Vijaya Bank Personal Loan

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.

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.

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

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

Vijaya Bank Personal Loan FAQs