Bajaj Finance Car Loan Interest Rate November 2026: Up to 14% p.a.

How the Bajaj Finance car loan interest rate is set

For a new car the lender gives one number, the 14% p.a. ceiling, and says your rate depends on credit score, loan amount, tenure, down payment, income and debt-to-income ratio. It names no rate for any case.

Floating loans are priced off the Bajaj Floating Reference Rate, 8.45% since 15 October 2026, plus a spread. NBFCs sit outside the RBI rule that ties bank car loans to an external benchmark like the repo rate (5.50% since 7 October 2026), so the method is set by your agreement.

A floating rate can move, but at each reset the RBI's rules let you pick a higher EMI, a longer term or a mix, or prepay; and since 1 January 2026 the RBI's directions on pre-payment charges bar any foreclosure fee on a floating-rate loan to an individual for personal use. A fixed-rate Term Loan is the reverse: a steady EMI, but a charge to leave early.

Used cars: 10% to 18.25% p.a.

The 10% start is under Tata Capital's 10.49% but far above Canara Bank's 7.75%, the lowest used car rate we read; see our used car loan guide.

The 14% worst case

No floor means no EMI at a starting rate here; 14% is a worst case, not a quote. ₹10 lakh over 5 years at the 8.5% median floor on our table is ₹20,517 a month and ₹2,30,992 in interest; at 14% it costs far more. Set the car loan EMI calculator to the rate in your KFS.

Fees and charges on a ₹10 lakh Bajaj Finance car loan

The processing fee is up to 2.95% of the loan, inclusive of taxes: up to ₹29,500 on ₹10 lakh (2.95% of ₹10,00,000). Documentation costs up to ₹2,360, and stamp duty is deducted from the loan before payout.

Most borrowers miss the Smartdrive charge: up to 1% of the ex-showroom price on a new car (2% of the vehicle price on a used one), so up to ₹10,000 on a ₹10 lakh car (1% of ₹10,00,000).

Closing early: the 24-month rule

Foreclosing a Term Loan costs up to 4.72% of the outstanding amount, inclusive of taxes: ₹7 lakh still owed means up to ₹33,040 (4.72% of ₹7,00,000). A part-payment costs up to 4.72% of the sum prepaid. On New Car Finance the charge ends after 24 months, but only if you pay from your own funds, from the account registered for your EMIs, with no bounce in the previous 12 months.

On the floating-rate variant none of this applies: an individual pays no foreclosure or part-payment charge, whatever the source of funds, with no lock-in, as the RBI's 2025 directions require.

A bounced EMI costs ₹1,500. A late instalment attracts a penal charge of up to 24% p.a. until paid; the RBI's penal charges rule (since 1 April 2024) makes this a separate fee, never an addition to your rate.

Common mistakes: treating 2.95% as a fee before GST, and assuming every car loan now closes free when the RBI ban covers floating loans only. Our processing fee and charges guide lines up every lender.

Who qualifies, and what isn't published

Any Indian national aged 21 to 80 can apply, the 80 counted at loan maturity. The CIBIL cut-off is 650. Salaried applicants need ₹25,000 a month (₹20,000 on the FAQ page). Self-employed applicants file 2 years of income tax returns, and firms, companies and trusts can also borrow.

Tenure runs to 96 months, matched on our table only by HDFC Bank, Yes Bank and CSB Bank; IDFC FIRST Bank alone goes to 120. For a used car: ₹1 lakh to ₹2.50 crore, up to 100% of the car's value, 12 to 84 months, private cars only, no more than 2 previous owners, and the car no older than 12 years at loan end.

Documents are standard: KYC, income proof, bank statements and the car quotation, or the RC for a used car. Not published: a rate grid, an income multiple or EMI cap, whether the default loan is fixed or floating, and any processing timeline. See our car loan eligibility guide.

How to apply for a Bajaj Finance car loan

Three doors: the official link on this page, a Bajaj Finance branch, or a dealer's finance desk. The pages we read describe no instant or pre-approved car loan and promise no sanction timeline.

Then read the Key Facts Statement. Since 1 October 2024 every retail loan must come with one, valid for at least 3 working days, showing the APR and repayment schedule. A fee missing from the KFS cannot be charged later without your consent.

How to choose the right car loan here

Three questions settle it. Which variant, Term Loan or floating? What is the APR once the 2.95% fee, documentation and Smartdrive are counted? And how does the offer sit against a bank quote you already hold?

Who it suits, and how it compares with Tata Capital

Bajaj Finance suits a buyer the banks turn away or cap: one borrowing through a firm, one who needs a loan running past 65, one with a 650 score, or one buying a costly car, since the limit is ₹10 crore. The floating variant's free exit helps if you expect to repay early.

Look elsewhere if your score is strong. The lowest published floor on our table is UCO Bank's 7.70% at a CIBIL score of 825 and above, the median is 8.50%, and HDFC Bank and ICICI Bank start at 8.40%. Our lowest car loan rate page ranks them.

Bajaj Finance against Tata Capital

Tata Capital, the other NBFC on our table, does the reverse: a 9.49% p.a. floor for a new car and no ceiling. Used cars start at 10.49% there against 10% here, and it has an electric car loan from 8.75% (indicative) where we found none at Bajaj Finance. On foreclosure they part: Tata Capital takes 6% in the first 12 months and 5% after, with no free window; Bajaj Finance up to 4.72%, nil after 24 months on a new car, nil on a floating loan. Tata Capital lends to 84 months and age 60 (65 self-employed); Bajaj Finance to 96 months and age 80.