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Vijaya Bank

Vijaya bank M/s MCS Limited
(Unit : Vijaya Bank)
Sri Padmavathi Bhavan, Plot No.93
Road No.16, MIDC Area,
Andheri (East),
Mumbai - 400 093
Tel : +91 22 28201785
Fax : +91 22 28201783



  1. For purchase of new motorcar of any make for private use or professional or business use.
  2. For purchase of second hand motorcar of not more than 5 years old.


  1. Salaried persons satisfying the following conditions
    1. Individual aged between 21 years and 60 years
    2. He / She is a permanent employee of :
      1. State / Central Government, the Defence / Police force or Autonomous Body.
      2. A public sector / joint sector undertaking or a Corporation.
      3. Reputed Public Limited Company.
      4. An established education institution / aided college / school.
      5. Any private establishment.
    3. He / She has a minimum service, so as to ensure that the entire liability is liquidated at least one year prior to his / her retirement.
    4. He / She should have sufficient net take home salary to service the present the loan applied for.
      1. The salary of the applicant should be credited to his / her account with the branch and he / she should give a letter in duplicate addressed to the employer undertaking not to revoke the Salary Mandate, without obtaining consent from the Bank. This letter should be sent by Registered Post by the branch to the employer and proof of despatch should be held on record. OR
      2. Where the employer has no system of remitting the salary of his staff members for the credit of their bank accounts, loans can be granted by taking an undertaking from the employer to deduct the monthly instalments / interest from the salary and to remit the same to the Bank till they hear to the contrary from the Bank.
  2. Pensioners drawing Service Pension (RPR, Family Pensions etc.) through our Bank.
  3. Professionals & Self Employed Persons such as Doctors, Engineers, Architects, Chartered Accountants, Lawyers, Consultants, Agriculturists, Business-men etc. aged less than 70 years having independent income.

Quantum of Loan

Loan up to 80% (in case of both new and old vehicles; but not older than 5 years) of the cost / invoice value of the vehicle including accessories and registration expenses can be approved in case of new vehicles.

Rate of Interest

(Rate of Interest effective from 01.01.2006 for fresh advances only)

Amount Slab Repayable upto Rate of interest per annum
Any amount 3 years PLR - 2.05 % presently 8.5 % p.a. (Floating)
Any amount 3 to 7 years. PLR - 2 % presently 9 % p.a. (Floating)


Entire loan has to be repaid with interest in not more than 60 equated monthly instalments.

Processing Fees

Amount Slab Processing Fees
Upto Rs.25,000/- Nil
Rs.25,001/- to Rs.2,00,000 Rs.111/-
Rs.2,00,001 to Rs.1.00 crore Rs.220/- per Rs.1 lakh or part thereof.
Above Rs.1.00 crore Rs.22,040/- for Rs.1 crore plus Rs.138/- per Rs.1 lakh or part thereof.


Hypothecation of vehicles purchased out of bank finance. HP is to be got noted in RC book issued by the RTA.


The vehicle purchased out of bank finance is to be comprehensively insured to its full value with Bank’s Clause.


A person acceptable to the Bank will be taken as Guarantor.

Fair Practice Code on Lenders Liability

1. Product information:
a) A prospective customer would be given all the necessary information adequately explaining the range of loan products available with our Bank to suit his needs.
b) On exercise of choice, the customer would be given the relevant information about the loan product of his choice.
c) The customer would be explained the processes involved till sanction and disbursement of loan and would be notified of timeframe within which all the processes will be completed ordinarily at our Bank.
d) The customer would be informed of the names and phone numbers of branches and the persons whom he can contact for the purpose of loan to suit his needs.
e) The customer would be informed the procedure involved in servicing and closure of the loan taken.

2. Interest rates:
I. Interest rates for different loan products would be made available through and In anyone or all of the following media, namely:
a) In our Bank's Web site
b) Over phone, if Tele Banking Services are provided.
c) Through prominent display in the branches and at other delivery points. d) Through other media from time to time.
ii. Customers would be entitled to receive periodic updates on the interest rates applicable to their accounts.
iii. On demand, customers can have full details of method of application of interest.

3. Revision in interest rate:
a. Our Bank would notify immediately or as soon as possible any revision in the" existing interest rates and make them available to the customers in the media: listed jn para 2(i).
b. Interest rate revisions to the existing customers would be notified within 3 working days from the date of change.

4. Default interest / penal interest
a) Our Bank would notify clearly about the default interest/penal interest rates to the prospective customers.

5. Charges:
a) Our Bank would notify details of all charges payable by the customers in relation to their loan account.
b) our bank would make available for the benefit of prospective customers all the details relating to charges generally in respect of retail products in the media as specified in para2(i).
c) Any revision in charges would be notified in advance and would also be made available in the media as listed in para2(i).
d) Our bank would clearly specify the charge account for interest and charges, wherever necessary and get a mandate for debiting the said charge account alongwith the document.

6. Terms and Conditions for lending:
a) Our Bank would ordinarily give an acknowledgement of receipt of loan request and if demanded by the customer.
b) Immediately after the decision to sanction the loan, our Bank would show draft of the documents that the customer is required to execute and would explain, if demanded by the customer, the relevant terms and conditions for sanction and disbursement of loan,
c) Loan application forms, draft documents or such other papers to be signed by customer should compre-henslvely contain all the terms and conditions relating to the product or service of his choice.
d) Wherever possible, reasons for rejection of loan would be conveyed to the customers.
e) Before disbursement of loan and on immediate execution of the loan documents, our Bank would deliver a copy of the duly executed documents to the customers.
7. Account Practices:
a) Our Bank would provide regular statement of accounts, unless not found necessary by the customers.
b) Our Bank would notify relevant due dates for application of agreed interest, penal interest, default interest, and charges if they are not mentioned in the Loan applications, documents or correspondence.
c) Our Bank would notify in advance any change in accounting practices that would affect the customer, before implementation.
8. Information Secrecy:
a) All personal information of the customer would be confidential and would not be disclosed to any third party unless agreed to by the customer. The term "third party" excludes all Law Enforcement agencies, Credit Information Bureau, Reserve Bank of India, other banks and financial institutions.
b) Subject to above para, customer information would be revealed only under the following circumstances, namely:
> If the Bank is compelled by law.
> If it is in the public interest to reveal the information.
> If the interests of our Bank require disclosure.
9. Financial distress:
A) Our Bank would reckon cases of customer's financial distress and consider them sympathetically.
B) Customer would ne enchouraged to inform about their financial distress as soon as possible.
C) Our Bank would adequately train the operational staff to give patient hearing to the customer in financial distress and would render such help as may be possible in their view.
10 .Grievance redressal :
a) Our Bank would have a grievance redressal Cell/Department/Centre within outside the organisation.
b) Our Bank would make available all the details namely:
>Where a complaint can be made
>How a complaint should be made
>When to expect a reply
>Whom to approach for redressal of grievance, etc.
To the customers individually on demand and through the media listed in 2(i).
c) Response to a complaint whether positive or negative or requiring more time for redressal would be given within a maximum period of four weeks from the date complaint, unless the nature of complaint Is such that It requires verification voluminous facts and figures.

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