5 reasons to opt for car loan balance transfer and top-up

With the increase in the popularity of car loans, purchasing your desired vehicle has become more accessible and convenient. However, while you are repaying your current car loan, you might discover alternative loan options that offer more favourable terms. In such cases, transferring your existing car loan to another lender might make your loan repayment more affordable.

Bajaj Finance offers convenient car loan balance transfer that comes with a high-value top-up loan of up to Rs. 47 lakh. With simple eligibility criteria and competitive car loan balance transfer interest rates, Bajaj Finance makes your borrowing experience convenient and hassle-free.

Here are five compelling reasons why opting for a car loan balance transfer and top-up from Bajaj Finance can be a financially savvy move.

Substantial top-up loan amount

With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can get additional funds up to Rs. 47 lakh as a top-up loan. You can use this high-value loan to manage your car’s routine upkeep and maintenance. From getting your car serviced to installing new accessories such as a dash camera or speakers, you can manage these expenses with this additional top-up loan.

Flexible repayment tenure

Car loan balance transfer and top-up offered by Bajaj Finance comes with flexible repayment tenure options. You can choose a repayment period ranging from 12 months to 72 months. This long repayment period allows you to spread your loan into manageable monthly instalments that are easier on your pocket.

Flexi Loan facility

Bajaj Finance offers three unique loan variants – Term Loan, Flexi Term Loan, and Flexi Hybrid Loan. When you choose either of these Flexi Loan variants, a loan limit is assigned to you. You can withdraw funds as many times as you need from this pre-defined limit and pay interest only on the amount you borrow, not the entire approved limit. These Flexi Loan variants also allow you to part-prepay your loan multiple times at no additional cost. However, if you opt for the Flexi Hybrid Loan, you have the option to pay interest-only EMIs for the initial part of the tenure.

Simple eligibility criteria

Qualifying for Bajaj Finserv Car Loan Balance Transfer and Top-up is easy, thanks to its simplified eligibility criteria. If you are a Indian citizen aged between 18 and 80 years* and meet the basic income criteria, you can qualify for this product. However, if you are a self-employed individual, you need to submit ITR proof of the past two years. Once you fulfil these basic eligibility criteria for car loan balance transfer and top-up, you need to submit a few documents. These include PAN card, KYC documents, salary slips, and bank statements.

Easy online application process

Bajaj Finserv Car Loan Balance Transfer and Top-up comes with a hassle-free online application process. You can fill out the online application form by sharing a few basic details. Once you submit the form, you will receive a call from the representative of Bajaj Finance who will assist you on further steps. You can also opt for the doorstep document collection facility and submit your documents from the comfort of your home.

With the help of car loan balance transfer and top-up, you benefit from better loan terms, which helps you save on your overall borrowing cost. With Bajaj Finance, you can get competitive interest rates and flexible tenure options that help you manage your loan repayment better.

Download the Bajaj Finserv app or visit the Bajaj Finserv website to apply for a car loan balance transfer and top-up today.

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