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    Vijaya Bank Car Loan Reviews

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

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    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 our 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 an Vijaya Bank Car Loan if you are

    Vijaya Bank Car Loan Minimum Age

    At least 21 years old

    Vijaya Bank Car Loan Maximum Age

    Less than 70 years old

    Vijaya Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Vijaya Bank Car Loan Minimum Income

    Earn more than the minimum
    income required

    Your Vijaya Bank Car Loan amount eligibility is based on these factors

    Vijaya Bank Car Loan Minimum Salary

    Minimum income required
    Earn more than the minimum income required

    Vijaya Bank Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Vijaya Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible Vijaya Bank Car Loan amount by these steps

    Vijaya Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Vijaya Bank Car Loan Maximum Tenure

    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 25 Oct 2016

    Vijaya Bank Car Loan Details
    Interest Rate (Monthly reducing balance) 10.05% floating
    I-Base – 9.65%
    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.

    Features of Car Loans from Barclays Bank

    • Minimal Documentation: No need to worry about complicated documentation when you apply for a Vijaya Bank loan. The designated representatives will hand-hold you 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.
    • Your contribution: Just 20% of the cost from your pocket initially for a new vehicle, and 50% of the cost/value for old vehicles.

    Why apply for a Vijaya Bank Car Loan through BankBazaar.com?

    Bankbazaar.com assembles a large number of financial products in one interactive platform so you can easily compare the pros and cons of different banks’ auto loans. You can also get the best deals and schemes from banks that are associated with bankbazaar.com.

    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 Marginal Cost Based Lending Rate (MCLR) for New Borrowers:

    MCLR Benchmark Tenure 1 year
    Benchmark MCLR rate 9.45%
    Floating rate of interest 10.05%

    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:

    Tenure MCLR Percentage
    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%

    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.

    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

    1. What kind of four wheeler can I purchase with finance from Vijaya Bank?
    2. You can purchase any kind of four-wheeler with a loan from Vijaya Bank. The car should be bought for personal use.

    3. Can I avail of a Vijaya Bank loan to finance a used vehicle?
    4. Yes, Vijaya Bank will finance used cars provided the car is not than 5 years old.

    5. Where can I get a Vijaya Bank Car Loan Application form?
    6. You can get a Vijaya Bank provides car loan application form at its bank branches or on its website online.

    7. How do I apply for a Vijaya Bank Car Loan?
    8. 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.

    9. How do I apply online for a Vijaya Bank car loan?
    10. 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.

    11. Can I check the status of my Vijaya Bank loan application online?
    12. 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.

    13. If I have submitted the car loan application at a bank branch, can I still track it online?
    14. 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”.

    15. Who is eligible to apply for a Vijaya Bank car loan?
    16. 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
      • Professionals
      • Self Employed
      • Pensioners drawing pension through Vijaya bank
      • Salaried individuals whose salary is credited to a Vijaya Bank account

    17. What is the minimum income required to be eligible for this loan?
    18. 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.

    19. What are the age limits for the Vijaya Bank car loan?
      • Individuals should be at least 21 years.
      • The maximum age for a car loan is 70 years.

    20. How much of the cost of the car will Vijaya Bank finance?
    21. 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.

    22. Can I avail of full finance from Vijaya Bank?
    23. 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

    24. What is the minimum car loan tenure?
    25. Vijaya Bank has not specified any minimum time period for repayment.

    26. What is the maximum repayment tenure for a Vijaya Bank car loan?
    27. The maximum repayment tenure is 84 months.

    28. What is the interest rate offered by Vijaya Bank on new car loans?
    29. 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.

    30. Is there interest rate fixed or floating?
    31. The interest rate offered by Vijaya Bank is a floating rate of interest.

    32. Are there any processing fees on Vijaya Bank Car Loans?
    33. Yes, the processing charges are as follows:

      Loan Amount


      Individuals in Rural Areas


      Up to Rs. 25,000




      Rs. 25,001 to Rs. 2 lakhs

      0.28%. A minimum of Rs. 276

      0.15% A minimum of Rs. 100


      Above Rs. 2 lakhs to Rs. 1 crore


      0.15% up to a maximum of Rs. 9000


      Above Rs. 1 crore

      441 per lakh.

      Minimum of Rs. 11.03 lakhs up to a maximum of Rs. 16.54 lakhs

      276 per lakh up to a maximum of Rs. 5.52 lakhs

      552 per lakh up to a maximum of Rs. 16.55 lakhs

      Please check with the bank on current processing charges.

    34. What are the Credit score requirements for the Vijaya Bank car loan?
    35. 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.

    36. What are the margin requirements for new vehicles?
    37. For new vehicles, you are required to contribute 15% of the cost or value of the car.

    38. What is the margin limit for used vehicles?
    39. For used vehicles, you are required to contribute 30% of the cost or value of the car.

    40. What are the penalties for late payments?
    41. 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.

    42. Can I make payments on my car loan online?
    43. Yes, if you have a bank account with Vijaya Bank, you can register for Internet banking to make payments online.

    44. What are the KYC documents required?
      • You should provide 2 passport-sized photos.
      • ID proof
      • Address Proof

    45. What documents are acceptable identification proof?
    46. You can submit any of the following IDs

      • Driving license
      • Passport
      • Aadhar card
      • Voter’s ID
      • Employer’s ID
      • Ration card,
      • PAN card
      • Banks may also accept notarized self-affidavit with photograph

    47. 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.

    48. What security is acceptable to Vijaya Bank?
    49. 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.

    50. Does Vijaya Bank provide commercial vehicle loans?
    51. 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.

    52. Can I calculate my car loan EMI amount before applying for a Vijaya Bank car loan?
    53. 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.

    54. 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.

    55. How do I contact the Vijaya Bank Customer Care for car loan queries?
    56. The Vijaya Bank customer care helpline can be reached on their toll free number 1800 425 5885.

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