Look for warning lights, fluid leaks, unusual sounds, delayed gear engagement, clutch wear or rough shifts.
• Suspension: Drive over different road surfaces where safe and listen for knocks or rattles.
• Electrical equipment: Test lights, power windows, locks, wipers, dashboard functions and infotainment.
• Maintenance records: Match available service records with the odometer reading and identify any major service or replacement that may be due soon.

You should compare the likely cost of upcoming work with the seller’s asking price. A mechanically better car can sometimes justify a higher purchase price if it reduces immediate repair expenses.

Where the history or condition is unclear, consider getting an independent mechanical inspection before you commit.

Choose the car around the driving you expect to do rather than only its purchase price.

For frequent city use in Vijayawada, pay close attention to air-conditioning performance, engine cooling, low-speed steering, brake response, clutch effort or automatic gearbox behaviour and visibility while manoeuvring. These characteristics can matter more in regular stop-and-go driving than outright performance.

If the car will also be used regularly for longer journeys, inspect tyre condition, braking stability, wheel alignment, suspension and service history more closely.

Also, budget for fuel, insurance, regular servicing, parking, tyres and potential repairs alongside the EMI. This gives you a more realistic view of whether the car fits your monthly finances.

You can begin the application after shortlisting a car and estimating the amount you need to borrow.

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. Provide your employment and income information.
5. Enter the selected vehicle details, where applicable.
6. Complete KYC and the required verification.
7. Submit your application for assessment.

Approval and disbursal remain subject to applicant assessment, vehicle assessment, document verification and completion of applicable checks.

A Bajaj Finance representative can assist with the remaining documentation and verification requirements.

If the car passes your checks and the repayment fits your budget, check your eligibility to understand the loan amount available before completing the purchase.