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Vijaya Bank Personal Loan provides salary class individuals a maximum of Rs. 10 lakhs and pensioners a maximum of 2 lakhs. Nature of facility is a term loan. No hidden costs and less interest rates while applying through CreditMantri. Check eligibility now!
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Vijaya Bank is a public-sector bank with its corporate office in Bangalore, Karnataka, India. It is one of the nationalized banks in India. The bank offers a wide range of financial products and services to the customers through its various delivery channels. The bank has a network of 2031 branches throughout the country and over 4000 customer touch points including 2001 ATMs.
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
Being one of the largest bank in India, Vijaya Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Vijaya Bank.
Important documents to be submitted while applying for personal loans with Vijaya Bank
Vijaya Bank Personal Loans
Catering to the needs of various sections of people, tailor-made Vijaya Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
V-CASH-Loan for salaried Class and Pensioners
For meeting short term credit need of the salaried class towards medical expenses, marriage of applicant/family members, purchase of consumer durables, etc.
Individuals with permanent employment aged above 21 years and having minimum left over service of 2 years and drawing salary through our Bank & Pensioners aged not more than 72 years and drawing pension through our Bank.
Nature of facility:
Quantum of Loan
– Maximum of Rs.10.00 lakhs.
– Maximum of Rs. 2.00 lakhs
Assessment of finance
Rate of interest
a) General: 1 YEAR MCLR+5.00%=13.50%
b) Pensioners: 1 YEAR MCLR+4.00%=12.50%
For salaried class:
Spouse guarantee is waived. Third party guarantee is mandatory.
Spouse guarantee is mandatory. In case guarantee of spouse is not available, dependent’s guarantee is to be taken mandatorily
Processing fees/other charges
Processing charges: 0.75% of loan amount + GST.
i) Rs.2.00 lakhs and below – Nil
ii)Above Rs.2.00 lakhs -0.10%+ST min of Rs.500+GST
Repayment: Maximum 60 Months
Any other relevant matter:
Pension/Salary should be routed through our Bank
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity. YES Bank offers two types of personal loans. They are Personal loan and Quick Loan.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
In some cases, security is required.
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
There is 0.75% processing fee for Personal loan.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8. How does Vijaya Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us.
Vijaya Bank offers personal loans at the cheapest rates of interest, with no security or collateral
Vijaya Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.
The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.
With an Vijaya Bank personal loan, you can choose between fixed rates of interest and floating interest rates.
9. How can I apply for the Vijaya Bank personal loan?
You can either apply online or visit the nearest Vijaya Bank loan centre for a personal loan.
10.Will there be any charges for prepayment towards my Vijaya Bank personal loan?
There are no pre-payment charges levied towards the personal loan.
Vijaya Bank Personal Loans Overview
Vijaya Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with 0.75% processing fees and no hidden charges makes Vijaya Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Vijaya Bank personal loans do not impose much burden on the customers.
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