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Vijaya Bank Personal Loan

Apply Vijaya Bank Personal Loan

Processing Fee

nil*

Max Tenure

nil*

Best Rate

13.50%

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Vijaya Bank

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.

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What is a personal loan?

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.

An Introduction to Vijaya Bank Personal Loans

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.

Apply Vijaya Bank Personal Loan

Advantages of Vijaya Bank

  • Low interest rate
  • No hidden costs and administrative charges
  • Less paperwork
  • Long tenure
  • Minimum Income Requirement
  • Pensioners get attractive offers

Documentation Required for Vijaya Bank Personal Loans

Important documents to be submitted while applying for personal loans with Vijaya Bank

  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

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

Key Highlights

ParticularsSalaried/Self-employedPensioners
Age21 yrs to 63 years63 yrs to 72 yrs
Quantum of LoanMaximum 10 lakhs2 lakhs
TenureMaximum 60 months
Interest13.50%12.50%

Purpose

For meeting short term credit need of the salaried class towards medical expenses, marriage of applicant/family members, purchase of consumer durables, etc.

Eligibility

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:

Term Loan

Quantum of Loan

Salaried class 

– Maximum of Rs.10.00 lakhs.

Pensioners    

– Maximum of Rs.  2.00 lakhs

Assessment of finance

  • 18 times of average net salary/pension actually credited during the last 6 months, subject to maintenance of 40% net take home salary after taking into consideration the EMI of the proposed loan, subject to maximum of Rs.10.00 Lakhs.
  • In case the company is having salary accounts of their employees with us and salary mandate is available, minimum of one-month salary is to be credited prior to loan.
  • Pensioners: 18 times of average net pension actually credited during last six months subject to maximum of Rs. 2.00 Lakhs

Margin: Nil

Rate of interest

a) General: 1 YEAR MCLR+5.00%=13.50%

b) Pensioners: 1 YEAR MCLR+4.00%=12.50%

Guarantor

For salaried class:

Spouse guarantee is waived. Third party guarantee is mandatory.

For pensioners:

Spouse guarantee is mandatory. In case guarantee of spouse is not available, dependent’s guarantee is to be taken mandatorily

Security: Clean

Processing fees/other charges

Processing charges: 0.75% of loan amount + GST.

Documentation charges:

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

Personal Loan FAQs

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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