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Key Features of Bajaj Finserv Car Loan

  • High Loan Amount:
    You can avail of a loan up to ₹47 lakh (or more, depending on eligibility), allowing you to finance both new and used cars, including premium models.
  • Flexible Tenure Options:
    Repayment tenure ranges from 12 to 72 months (1 to 6 years), giving you the flexibility to choose a plan that suits your financial situation.
  • Quick and Hassle-Free Process:
    The application process is streamlined with minimal documentation, and approvals can be granted within 24 to 48 hours, ensuring you can drive your car home sooner.
  • 100% On-Road Price Funding:
    Bajaj Finserv provides financing that covers up to 100% of the car’s on-road price, including registration, insurance and accessories (subject to terms and eligibility).
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    • Competitive Interest Rates: Offers attractive interest rates starting from as low as 8% per annum (varies based on credit profile, loan amount, and tenure), making it cost-effective.
    • Part-Payment and Foreclosure Options: - New Car Loans: Up to 100% funding of the car’s invoice value, minimizing the need for additional savings.
      - Used Car Loans: Up to 95% of the car’s value, with premium vehicles eligible for up to 110% LTV under specific conditions.
    • Online Account Management: Through the Bajaj Finserv app or customer portal, you can manage your loan, check EMI schedules, make payments, and download statements anytime, anywhere. depending on credit score and repayment history. Ideal for urgent financial needs without selling your car.
    • Pre-Approved Offer: Existing Bajaj Finserv customers may receive pre-approved car loan offers, simplifying the process further and reducing approval time. Steps: Visit the loan section, select "Car Loan," fill in details, upload documents, and submit.
    • No Additional Collateral Required: The vehicle itself acts as collateral, making the loan more accessible with no need for extra security or guarantees.
    • Convenient Application Channels: Apply online through the Indian Bank website or mobile app, or visit a branch. You can also use virtual assistants like TIA (24/7) and WhatsApp support for a seamless experience.
    • Used Car Financing:
      • Apart from new cars, Bajaj Finserv also provides loans for pre-owned vehicles, with loan amounts and terms tailored to the car’s valuation.
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Benefits of Bajaj Finserv Car Loan

  • Affordable Financing with Competitive Interest Rates: Bajaj Finserv offers car loans with interest rates starting as low as 8% per annum (subject to creditworthiness), helping you save on the overall cost of borrowing compared to higher-rate alternatives.
    Affordable EMIs ensure that car ownership fits within your budget without financial strain.
  • High Loan Amount Coverage: Individuals can borrow up to ₹50 lakh for Indian vehicles and ₹100 lakh for foreign ones, while businesses can access up to ₹200 lakh—ideal for personal use or fleet expansion.
    You can finance up to 100% of the car’s on-road price, which includes the ex-showroom price, insurance, registration, taxes, and even accessories. This reduces the need for a large upfront payment.
      • Freedom to Prepay Without Penalties: The absence of prepayment charges is a major advantage, allowing borrowers to pay off the loan early if they come into extra funds.
      • Cost-Effective with Low Processing Fees: A modest processing fee of 0.23% of the loan amount (capped at Rs. 10,000) ensures that borrowers aren’t hit with high upfront costs.
      • Quick and Convenient Application Process: Fast approvals mean borrowers can drive away their vehicle sooner, especially beneficial for those needing a car urgently for work or family needs.
      • Support for Both New and Used Cars: Financing for used cars (up to 3 years old) makes vehicle ownership affordable for budget-conscious buyers who may not want or need a brand-new car.
      • No Extra Collateral Needed: The financed vehicle itself secures the loan, eliminating the need to pledge additional assets, which reduces risk and complexity for borrowers.
      • Financial Flexibility with Top-Up Loans: Access additional funds (up to 180% of the car’s value, capped at ₹47 lakhs) through refinancing or top-up options, providing a safety net for emergencies or other expenses.
      • Bundled Insurance Convenience: Option to include comprehensive insurance with EMI payments via Mahindra Insurance Brokers Ltd., simplifying vehicle protection and budgeting under one plan.
      • Empowers Rural and Semi-Urban Buyers: With a strong presence beyond metro cities, Indian Bank supports customers in smaller towns and villages, bridging the gap where banking services may be limited.
      • Wide Reach and Accessibility: Flexibility to opt for fixed EMIs or adjustable plans (e.g., step-up or reducing balance) ensures payments align with your financial growth, enhancing affordability over time.
      • Boosts Financial Planning: By spreading the cost of the car over manageable EMIs, you can maintain liquidity for other expenses or investments, rather than draining your savings on a lump-sum purchase.
      • Enhanced Buying Power: Use the BOI Car Loan EMI Calculator online to tailor the loan amount, tenure, and EMI to your financial capacity. Eligibility-based financing ensures the loan aligns with your income level.
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How to Apply for a Bajaj Finserv Car Loan

  1. Visit the Official Website or App
    • Go to the Bajaj Finserv website (bajajfinserv.in) or download the Bajaj Finserv mobile app from the Google Play Store or Apple App Store.
  2. Navigate to the Car Loan Section
    • On the homepage, look for the “Loans” tab, then select “Car Loan” from the dropdown menu or search for it directly.
  3. Check Eligibility
    • Use the online eligibility calculator by entering details like your income, age, employment type (salaried or self-employed), and desired loan amount. This gives you an idea of your approval chances.
  4. Fill Out the Application Form
    • Provide personal details (name, contact number, email), income details, and car details (new/used, model, price).
    • If you’re an existing customer, log in with your registered mobile number to expedite this step.
  5. Upload Documents
    • Submit digital copies of required documents. Ensure files are clear and in accepted formats (e.g., PDF, JPEG).
  6. Calculate EMI
    • Use the EMI calculator on the website to choose a loan amount and tenure (12 to 72 months) that suits your budget.
  7. Submit the Application
    • Review your details and submit the form. You’ll receive an application reference number via SMS or email for tracking.
  8. Verification and Approval
    • A Bajaj Finserv representative may contact you for verification. Once verified, approval is typically granted within 24 to 48 hours.
  1. Visit a Bajaj Finserv Branch
    • Locate a nearby branch using the branch locator on their website or app.
  2. Meet a Representative
    • Speak to a loan officer who will guide you through the process and provide a physical application form.
  3. Submit Documents
    • Hand over hard copies of your documents along with the completed form.
  4. Discuss Loan Terms
    • The representative will help you select a loan amount, tenure, and EMI plan based on your needs.
  5. Approval and Disbursal
    • After document verification, the loan is approved and disbursed, similar to the online process.

Eligibility Criteria for Bajaj Finserv Car Loan

  • 1. Age Requirement:
    • Minimum Age: 21 years at the time of loan application.
    • Maximum Age: 67 years at the time of loan maturity.
  • 2. Employment Type:
    • Salaried Individuals: Employed with reputed private or government organizations. Minimum 1 year of continuous employment.
    • Self-Employed Individuals: Professionals or business owners with business operational for at least 2–3 years.
    • Business Entities: Small firms or partnerships with income and documentation proof.
  • 3. Minimum Income:
    • Salaried: Minimum monthly income of ₹25,000 (may be higher in metro cities).
    • Self-Employed: Annual income of ₹2–3 lakh as per ITRs (varies with loan amount).
  • 4. Credit Score:
    • Preferred CIBIL Score: 700 or above.
    • Minimum Score: Around 650 may still qualify.
    • New to Credit: Considered with strong income/co-applicant.
  • 5. Residential Stability:
    • Must be a resident of India.
    • Stable residence for at least 6 months to 1 year with verifiable proof.
  • 6. Nationality:
    • Open to Indian citizens only. NRIs may have alternate options.
  • 7. Vehicle Type:
    • New cars: All models eligible, subject to approval.
    • Used cars: Up to 8–10 years old from manufacturing date.
  • 8. Documentation:
    • Identity Proof: Aadhaar, PAN, Passport, Voter ID.
    • Address Proof: Aadhaar, utility bill, rent agreement.
    • Income Proof:
      • Salaried: 3 months’ salary slips, bank statements, Form 16.
      • Self-Employed: ITR for 2–3 years, P&L statement, bank statements.
    • Vehicle Documents: Quotation for new car or RC/valuation for used car.
  • 9. Co-Applicant (Optional):
    • Can be added if the primary applicant has low income or credit score. Should have stable income and credit profile.
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Documents Required for Bajaj Finserv Car Loan

  • 1. Identity Proof (Any One):
    • Aadhaar Card (preferred and widely accepted)
    • PAN Card (mandatory for financial transactions)
    • Passport (valid for both identity and address proof)
    • Voter ID Card
    • Driving License (if address is updated)
    Purpose: To confirm identity and link to financial profile.
  • 2. Address Proof (Any One):
    • Aadhaar Card (if not used as ID proof)
    • Utility Bill (electricity, water, or gas bill not older than 3 months)
    • Passport (if reflects current address)
    • Registered Rental Agreement
    • Voter ID Card or Driving License with updated address
    • Bank Statement with address (last 3 months, stamped by bank)
    Purpose: To verify residence and contactability.
  • 3. Income Proof:
    • Salaried: Last 3 months’ salary slips, Bank statements (3–6 months), Form 16 (previous FY), Appointment letter (optional)
    • Self-Employed/Business Owners: ITRs (last 2–3 years), Profit & Loss statement, Balance sheet (last 2 years, CA certified), Business/Personal account bank statements (last 6 months), GST Returns (optional)
    Purpose: To assess repayment ability and eligibility.
  • 4. Vehicle-Related Documents:
    • New Cars: Proforma invoice or quotation (detailing on-road price)
    • Used Cars: RC (original or copy), Valuation report, Insurance copy, Ownership transfer documents
    Purpose: To secure the loan against a specific vehicle and validate its worth.
  • 5. Photographs:
    • 2–3 recent passport-size photographs
    Purpose: Required for identification and file records.
  • 6. Application Form:
    • Duly filled and signed loan application form (can be completed online)
  • 7. Additional Documents (If Applicable):
    • Co-applicant’s KYC and income proof
    • Business proof (e.g., shop license, GST registration, partnership deed)
    • Existing loan statements (if any)

Key Factors for a Bajaj Finserv Car Loan

  • 1. Credit Score:
    • Higher CIBIL score (700+ preferred, 650+ minimum) increases approval chances and lowers interest rates.
    • 700–900: Faster approval, lower rates (as low as 8% p.a.).
    • 650–700: Approval possible with stricter terms.
    • <650: Risk of rejection or need for co-applicant.
  • 2. Income Level:
    • Salaried: Minimum ₹25,000/month (higher in metros).
    • Self-employed: Annual income ₹2–3 lakh via ITR.
    • Higher income = eligibility for up to ₹47 lakh or 100% on-road price.
  • 3. Debt-to-Income Ratio (DTI):
    • Ideal DTI: Existing EMIs < 50–60% of monthly income.
    • High DTI may lower loan amount or cause rejection.
  • 4. Employment Stability:
    • Salaried: Preferably 1+ year with current employer.
    • Self-employed: Business should be active for 2–3 years.
    • Frequent job changes or new businesses face scrutiny.
  • 5. Age of Applicant:
    • Eligible age: 21 at application to 67 at loan maturity.
    • Younger = longer tenure (up to 72 months).
    • Older = shorter tenure aligned with retirement.
  • 6. Vehicle Type and Value:
    • New Cars: Up to 100% on-road funding.
    • Used Cars: Up to 70–90% of current value (max age: 8–10 years).
    • Premium models may get higher loan amounts.
  • 7. Loan Amount Requested:
    • Ranges from ₹1 lakh to ₹47 lakh or higher.
    • Larger loans require stronger financial profiles.
  • 8. Loan Tenure:
    • Tenure options: 12 to 72 months.
    • Short tenure = higher EMI, lower interest.
    • Long tenure = lower EMI, more interest paid overall.
  • 9. Interest Rate:
    • Starts from 8% p.a., depends on credit score, income, and tenure.
    • Fixed rates ensure EMI predictability.
  • 10. Down Payment:
    • Typically 0–20% of on-road price.

FAQs On Bajaj Finserv Car Loan

What is a Bajaj Finserv Car Loan?
Bajaj Finserv offers pre-approved and customized car loans for new and used cars with competitive interest rates, quick approval, and minimal documentation.
What are the eligibility criteria for a Bajaj Finserv Car Loan?
  • Age: 21 to 75 years (salaried/self-employed)
  • Income: Minimum ₹25,000/month (salaried) or ₹3 Lakhs/year (self-employed)
  • Credit Score: 700+ preferred
  • Employment: At least 1 year of work experience (salaried) or 3 years in business (self-employed)
What documents are required for a Bajaj Finserv Car Loan?
  • For Salaried Individuals:
    ID & Address Proof (Aadhaar, PAN, Passport)
    Salary slips (last 3 months)
    Bank statements (last 6 months)
    Form 16/ITR (if applicable)
  • For Self-Employed Individuals:
    Business proof (GST, Shop Act License)
    Bank statements (last 1 year)
    ITR (last 2 years)
    Business address proof
What is the maximum loan amount I can get?
Up to 100% on-road funding (depending on model and eligibility). Loan amounts range from ₹1 Lakh to ₹50 Lakhs.
What is the interest rate on Bajaj Finserv Car Loan?
Starting from 8.50% p.a. (varies based on credit profile, loan tenure, and car model).
What is the repayment tenure?
12 months to 84 months (7 years) with flexible EMI options available.
Can I get a loan for a used car?
Yes, Bajaj Finserv provides loans for used cars up to 3–5 years old, depending on the condition and model.
How long does loan approval take?
Instant approval for pre-approved customers. Within 24–72 hours for others (subject to document verification).
Is there a prepayment penalty?
No prepayment charges if paid from own funds after 12 EMIs. Foreclosure charges may apply in some cases.
Can I transfer my existing car loan to Bajaj Finserv?
Yes, Bajaj Finserv offers car loan balance transfer with lower interest rates and better terms.
How can I apply for a Bajaj Finserv Car Loan?
  • Online: Via Bajaj Finserv website/app
  • Offline: Visit a Bajaj Finserv branch or dealer partner
Does Bajaj Finserv offer doorstep service?
Yes, they provide document pickup and verification at your location for convenience.
What happens if I miss an EMI payment?
Late payments attract penal interest and may affect your credit score. Contact Bajaj Finserv for EMI restructuring if needed.
Is insurance mandatory with the loan?
Yes, comprehensive car insurance is required for the loan tenure.
How can I check my loan status?
Log in to the Bajaj Finserv customer portal or call customer care at 8885545255.

List of Bajaj Finserv Car Loans

  • Bajaj Finserv New Car Loan
  • Bajaj Finserv Used Car Loan (Pre-Owned Car Loan)
  • Bajaj Finserv Electric Vehicle (EV) Car Loan
  • Bajaj Finserv Car Loan for Agriculturists
  • Bajaj Finserv NRI Car Loan
  • Bajaj Finserv Top-up Car Loan
  • Bajaj Finserv Loan Against Car (Car Refinance Loan)
  • Bajaj Finserv Commercial Vehicle Loan
  • Bajaj Finserv Luxury Car Loan
  • Bajaj Finserv Insta Car Loan (Instant Approval Online)
  • Bajaj Finserv Pre-approved Car Loan
  • Bajaj Finserv Car Loan Balance Transfer