If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Vijaya Bank Car Loan Reviews

    • Vijaya Bank Car Loan
      "Fantastic"
      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? 0
      , pune
      Reviewed on Aug 09, 2017
    • Vijaya Bank Car Loan
      "Fine"
      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? 2
      , 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? 4
      , 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? 4
      , 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? 1
      , 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? 13
      , bangalore
      Reviewed on Apr 30, 2014
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    Vijaya Bank Car Loan Eligibility Calculator is Rated as "Excellent!" by 6 Users

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    Promised Interest Rate

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    Car Loan BYTES FROM OUR KITCHEN

    Vijaya Bank Car Loan Eligibility Overview

    Vijaya Bank offers attractive car loan schemes to its customers for the purpose of purchase of new cars as well as for purchase of used cars, which are 5 years old or less. The repayment period is flexible and as high as 84 months of repayment period. The Bank also offers a high loan quantum of up to 85% of the invoice value of new vehicle to borrowers. In certain cases 100% finance is offered to applicants who belong to the following categories:

    • Salaried individuals who can submit a salary mandate provided by the employer allowing the salary to be remitted to Vijaya Bank. The EMI for the car loan can be deducted from this account.
    • If an applicant offers the property secured to his/her existing home loan with the bank as mortgage to the car loan as continuing security.

    Vijaya Bank Car Loan Eligibility Criteria

    In order to be eligible for a Vijaya Bank Car Loan, you must meet the following prerequisites:

    • Applicants who are not less than 21 years of age at the time of application and not more than 70 years of age at the time of loan maturity.
    • Any individual who is a permanent employee of Public/Joint Sector Undertaking, State/Central Govt., Private Establishment or any other reputed organization.
    • Pensioners who draw pension through an account in Vijaya Bank.
    • Any Self-employed individual or Professional/Self Employed who has a reliable source of income.
    Apply for Car Loan Online

    Factors Affecting Vijaya Bank Car Loan Eligibility

    • Vijaya Bank will check a prospective borrower’s CIBIL score and credit report before processing the loan application. This is because the credit score reflects the applicant's financial records such as your current and closed credit accounts, payment history and duration of using credit actively. With a low credit rating, the chances of a successful car loan approval from the Bank are slim. On the other hand, a high credit score is a sure-fire way of receiving a favourable response from the bank on your car loan application.
    • Debt-to-Income Ratio: Banks undertake a debt-to-income ratio analysis in order to understand an applicant’s ability to repay the car loan amount, if approved. This analysis is done by comparing the income of an individual against his/her quantifiable cash outflows (e.g.: credit card bills, utility bills, other outflows, etc.).
    • Percentage of Loan Margin: If the borrower pays a lumpsum amount as downpayment for the car, the loan quantum decreases, thereby reducing any risk involved in repayment. The Bank views this as a positive evaluation factor. Hence, larger the down payment, and smaller the loan amount, the more likelier it is that the car loan will be approved by Vijaya Bank.
    • Age: Younger applicants have a better chance of getting a car loan approval than those who fall closer to the maximum age limit set by the bank.
    • Those who opt for a shorter tenure for their car loan repayment, not just have to pay less in terms of interest, but also project lower risk and higher repayment capacity. Thus, the terms of loan approval might be more favorable to the applicant.

    How to Increase your Vijaya Bank Car Loan Eligibility

    • Improve your Credit History/ CIBIL Score by:
      • making sure that you repay all credit regularly. Any delay in payments or defaulting on loans gives you a low credit score.
      • Avoid having unsecured loans only. Having a combination of both secured credit and unsecured loans credit assists in creating a healthy credit report.
    • Having a guarantor to vouch for your creditworthiness is an added bonus.
    • Co-signed accounts and joint accounts also reflect on your credit history. So, ensure that these accounts are frequently reviewed for any defaults on credit due.
    • Collateral/Security: placing a collateral or security (gold, fixed deposit, insurance, etc.) with the bank, for availing the car loan, can increase your Vijaya Bank Car Loan eligibility.

    Vijaya Bank Car Loan Eligibility Calculator

    You do not have to visit Vijaya Bank Bank branches or wait for the Bank’s executives to get in touch with you, in order to know whether you are eligible for a Vijaya Bank car loan. You can simply use the online car loan eligibility calculator tool to find out your eligibility. It is quicker and uncomplicated to use, and offers you instant results that will help you zero-in on your application process faster. All you have to do is put in information such as: make and model of the car you wish to purchase, the loan quantum, loan tenure, your personal details such as age, income, etc. and then click the “calculate” tab. The results page will show whether you are eligible or not.

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