Car ownership is a pivotal aspect of modern life, providing convenience, flexibility, and independence. Whether for commuting, family needs, or personal enjoyment, having a reliable vehicle is often essential. While the upfront cost of purchasing a car can be daunting, car loans play a crucial role in making this dream attainable. Car loans offer a financial bridge, allowing individuals to spread the cost over a manageable period, making car ownership accessible to a broader audience. To secure a car loan, lenders typically require a few key elements. These include a stable income, a good credit score, proof of identity and residence, and details about the vehicle being financed. Meeting these requirements enables individuals to navigate the car loan application process smoothly, turning the dream of car ownership into a tangible reality.
Eligibility requirements
Bajaj Finance offers two types of car loans – used car loans and new car finance. While used car loans help you to purchase a second-hand vehicle, new car finance comes in handy to finance your new car purchase. Both these car loans primarily require you to have a high credit score and meet the basic income criteria to qualify for a loan. However, based on the car loan you choose the eligibility criteria might differ slightly.
New car finance eligibility criteria
Bajaj Finserv New Car Finance comes with easy-to-meet eligibility criteria. You can qualify for a loan by fulfilling these simple-to-meet eligibility criteria.
Nationality: Indian resident
Age: 18 years to 80 years*
CIBIL Score: 720 or higher
You should have a minimum monthly salary of Rs. 25,000 if you are a salaried individual. However, if you are a self-employed individual, you should submit an ITR proof of the past 2 years.
Used car loan eligibility criteria
Applying for a used car loan requires you to meet certain eligibility criteria. Beyond assessing factors like age, monthly income, and employment background, lenders frequently examine the age and condition of the vehicle itself. When considering Bajaj Finserv Used Car Loans, meeting these fundamental parameters is all that is required to qualify for the loan.
Nationality: Indian resident
Age: 18 to 80*
CIBIL Score: 700 or higher
Apart from the above-mentioned criteria, if you are a salaried individual, you need to have a minimum experience of 1 year and a minimum monthly salary of Rs. 20,000.
If you are a self-employed individual, you need to submit an ITR proof of the last 2 years. In addition to these parameters, the used car you are planning to buy should not be more than 12 years old at the end of the tenure. It should not have more than 2 previous owners and you can use it only for personal use.
Documentation requirement
Bajaj Finance offers car loans with minimal documentation. However, the list of documents required might differ depending on the car loan you choose.
Documents required for new car finance
If you opt for new car finance from Bajaj Finance, you need to submit just these documents.
- 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 3 months
- Bank account statements for the previous 3 months
Documents required for used car loans
Our used car loans come with minimal documentation. You need to submit these documents to get approval.
- 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
Know how to apply for a car loan online
You can visit our used car loan or new car finance and click on the ‘Apply’ button to start the application. Once you submit the form, our representative will guide you on further steps.
