Vijaya Bank Car Loan
Last Updated : April 25, 2017, 4:57 p.m.
About Vijaya Bank Car Loan
After you decide to buy your dream car, the next thing you look at the lenders from whom you can take loan to serve the purpose. Of the lenders existing in the market, you can choose Vijaya Bank, a public sector bank that finances the purchase of a dream car at affordable interest rates to fit into your pocket. The seamless processing and easy documentation also make the bank’s car loan an attractive proposition for the customers. You can get a maximum loan of upto 85% of the on-road price of the car and about 70% of the valuation amount in the case of second-hand models. Be it salaried or self-employed, all are welcome at Vijaya Bank for a car loan.
Vijaya Bank Car Loan Interest Rates and Other Charges
| Particulars | Details |
|---|---|
| Maximum Repayment Period | 7 years |
| Interest Rate | 7% onwards |
| Processing Fee | As per Bank's norm |
| Prepayment Charges | NIL |
Vijaya Bank Car Loan Eligibility Criteria
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-70 years | 21-70 years |
| Minimum Income | Not specified, but it should be enough to bear the EMIs | Not specified, but it should be enough to bear the EMIs |
| Employment/Business Continuity | Not specified, but a reasonable service period is required | Not specified, but must have been in the business for a reasonable length of time |
Documentation Checklist to Obtain Vijaya Bank Car Loan
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Form 16 for last 2 years, Salary slip for last 3 months, proof of employment in the same organisation for two years, salary certificate, bank statement showing salary credit into the account | IT returns for the last 2 years along with income computation, bank statement for the last 3-6 months |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Sign Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
Vijaya Bank Car Loan EMI Calculator
Glancing at a car loan EMI calculator before applying for the same is a good practice that you should incorporate. The calculator gives an indicative figure of EMI, interest and total repayment to be made over the tenure of the loan. Based on the loan amount, interest rate and the tenure, the indicative EMI can be ascertained via the calculator.
Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at Vijaya Bank
| Loan Amount (in ₹ ) | Loan Tenure (In years) | Interest Rate(in % p.a.) | EMI(in ₹ ) | Total Interest Outgo(in ₹ ) | Total Amount(EMI+Interest) (in ₹ ) | |
|---|---|---|---|---|---|---|
| 500000 | 1 | 9.45% | 43830 | 25962 | 525962 | |
| 500000 | 2 | 9.45% | 22946 | 50698 | 550698 | |
| 500000 | 3 | 9.45% | 16005 | 76172 | 576172 | |
| 500000 | 4 | 9.45% | 12550 | 102382 | 602382 | |
| 500000 | 5 | 9.45% | 10489 | 129323 | 629323 | |
| 500000 | 6 | 9.45% | 9125 | 156989 | 656989 | |
| 500000 | 7 | 9.45% | 8159 | 185372 | 685372 | |
Vijaya Bank Vehicle Loan Application Form
You can download the car loan application form online by visiting the bank’s website. Subsequent to the downloading of the form, you require to fill all the necessary personal and professional details before submitting to the bank desk. Simple, isn’t it? But if you are not comfortable with the online mode of application, you have the option of visiting the nearest Vijaya Bank branch in your city to file in the application for your dream car.