Your Used Car Loan with us
Check details and make payments for your used car loan
Used Car Loan EMI Calculator
Compute your monthly instalments on used car loan.Features and benefits
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3 unique variants
We offer 3 unique variants for our used car loan – Term Loan, Flexi Term and Flexi Hybrid Loan. Choose the one that works best for you.
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High-value finance
Get asset-based finance of up to 115% of the car’s value at a competitive interest rate with our used car loan
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Loan of up to Rs. 1.02 crore
Get funds ranging up to Rs. 1.02 crore to bring your dream car home.
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Flexible tenures
Repay your second-hand car loan easily with convenient repayment options ranging from 12 months to 84 months.
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Money in your bank account in 48 hours*
Get the used car loan amount credited to your account within 48 hours* of approval.
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Doorstep assistance
Get doorstep support to complete your loan application process – from collecting documents to transferring your registration certificate.
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Pre-approved offers
Check your pre-approved offer on a used car loan by simply entering your mobile number and OTP and get funds instantly.
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No hidden charges
Our fees and charges are clearly mentioned on our loan documents and on this page. Read them in detail before applying.
*Terms and conditions apply
Still haven’t found what you’re looking for? Click on any of the links at the top of this page.
Eligibility and documents
A few simple criteria must be met to qualify for our used car loan. You will also need a few documents to complete your application.
Eligibility criteria
- Nationality: Indian
- Age: 18 to 80*
- CIBIL Score: 700 or higher
- Employment:
- For salaried: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000.
- For self-employed: Applicant must submit an ITR proof of the last 2 years.
*Age should be 80 or less at the end of the loan tenure.
Documents required
- KYC documents - Aadhaar/ passport/ voter’s ID
- PAN card
- Employee ID card
- Salary slips for the last 2 months
- Bank account statements for the previous 3 months
- Vehicle registration certificate and insurance copy
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.
*Terms and conditions apply
How to apply
A step-by-step guide to applying for a used car loan
Click on the 'APPLY' button on this page.
Enter your 10-digit mobile number and submit the OTP for verification.
Fill in your personal details including your full name, mobile number, email ID, and more.
Enter details of the car if you have identified the one.
Verify or update your KYC details and proceed to schedule an appointment for further verification.
Our representative will call you on the next steps. The loan amount will be transferred to your bank account upon the verification of your submitted documents.
Applicable fees and charges
Type of fee |
Applicable charges |
Rate of interest |
10% to 19% p.a. |
Processing fees |
Up to 2.95% of the loan amount (inclusive of applicable taxes). |
Documentation charges | Up to Rs. 2,360 (inclusive of applicable taxes). |
Flexi fees |
Term Loan – Not applicable
Flexi Term Loan (Flexi Dropline) - Up to Rs. 999/- (inclusive of applicable taxes)
Flexi Hybrid Loan (as applicable below) • Up to Rs. 1,999 (inclusive of applicable taxes) for loan amount less than Rs. 2,00,000. • Up to Rs. 3,999 (inclusive of applicable taxes) for loan amount from Rs. 2,00,000 to Rs. 3,99,999. • Up to Rs. 5,999 (inclusive of applicable taxes) for the loan amount from Rs. 4,00,000 to Rs. 5,99,999. • Up to Rs. 6,999 (inclusive of applicable taxes) for the loan amount from Rs. 6,00,000 to Rs. 9,99,999. • Up to Rs. 7,999 (inclusive of applicable taxes) for the loan amount of Rs. 10,00,000 and above.
The charges above will be deducted upfront from the loan amount. *Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges. |
Prepayment charges | Full prepayment (foreclosure) • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount payable by the borrower as on the date of full prepayment. • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of such full prepayment. • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule, during initial and subsequent tenure, on the date of such full prepayment. Part-prepayment • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment. • Not applicable for Flexi variants |
Annual maintenance charges | Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): ·Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: ·Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure. ·Up to 0.295% (inclusive of applicable taxes) of total withdrawable Amount during subsequent tenure. |
Bounce charges |
Rs. 1,500 per bounce “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason. |
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Delay in payment of instalment(s) shall attract penal charge up to Rs. 25 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from the loan amount. |
Legal and incidental charges | Recovery of charges |
Repossession charges | Recovery of charges maximum up to Rs. 50,000 (Inclusive of applicable taxes) |
Auction charges | Recovery of charges |
Valuation charges | Recovery of charges |
Stockyard charges | Rs.118 per day for 60 days (inclusive of applicable taxes) |
Loan re-booking charges | Rs. 1,000 (inclusive of applicable taxes). |
Loan cancellation charges | Rs. 2,360 (inclusive of applicable taxes) (Interest till cancellation to be borne by the customer). |
NOC for interstate transfer | Rs. 1,180 (inclusive of applicable taxes). |
NOC to convert from private to commercial | Rs. 3,540 (inclusive of applicable taxes). |
Broken period interest/ pre-EMI interest | Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios: Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged: In this scenario, broken period interest is recovered by the following methods: • For Term Loan: Added to the first instalment amount • For Flexi Term Loan: Added to the first instalment amount • For Flexi Hybrid Loan: Added to the first instalment amount Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged: In this scenario, interest is charged only for the actual number of days since the loan was disbursed. |
Our loan variants
Frequently asked questions
Bajaj Finserv Used Car Loan is a loan provided to purchase your dream car. We offer up to Rs. 1.02 crore with a repayment tenure ranging from 12 months to 84 months. Click here to learn how to apply for a used car loan.
You can get a used car loan from Bajaj Finance at the comfort of your home. Simply click the ‘Apply’ button on this page and submit your application.
You can apply for a Bajaj Finserv Used Car Loan of up to Rs. 1.02 crore.
With Bajaj Finserv Used Car Loan you can repay the loan comfortably over tenures ranging from 12 months to 84 months.
Click here to learn how to choose the right tenure for your used car loan.
Simply click on the 'Apply’ button to open the online application form. Once you share your basic details, our representative will contact you and help you with the further process. Submit the required documents to our representative. Once your documents are verified and your loan is approved, you will get the money in your account.
No. You can only get loans for pre-owned cars.
You do not need a guarantor to avail of a second-hand car loan. However, if your income does not meet our used car loan eligibility criteria, then you may require a guarantor/ co-applicant. In such a case, you might need a guarantor as a security for your loan.
When you apply for a used car loan, the loan amount is decided based on your eligibility and the value of the second-hand car. Bajaj Finance offers asset-based funding of up to 115% of the car’s value. Click here to learn more about the features and benefits of used car loans.
When you apply for a pre-owned car loan with Bajaj Finance, you will receive the funds within 48 hours* of approval.
If you are purchasing a car for your personal use, you cannot claim any tax benefit on your second-hand car loan. However, you might get some tax benefits if you are self-employed individual using the car for business purposes.
Bajaj Finance offers asset-based finance of up to 115% of your car’s value. When you choose our used car loan, you can get funds up to Rs. 1.02 crore with minimal documents.
Second-hand car loans give you access to a high-value loan and help you purchase your dream car easily. Bajaj Finance offers used car loans that come with simple eligibility criteria and minimal documentation. With a Bajaj Finserv Used Car Loan, you can funds get up to Rs. 1.02 crore in just 48 hours* of approval.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.