How to apply for our Used Car Loan

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Used Car Loan EMI Calculator

Used Car Loan EMI Calculator

Plan your pre-owned car instalments wisely.

Disclaimer

Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.

The calculator(s) are not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.

Features and benefits of our used car loan

All you need to know about our used car loan 00:39 ‌

All you need to know about our used car loan

Watch this video to know everything about the features of our used car loan.

  • 3 unique variants

    3 unique variants

    We offer 3 unique variants for our used car loan – Term Loan, Flexi Term Loan and Flexi Hybrid Loan. Choose the one that works best for you.

  • High-value finance

    High-value finance

    Get asset-based finance of up to 115% of the car’s value at a competitive interest rate.

  • Loan of up to Rs. 1.02 crore

    Loan of up to Rs. 1.02 crore

    Get funds ranging up to Rs. 1.02 crore to bring your dream car home.

  • Flexible tenures

    Flexible tenures

    Repay your loan easily with convenient repayment options ranging from 12 months to 84 months.

  • Money in your bank account in 48 hours*

    Money in your bank account in 48 hours*

    Get the used car loan amount credited to your account within 48 hours* of approval.

  • Doorstep assistance

    Doorstep assistance

    Get doorstep support to complete your loan application process – from collecting documents to transferring your registration certificate.

  • Pre-approved offers

    Pre-approved offers

    Check your pre-approved offer by simply entering your mobile number and OTP and get funds instantly.

  • No hidden charges

    No hidden charges

    Our fees and charges are clearly mentioned on our loan documents and on this page. Read them in detail before applying.

    *Terms and conditions apply

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Applicable fees and charges

Type of fee

Applicable charges

Rate of interest

10% to 19% p.a.

Processing fee

Up to 2.95% of the loan amount (inclusive of applicable taxes).

Documentation charges

Up to Rs. 2,360/- (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable
 

Flexi Term Loan (Flexi Dropline) - Up to Rs. 999/- (inclusive of applicable taxes)

Flexi Hybrid Loan (as applicable below)

  • Up to Rs. 1,999 (inclusive of applicable taxes) for loan amount less than Rs. 2,00,000.
  • Up to Rs. 3,999 (inclusive of applicable taxes) for loan amount from Rs. 2,00,000 to Rs. 3,99,999.
  • Up to Rs. 5,999 (inclusive of applicable taxes) for the loan amount from Rs. 4,00,000 to Rs. 5,99,999.
  • Up to Rs. 6,999 (inclusive of applicable taxes) for the loan amount from Rs. 6,00,000 to Rs. 9,99,999.
  • Up to Rs. 7,999 (inclusive of applicable taxes) for the loan amount of Rs. 10,00,000 and above.

The charges above will be deducted upfront from the loan amount.

*Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Prepayment charges

Full prepayment (foreclosure)
 

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount payable by the borrower as on the date of such full pre-payment.
  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule, during initial and subsequent tenure, on the date of such full prepayment.

Part-prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.
  • Not applicable for Flexi Loan variants

Annual maintenance charges

Term Loan: Not applicable
 

Flexi Term Loan (Flexi Dropline):

  • Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan:

  • Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure.
  • Up to 0.295% (inclusive of applicable taxes) of total withdrawable Amount during subsequent tenure.

Bounce charges

Rs. 1,500/- per bounce will be levied.

“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.

Penal Charge

Delay in payment of instalment(s) shall attract Penal Charge up to Rs. 25 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from the loan amount.

Legal and incidental charges

Actual legal and incidental charges under applicable laws.

Repossession charges

Repossession charges at actuals with a maximum capping of Rs. 50,000 (inclusive of applicable taxes)

Auction charges

At actuals

Valuation charges

At actuals

Stockyard charges

Rs. 118/- per day for 60 days (inclusive of applicable taxes)

Loan re-booking

Rs. 1,000/- (inclusive of applicable taxes).

Loan cancellation charges

Rs. 2,360/- (inclusive of applicable taxes) (Interest till cancellation to be borne by the customer).

NOC for interstate transfer

Rs. 1,180/- (inclusive of applicable taxes).

NOC to convert from private to commercial

Rs. 3,540/- (inclusive of applicable taxes).

Broken period interest/ pre-EMI interest

 Method of recovery of ‘Broken Period Interest/ pre-monthly instalment interest’ would be as follows:

Scenario 1: If loan is disbursed on 1st or post 15th of the month:

For Term Loan, Flexi Hybrid Loan, Flexi Term Loan (Dropline Flexi): BPI amount will be capitalised, i.e. added to principal amount on due date/ added to first instalment

Scenario 2: If loan is disbursed between 3rd and 15th of the month:

First instalment will consist of interest for actual number of days


*Terms and conditions apply

These charges are applicable only if you purchase the used vehicle from CARS24 and finance it with a loan from Bajaj Finance Limited. If you are looking to purchase the vehicle from anywhere else and finance it using the Bajaj Finance Used Car Loan, click here to check the fees and charges.

NOTE:
In the event of loan cancellation, customer shall also bear the interest accrued on the loan till the date of cancellation and stamp duty charges levied on loan at the time of loan origination.

Frequently asked questions

How can I get a loan for a pre-owned car?

You can get Bajaj Finserv Used Car Loan by visiting our web page and clicking on the ‘Apply’ button. Fill in the form with required details, submit relevant documents, and finish your application.

What is the maximum amount I can get for a pre-owned car?

You can apply for a Used Car Loan of up to Rs. 1.02 crore.

What are the tenure options for a used car loan?

With Bajaj Finserv Used Car Loan you can repay the loan comfortably over tenures ranging from 12 months to 84 months.

Do I need a guarantor to avail of a used car loan?

You do not need a guarantor to avail of a used car loan. However, if your income does not meet our eligibility criteria, then you may require a guarantor/ co-applicant as a security for your loan.

How much time does it take to process a pre-owned car loan?

When you apply for a pre-owned car loan with Bajaj Finance, you will receive the funds within 48 hours* of approval.

*Terms and conditions apply

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Disclaimer

Please note that the contents marked as "Powered by CARS24" are owned by CARS24 and BFL is not making any claims or statement with respect to correctness, accuracy or veracity of such contents. For any queries or dispute on the same, please reach out to CARS24.