3 unique variants of our car loan balance transfer and top-up
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Flexi Term Loan
Let us say you have a Rs. 20 lakh loan with a 24-month repayment period. You made timely EMI payments for the first year. By this time, you must have repaid approximately Rs. 10 lakh plus interest.
You can use our car loan balance transfer and top-up calculator to evaluate your EMIs.
Now, you need an extra Rs. 5 lakh. All you have to do is withdraw the amount from your Flexi Term Loan account.
Let us say you decided to pay off a certain amount of your debt after four more months, around Rs. 10 lakh. You can simply prepay in your Flexi Term Loan account.
Interest is adjusted throughout, and you pay interest only on the remaining principal. Both the principal and the adjusted interest are included in your EMI.
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Flexi Hybrid Loan
This variant works just like the Flexi Term Loan. The only difference is that, for the initial period of the loan, your EMI will only consist of the applicable interest. For the subsequent period, the EMI will consist of both, the interest and principal components.
Click here for a detailed description of how our Flexi Hybrid Loan works.
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Term Loan
This is like a regular top-up loan. You borrow a certain amount of money, which is divided into equated monthly instalments that consist of both, principal and the applicable interest.
Features and benefits of our car loan balance transfer and top-up
Benefits of Car Loan Balance Transfer and Top-up
Watch this video for a quick view of the key features of Bajaj Finserv Car Loan Balance Transfer and Top-up
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3 unique variants
Choose the type of loan that fits your needs – Flexi Term, Flexi Hybrid, or Term.
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Loan of up to Rs. 47 lakh
Transfer the balance of your existing car loan and get a high-value top-up of up to 180% of the car’s value with a limit of up to Rs. 47 lakh.
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Flexible tenures
Repay your loan easily with convenient repayment options ranging up to 72 months.
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No part-prepayment charge on Flexi Loans
Pay back a portion of your loan ahead of schedule at no extra cost with our Flexi facility. You can part-prepay as many times as you want.
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Immediate processing
In most cases, you will get the car loan balance transfer and top-up amount credited to your account within 48 hours of approval.
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Premium services
Get additional services such as car insurance, life insurance, financial fitness report, and GPS tracker at a very nominal cost.
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No hidden charges
All fees and charges are mentioned upfront on this page and in the loan document. We advise you to read these in detail.
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Doorstep assistance
Get doorstep support by submitting your documents to our representative without stepping out of your home.
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*Terms and conditions apply.
Still haven’t found what you’re looking for? Click on any of the links at the top of this page.
Eligibility criteria and documents required
There are just a few simple criteria to be eligible for our car loan balance transfer and top-up. Once you meet all the criteria, you need very few documents to finish your application process.
Eligibility criteria
Nationality: Indian
Age: 18 to 80 years*
For salaried employees: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000
For self-employed individuals: Applicants must submit an ITR proof for the last 2 years
Documents
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- PAN card
- Employee ID card
- Salary slips for the last 2 months
- Bank account statements for the previous 3 months
- Vehicle registration certificate and insurance copy
*Higher age limit is applicable at the time of loan maturity.
Car loan balance transfer and top-up application process
Applicable fees and charges
Type of fee |
Applicable charges |
Rate of interest |
9.50% to 22% p.a. |
Processing fee |
Up to 2.95% of the loan amount (inclusive of applicable taxes). |
Documentation charges |
Up to Rs. 2,360 (inclusive of applicable taxes). |
Flexi fee |
Term Loan – not applicable Flexi Term Loan (Flexi Dropline) - up to Rs. 999/- (inclusive of applicable taxes) Flexi Hybrid Loan (as applicable below)
The charges above will be deducted upfront from the loan amount *Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges. |
Prepayment charges |
Full prepayment (foreclosure)
Part-prepayment
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Annual maintenance charges |
Term Loan: Not applicable Flexi Term Loan (Flexi Dropline):
Flexi Hybrid Loan:
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Bounce charges |
In case of default of repayment instrument, Rs. 1,500 per bounce will be levied. |
Penal Charge |
Delay in payment of instalment(s) shall attract Penal Charge up to Rs. 25 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from the loan amount. |
Legal and incidental charges |
Actual legal and incidental charges under applicable laws |
Repossession charges |
Repossession charges at actual with a maximum capping of Rs. 50,000 (inclusive of applicable taxes) |
Auction charges |
At actuals |
Valuation charges |
At actuals |
Stockyard charges |
Rs. 118 per day for 60 days (inclusive of applicable taxes) |
Mandate rejection charges |
Rs. 450/- per month from the first month of due date for mandate rejected by customer’s bank until the new mandate is registered. |
Loan re-booking charges |
Rs. 1,000 (inclusive of applicable taxes). |
Loan cancellation charges |
Rs. 2,360 (inclusive of applicable taxes) (interest till cancellation to be borne by the customer). |
NOC for interstate transfer |
Rs. 1,180 (inclusive of applicable taxes). |
NOC to convert from private to commercial |
Rs. 3,540 (inclusive of applicable taxes). |
Duplicate NOC |
Rs. 500 (inclusive of applicable taxes). |
Broken period interest/ pre-EMI interest |
Broken period interest/ pre-EMI interest shall mean the amount of interest on the loan for the number of day(s), which is(are) charged in two scenarios: In this scenario, we recover broken period interest through the following methods:
Scenario 2 – within the first 30 days from the loan disbursal date until charging the initial EMI: |
Frequently asked questions
Bajaj Finance Limited offers a car loan balance transfer and top-up loan at an interest rate starting at 9.50% p.a. Know more about the car loan balance transfer interest rate and charges.
With car loan balance transfer and top-up, you can transfer your existing car loan to Bajaj Finance Limited and get a top-up of up to 180% of your vehicle’s value. However, the maximum loan amount is up to Rs. 47 lakh.
Car loan balance transfer and top-up is a facility where you can transfer your existing car loan to Bajaj Finance and can also get some extra funds as a top-up based on your car’s valuation.
Read to know how to apply for a car loan balance transfer and top-up.
You do not need a guarantor to avail of a car loan balance transfer and top-up. However, if your income does not meet our credit criteria, then you may require a guarantor to get a loan.
With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can repay the loan over tenures ranging up to 72 months.
This facility is available only to transfer an existing loan to Bajaj Finance and get a top-up amount.
With a car loan balance transfer and top-up, you can fund any private vehicle of your choice.
However, we do not provide funding for:
- Yellow plate or commercial vehicles
- Vehicles owned by more than 3 previous customers
- Vehicles with an age of more than 10 years on loan completion
Your CIBIL Score plays a vital role in getting a car loan balance transfer and top-up. CIBIL Score must be 720 or above to be eligible for this facility.
To make your loan application procedure simple and seamless, we perform vehicle valuation and verification as a part of the loan application process.
Yes, with lender approval, a car loan can be transferred to another person through a process known as loan assumption.
Alternatively, you can also transfer your existing car loan to us if you are looking for better loan terms.