Bajaj Finance, an NBFC established in 1987 and headquartered in Pune, offers a used car loan with interest rates ranging from 10% to 18.25%. The loan amount ranges from ₹1 lakh to ₹2.5 crore, with tenure between 12 and 84 months. A prepayment penalty of 4.72% applies, though Bajaj Finance states that foreclosure and part-prepayment are not permitted for individual and MSE borrowers on floating-rate loans.
Required documentation includes KYC, PAN, employee ID, two months of salary slips, three months of bank statements, and the vehicle's RC and insurance. The car being financed must be no more than 12 years old, with no more than 2 prior owners, and must be for private use only. Rate type, processing fee, minimum CIBIL score, borrower age limits, minimum salary, employment type eligibility, and RBI registration class are not published for this product.
At 10%, Bajaj Finance has one of the lowest starting rates of the 9 lenders we track for used car loans.
As published by Bajaj Finance. Your branch may ask for more.
A used vehicle is riskier collateral and depreciates faster, so lenders price the rate higher and finance a smaller share of the value. NBFCs often approve older cars and thinner files that banks decline.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.