NewsVoir
Pune (Maharashtra) [India], October 23: Choosing a pre-owned vehicle is a sensible decision balancing cost-effectiveness with practicality. However, ensuring the selected car meets quality standards can be a challenging process. Fortunately, financing a pre-owned car can be remarkably straightforward. Bajaj Finance offers used car loans, which are designed to help individuals finance their dream car without any hassle. Bajaj Finserv Used Car Loans have straightforward eligibility criteria and require only a few documents.
Borrowers can get funding of up to Rs 77 lakh, allowing them to bring their desired car home. This loan option is particularly useful for customers seeking quick access to finances, making it a suitable choice for meeting their pre-owned car financing needs.
Here are some of the features offered by Bajaj Finserv Used Car Loan that simplifies the financing process:
Minimal documentation
One of the most compelling features of Bajaj Finserv Used Car Loan is the minimal documentation requirement. Customers simply need to submit their basic documents - such as their KYC documents, PAN card, bank statements and salary slips of the last three months. This aspect allows for a smoother and more expedited application process.
Simple eligibility criteria
The eligibility criteria for a Bajaj Finserv Used Car Loan are designed to be accessible to a wide range of potential borrowers. Age, credit history, monthly income, and one's employment status are some of the factors that are considered.
Quick disbursal
Bajaj Finance ensures that the loan amount is credited to the customer's bank account within 48 hours* after loan approval. Customers can purchase their used car without delay owing to the quick disbursal facility.
Pre-approved offers
Existing Bajaj Finance customers who meet the used car loan eligibility criteria can gain quick access to funds with exclusive pre-approved offers. Customers simply need to input their valid mobile number and OTP to check their offer. New customers can complete the simple online application form and proceed.
3 unique loan variants
Bajaj Finance offers three variants of used car loans: Term Loan, Flexi Term Loan, and Flexi Hybrid Loan. When a customer selects the Flexi Loan option, a loan limit is assigned to them from which they can withdraw funds as needed. Interest is charged only on the amount withdrawn, not on the total assigned limit. Customers can also part-prepay their Flexi Loan variants as many times as they can without paying any additional charges. A Flexi Hybrid Loan comes with the additional feature of paying interest-only EMIs for the initial tenure.
Bajaj Finserv Used Car Loan is an asset-based loan facility and customers can get loans of up to 100% of their car's value, guaranteeing that they get the highest possible funding for their car purchase. This allows individuals to buy their ideal car without putting pressure on their finances. Customers can also get the added convenience of doorstep assistance throughout the loan application procedure, including document collecting and registration certificate transfer.
With its straightforward eligibility criteria, minimal documentation, and swift disbursal of funds, Bajaj Finserv Used Car Loans provides a convenient and simplified solution for funding the purchase of a pre-owned vehicle.
*Terms and conditions apply.
Bajaj Finance Ltd. ('BFL,' 'Bajaj Finance,' or 'the Company'), a subsidiary of Bajaj Finserv Ltd., is a deposit-taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs and commercial customers, with a significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 72.98 million customers. BFL has the highest domestic credit rating of AAA/ Stable for long-term borrowing, A1+ for short-term borrowing and CRISIL AAA/ Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of 'BBB-/Stable' and a short-term issuer credit rating of 'A-3' by S&P Global Ratings.
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