Vijaya Bank Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
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Vijaya Bank Car Loan Key Features – Jan 2021

Vijaya Bank Car Loan Interest Rate 7.50% per annum
Min Loan Amount ₹ 50,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac NIL
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 70 years
Self Employed: 21 years to 70 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges No foreclosure
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Vijaya Bank Car Loan

Vijaya bank is a Nationalized Private Sector Bank of India. On 15 April 1980, Vijaya Bank has become a Nationalized bank. This bank has 1805 branches, 50 extension counters, and 1592 ATMs all over India.

Vijaya Bank offers Car Loans at reasonable interest rates to their customers for buying their dream car either new or second hand. You can easily avail car loan which can get who have a good credit/CIBIL score.

Advantages of Vijaya Bank Car Loan

Vijaya Bank Car Loan

Vijaya Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-70 years of age
  • Net Monthly Income – should be minimum ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-70 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Vijaya Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.50% p.a. 10.05% p.a.
Processing fee 0.40% of the principal amount Up to 0.55% of the loan amount
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges No foreclosure charges No foreclosure charges
Penal Interest 2% per month 2% per month
Part Payment charges NA NA
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges NA NA
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.350 per instance Rs.350 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges NA NA
Issuance of Credit Report NA NA

How to Increase Your Eligibility for Vijaya Bank Car Loan

  • Opt for a shorter tenure – When you choose a shorter repayment tenure, the EMI that you will be paying each month will be higher. This is an indication of your higher repayment capacity which will lead to banks feeling confident to lend to you. So, if you wish to boost your eligibility for a car loan, opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for a Vijaya Bank car loan, make sure that you maintain a credit score of over 750. You can use the Free Credit Score tool to check and maintain a healthy credit score. Checking your credit score regularly can let you take corrective measures to improve it if your score is low or give you the confidence to approach the bank is it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and spends. Before banks lend to you, they will check how much percentage of your earnings goes in paying your debts and a low debt-to-income ratio will be an indication of your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for Vijaya Bank car loan. A lower loan amount means that the loan will be repaid sooner and hence, the chances of you being eligible for a loan is higher.

Factors Affecting Vijaya Bank Car Loan Eligibility

The eligibility criteria for availing of a Vijaya Bank car will depend on the below-given factors:

  • Income – If your income is on the higher side, there are good chances of your eligibility for a Yes Bank car loan being higher. This is because a higher income indicates higher repayment capacity. To be eligible for a Yes Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Vijaya will be higher if you apply for a lower loan amount simply because if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to lend to you.
  • Repayment tenure – Choosing a longer repayment tenure can lower your eligibility for a car loan as it might give an impression to the bank that your ability to pay the loan is lower. This is because longer repayment tenure results in lower EMIs and the lender may tend to think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that most banks, including Vijaya Bank, consider when determining your eligibility for a car loan. A credit score of 750 and above is considered a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and hence, your eligibility will be higher.
  • Relationship with the bank – As stated earlier, Vijaya Bank offers instant car loans to their existing customers through the ZipDrive feature. This feature allows Yes Bank customers to can avail of loans instantly, at their convenience, with negligible documentation. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Vijaya Bank Car Loan Documents Required

A person should review the documents required for car loan before making a decision.

Salaried Individual

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving License
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving License
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

How to Apply for Vijaya Bank Car Loan?

  1. Visit Dialabank and fill a form.vijaya bank car loan
  2. Wait for a call from our Relationship Manager who will provide you guidance throughout the process.
  3. You can compare divergent offers from banks and choose the one which suits your needs.
  4. So, you can easily apply for a Car Loan through Dialabank and enjoy best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your Axis Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. City UnionBank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property by own money
  • Multiplier-based loan amount eligibility – Vijaya  Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Vijaya Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Vijaya Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

The car loan EMI – EMI changes in case of prepayment

In case you prepay your loan for the vehicle, a small penalty is charged. Prepayment in Vijaya Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your loan for the vehicle reduces. Capital Small Finance Bank provides you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged: This alternative allows you to shut your loan prior and save the interest outgo associated with the remaining term. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure the same: This option provides you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would require to reduce their monthly EMI obligations.

How to Calculate EMI on Vijaya Bank Car Loan

Before an applicant avail of a car loan from Vijaya Bank, you may require to understand how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly installments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses finely.

One can easily calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E denotes the EMI, P the principal amount, in the interest rate, and n the number of years or tenure of the loan.

One can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Vijaya Bank Car Loan EMI Calculator

The applicant has the choice to know the EMI’s before availing a Car Loan. So, the applicant can easily check through the link below:

Car Loan EMI Calculator

Vijaya Bank Car Loan Types

Vijaya Bank offers different types of car loans to its customers. You have the choice of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who want to buy a new car, this is the scheme for you. You can take Vijaya Bank Car Loan for a minimum of Rs. 50,000 and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car then you can opt for this scheme which offers a minimum loan of Rs. 50,000 and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you are in need of urgent funds where you can keep your cars as security with the bank.

Compare Vijaya Bank Car Loan with other Banks in India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

Vijaya Bank Car Loan for Top Selling Cars

Other Available Products from Vijaya Bank

Vijaya Bank Personal Loan Vijaya Bank Gold Loan Vijaya Bank Home Loan
Vijaya Bank Credit Card Vijaya Bank Two Wheeler Loan Vijaya Bank Education Loan

FAQs for Vijaya Bank Car Loan

✅How does Vijay Bank Car Loan work?

When you apply for a car loan, then you will get a call from our agent and then, there will a record verification process. Then, the loan expense will be charged to your account.

What is the Car Loan Interest Rate in Vijaya Bank?

The percentage rate on a car loan in the Vijaya Bank is 7.50% only.

How to Check Car Loan status in Vijaya Bank?

You can follow your car loan status online on the Car loan status website.

How to Calculate Car Loan Interest in Vijaya Bank?

Use Dialabank’s EMI calculator to determine the interest as well as the EMI on your loan.

What is the maximum loan amount I can avail of on a Car Loan from Vijaya Bank?

The greatest loan sum you can avail of on a car loan is up to 90% of the On Road Price.

 What is the loan tenure of the Vijaya Bank Car Loan?

The loan tenure of the Vijaya BankCar Loan is a maximum of 7 years.

Can I get a 100% Car Loan from Vijaya Bank?

Yes, you can get a 100% Ex-showroom Price car loan from Vijaya Bank.

✅ Can you prepay your Vijaya Bank Car Loan?

No, there is no prepay/foreclose option for getting a car loan from Vijaya Bank.

✅ Does Vijaya Bank Car Loan charge any Processing Fees?

Vijaya Bank charges a processing fee of 0.40% of the principal amount for getting a car loan.

✅ Can I get a Vijaya Bank Car Loan if I have a low Credit score? 

Vijaya Bank requires you to have a credit score of 700 or above for availing a car loan.

✅ What can you keep as Security with Vijaya Bank to get a Car Loan?

No need of any other security other than the car itself to get a Car Loan from Vijaya Bank.

✅ How can I get NOC from Vijaya Bank for a Car loan?

You can get NOC directly from the Vijaya Bank branch for Car Loans.

✅ What is the Vijaya Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Vijaya Bank Car Loan account.
  • Pay the pre-closure charges as per Vijaya Bank Car Loan.

✅ What are the Vijaya Bank Car Loan preclosure charges?

Vijaya Bank Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Vijaya Bank Car Loan maximum tenure?

The Vijaya Bank Car Loan maximum tenure is 7 years.

✅ What is the Vijaya Bank Car Loan minimum tenure?

The Vijaya Bank Car Loan minimum tenure is 1 year.

✅ What is Vijaya Bank Car Loan Customer Care Number?

Call 9878981166 to contact us anytime.

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