A loan against car is a secured financial option that allows individuals to access funds by using their car as collateral. This type of loan provides a practical solution for managing various personal expenses, without the need of selling your valuable asset.
However, you must meet the eligibility criteria and document requirements set by the lender to qualify for a loan against car.
If you are looking for a secured loan to fund your big-ticket expenses, you can opt for a Bajaj Finserv Loan Against Car and secure a substantial loan amount of up to Rs. 77 lakh.
Eligibility criteria
The eligibility criteria for a loan against car vary from lender to lender. You must meet the following eligibility criteria in order to qualify for a Bajaj Finserv Loan Against Car:
- Nationality: Indian
- Age: 18 to 80 years*
- Employment:
For Salaried: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000
For self-employed: Applicant must submit an ITR filed for the last 2 years
*Age should be 80 or less at the end of the loan tenure.
Required documents
The documents required to apply for a loan against car are relatively simple when compared to other loan types. Once you meet all the criteria, you will need the following loan against car documents to complete your application process:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Bank statements for the last 3 months
- Salary slips for the last 3 months
- Vehicle registration certificate
The process of applying for a Bajaj Finserv Loan Against Car is straightforward. Visit our loan against car page and click on the 'APPLY' button on this page. Fill in your asset details, such as the loan active on your car, make, model, variant, and more. Complete the application form with your personal information, including your name, mobile number, email ID, PIN code, residence type, and type of employment. Submit your loan against car application.
Our representative will call and guide you on the next steps. Once we successfully verify your documents, we will transfer the loan amount to your bank account.
Factors to consider before applying for a loan against car:
- Loan amount: Lenders typically determine the loan amount based on your vehicle's market value. Having a realistic understanding of your car's worth helps negotiate effectively and secure an appropriate loan amount.
- Interest rates: Carefully examine the interest rates offered by different lenders for a loan against your car. Compare and choose the most favourable terms with lower interest rates to save on the total repayment amount during the loan tenure.
- Loan tenure: Select the repayment tenure based on your financial situation. A longer tenure may offer lower monthly instalments but higher interest payments overall. Conversely, a shorter tenure means higher monthly payments but potential interest savings in the long run.
- Fees and charges: Thoroughly examine the lender's terms and conditions before finalising the loan. It is important to be aware of all fees and charges associated with the loan against your car. These charges include processing fees, documentation fees, late payment penalties, or foreclosure charges.
Click on the link to visit our loan against car page and know more about this product.
