For many, owning a car is a personal milestone — a symbol of freedom, mobility, and achievement. Whether you have your eyes on a sporty hatchback or a robust SUV, a personal vehicle adds convenience and comfort to your everyday routine. But purchasing even a second-hand car requires thoughtful financial planning.
That’s where a used car loan can make all the difference. It allows you to spread the cost of your car over manageable EMIs, without exhausting your savings. However, before you apply, it’s important to understand the factors that influence your loan eligibility. These determine not only whether your application gets approved, but also how much you can borrow and at what interest rate.
What is a used car loan?
A used car loan is a financing product designed to help you buy a second-hand vehicle without needing to pay the full amount upfront. Instead, you borrow a certain amount and repay it in affordable monthly instalments over a fixed tenure.
Bajaj Finserv Used Car Loan offers this flexibility along with competitive rates, fast disbursal, and an easy online application process.
You might already have a pre-approved offer waiting for you. Check your pre-approved used car loan offer now by entering your mobile number and verifying with an OTP — it only takes a few seconds.
Factors that affect your used car loan eligibility
Before applying, it’s important to understand the key factors that influence your loan approval.
1. Credit score
Your credit score is like a report card of your financial habits. It shows how well you’ve managed loans or credit cards in the past. Most lenders check this score before giving you a loan. A good credit score reflects your repayment discipline. Bajaj Finance requires a CIBIL Score of 700 or higher to consider you for a used car loan. A higher score not only improves your approval chances but may also help secure a better interest rate.
Pro-tip:
Check your credit score before applying for a loan. If it's low, take a few months to improve it. You can improve your credit score by paying your EMIs and credit card bill on time. Don’t use too much of your credit limit. Avoid too many loan applications at once.
2. Age criteria: When you choose the Bajaj Finserv Used Car Loan, you must meet the age criteria. You must be between 18 and %$$
*Higher age is applicable the time of loan maturity
3. Employment and income
A steady income source is crucial for any loan approval. Lenders want to know if you can repay the loan. Your monthly income shows how easily you can handle EMIs (monthly loan payments). If you are applying for the Bajaj Finserv Used Car Loan, you need to meet following criteria.
Salaried applicants should have at least 1 year of work experience and a minimum monthly salary of Rs. 20,000
Self-employed applicants must submit ITR proofs for the last 2 years
4. Vehicle age and condition
The car you plan to buy also affects your eligibility. Lenders usually prefer financing cars that are not too old. To be eligible for a Bajaj Finserv Used Car Loan, the used car should not be older than 12 years at the time of purchase. The overall condition, service history, and make of the vehicle may also influence the financing decision.
Check your used car loan eligibility now and find out how much funding you are eligible in just a few clicks — no paperwork needed at this stage.
5. Your ongoing EMIs or loans: Are you already paying other loans — like a personal loan, home loan, or credit card EMIs? That matters too. Lenders look at your debt-to-income ratio — how much of your income goes into repaying existing loans.
Pro-tip:
Try to close smaller loans before applying for a used car loan. It helps reduce your debt burden and increases approval chances.
Why choose Bajaj Finserv Used Car Loan
When you opt for a used car loan from Bajaj Finance, you get more than just funding. Here are some standout benefits:
High-value loan: With Bajaj Finance, you can borrow up to Rs. 1.02 crore. This high-value loan makes it easy to fund anything from a budget hatchback to a high-end luxury model.
Flexible repayment tenure: Benefit from flexible repayment tenure of up to 84 months. This allows you to choose a plan that suits your income and monthly commitments.
Minimal documentation: You need to submit just a few documents to qualify for a used car loan.
Quick disbursal facility. You can benefit from our fast disbursal facility and get funds within 48 hours* of approval
Pro-tip:
Use the used car loan EMI calculator to compare different loan amounts and tenures. It helps you estimate your monthly outflow and plan your budget effectively.
Used car loans are a great way to upgrade your drive without putting pressure on your savings. But your eligibility depends on many factors — from your credit score and income to the car’s age and your current EMIs.
The good news? You can work on most of these things and improve your chances. Start by checking your score, picking a well-maintained car, and choosing a loan that fits your needs.
A used car loan bridges the gap between aspiration and affordability. Whether you're looking for a compact city car or a feature-loaded SUV, Bajaj Finserv Used Car Loan gives you the freedom to choose confidently — with high-value funding, flexible EMIs, and a fast, paper-light process.
So why wait? Check your pre-approved used car loan offer now and drive your dream forward — one EMI at a time.
