Whether you are looking to upgrade your current car or planning to buy your first four-wheeler, you may be wise to consider a used car. As the market value of car depreciates over time, a well-maintained second-hand car could be the smarter, more economical choice.
But even if you choose this cost-effective option, you will still need to arrange for funds. And considering this is a big-ticket purchase, a used car loan can be a very handy way to manage the expenses.
What is a used car loan?
A used car loan is a financing option that provides you with the funds you need to buy a second-hand car. Bajaj Finance not only offers a high-value used car loan but also provides you with flexible tenure of up to 84 months that make your repayment easy.
Features and benefits of Bajaj Finserv Used Car Loan
Here is the list of additional features that make a used car loan offered by Bajaj Finance an ideal choice to purchase your dream car.
- High-value finance
With a Bajaj Finserv Used Car Loan, you get asset-based finance of up to 115% of the car’s value at competitive interest rates. - Loan up to Rs. 1.02 crore
You can secure funds up to Rs. 1.02 crore and turn your dream of owning a luxurious car into reality. - Quick disbursal
With speedy disbursal within 48 hours* of approval, a used car loan by Bajaj Finance can be an ideal choice if you need funds urgently.
Additional read: Learn how to apply for a used car loan - 3 loan variants
Bajaj Finance offers three unique loan variants – Term Loan, Flexi Term Loan, and Flexi Hybrid Loan. When you choose a Flexi variant, a loan limit is assigned to you from which you can withdraw funds as and when you need. You can also part-prepay your loan at no additional cost. You also have the option of paying interest-only EMIs for the initial part of the tenure with our Flexi Hybrid variants. - Minimal documentation
We eliminated the hassle of lengthy paperwork with its used car loan as you need to submit only a few documents with your loan application. These documents include your PAN card, KYC documents, employee ID, salary slips, and bank statements. - Easy to meet eligibility criteria
Bajaj Finance has a simple eligibility criteria for used car loans. If you are an Indian resident between 18 and 80 years* old with a credit score of 700 or higher, getting a used car is easy. However, if you are a salaried individual, you must have an experience of one year and meet the minimum salary criteria. While if you are a self-employed individual, ITR proof of the last 2 years is needed. - No hidden charges
Our loan also comes at competitive used car loan interest rates. All the related fees and charges are clearly mentioned in your loan agreement as well as on the website and app. There are no hidden charges.
The loan also comes with an easy online application process so that borrowing is easy for you. Just visit the website or app and check out the Used Car Finance page. Click on ‘APPLY’ to start the application procedure.
You will be asked to enter your mobile number and submit the OTP. Select the source from where you are purchasing the car, enter your personal details and proceed to submit your application.
Apply for a used car loan today with Bajaj Finance for a hassle-free experience and turn your dream of owning a car into reality.
*Terms & conditions apply
