All you need to know about refinancing a car loan

Better repayment terms, lower interest rates, and a high-value top-up loan make car loan balance transfer a smart move to manage your finances.

Purchasing a car often requires securing a car loan to manage the hefty cost of the vehicle. While availing of a car loan is common, not every loan agreement may align perfectly with your financial goals or offer you the most favourable terms. Factors such as interest rates, loan tenure, and monthly instalments can significantly impact your financial stability. In such cases, opting for a car loan refinance or balance transfer can be a smart solution. Refinancing or balance transfer allows you to replace your existing car loan with a new loan that offer better terms.

Benefits of car loan balance transfer

Opting for a car loan balance transfer can help you with better terms that includes reduced interest rates or monthly instalments, flexible repayment tenure options and more. Bajaj Finance offers car loan balance transfer and top-up that comes with simple eligibility criteria and minimal documentation. With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can also get a high-value top-up loan that can help you manage your car-related expenses.

Here are 5 reasons why you choose the car loan balance transfer and top-up offered by Bajaj Finance.

1. Substantial loan amount: When you choose to transfer your existing car loan to Bajaj Finance, you get an additional top-up loan amount of up to Rs. 47 lakh. This high-value top-up loan amount allows you to manage your car-related expenses. Whether you wish to replace your outdated music system with an up-to-date infotainment system and fancier speakers or install an advance dash cam for better safety, this loan amount helps you manage it all.
2. Quick disbursal: With Bajaj Finserv Car Loan Balance Transfer and Top-up, you can get funds in just 48 hours* of approval. Benefit from this fast-processing system and manage your car-related expenses without any delay.
3. Flexible repayment tenures: Bajaj Finance offers a flexible repayment period of up to 72 months. This long repayment tenure allows you to spread your loan into small monthly instalments that are easier on your pocket.
4. Hassle-free application process: Bajaj Finance offers car loan balance transfer and top-up with a hassle-free application process. You can visit the Bajaj Finserv website or download the app 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 complete your paperwork from the comfort of your home.
5. Flexi Loan facility: Bajaj Finance offers three unique variants of loan – 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 it as many times as you need. However, interest is charged only on the amount you borrow and not the entire sanctioned limit. You can also part-prepay your Flexi Loan as many times as you can at no additional cost. If you choose a Flexi Hybrid Loan, you get an additional facility of paying interest-only EMIs for the initial part of the tenure.

Choosing a car loan balance transfer represents a prudent financial move, offering convenient repayment terms, and competitive car loan top-up interest rates. With a hassle-free application process and flexible repayment tenure, Bajaj Finserv Car Loan Balance Transfer and Top-up is an ideal choice that help to manage repayment of your existing loan better.

*Terms and conditions apply