Bajaj Finserv offers an attractive used car loan option, making it affordable to buy your dream car. This article covers the benefits, application process, and why it could be a great choice.

What is a Bajaj Finserv Used Car Loan

A Bajaj Finserv Used Car Loan is a secured loan designed specifically to help individuals purchase pre-owned vehicles. This loan covers up to 115% of the car's value, ensuring that even with high-value cars, you can get the necessary financing to make your purchase. Bajaj Finserv provides a hassle-free loan approval process, with quick disbursals and minimal documentation required.

The loan amount is generally based on the price of the car, its age, and condition. Bajaj Finserv’s quick disbursal ensures you can get your hands on your vehicle without much delay. With flexible tenures, you can select a repayment period that fits your budget, ensuring that the process remains affordable throughout the loan tenure.

Features of Bajaj Finserv Used Car Loan

Bajaj Finserv provides an array of attractive features designed to make the used car loan experience seamless and affordable:

High-value Finance

Bajaj Finserv offers up to 115% funding of the vehicle’s value, covering car cost, registration, and insurance.

Loan Amount of Up to ₹1.02 Crore

Loans can cover up to ₹1.02 crore for high-end pre-owned vehicles, depending on the car’s age, model, and condition.

Flexible Tenure Options

Choose tenures from 12 to 84 months. Longer tenures reduce EMIs, while shorter ones save on interest.

Fast Approval and Quick Disbursal

Funds are typically disbursed within 48 hours of loan approval for fast car purchases.

Pre-approved Loans

Existing customers can enjoy pre-approved loans, speeding up the application and approval process.

Minimal Documentation

Minimal paperwork such as proof of identity, income, address, and vehicle details required.

No Hidden Charges

Bajaj Finserv is transparent about fees, ensuring no surprise charges during the loan.

Eligibility Criteria for Bajaj Finserv Used Car Loan

Before applying for a Bajaj Finserv used car loan, ensure you meet the following eligibility criteria:

• Age: You should be between 18 and 80 years. Your age at loan maturity must not exceed 80 years.
  
  
• CIBIL Score: A score of 700+ is ideal, but you can still qualify with a lower score at a higher interest rate.
  
  
• Employment:
  
  
• Salaried: Minimum 1 year work experience and ₹20,000/month salary.
  
  
• Self-employed: Submit 2 years’ ITR.
  
  
• Car Condition Age: The car should be no more than 12 years old with less than or up to 2 previous owners.

How to Apply for Bajaj Finserv Used Car Loan Step-by-Step Guide

The application process for a Bajaj Finserv Used Car Loan is simple and can be done either online or offline. Here’s how you can apply:

Step 1: Online Application

Visit the Bajaj Finserv website or mobile app. Enter your details such as name, phone number, email, etc.

Step 2: Verify Your Identity

Enter your 10-digit mobile number and verify it via an OTP sent to your phone.

Step 3: Submit Documents

Upload the required documents like proof of identity, proof of address, income proof, and car-related details (e.g., registration, insurance).

Step 4: Loan Approval

Bajaj Finserv will assess your eligibility based on the documents you submit and approve your loan application. If you meet the eligibility criteria, the loan will be approved.

Step 5: Disbursal

After loan approval, the funds will be disbursed directly to your bank account, or you will receive a cheque, depending on the loan agreement. You can then use the funds to complete the purchase of your used car.

Benefits of Bajaj Finserv Used Car Loan

• Competitive Interest Rates: Rates range from 10% to 19% per annum, based on credit score and car age.
  
  
• Quick and Easy Loan Process: Minimal documentation and fast approval for quick disbursal.
  
  
• High Loan Amount: Finance up to 115% of the car's value, ideal for higher-value vehicles.
  
  
• Flexible Repayment Options: Choose tenures from 12 to 84 months based on your budget.
  
  
• No Prepayment Charges: Pay off the loan early without penalties.

Conclusion

A Bajaj Finserv Used Car Loan, available on Bajaj Markets, provides an easy, affordable way to finance your pre-owned car. With lower interest rates, higher loan amounts, and flexible repayment options, it’s a great choice for financing your dream vehicle. Ensure you meet the eligibility criteria and review the loan terms for a smooth and hassle-free experience.