Know all about the used car loan eligibility criteria

The festive season is a magical time of year—filled with joy, celebrations, and a sense of renewal. It’s also the perfect time to make significant purchases, like a car. However, buying a new car often requires a huge sum of money. This is where used car emerges as a cost-effective alternative. Though buying a used car is more affordable than a brand-new one, it still requires a substantial amount. This is where used car loans come in handy as they allow you to split the cost of your car purchase into small monthly instalments. With the advent of digitisation, applying for a used car loan is easy and convenient. However, if you are applying for a loan, understanding the used car loan eligibility and document requirements is extremely necessary.

Lenders like Bajaj Finance offer used car loans that come with simple eligibility criteria and minimal paperwork. You can qualify for a Bajaj Finserv Used Car Loan if you are an Indian resident aged between 18 and 80 years* with a CIBIL Score of 700 or higher. If you are a salaried individual, you should have an experience of 1 year with a minimum monthly salary of Rs. 20,000. However, if you are a self-employed individual, you need to submit an ITR proof of the last 2 years.

Apart from fulfilling these basic used car loan eligibility criteria, you need to submit a few documents to complete your Bajaj Finserv Used Car Loan application. These documents include PAN card, KYC documents, employee ID card, salary slips, bank account statements, vehicle registration certificate, and insurance copy. In addition to these simple eligibility criteria and minimal documentation, Bajaj Finance offers used car loans with a host of other benefits.

High-value loans: Whether you're looking for a budget-friendly hatchback or a luxurious SUV, Bajaj Finserv Used Car Loans have got you covered. With a high-value loan of up to Rs. 77 lakh, it provides you with the flexibility to buy a used car of your choice without any budget constraints.
Quick disbursal: Time is of the essence, especially during the festive season. Bajaj Finance ensures quick disbursal of your loan within 48 hours* of approval. This fast disbursal facility allows you to bring home your desired car without any delay.

Flexible repayment tenures: With Bajaj Finserv Used Car Loan, you have the option to repay your loan over a long repayment period of up to 72 months. This extended repayment period allows you to split the cost of your used car into manageable monthly instalments. 
Easy online application: Applying for a used car loan has never been easier. You can go to the used car loan page on the Bajaj Finserv website and fill in the online application form with your basic details. Once you submit the form, a representative from Bajaj Finance will connect with you to guide you on further steps. You can also benefit from the doorstep document collection facility and submit your documents from the comfort of your home.

Understanding used car loan eligibility is essential for making your car-buying journey smooth and stress-free, especially during the festive season. Bajaj Finance offers a range of benefits designed to help you secure the car of your choice with ease. From high-value loans and quick disbursals to flexible repayment tenures and easy online applications, Bajaj Finance makes it easier than ever to own a used car. Ready to drive home your dream car this festive season? Visit the Bajaj Finserv website or download the app and start your used car loan application.

*Terms and conditions apply