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.
|Interest Rate (Monthly reducing balance)||9.45%|
|Loan Tenure||1 year to 7 years|
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:
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.
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:
In order to receive funds through the car loan scheme offered at Vijaya Bank, customers will have to fulfil the below mentioned criteria:
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:
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||1 year|
|Benchmark MCLR rate||8.50%|
|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.
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 (%).
You can purchase any kind of four-wheeler with a loan from Vijaya Bank. The car should be bought for personal use.
Yes, Vijaya Bank will finance used cars provided the car is not than 5 years old.
You can get a Vijaya Bank provides car loan application form at its bank branches or on its website online.
Applying for a car loan from Vijaya Bank is easy. You can opt to apply using one of the following methods.
To apply for a car loan on the Vijaya Bank website, follow these simple steps.
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.
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”.
The eligibility requirements are given below.
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.
Vijaya Bank determines the quantum of finance based on the type of vehicles and other factors.
Vijaya Bank offers 100% finance for the following applicants:
Vijaya Bank has not specified any minimum time period for repayment.
The maximum repayment tenure is 84 months.
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.
The interest rate offered by Vijaya Bank is a floating rate of interest.
Yes, the processing charges are as follows:
|Loan amount||Processing fee|
|Up to Rs.1 lakh||Rs.500|
|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.
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.
For new vehicles, you are required to contribute 15% of the cost or value of the car.
For used vehicles, you are required to contribute 30% of the cost or value of the car.
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.
Yes, if you have a bank account with Vijaya Bank, you can register for Internet banking to make payments online.
You can submit any of the following IDs
You can provide security in the form of the following:
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.
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.
The Vijaya Bank customer care helpline can be reached on their toll free number 1800 425 5885.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.