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Vijaya Bank Car Loan EMI Calculator

It is a dream come true for many of us to own a car. And it is easier to make that dream a reality today with a variety of car models available and financial assistance along with it. A car loan has become easily accessible to the common man and banks or lending institutions are willing to offer it at competitive terms. However, it is wise to compare various features and benefits of car loan offerings before signing up. More importantly, it is important to determine the monthly payments that you need to make for repaying the loan. As this monthly outflow will affect your overall financial status on a day to day basis and many other obligations could take a backseat, if not handled smartly. You can do this by understanding the EMIs (Equated Monthly Instalments) to be paid with the help of an EMI calculator. All leading banks and financial institutions offer this tool on their websites. For instance, the Vijaya Bank car loan EMI calculator helps you arrive at a comfortable monthly pay-out on the basis of principal loan amount, loan tenure and interest rate. Let’s understand what is a car loan and how does Vijaya Bank loan calculator work.

What is a Car Loan EMI calculator?

When you take a car loan, it is very important to understand what your monthly payment is towards repaying the loan. This can be calculated before you actually take the loan with the bank using the EMI calculator. The calculator will show you the estimated monthly instalments to be paid after you enter the principal loan amount, interest rate and loan tenure. You change these inputs to various combinations and arrive at a suitable monthly pay-out. The EMI calculator is available online on the websites of banks and leading financial services provider like

What is a car loan and how is an EMI calculated?

A car loan is a type of personal loan offered by banks or lending organisations. They help you fund your purchasing needs. A car loan is given to purchase a car for which you may not be able to pay the entire price upfront. The bank offers to loan the amount that you are unable to pay and makes the purchase possible. After proper documentation, you can immediately take possession of the car. The loan amount needs to be repaid with a certain interest over a period of time. Normally, banks offer loan tenures in the range of 12 to 84 months.

The repayment of the loan is completed in EMIs during this tenure. You can check in advance how much to pay on a monthly basis with the help of a car loan EMI calculator. The EMI calculator is available on the bank websites as well as This free of cost tool will calculate the EMI on the basis of principal loan amount, rate of interest and loan duration. You can also change these inputs to arrive at an optimal EMI that suits your financial situation.

It is important to note that the rate of interest is the most critical element of your car loan and the EMIs. Once the repayment of the loan begins, the element of interest keeps decreasing and only the principal amount remains as the larger component to be paid back. EMIs are mostly calculated on the basis of your loan eligibility, currently prevailing rate of interest, the loan amount intended and the loan tenure. The EMI can be worked out using the Vijaya Bank loan calculator and helps you maintain your financial status in a healthy manner.

How does Vijaya Bank car loan calculator work?

The Vijaya Bank EMI calculator helps in determining the monthly pay-outs of your car loan. EMIs can be worked out to your comfort (as per your overall financial obligations) with the help of this Vijaya Bank loan calculator. A simple tool to use, you only need to feed in the principal amount of loan taken, interest rate and the loan tenure. The tool will then show the estimated monthly EMIs to be paid. The Vijaya Bank car loan calculator offers three options at the same time to work out the EMI that best suits you. Once you start paying the EMIs, the Vijaya Bank car loan statement can be requested on a regular basis to keep track of your payments and understand the balance amount to be paid off.

Features of Vijaya Bank car loan EMI calculator

  • The Vijaya Bank EMI calculator is rather simple to use and easy to understand. One can get to know the EMIs at the click of a button.
  • The Vijaya Bank car loan interest rates are quite competitive in the market. The loan tenure offered is a maximum of 84 months.
  • You also have the option of adding a co-applicant in your loan application to increase the eligibility. This helps in increasing your total income to secure a competitive car loan.
  • The Vijaya Bank car loan calculator allows you to change the inputs made in the principal amount, interest rate and loan tenure to arrive at a comfortable EMI.
  • The Vijaya Bank car loan EMI calculator is available to use without any charges on the bank website.

Factors affecting Car Loan EMI Calculator

While the EMI calculator is readily available for usage, there are a few factors that affect the utility of the EMI calculator.

The amount of loan taken depends on the down payment that you can make towards the on-road price of the car. It is important to make an assessment of your income and obligations to be met. Even though you will be repaying the loan amount in EMIs, the principal amount taken will affect your financial outflow for the entire period of the loan.

The duration of the loan is also called as the loan tenure. The longer tenure you select, the lesser EMI to be paid. However, if you are in a position to pay a higher per month amount, you can opt for a shorter loan term and close the loan debt earlier.

The interest rate applicable on the principal amount borrowed is very critical in determining the monthly outflow. The interest rate can be negotiated with the bank on the basis of your own creditworthiness and financial status. The bank also offers a competitive rate if you are not already paying off any other debts. The interest rates today are calculated on the basis of MCLR and is subject to revision through guidelines provided by the RBI.

Why does your credit score matter?

It is a matter of one click to apply for a Vijaya Bank car loan online, it is critical to take a financial assessment of yourself. This can be done through the banks or financial service providers like CreditMantri who will provide a credit score on the basis of your regular income and liabilities like any existing loans and debts. You can have a high credit score if all existing loans are paid up. Banks prefer offering competitive car loans to applicants who have a 700+credit score and reduce the chances of a rejection on your application.

Also Read: What is a good CIBIL™ Score for Car Loan in India.

Growing Demand for cars in India

India is one of world’s fastest growing economy. One of the major segments within this is the 4-wheeler market. India is one of the top 10 car markets in the world! This requires no explanation as growing young population and higher disposable incomes are generating more demand in this category. Government’s thrust for the auto industry and affordable car financing are making car ownership almost a click away. Post sales service in this industry has become a profitable area in itself.

The car financing segment is witnessing tremendous growth with demands soaring the sky. People are more aware of the options available and are able to use the financial assistance to fund their desires. A notable aspect in this respect is the ability of the banks/lending institutions to cater to this rising demand. Top banks have taken up newer and modern ways to deal with customers and prospects to keep their loyalties and business. For instance, the Vijaya Bank loan customer care runs a toll free customer care number to address queries, complaints or feedback from the public.

Today, the general population has many car models to choose from. The question is only about tying up the financials and drive away their new car. Most auto dealerships have some tie-ups with leading banks to facilitate new enquiries and convert their sale in the fastest possible way. This also leads to banks offering excellent loan terms and competitive interest rates. This is definitely a good time to purchase a car with all these supporting factors!

Car loan EMI calculator summary

It is quite important to be smart while choosing a car loan today. With the number of options available in the financing market, one needs to get into micro details of the offering. Your monthly outflow for repaying a loan becomes an important part of your financial status in the future months. A quick calculation of the EMIs is possible with the EMI calculator available on most bank websites and leading financial service providers like There are different types of financial calculators available for personal loans and income tax calculators. One can get a detailed break-up of the loan amount and the interest applied. The most beneficial aspect is that you can use the Car Loan EMI calculator over and over again with different combinations of loan amount, interest rate and loan tenure to suit your capacity for borrowing a certain amount.

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