Vijaya Bank Car Loan
Vijaya Bank, was founded on 23rd October 1931 by late Shri A.B.Shetty and other enterprising farmers in Mangalore, Karnataka. The objective of the founders was essentially to promote banking habit, thrift and entrepreneurship among the farming community of Dakshina Kannada district in Karnataka State. The bank became a scheduled bank in 1958. Vijaya Bank offers a bouquet of innovative and attractive products and services to the customers. Vijaya Bank also incorporated the latest technology to provide the best services to the customers. The Bank offers several technology products such as ATMs, cash deposit machines, Debit and Credit cards, internet banking, Mobile Banking, Phone Banking, Funds transfer through RTGS and NEFT etc. All Branches / offices are under RTGS / NEFT. Read on to learn about the eligibility and documentation requirements for the Vijaya Bank car loan.
You’re probably eligible for a Vijaya Bank Car Loan if you are
At least 21 years old
Less than 70 years old
Salaried or self employed
with regular income
Earning more than the minimum
Your Vijaya Bank Car Loan amount eligibility is based on these factors
Income is more than the
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Increase your eligible Vijaya Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 7 years
Documentation needed to apply for an Vijaya Bank Car Loan
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months' bank statement
- 5. Documentation for salaried applicants:
- Last 3 months' salary slips
- Form 16 or Income Tax Returns
- 6. Documentation for self employed applicants:
- Last 3 years' Income Tax Returns with computation of Income
- Last 3 years' CA Certified / Audited Balance Sheet and Profit & Loss Account
Vijaya Bank Car Loan Interest RatesUpdated on 19 Aug 2018
Vijaya Bank Car Loan Details
|Interest Rate (Monthly reducing balance) || 9.45% |
|Loan Tenure ||1 year to 7 years |
Overview About Vijaya Bank Car Loan
Vijaya Bank was started in Mangalore and now has spread its wings throughout India. It offers a range of attractive financial products and services, one of which is the Vehicle Loan. Vijaya Bank’s Vehicle loan gives you the opportunity to be the proud owner of a new or used car. Here are some of the reasons that Vijaya Bank’s vehicle loan is so popular:
- Competitive interest rates
- Minimal documentation
- Excellent customer service for complete support
- Flexible repayment period
Why choose Vijaya Bank’s Vehicle Loan?
Vijaya Bank’s excellent customer service, especially the post sales service, is one of the main highlights of being a customer at the bank. Simply visit one of the many branches or pick up the phone for complete support from the efficient customer service. Use the web portal to generate statements, access car loan information and make payments; at no extra cost. With the minimal, hassle-free documentation, your dream car is just a few easy clicks away.
Benefits of Car Loans from Vijaya Bank
- Minimal Documentation: No need to worry about complicated documentation when you apply for a Vijaya Bank loan. The designated representatives will guide you every step of the way through the entire process.
- Transparency: Vijaya Bank believes in transparency. All rates, charges and fees are known upfront. You can be sure that you will not be surprised with any hidden charges.
- Flexibility: Vijaya Bank offers flexibility in terms of repayment tenure. Customers opting for a car loan from Vijaya Bank have the option to choose a loan tenure according to their situation and repayment capability.
- Low Interest Rates: Customers applying for a car loan through Vijaya Bank can get the loans at a very low interest rate. The bank may also offer additional seasonal discounts on the interest rate. To learn more about any ongoing offer, get in touch with the friendly representatives of the bank.
- Hassle-Free Process: The process of application for Vijaya Bank Car Loan is extremely simple. With the dawn of paperless transactions, you will be able to apply for a loan wherever you are and at any time of the day.
- Quick Access to Funds: With a quick loan processing and approval process, you will be able to access funds for your car purchase in no time.
- Special Offers for Customers: Vijaya Bank provides special offers and discounts to its customers every now and then. As part of an offer, the bank can reduce the interest rate on loan applications for a certain period of time, waive off the processing fee, give any other additional benefit to its customers.
Vijaya Bank Car Loan Eligibility
Whether you want to purchase a particular car for as long as you can remember or a newly launched car model has caught your eyes, you can now purchase the car of your dreams without having to worry about running short on funds. Vijaya Bank offers car loans to a legion of customers in order to provide them financial aid during their purchases of new or pre-owned cars. The bank offers car loans to:
- Salaried employees of the State/Central Government, a renowned public limited company, private organisation, public or joint sector undertaking, reputed educational institution, or an autonomous body
- Pensioners who withdraw service pension such as RPR, family pensions, etc. through the bank
- Self-employed persons such as chartered accountants, consultants, doctors, architects, engineers, lawyers, and agriculturists
- Business professionals
- Partnership firms
In order to receive funds through the car loan scheme offered at Vijaya Bank, customers will have to fulfil the below mentioned criteria:
- The minimum age of the applicant should be at least 21 years
- The age of the candidate should be a maximum of 60 years for salaried persons
- If the individual is self-employed, he or she should be 70 years of age or below
- The borrower should have a regular source of income
- Post all deductions including the EMI of the proposed loan, the net take-home salary of the candidate should be at least 30% of his or her total income
- The applicant should have a credit score more than the minimum requirement
Features of Vijaya Bank Car Loan
With a plethora of benefits such as flexibility in loan tenure, low interest rates, minimal documentation, and transparent & quick procedure, Vijaya Bank is one of the first choice of the customer in terms of car loans. See the features of the Vijaya Bank Car Loan mentioned below:
- Purpose of the loan This loan is offered in order to provide financial support to customers while purchasing a new or pre-owned car, SUV, etc. for personal, professional, or corporate use. However, it should be noted that the second-hand car purchased using this scheme should not be more than 5 years old.
- Loan with co-applicants In order to increase your loan amount eligibility, you can add the income of a co-applicant as well to increase the ceiling of total income. Under this scheme, the candidate’s spouse, children including unmarried female children, or any other individual who is financially supporting the borrower can be enrolled as a co-applicant.
- Quantum of loan The maximum loan offered under this scheme is 85% of the on-road price of the selected car including the additional charges such as registration fee, expenses on accessories, etc. In case the customer buys an old car, he or she will receive up to 70% of the market value of the car or valuation amount assessed by a certified technician - whichever is less. If the borrower has already taken a loan by mortgaging his or her property, he or she might be eligible to receive up to 100% of the price of the car.
- Loan repayment tenure Vijaya Bank offers a flexible loan tenure up to 84 months for the repayment of a car loan used to buy a new vehicle. The maximum repayment tenure offered at the purchase of a used car is 60 months.
- Loan margin The loan margin offer by Vijaya Bank on car loans is 15% of the on-road price of the vehicle. On the other hand, customers get a loan margin of 30% on second-hand cars.
- Collateral requirement When you apply for this scheme, you will have to provide hypothecation of the car purchased using the funds from the loan has to be provided.
- Guarantor for the loan If a customer applies for a car loan through Vijaya Bank, he or she has to provide third-party guarantee of an individual with a sufficient amount of income and net worth.
- Processing charges To process the loan application, the bank levies a processing fee of Rs.500 on loans up to Rs.1 lakh. On the other hand, customers applying for a car loan more than Rs.1 lakh are charged a processing fee of 0.50% of the loan amount plus GST. This amount will be subject to a minimum of Rs.1,500 + GST and a maximum of Rs.10,000 + GST.
- Inspection fees Applicants have to pay a one-time fee at the time of loan disbursal as inspection charges. For a loan amount up to Rs.1 lakh, the borrower has to pay Rs.500 + GST as inspection fee. If a customer borrows a loan from Rs.1 lakh to Rs.10 lakh, the inspection fee charged is Rs.2,000 + GST. Furthermore, if a borrower avails a loan for more than Rs.10 lakh, he or she has to pay Rs.4,000 + GST as inspection charges.
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Vijaya Bank Car loan Interest Rates
The Reserve Bank of India has issued new guidelines for assigning interest rate on loans provided by commercial banks. This is called the Marginal Cost Based Lending Rate or MCLR.Vijaya Bank Car Loans are offered at a very low interest rate based on the current MCLR for one year
Vijaya Bank Marginal Cost Based Lending Rate (MCLR) for New Borrowers:
|MCLR Benchmark Tenure
|Benchmark MCLR rate
|Rate of interest on new cars
||1-year MCLR + 0.95%= 9.45%
|Rate of interest on pre-owned car
||1-year MCLR + 3.15% = 11.65%
Existing Vijaya Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. Vijaya Bank considers the following MCLR rates (updated in April 2016), which alternately affects the car loan interest rates:
MCLR rates are subject to change from the next reset date, as per RBI regulations.
Eligibility criteria for a Car Loan from Vijaya Bank:
- Prospective borrowers must be between the age of 21 and 70 years.
- Professionals/Self Employed persons who have independent income
- Must be a permanent salaried employee of a Permanent Employee of Public/Joint Sector Undertaking, State/Central Govt.or a Private Establishment or a Reputed Company.
- Pensioners who are drawing pension Vijaya Bank.
Perfect Car Loan Deals for you
How to calculate EMI on Vijaya Bank Car Loans
It’s easy to use the Vijaya Bank Car Loan EMI Calculator to get a detailed plan of the monthly installment you will be expected to pay through the tenure. Finding the EMI breakup before you get the loan is a good idea because it helps in deciding the terms of the loan such as the tenure. You will find the EMI calculator under the ‘Finance Tools’ section of Bankbazaar. The breakup will give you details like the amortisation details, total interest charges etc.
To find your Car Loan EMI amount per month, you need to know the interest rate (%), the tenure (in years and months), the car loan amount and the processing fee (%).
- Use the sliders to choose the “Loan Amount” and “Tenure” of the car loan. For your convenience, the selected outputs will be displayed at the end of the slider scale.
- Put in the interest rate and processing fee (in percentages) in the third line after the sliders. If you would like to make pre payments at certain intervals you can provide these details as well, if not simply click the “Calculate” button for the result.
- You will get the result immediately. You will also get the elaborate break up which includes the EMI amount, the graphical representation of the loan amount, interest payable and processing fee. It is easy to decide upon a loan with this information at hand.
Vijaya Bank Car Loan FAQs
- What kind of four wheeler can I purchase with finance from Vijaya Bank?
You can purchase any kind of four-wheeler with a loan from Vijaya Bank. The car should be bought for personal use.
- Can I avail of a Vijaya Bank loan to finance a used vehicle?
Yes, Vijaya Bank will finance used cars provided the car is not than 5 years old.
- Where can I get a Vijaya Bank Car Loan Application form?
You can get a Vijaya Bank provides car loan application form at its bank branches or on its website online.
- How do I apply for a Vijaya Bank Car Loan?
Applying for a car loan from Vijaya Bank is easy. You can opt to apply using one of the following methods.
- Visit the nearest Vijaya Bank branch.
- Apply on the Vijaya Bank Website.
- How do I apply online for a Vijaya Bank car loan?
To apply for a car loan on the Vijaya Bank website, follow these simple steps.
- On the homepage, click on “Online Retail Loans”.
- Select “Click here to Apply Online”.
- You will be directed to the application form.
- Complete the form and submit it.
- Can I check the status of my Vijaya Bank loan application online?
Yes, you can track your loan status on the Vijaya Bank website. Click on “Online Retail Loans”. You will have the option to track your application.
- If I have submitted the car loan application at a bank branch, can I still track it online?
Yes, you can track applications that you have submitted at a bank branch as well. There is a separate option for that. Click on “Online Retail Loans”. You will have the option “Track your Applications Submitted at our Branch”.
- Who is eligible to apply for a Vijaya Bank car loan?
The eligibility requirements are given below.
- Permanent Employees of Private Establishments or companies of good repute, Central or State Government, and Public or Joint Sector Undertaking
- Self Employed
- Pensioners drawing pension through Vijaya bank
- Salaried individuals whose salary is credited to a Vijaya Bank account
- What is the minimum income required to be eligible for this loan?
Vijaya Bank has not specified the income limits, but your loan approval and sanctioned amount will greatly depend on your earnings. You should be earning an amount enough to repay the EMIs regularly.
- What are the age limits for the Vijaya Bank car loan?
- Individuals should be at least 21 years.
- The age of a car loan applicant buying a new car should be 60 years or below
- The maximum age for a pre-owned vehicle car loan is 70 years.
- How much of the cost of the car will Vijaya Bank finance?
Vijaya Bank determines the quantum of finance based on the type of vehicles and other factors.
- For new cars, the bank will provide up to 85% of the cost of the vehicle.
- For used cars, Vijaya Bank provides 70% of the cost or invoice value.
- Can I avail of full finance from Vijaya Bank?
Vijaya Bank offers 100% finance for the following applicants:
- Salaried individuals, if the salary is remitted to Vijaya Bank and salary mandate is provided by the employer.
- Existing housing loan borrowers who provide mortgage of property as continued collateral
- What is the minimum car loan tenure?
Vijaya Bank has not specified any minimum time period for repayment.
- What is the maximum repayment tenure for a Vijaya Bank car loan?
The maximum repayment tenure is 84 months.
- What is the interest rate offered by Vijaya Bank on new car loans?
The current interest rate is 10.05% per annum. The interest rate on car loans is the base rate + 0.40. The base rate is currently 9.65% per annum. Please refer to the bank’s website for any revised changes.
- Is there interest rate fixed or floating?
The interest rate offered by Vijaya Bank is a floating rate of interest.
- Are there any processing fees on Vijaya Bank Car Loans?
Yes, the processing charges are as follows:
|Up to Rs.1 lakh
|Above Rs.1 lakh
||0.50% of the loan amount + GST
(Minimum - Rs.1,500 + GST
Maximum - Rs.10,000 + GST)
Please check with the bank on current processing charges.
- What are the Credit score requirements for the Vijaya Bank car loan?
The credit score required hasn’t been specified by Vijaya Bank. When you apply for a car loan, the bank can enquire about your credit score. The usual limit is 750 and above. This could be relaxed to 550 under certain conditions.
- What are the margin requirements for new vehicles?
For new vehicles, you are required to contribute 15% of the cost or value of the car.
- What is the margin limit for used vehicles?
For used vehicles, you are required to contribute 30% of the cost or value of the car.
- What are the penalties for late payments?
Vijaya Bank hasn’t mentioned the charges for late payment. Late payments or missed payments could result in a penalty and an increase in the interest rates.
- Can I make payments on my car loan online?
Yes, if you have a bank account with Vijaya Bank, you can register for Internet banking to make payments online.
- What are the KYC documents required?
- You should provide 2 passport-sized photos.
- ID proof
- Address Proof
- What documents are acceptable identification proof?
You can submit any of the following IDs
- Driving license
- Aadhar card
- Voter’s ID
- Employer’s ID
- Ration card,
- PAN card
- Banks may also accept notarized self-affidavit with photograph
- What are the income documents required?
- Salaried individuals need to produce the latest 3 months’ salary slips.
- You need to provide the statement of accounts of yourself or co-applicant for the past one year from your current banker.
- Salaried, professional, businessmen or self employed applicants can provide the latest IT returns for 2 years.
- What security is acceptable to Vijaya Bank?
You can provide security in the form of the following:
- Landed property
- Movable Property such as equipment, vehicle or machinery which are valued at Rs. 10,000 or above. These items should be permanent in nature.
- Jewellery valued at Rs. 10,000 or above.
- Bank deposits.
- Investment in shares and debentures.
- NSC or NSS investments.
- Investments in companies.
- LIC policies.
- Any other asset of high value acceptable to the bank.
- Does Vijaya Bank provide commercial vehicle loans?
No, Vijaya Bank does not provide loans to buy four wheelers for commercial purposes. However, the bank does offer a loan called V Vehicle for the purpose of purchasing a vehicle to transport Students or Employees.
- Can I calculate my car loan EMI amount before applying for a Vijaya Bank car loan?
Yes, Vijaya Bank and BankBazaar provide EMI calculators online. You can enter your loan details and click on calculate. You can then view the total cost of the loan, your EMI amount and total interest payable.
- How do I use the Vijaya Bank EMI car loan calculator?
- The EMI calculator is available on the Vijaya Bank website.
- Simply enter your loan amount, interest rate and the number of instalments. Click on “compute” to view your EMI amount.
- How do I contact the Vijaya Bank Customer Care for car loan queries?
The Vijaya Bank customer care helpline can be reached on their toll free number 1800 425 5885.
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