Buying the latest car in the market or a well-maintained used car requires funds. To get the funds, you may decide to check out car loans. Generally, you have to pay a down payment when getting a loan. A zero-down payment car loan allows you to finance the entire cost of the vehicle without any initial upfront payment. It is particularly useful if you have not saved up for the purchase of a car and need a car loan to cover the cost.
Bajaj Finance offers two types of car loans – used car loans and new car finance. Get used car loans up to 115% of the car’s value. You can get the same benefit for new car loans as well. This feature of the car loan allows you to get a loan with zero down payment.
Eligibility for zero down payment car loan
To be eligible for new car finance or a used car loan from Bajaj Finance, you must meet the following basic criteria:
- Nationality:
You must be an Indian citizen. - Age:
For a new car loan, the applicant must be between 18 years to 80 years old; the same applies to a used car loan applicant. - CIBIL Score:
Applicants with a CIBIL Score of 700 or higher for a used car loan. New car loan applicants need to meet this minimum credit score criteria as well.
- Employment:
For a new car loan, salaried individuals must have a minimum monthly income. Self-employed individuals need to provide the relevant ITR proofs. For used car loans, salaried applicants should have at least 1 year of work experience and a minimum monthly income of Rs. 20,000. Self-employed applicants must provide their ITR proofs for the past 2 years.
Documents required for a zero down payment car loan
Obtaining a used car loan or new car finance from Bajaj Finance is a breeze. To apply for either of the loans, you need to provide only your KYC documents (such as Aadhaar, passport, voter ID, driving licence, letter from NPR, or NREGA job card).
Along with the KYC documents, submit your PAN card, employee ID card, salary slips, and bank statements. However, for a used car loan, you must also include the vehicle registration certificate and a copy of the car insurance. This aids in verifying that the documentation of the pre-owned vehicle is in order.
It is important to note that some customers may have to furnish additional documents during the loan application process.
