Vijaya Bank Car Loan

The Vijaya bank is providing a car loan to the individuals ageing between 21-70 years; maximum age reduces to 60 years in case of salaried individuals. The bank provides finance upto 85% of the on road price. The on road price includes registration and accessories charges. The bank is charging 9.50% per annum and providing a maximum loan tenure of 7 years.


Vijaya Bank is a good fit for you if?

If you already have a home loan with the bank – There is a facility of 100% finance if the borrower is already having a home loan running with the Vijaya bank. The bank is also providing a concession of 0.15% on the interest rate in this case.

If you want to pay lesser margin money – Vijaya bank car loan is a good fit for those who are willing to pay lesser margin money as the bank is providing finance upto 85% of the on-road price including registration charges and accessories.

Vijaya Bank Car Loan at a glance

Annual Interest Rate

9.50%

Loan Term

Up to 84 months

Loan Amount

Upto 85% of the car value

Pre-Payment Charges

1% of the prepaid amount

Vijaya bank is offering a car loan to salaried persons, pensioners,professionals and self employed person upto 85% of the on road price of car which includes the registration charges and the accessories as well. For the salaried persons the age bar is between 21 years to 60 years; while the age range for pensioners,professionals and self employed person is upto 70 years. The bank provides loan to companies and partnership firms too. The bank charges a fix processing fee of Rs. 500 for the loans amounting up to Rs. 1 Lac; the processing fee on the loans above Rs. 1 Lac is 0.50% of the loan amount ranging between a minimum of Rs.1500 and a maximum of Rs.10,000. The repayment tenure for the loan is flexible upto 84 months. There are also one time inspection charges amounting between Rs. 500 to Rs. 4,000. The vijaya bank charges 1% on the prepaid amount for the preclosure of loan.

Why Choose Vijaya Bank?

Borrow up to 85% of the car value – It provides the loan upto 85% of the on-road cost of car including insurance and registration charges with a repayment tenure upto 7 years.

Lesser Pre-closure Charges – The bank charges 1% as preclosure charges while some of the peers in industry like Au small finance bank and allahabad bank are charging between 2%-6% for the preclosure of loan.

What to watch out for?

Higher Inspection and Processing Charges – The vijaya bank charges inspection fee amounting between Rs.500 to Rs.4,000 along with the processing charges at a rate of 0.50% ranging between Rs.500 to Rs.10,000. These charges are higher if compared with the charges of peers like Allahabad bank having no processing fee and syndicate bank charging Rs.200 per lakh.

Compare Vijaya Bank Car Loans to Other Banks

Bank Name Vijaya Bank Allahabad Bank Corporation Bank

Typical APR

9.50%

9%

8.95% - 10.10%

Loan Term

Upto 7 years

2-7 years

Upto 7 years

Maximum Lending Amount

Upto 85% of on-road price

Upto 85% of on-road price

Upto Rs. 1 crore

Processing Fee

0.50% of the loan amount

Rs.500 to Rs.10,000

0.50% of the loan amount

Max Rs. 5750

1% of the loan amount

Min Rs. 1,000

Time to Funding

 

 

Within 7 working days of approval

Pre-Closure

1% of the prepaid amount

2.28% of the outstanding amount

Nil

The Vijaya bank is offering a loan upto 85% of the on road price of car including the registration and accessories charges, while the peer Corporation bank is allowing a loan upto Rs. 1 crore. The Vijaya bank charges 9.50% per annum while the Allahabad bank is charging 9% and Corporation bank 9%-10.25%.

The loan term is almost same as all three are allowing credit upto 7 years. The processing fee charged by the Vijaya bank ranges between Rs. 500-10,000, while allahabad bank charges a fee maximum upto Rs. 5750 and Corporation bank charges a fee of 1% of the loan amount. The pre closure charges of the Vijaya bank are 1% of the prepaid amount while the Allahabad bank charges 2.28% and Corporation bank do not levy any charges on the preclosure of loan.

Am I Eligible?

  • Applicant can be a resident indian or a non-resident indian.
  • Minimum age of the borrower should be at least 21 years at the time of loan application.
  • Maximum age of the borrower should not be more than 60 years at the time of loan maturity in case of salaried and not more then 70 in case of self employed.
  • Applicant can be a individual, a company, partnership firm or a pensioners drawing service pension through Vijaya bank.
  • Minimum net take home salary/income of 30% after all deductions including EMI of the proposed loan.

Loan Offerings

V Wheels Car Loan

  • Vijaya bank offers a loan under V wheels scheme upto 85% of the on road price of a car at 9.50% per annum interest to salaried individuals,professional and self employed persons along with the companies and partnership firms. The bank needs a third party guarantee of sufficient means to be provided. The processing charges are as high as upto 10,000. The preclosure charges stands @1% of the prepaid loan amount.
  • Documents required for Salaried applicants:
    • KYC Documents
    • Income proof
      • Last one year ITR
      • Form 16 / letter from Employer
      • Last 6 months salary slip
    • 3 passport photographs
    • Any other document which may be required from case to case.
    • Proforma invoice of the dealer/sub-dealer.
  • Documents required for Self-Employed/Farmers applicants:
    • KYC Documents
    • 3 passport photographs
    • Proforma invoice of the dealer/sub-dealer.
    • Income proof
      • Last three years ITR
      • Profit and Loss statement and Balance sheet.

Vijaya Bank Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

V Wheels Loan

9.50% per annum

How do I apply for Vijaya Bank Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT

At Vijaya Bank Online Portal

  • You can apply for Vijaya bank car loan online through their website by inputting some basic information along with your loan requirements.
    • To apply online for a Vijaya bank car loan, click here and select "Apply Online" option.
    • Fulfill all the details like your monthly income, loan amount required, purpose and the nearest branch.
    • The bank will check your eligibility based on the information provided by you and then you will be redirected to a page where you will be asked to provide your contact details.

At Vijaya Bank Branch

  • You can visit the nearest Vijaya bank branch along with the application form and necessary documents.
    • Download the application form here.
    • Attach all the necessary documents and re-check the application form for confirmation.
    • Submit the application form along with the documents to the Personal Banker/Probationary Officer.

After I Apply?

Check Loan Status Online

  • You can check the status of your loan application submitted online via below steps
    • To check the status of your loan application submitted online, click here.
    • Then click on the "Track your application submitted online" tab and then input your reference number and mobile number to get the status of your loan.
  • You can check the status of your loan application submitted offline via below steps
    • To check the status of your loan application submitted at the branch, click here.
    • Now input the reference number to fetch the status of your loan.

Check Loan Status Offline

  • Through Customer Care
    • Dial 1800-425-5885 from your registered number.
    • Select 1 for the English, 2 for the Kannada and 3 for the Hindi.
    • You will be asked to wait while they will transfer your call to the executive.
    • You can query regarding your loan status from the executive by providing the reference number of your loan application.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.50% of loan amount

Rs.500 to Rs. 10,000

Foreclosure Charges

1% of the prepaid amount

Part-payment Charges

NIL

Inspection Charges

Rs. 500 to Rs. 4,000

Documentation Charges

0.10% of the amount

Rs.500 to Rs. 25,000

The Vijaya bank charges 0.50% of the loan amount as processing fee ranging between Rs. 500-10,000; while allahabad bank charges a fee maximum upto Rs. 5750 and Corporation bank charges a fee of 1% of the loan amount. The Vijaya bank charges Rs.500-4,000 as inspection charges and documentation charges too. The foreclosure charges of the Vijaya bank are 1% of the prepaid amount while the Allahabad bank charges 2.28% and Corporation bank do not levy any charges on the preclosure of loan.

FAQs

Do I need a guarantor too to get this loan?

Yes, the Vijaya bank requires a guarantor for the vehicle loan of suitable income and net worth. In the case of NRI the bank requires a guarantee of Local indian resident with sufficient means.

What is the maximum age limit?

The maximum age limit is 60 years for the salaried individuals and 70 years for the non salaried individuals.