6 reasons why you should opt for a car loan balance transfer

6 reasons why you should opt for a car loan balance transfer

Transferring your car loan balance can be a smart decision, offering improved terms that lessen the burden of EMIs and simplify your repayment process.

Buying a car often necessitates taking out a car loan due to the substantial upfront cost involved. While obtaining a loan helps you own your desired car without any unnecessary delay, managing repayments can become challenging over time, especially with higher interest rates or changing financial circumstances.

In such cases, opting for a car loan balance transfer can be a smart decision. It allows you to shift your existing loan to another lender offering lower interest rates or more favourable repayment terms. This can help you ease financial strain and improve overall debt management.

Apart from these primary benefits, lenders like Bajaj Finance also offer high-value top-up loans that help you manage expenses related to your car upkeep or other associated costs. With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can also benefit from quick processing and a hassle-free application process.

Here are some benefits of choosing a car loan balance transfer offered by Bajaj Finance:

  1. High-value top-up loan: When you opt for a car loan balance transfer offered by Bajaj Finance, you get a top-up loan of up to Rs. 47 lakh. This high-value car loan top-up helps you manage your expenses related to your car. Whether you want to install a safety camera or upgrade the speakers, this top-up loan helps you with all your car-related expenses.

  2. Flexible repayment tenures: Bajaj Finance offers flexible repayment tenures of up to 72 months. This long repayment period allows you to spread your loan into small instalments, making it easier on your pocket.

  3. Simple eligibility and minimal paperwork: Bajaj Finserv Car Loan Balance Transfer and Top-up comes with simple eligibility criteria and minimal documentation -requirements. If you are aged between 18 and 80 years* with experience of 1 year and a minimum monthly salary of Rs. 20,000, you can easily qualify for this product. If you are a self-employed individual, you need to submit an ITR proof for the last 2 years. Apart from meeting these basic criteria, you need to submit a few documents. These include the PAN card, KYC documents, employee ID card, salary slips, bank account statements, vehicle registration certificate, and insurance copy.

  4. Quick processing: Transferring your existing car loan to Bajaj Finance is a seamless and efficient process. Once approved, you can complete the transfer and receive the top-up amount within just 48 hours*. This rapid processing means you can start benefiting from the revised loan terms promptly. Moreover, the swift disbursal of the top-up funds ensures you have immediate financial flexibility to handle any unexpected car-related expenses with ease.

  5. Hassle-free application process: Bajaj Finance offers car loan balance transfer and top-up that comes with an easy online application process. You can visit the Bajaj Finserv website or download the app to fill in the online application form. Once you submit the form, a representative from Bajaj Finance will call you to guide you on further steps. You can also choose the doorstep document collection facility and submit your paperwork from the comfort of your home.

  6. Flexi facility: Bajaj Finance offers three unique loan variants – Term Loan, Flexi Term Loan, and Flexi Hybrid Loan. When you choose any of these Flexi variants, a loan limit is assigned, and you can withdraw from this approved limit as many times as you need funds. However, the interest is charged only on the amount you withdraw and not the entire approved limit. You can also part-prepay your Flexi Loan multiple times without paying any additional charges. If you opt for the Flexi Hybrid Loan, you get the additional benefit of paying interest-only EMIs for the initial part of the tenure.

Choosing a car loan balance transfer can significantly improve your loan terms, making it a smart financial move. Bajaj Finance offers competitive car loan balance transfer and top-up interest rates and a user-friendly process, making it an ideal solution for borrowers.

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

*Terms and conditions apply

Disclaimer: This article is published in association with Bajaj Finance and not created by TNM Editorial.

The News Minute