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    Vijaya Bank Used Car Loan Reviews

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    Vijaya Bank Used Car Loan is Rated as "Great!" by 5 Users

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    About Vijaya Bank Used Car Loan

    Vijaya Bank was established in 1931 in Mangalore, Karnataka. In 1958, it became a scheduled bank. Vijaya Bank’s merger with nine smaller banks led to its accelerated growth towards becoming a large pan India bank between the years 1963 to 1968. On 15th April 1980 the bank was nationalized, and it currently has a wide network of 1512 branches, 48 Extension Counters and 1528 ATMs, across all 28 states and 4 union territories in India. Along with providing personal and corporate banking services, Vijaya Bank also offers used car loans under its retail lending scheme. The bank offers vehicle loans for the purchase of second hand/ used cars, which are not older than 5 years since manufacture.

    Features and Benefits of Vijaya Bank Used Car Loan

    • The customer’s contribution to overall value of the used car would be 50% of the cost of the old vehicle.
    • Maximum repayment period is 84 months.
    • Customers availing used car loan from Vijaya Bank are entitled to 70% of the market value of the used vehicle (which mustn’t be older than 5 years).

    Vijaya Bank Used Car Loan Eligibility Criteria

    • Applicants should be aged between 21 and 70 years.
    • Applicants who are permanent employees of State/ Central Govt., Public/ Joint Sector Undertaking, Private Establishments or other Reputed Companies are eligible to apply for the loan.
    • Pensioners who are existing customers of the bank and who draw pension through the bank are eligible to apply for used car loan.
    • Professionals/Self Employed persons can also apply if they have sufficient disposable income.

    Documentation Required for Vijaya Bank Used Car Loan

    • Passport size photos.
    • Proof of identity.
    • Proof of residence.
    • Applicant’s and co-applicant’s statement of account of the past one year from their current bankers.
    • Last 3 months’ salary slip of the applicant if he/she is a salaried person.
    • For salaried/professional/businessmen/self-employed applicant, their latest IT returns for the past 2 years has to be submitted.

    Vijaya Bank Used Car Loan Interest Rates

    The Vehicle Loan from Vijaya Bank can be used by individuals to purchase a pre-owned car at competitive interest rates. Interest rates for this loan depend on a number of factors, with the bank recently adopting an MCLR platform which takes current operating costs into account.

    Vijaya Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    The table below highlights the current MCLR benchmark rates at Vijaya Bank for the month of May. These rates are typically designed to highlight current economic conditions, with changes expected on a regular basis.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.20%
    1 month 9.25%
    3 months 9.35%
    6 months 9.40%
    1 year 9.45%
    2 years 9.50%
    3 years 9.55%

    Used car loan interest rates – May 2016

    Borrowers under the MCLR platform will be expected to pay an annual interest of 10.05% towards clearing their loan. This figure is computed as follows:

    Interest rate = 1 year MCLR + 0.60% = 10.05% per annum

    Vijaya Bank Base Rate (For existing borrowers)

    Base Rate 9.65% per annum (effective October 8, 2015)

    Vijaya Bank interest rate for used cars (Based on Base Rate)

    Patrons who availed a car loan before MCLR benchmarks came into force have an option to choose their interest platform. Those who wish to continue with the old benchmark will be charged an interest which is typically a few percentage points over the base rate. The final interest rate depends on a number of factors and could vary from case to case.

    Note: All rates mentioned here are as of May 2016. These rates are subject to change at the sole discretion of Vijaya Bank and borrowers should check rates with the bank before applying.

    EMI Calculation for Vijaya Bank Used Car Loan

    Vijaya Bank EMI calculator can be found on the bank’s website - in the home page as well as in the vehicle loan page. It’s easy to use and permits the user to add multiple values, i.e., a maximum of 3 different values to compare the EMI repayment for each individual value. The values to be entered are - loan amount, interest in percentage, installments or loan tenure that the customer wishes to opt for. Loan tenure or installments range from 1 to 480. Once these values are entered, click on “Compute” and in the “result” box the EMI that has to be paid per installment is shown.

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