A Guide To 2nd Hand Car Loan From Bajaj Finserv



In India, the used automobile market is expanding. This is partly due to rising middle-class spending power and the growing presence of major automobile manufacturers in the region. In addition, due to the enormous variety of options available in each segment, the Indian buyer is regularly enticed to upgrade to a new vehicle that promises sportier performance, a more powerful engine, improved comfort, and, of course, increased mileage. As a result of this predicament, used cars are flooding the market. Due to this, many financial institutions or banks have started providing 2nd hand car loans or old car loans. The buyer of a used car now has more choices than ever before. Individuals who would normally sell their car after five years do it in three; others even sell their autos sooner. This implies that top-quality, well-equipped cars are available on the market at extremely reasonable costs.

With India's used automobile industry on the rise, there's a good chance you'll be able to get a great deal on a used car. And today's financial lenders can help you acquire a used car with ease by providing financing at reasonable rates. However, before you choose a 2nd hand car loan to purchase a used car, it's a good idea to familiarize yourself with all aspects of the loan. By using a 2nd hand car loan, you can easily finance your used car purchase. Pay off your high-value automobile loan over a flexible tenor with a loan of high value. In addition, the Flexi loan feature lets you pay lower EMIs up to 45%, making the loan even more manageable. As a bonus, it allows unlimited deposits and withdrawals for no charge.

Features of 2nd hand car loan

       High-value loan

Buying a pre-owned vehicle becomes easy and manageable with a loan that covers up to 90% of its value.


       Ease your EMIs

With Flexi Loans, your 2nd hand car loan EMIs can be lowered by up to 45%, giving you more flexibility.


       Part-payment facility

Use surplus funds to part-pay when you can.



       Flexible repayment options

The repayment terms can range from 12 to 60 months. Pick a period that works for you.


       No withdrawal limit

With a loan limit, you can borrow when you need from it without filling out a new application every time.


       Only pay interest on utilized amounts

Due to Flexi Loans, you only pay interest on your used amount, not the entire principal.

Benefits of 2nd hand car loan

        Fast Approval Process

        Up to 45% lower EMI

        Flexible Repayment option

        Get a loan amount in 24 hours

        Manage EMI using Digital loan amount

Eligibility Criteria

        Must be an Indian National

        Age limit in between 21 years to 67 years

        Vehicles should be no older than five years old and should not have more than one previous owner.

        Salaried professionals with at least a year of experience. An instant personal loan for salaried can be used to purchase a used car.

Documents Required

        KYC documents

        Last three months' bank statements

        For salaried individuals, salary slips for the previous three months

Top reasons that show Bajaj Finserv is the best option for 2nd hand car finance

Minimum documentation

You only need a few papers to get a personal loan from Bajaj Finserv. However, you must first meet the minimum eligibility requirements. To be eligible, you must be an Indian citizen working for a multinational corporation, a government agency, or a private enterprise with a steady salary.

Instant approval and quick disbursal

It does not take long for the loan application to be authorized once all relevant paperwork has been presented. In reality, for the most part, the approval is completed in just minutes. It takes only 24 hours for the money to be credited to your bank account after that.

No hidden charges

Bajaj Finserv believes in interacting with consumers openly and honestly. As a result, the company's products do not have any hidden charges.

Flexible tenor

You don't have to be concerned about repaying the loan soon. 2nd hand car loan has a flexible tenor, allowing you to make payments whenever convenient for you. The tenor might last anywhere from 12 to 60 months.

2nd hand car loan is are available at competitive interest rates with reasonable fees. All policies are transparent, so there is no surprise charge. You can get affordable interest rates on the best personal loan for a used car. So by using a personal loan app, you can take a loan on a used car in a hassle-free manner. 

Read Also: Buying a Used Car? Take a Personal Loan for Used Cars to Meet the cost







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