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Car Loan

About the Bank
 

Vijaya Bank is a public sector nationalized bank of India. The Bank was incorporated on 23rd October 1931 in Mangalore, Karnataka with the aim to promote banking habit, thrift and entrepreneurship among the farmers of Dakshina Kannada district in Karnataka. Post establishment, Vijaya Bank showed major advancement and merged nine smaller banks into it between the years 1963 to 1968. Vijaya Bank became a nationalized bank on 15 April, 1980.


The bank has a pan India network of 1805 branches, 50 Extension Counters and 1592ATMs with the highest number of branches in its home state Karnataka. All the branches of Vijaya Bank function on the CBS(Core Banking Solution) platform, covering 100% of the Bank's business.


Features of Vijaya Bank car loan
 

Car loan provided by Vijaya Bank has numerous attractive features, like:
 

  • Nominal documentation: Car loan from Vijaya Bank can be availed at reduced documentation. There is no requirement for a long list of documents for Vijaya Bank car loan.
  • Complete transparency: There are no hidden charges associated with the Vijaya Bank car loan. All additional charges and fees are mentioned at the time you apply for a Vijaya Bank car loan.
  • Low down payment: Vijaya Bank car loan can be availed at a low down payment of 15% of the cost for a new vehicle, and 30% of the cost/value for old vehicles.

Vijaya Bank car loan details


Car loan is the best way to bring home your dream car without worrying about the paying the cost at once. You can buy a car on a loan and pay the borrowed sum in parts or EMIs throughout the tenure of the loan. Car finance plans from Vijaya Bank are a great way to buy your dream car. Vijaya Bank disburse car loans for both new and second-hand cars at the same interest rate.


Purpose:


Vijaya Bank car loan can be availed for the purchase of both new cars and second hand cars. Used car loan offered by the Bank can be availed for the purchase of second-hand cars which are not more than 5 years old.


Loan Amount:
 

Vijaya Bank plans provide loan quantum according to the type of car you choose:
 

  • For new car it is 85% of the cost
  • For old car it is 70% of the market value
  • 100% of the cost/invoice for new vehicles in case of salaried applicants subject to certain conditions.

Eligibility for Vijaya Bank car loan

Vijaya Bank car loan eligibility depends upon a number of factors like the age, income and employment type of the loan applicant. The eligibility requirements for Vijaya Bank car loan are as follows:
 

  • Individuals between the age of 21 and 70 years
  • Permanent Employee of State/Central Govt., Public/Joint Sector Undertaking, Private Establishment or Reputed Company
  • Pensioners drawing pension through our bank
  • Professionals or self-employed having independent income

Car loan eligibility calculator


You can check whether you are eligible for a car loan or not using the car loan eligibility calculator at PaisaBazaar.com. This eligibility calculator asks for your inputs, which maybe pertaining to your intended loan as well as your personal details. Based upon the details you enter the calculator which checks your eligibility for the loan.


You can use PaisaBazaar’s car loan eligibility calculator to check your Vijaya Bank car loan eligibility. It is better to check whether you are eligible for a Vijaya Bank car loan or not before applying for the car loan. Doing this saves your time as when you check your Vijaya Bank car loan eligibility, you completely understand the eligibility requirements of the Bank pertaining to the loan. So, when you are applying for the Vijaya Bank car loan, you do not waste your time checking your eligibility and also you do not stand at a chance of facing a loan rejection.


Check If You Are Eligibile for a car loan using the car loan eligibility calculator at PaisaBazaar.

Vijaya Bank car loan interest rate

Vijaya Bank car loan interest rates are floating type. The current rate of interest stands at 10.05% p.a. The Vijaya Bank car loan interest rate is MCLR + 0.40.

Factors that can affect Vijaya Bank car loan interest rate:
 

  • Credit score

Credit score is the measure of the past financial record of an individual. This record talks about the past lending and repayments. Lenders use this score to judge the repayment capacity of an individual. You must have a good credit score in order to obtain a loan at a better rate of interest.
 

  • Income group

If you earn a handsome salary, the bank will have more confidence that you will repay the loan in time and the bank might offer you a loan at a better interest rate.
 

  • Amount of down payment

When the borrower makes a high down payment, the risk on the part of the bank decreases as it will have to lend a lesser sum of money. So, the bank may offer you a loan at a cheaper interest rate.


Processing fee for Vijaya Bank car loan


The Processing fee for Vijaya Bank car loan varies according to the loan amount you borrow.
 

 

Other than

Individuals

Individuals in

other than Rural

areas

Individuals in

Rural areas

Up to Rs.25,000/-

250

200

150

Rs.25,001/- to Rs.2,00,000/-

0.50%+ST with

a minimum of

Rs.500+ST

0.30%+ST with a

minimum of

Rs.250+ST

0.20%+ST with

a minimum of

Rs.200+ST

Above Rs.2.00 lakhs to Rs.100 lakhs

0.50%+ST

0.25%+ST

0.20%+ST with

a maximum of

Rs.15000

Above Rs.100 lakhs

Rs.600+ST per

lakh with a

maximum of

Rs.20 Lakh+ST

Rs.500+ST per

lakh with a

maximum of Rs.20

Lakh+ST

Rs.300+ST per

lakh with a

maximum of

Rs.7 Lakh+ST


Borrower’s contribution or the down payment to be made for availing Vijaya Bank car loan is 15% for new vehicles or 30% of the cost or value for old vehicles. The borrower has to pay this amount out of his pocket.


Tenure for a car loan can be up to a maximum of 84 months for both new and used car loans.

Documents for Vijaya Bank car loan

Every loan applicant will be required to submit the following documents for Vijaya Bank car loan:
 

  • 2 passport-size photographs
  • Proof of identity
  • Proof of address
  • Statement of account of the applicant or co-applicant for the past one year from their present Bankers.
  • For salaried individual salary slips for the last 3 months need to be submitted as income proof
  • Latest IT returns for 2 years for salaried/professional/businessmen/self employed applicant.

Pre-approved car loans and 100% finance can be availed by salaried applicants, if salary mandate is provided from the employer and salary is paid through the branches of Vijaya Bank.

 

Car loan EMI

EMI or Equated Monthly Installments is the amount that a borrower has to pay every month in order to repay the borrowed amount with interest. EMIs or Monthly car loan payments, can either be fixed or fluctuating depending upon the type of interest rate applicable on the loan. Car loan EMI is equal throughout the loan tenure when the applicable interest is fixed. Whereas, Car loan EMI varies in case of floating interest rate loans.


Before availing car loan, every borrower must calculate the EMI that he will have to pay when he borrows a loan. It is always a useful practice to calculate EMI before availing a loan as you know the amount you will need to pay every month out of your pocket. It also helps to assess your repayment capacity and you can modify the loan parameters to arrive at an EMI which you can pay with ease.


Car loan provided by Vijaya Bank has a floating type of interest rate, which implies that the Vijaya Bank car loan interest rates can vary over the tenure of the loan. Therefore, the Vijaya Bank car loan EMI does not remain same for all the months of the tenure and keeps changing with the change in the base rate.


Car loan EMI calculator


Car loan EMI calculator is an online financial tool which is available on Bank and financial websites for the calculations of loan EMIs. Calculating loan EMIs manually are both time-consuming and complex. Use Car loan EMI calculator at PaisaBazaar.com to make your EMI calculations quick and easy. Our EMI calculator has been designed to be user-friendly and asks simple inputs regarding your intended loan.


You can also use Vijaya Bank car loan EMI calculator available on the Bank’s web portal to calculate EMI for Vijaya Bank car loans. Vijaya Bank car loan EMI calculator allows you to calculate your loan EMI and try out different options with the loan parameters to arrive at an EMI you can easily pay every month without straining your monthly budget.


How Vijaya Bank car loan EMI calculator works?


The car loan EMI calculator from Vijaya Bank is easy-to-use and helps you plan well for the loan you intend to take for the purchase of a car. EMI calculator helps you to plan in advance about how will you be paying the monthly installment through the loan tenure. The car loan EMI calculator works on the three loan parameters to calculate the loan EMI:
 

  • Car loan amount: The amount you borrow from the Bank to purchase a car is the loan amount. This loan amount is the principal for the loan on which the interest is calculated by applying the applicable interest rate. The amount sanctioned as loan depends upon the cost of the car you intend to purchase and your monthly income which decides your repayment capacity.
     
  • Car loan interest rate: The rate at which interest is calculated is the interest rate for the loan. The loan interest rate can either be fixed or floating in type. Vijaya Bank car loan has floating type of interest rate, which implies that the interest rate can increase or decrease anytime during the tenure of the loan.
     
  • Car loan tenure: The time given by the Bank for repayment of the borrowed amount with the accrued interest is the tenure of the loan. Usually banks offers flexible loan tenures which can be chosen as per the convenience of the borrower.

How to calculate EMI on Vijaya Bank auto loans using PaisaBazaar’s car loan EMI calculator?


You can easily calculate your car loan EMIs using the EMI calculator on PaisaBazaar.com. We have designed a simple and easy-to-use calculator which helps your calculate your loan EMIs instantly.


To calculate your car loan EMI, you need to have a brief idea about your intended loan, such as the interest rate (%), the tenure (in years or months) and the car loan amount. You can check the Bank website or PaisaBazaar.com for the interest rates and tenure options. The car loan amount will depend upon the cost of the car you wish to purchase and the amount of finance offered by the Bank.


Steps to calculate your loan EMI:

 

  • Visit PaisaBazaar.com and go to “Tools”.
  • In the drop down menu of the “Tools” section you will find the “EMI calculator”
  • Click on the “EMI calculator” and you will be redirected to a page where you can calculate your loan EMI.
  • Here on this page you will have to enter the details of your intended loan, i.e. Loan amount, rate of interest and loan tenure.
  • You can either enter the details into the boxes provided or use the sliders for the same.
  • Once you fill in all the details, the EMI calculator instantly gives the result, which is your loan EMI.

The EMI calculator at paisaBazaar.com has been designed to help you calculate your loan EMIs conveniently. You can also use the sliders to vary the loan parameters and arrive at an EMI which you will be able to pay every month.

Why choose Vijaya Bank car loan?

Vijaya Bank’s is one of the oldest Bank’s of the country, highly trusted for its financial services and excellent customer service. You can access the Bank’s website to open accounts, access information about loans, apply for loans, make online payments instantly and at no extra costs! Car loan provided by Vijaya Bank is amongst the best car loans in India owing to its simple documentation and loan application process. You can visit one of the Bank branches or apply for a Vijaya Bank car loan online. The Bank offers both new and pre-owned car loan at attractive interest rates. Vijaya Bank car loan comes with minimal documentation, hassle-free loan application process, no hidden charges and quick car loan disbursals.


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


PaisaBazaar.com is an online resource where you can gather information about different financial products and compare them, get expert advice, make online purchase of policies, apply for loans, etc. Make sure you apply for a car loan online at PaisaBazaar.com, here are the reasons why:
 

  • You can get complete information about different car loan products
  • Compare the different loans
  • Check your eligibility
  • Get the best deals on car loans from a host of banks associated with Paisabazaar.com.
  • Calculate your car loan EMI
  • And finally apply for a car loan online

Applying for the Vijaya Bank car loan online at PaisaBazaar.com is simple and hassle-free. Apply online and get instant e-approval from our side.

FAQs

1. What are the documents needed to be attached with the car loan application?


A. When you are applying for a car loan from Vijaya Bank, the following documents need to be attached:
 

  • 2 passport photos
  • Identity, residence & address proof
  • Account statement of the applicant/co-applicant for the past one year from their present Bankers
  • For a salaried person- Salary slips for the last 3 months
  • For salaried/professional/businessmen/self-employed- Latest IT returns for 2 years

2. How old can be the second hand car for which loan is borrowed?


A. The second hand car for which finance is borrowed should not be more than 5 years old.


3. What is the maximum repayment period for the loan?


A. The maximum repayment tenure for the loan is 84 months.


4. How much is the charge for foreclosure of the car loan?


A. There are no foreclosure charges for a Vijaya Bank Car Loan.


5. What to do in case I need further information regarding Vijaya Bank Car Loan?


A. For further information you can visit the website, call the customer care centers


6. What are the types of cars that are financed by Vijaya Bank?


A. The Bank finances the purchase of all types of four-wheeler, but the car should be bought for personal use.


7. How to get an application form for Vijaya Bank car loan?


A. You can procure the car loan application from the bank branch or download it from the Bank’s web portal.


8. What are options in which I can apply for a Vijaya Bank car loan?


A. Applying for the Vijaya Bank car loan is simple and easy process. You can either visit the nearest branch of the Bank with the required documents or apply online at the Bank’s portal or other financial websites.


9. How to apply online for a car loan from Vijaya Bank?


A. You can visit Paisabazaar website to apply online for a Vijaya Bank Car loan.


Follow the following steps to apply:
 

  • Visit Paisabazaar website and select car loan options from the various options available on the home page.
  • You will be redirected to the eligibility calculator page, wherein you need to enter few details to check if or not you are eligible for the loan.
  • You can then proceed and choose Vijaya Bank Car loan, after which the concerned official will get in touch with you to take the application forward. 

10. What is the eligibility criterion for a Vijaya Bank car loan?


A. The individuals eligible to Apply for a Vijaya Bank car loan include the following:
 

  • Permanent Employees of Private companies having good reputation, Central or State Government, and Public or Joint Sector Undertaking
  • Professionals
  • Self Employed
  • Pensioners who draw pension from the Bank
  • Salaried individuals who draw their salary from the salary accounts of Vijaya Bank.

11. What is the eligibility with respect to income for Vijaya Bank car loan?


A. There is no specific minimum and maximum income eligibility criterion for Vijaya Bank car loan. But, your income will be considered by the Bank for car loan amount eligibility as your income will judge your repayment capability.


12. What is the eligibility criterion with respect to age for Vijaya Bank car loan?


A. For an individual to be eligible for Vijaya Bank car loan, he must be at least 21 years old and not more than 70 years old.


13. What percentage of the cost of the car will be financed by Vijaya Bank?


A. The quantum of finance for any type of car is determined by the type of vehicle that is being financed and certain other factors. The quantum of finance varies as follows:
 

  • For new cars, up to 85% of the cost may be financed.
  • For used cars , however only up to 70% of the cost or the invoice value is allowed to be financed.

14. Does Vijaya Bank offers full finance in case of Car finance plans?


A. Vijaya Bank offers full finance only in case of these applicants:
 

  • Salaried individuals, only when the salary is credited to a Vijaya Bank account and salary mandate is provided by the employer.
  • Existing borrowers of housing loans who provide mortgage of property as continued collateral

15. How much is the minimum tenure for a car loan for car loans offered by Vijaya Bank ?


A. There is no specific minimum tenure for repayment of Vijaya Bank car loan.


16. How much is the interest rate offered in case of Vijaya Bank loan for a new car?
 

A. Vijaya Bank car loan interest rate is floating in type, which implies that is is associated with a base rate. The one year MCLR is currently 9.65% per annum. The interest rate on car loans is the one year MCLR + 0.40%. The Vijaya Bank car loan interest rates on new car loans are 10.05% p.a. As the interest rate is floating in type, so visit the bank’s website for any changes in it.


17. What is the type of interest rate applicable on Vijaya Bank car loans?


A. Vijaya Bank car loan interest rate is a floating rate of interest.


18. What are the penalties for late payments?


A. Vijaya Bank has not mentioned any charges for late payment. However, if you default on your loans, default status will be reflected in your CIBIL report which can badly damage your CIBIL score. A low score will reduce your chances of getting future loans. The Bank will also initiate legal action against you if you do not pay off the dues.


19. Is there any foreclosure charges associated with the Vijaya Bank car loan?


A. There are no foreclosure or prepayment charges to be paid in case of Vijaya Bank car loans.


20. Is it possible to make the EMI payments for Vijaya Bank car loan online ?


A. Yes, you can make online payments. But you need to have a bank account with Vijaya Bank and register for Internet banking to make payments online.


21. What all KYC related documents are required for Vijaya Bank car loan?


A. The KYC documents include:
 

  • 2 passport-sized photos
  • ID proof
  • Address Proof

22. What documents are accepted by Vijaya Bank as id proof?
 

A. You can submit any of the following ID proofs
 

  • PAN card
  • Driving license
  • Passport
  • Employer’s ID
  • Aadhar card
  • Voter’s ID
  • Ration card
  • Notarized self-affidavit with photograph is also accepted by banks

23. What all income related documents are required for Vijaya Bank car loan?

A.

  • Salaried individuals need to produce the latest 3 months’ salary slips.
  • Bank account statement of the applicant and co-applicants for the past one year from the current banker.
  • The latest Income Tax returns of 2 years can be submitted by salaried individuals, professionals, businessmen or self employed applicants.  

24. What security can be provided for the car loan?
 

A. The following can be provided as security to the Bank:
 

  • Landed property
  • Equipments, machinery or vehicles with price more than Rs 10,000
  • Jewellery of Rs. 10,000 or more.
  • Bank deposits.
  • Investments in shares and debentures.
  • Investments through NSS/NSC.
  • Investments in companies.
  • LIC policies.
  • Any high value assets accepted by the bank.

25. Can I avail finance for commercial vehicles from Vijaya Bank?


A. No, the Bank does not finance four wheelers which are for commercial purposes. However, one can avail a car loan for the purpose of purchasing a vehicle to transport Students or Employees.


26. Can the income of my spouse be included in calculating the Car loan amount eligibility?


A. Yes, the income of your spouse can be included but he/she must be a co-borrower in the car loan.


27. What are the components of the cost of vehicle?


A. Cost of vehicle includes price, registration charges, road tax, insurance, extended warranty/total service package, annual maintenance contract and cost of accessories.