If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Vijaya Bank Used Car Loan is Rated as "Excellent!" by 10 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    Vijaya Bank Used Car Loan

    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 (2018)

    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 Jan, 2018. 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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    Vijaya Bank Used Car Loan Reviews

    • Vijaya Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took car loan from VIJAYA bank ,the loan amount they have given me was sufficient,they have given me up to 1,00,000 ,and i have took this loan direct from bank itself,they have charged me nominal rate of interest,they have charged me up to 15% which was nominal,they have not charged processing fee,it is zero processing fee,still this loan is running.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • Vijaya Bank
      Vijaya Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with Vijaya bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good and the tenure period for this loan is 5 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 29, 2018
    • Vijaya Bank Car Loan
      0.5 5.0/5 "Blown Away!"
      I am holding the car loan from VIJAYA BANK from past 2years. The rate of interest for my loan is 9.5%. And i pay the dues monthly through the SBI and they withdraw my money from that bank.I feel i am happy to take a car loan from this bank.
      Was this review helpful? 3
      , bangalore
      Reviewed on May 02, 2018
    • Vijaya Bank Car Loan
      "Experience is good"
      0.5 4.0/5 "Great!"
      My car loan is from Vijaya Bank and the banking services are good. Though a government sector bank, the process was without any delay and it was clear. The interest rate and charges was also reasonable. I receive the disbursement on time and as promised.
      Was this review helpful? 1
      , nagpur
      Reviewed on Sep 04, 2017
    • Vijaya Bank Car Loan
      0.5 5.0/5 "Blown Away!"
      My car loan is running in Vijaya bank. I got this four wheeler loan from government sector bank. The interest rate is 10.5% and it is same in almost all the banks. Actually the loan got approved in just two days and I got the amount in third day. So it went simple.
      Was this review helpful? 2
      , pune
      Reviewed on Aug 09, 2017
    • Vijaya Bank Car Loan
      0.5 4.0/5 "Great!"
      I got the car loan with Vijaya bank and the interest rate was nominal one with them. The loan amount got disbursed to my account within twenty days of time. Customer service is fine with them and the documentation charges were around 1000 Rupees to 2000 Rupees.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 29, 2016
    • Vijaya Bank Car Loan
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      On the same day my car loan was approved by vijaya bank the day i approached them. Interest rate was 10%with 0% processing fee. Documentation process was fine like within half hour all the process was completed which was too fast.
      Was this review helpful? 5
      , lucknow
      Reviewed on Dec 09, 2015
    • Vijaya Bank Car Loan
      "Quick Disbursal!"
      0.5 5.0/5 "Blown Away!"
      Lot of documents were collected for the car loan process with Vijaya Bank. The vehicleâ??s on road price is 5 .73L. I made a down payment of 90K and the remaining amount is done through loan. I completed the loan amount and need to visit the branch for collecting paper works.
      Was this review helpful? 5
      , noida
      Reviewed on Nov 26, 2015
    • Vijaya Bank Car Loan
      "Need To Improve Responsiveness.."
      0.5 1.0/5 "Really Bad"
      The experience with Vijaya bank was not that good. The response was very bad. I applied for a car loan, all the procedures were over in 3 days and my loan amount was sanctioned but they did not provide me the DD. I raised a complaint against the manager of the branched and then they issued it. As a penalty the manager paid the first monthâ??s interest rate.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 01, 2015
    • Vijaya Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Vijaya Bank provide very good customer service.I had applied for a Car Loan from the Bank.The entire process went very smoothly.The executive from Vijaya Bank gave me all the information about the documents that I need to submit. Interest Rate and fee are all good of Vijaya Bank.
      Was this review helpful? 16
      , bangalore
      Reviewed on Apr 30, 2014
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