Know the eligibility criteria for a second-hand car loan

Meeting the eligibility criteria and being meticulous with your loan documentation plays a vital role in making the borrowing experience hassle-free.

Over the years, a car has evolved from being a luxury commodity to being a necessity. However, buying a brand-new car may not be an economically viable solution for everyone. In such cases, opting for a second-hand car might be a cost-effective alternative. Although it may not require as much funds as a purchasing a new car, it may be a large amount, nonetheless. In such a situation, applying for a used car loan online can be a practical solution. With the advent of digitisation, the application process for a used car loan has become easier and more convenient. However, before you apply for a used car loan, it is important for you to know the eligibility criteria and the documents required.

NBFCs such as Bajaj Finance provide a used car loan with simple eligibility criteria and minimal documentation. You can qualify for Bajaj Finserv Used Car Loan if you are an Indian citizen between the age group of 18 to 80 years' with a CIBIL Score of 720 or higher. However, if you are a salaried individual you must fulfil the minimum monthly salary criteria, while self-employed individuals need to submit an ITR proof of the last 2 years.

Once you fulfil these basic requirements, you need to submit just a handful of documents. These include PAN card, KYC documents, employee ID card, salary slips, bank account statements and more.

In addition to these simple eligibility criteria and minimal documentation, Bajaj Finance offers used car loans with a host of other benefits.

High-value loan

Bajaj Finance provides you access to a substantial loan amount of up to Rs. 77 lakh offering you the financial flexibility to purchase your desired vehicle. With Bajaj Finserv Used Car Loan, you can get asset-based financing of up to 100% of your car's value. Whether aiming for a premium, luxury or high-performance used car, this feature allows you to secure a substantial loan amount to accommodate the higher cost of these vehicles.

Quick disbursal

Opting for the Bajaj Finserv Used Car Loan, you can expect disbursal within just 48 hours' post-approval, facilitating a prompt and seamless financing experience. This expedited process enhances your convenience, allowing you to swiftly move forward with your pre-owned car purchase plans.

Flexible tenure

Bajaj Finance offers used car loans with flexible repayment tenure that allows you to repay easily without impacting your monthly budget. With Bajaj Finserv Used Car Loan, you can spread the cost of your pre-owned car over a tenure of 72 months. A long tenure ensures that you can structure your repayments in a manner that aligns with your financial preferences, making it convenient for you to manage the financial commitment associated with your pre-owned car purchase.

Hassle-free process

Bajaj Finserv Used Car Loans come with a simple application process that makes your borrowing experience hassle-free. You can fill out the online application form and use our doorstep document collection facility to submit your documents. These features ensure that you can avail of this loan facility from the comfort of your home.

Flexi Loan facility

Bajaj Finance offers used car loans in three unique variants - Term Loan, Flexi Term Loan and Flexi Hybrid Loan. If you choose any of these Flexi Loan variants, a loan limit is assigned to you. You can use this loan limit to withdraw funds as many times as you need and part-prepay when you can at no additional cost. However, if you choose Flexi Hybrid Loan, you get the additional benefit of paying interest-only EMIs for the initial part of the tenure.

If you are seeking a quick financial solution without the hassle of a long process, Bajaj Finserv Used Car Loan can be considered as an ideal solution. This financial solution gives you quick access to high-value finance at competitive used car loan interest rates. Apply for a used car loan today and bring your desired car home without delay.

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