Used car loan Flexi Hybrid facility
With the Bajaj Finserv Used Car Loan, you can easily fund the purchase of a pre-owned vehicle. Get a high-value loan for your automobile and pay it off over a flexible tenure. By choosing a Flexi Hybrid Loan, you can choose to pay interest-only EMIs for the initial part of the tenure. This makes your loan even more manageable. You can also part-prepay your loan multiple times and withdraw from your loan limit at no additional cost.
Learn more about the used car loan with the Flexi Hybrid facility.
Features and benefits of Flexi Loan
-
High-value loan
With a loan that covers up to 115% of the car's worth, purchasing a pre-owned vehicle becomes easy and manageable.
-
Convenient repayment options
Repay the loan over a flexible tenor or up to 84 months. Choose a period at your convenience.
-
Reduce your EMIs
The Flexi Hybrid feature provides you with flexible repayment options. You can pay interest-only EMIs for the initial part of the tenure. You can use the used car loan EMI calculator to determine your monthly instalments.
-
Unlimited withdrawals
Borrow when you need from your loan limit, without the need for a fresh application every time.
-
Part-prepayment facility
Part-prepay when you can with the surplus funds at no extra cost.
-
Pay interest only on the borrowed amount
The Flexi Hybrid feature lets you pay interest only on the amount borrowed and not the entire sanctioned amount.
*Conditions apply
Eligibility criteria for a used car loan with Flexi Hybrid facility
The eligibility criteria for a used car loan with the Flexi Hybrid facility are like its term loan counterpart.
-
Age
18 to 80 years *.
80 years or less at the time of loan maturity.
-
Employment
Salaried individuals with a minimum experience of 1 year and a minimum monthly salary of Rs. 20,000.
-
Car age and ownership
The car should not be more than 12 years old and should not have more than 2 former owners.
-
Car type
The loan will only be available for private cars
Documents required
The following are the documents required for this loan.
- 1 KYC documents
- 2 Bank statements of the last 3 months
- 3 Salary slips of the previous 2 months for salaried individuals
- 4 Vehicle Registration and Insurance Copy
- 5 Employee ID
Frequently asked questions
Bajaj Finance offers used car loans in three unique variants: Term Loan, Flexi Term Loan, Flexi Hybrid Loan. The flexi variants allow a customer to part prepay their loan at no additional cost. If you opt for the Flexi Hybrid Loan, you have the benefit of paying interest only EMIs during the initial part of your tenure.
Bajaj Finance offers used car loans, which are designed to help you finance the purchase of your second-hand car without any hassle. You can get a loan for up to Rs. 1.02 crore and drive your dream car home.
The Flexi Hybrid Loan is a one-of-a-kind product that offers customers the flexibility to withdraw and prepay from the sanctioned loan amount at no extra cost. Customers can also choose to pay interest-only EMIs for the first half of their tenure, making it an ideal solution for those seeking greater financial flexibility.
Bajaj Finserv Used Car Loans offer flexibility in multiple aspects, including repayment period. If you choose one of the flexi options, you will be able to withdraw and part-prepay from your sanctioned loan amount as needed. Customers who choose the flexi hybrid facility can additionally benefit from interest-only EMIs for the initial of their term.
You are required to submit the following documents when applying for a Bajaj Finserv Used Car Loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- 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
