Description
About the bank
Vijaya Bank is one of the public sector banks in India with its corporate office in Bangalore, Karnataka. The Bank was established by a group of entities led by Attavar Shetty in 1931 in Mangaluru, Karnataka. Vijaya Bank was nationalized in 1980 by the Government of India along with 13 other banks in India. The bank has a network of over 2,031 branches across the country with staff strength of around 9,059. Vijaya Bank provides a wide range of financial services and products to its customers through its various delivery channels.
Vijaya BankPersonal Loans
Many times we face the unforeseen requirement of funds to meet large personal expenses. It could be planning a vacation, improving your business, managing credit card debt, funding wedding celebrations, paying for medical exigency, etc. In those tough times, taking a Personal Loan is the best option for a personal loan does not require collateral and you are free to use the loan amount as per your needs. Vijaya bank came up with a product called v-cash which offers the personal loans to permanent employees of PSU (i.e. state/central government), joint sector undertaking, private establishment or reputed company drawing salary through the bank. Vijaya bank has also included pensioners in this scheme who are drawing their monthly pension. Vijaya Bank offers a very suitable personal loan scheme that meets the personal need of an individual which includes short-term credit needs like medical expenses, marriage, purchase of consumer durables, etc.
Interest Rate & Charges
| Vijaya Bank Personal Loan Interest Rates in India | |
| Category | Effective Rate of Interest |
| General - Interest Rates | 13.50% |
| Pensioner- Interest Rates | 12.50% |
| Processing Fee | 0.75% of the loan amount + Service Tax |
| Repayment Period | Minimum- 1 year
Maximum- Up to 5 Years |
| Minimum Income | Rs. 12,000 per month |
| Maximum Loan Amount | Salaried class – Maximum of Rs.10 lakhs
Pensioners – Maximum of Rs. 2 lakhs |
Eligibility Criteria - Vijaya Bank Personal Loan
Eligibility for Vijaya Bank personal loan is decided on the basis of certain parameters. A loan seeker must come under the below-mentioned eligibility criteria to avail a personal loan from Vijaya Bank:
- Salaried/Pensioners: The personal loan applicant should be a salaried individual or should be a pensioner availing regular pension
- Age Limit: The personal loan applicant of Vijaya bank personal loans should be a minimum of 21 years in the case of salaried individuals. The exit age of pensioners is 72 years
- Service: The salaried applicant should have a minimum of 4 years of service left
- Guarantor: A guarantor is required in case of loan applicant is a pensioner. The spouse would act as a guarantor unless he or she is dead or legally separated. In that case, a third-party guarantor is required provided that the net worth of the third-party is enough as perceived by the bank. In the case of other salaried employees, spouse’s guarantee is not required, only the third-party guarantor having a sufficient net worth would be enough to avail the Vijaya bank personal loan
- Eligibility and EMI calculator: Now, you can easily evaluate and calculate your Vijaya Bank personal loan eligibility and Vijaya Bank personal loan EMI amount using utility tools like personal loan eligibility calculator and personal loan EMI calculator at afinoz.com. These calculators will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at Afinoz.com is free, easy and simple.
- CIBIL score: Credit score is an important factor for approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.
Document Required - Vijaya Bank Personal Loan
For obtaining the maximum amount of personal loan from Vijaya Bank, a borrower should produce the following documents according to their business profiles as follows:
- Filled Vijaya bank loan application form
- Passport size photos
- Pan card
- ID PROOF: driving license/pan/passport/voter ID/Aadhar card
- Residential address proof
- Income documents: Form 16 of the last 2 years, 3 month's pay slip, 3 months bank statement showing salary credit and any EMI debit
Features and Benefits - Vijaya Bank Personal Loan
Feature and Benefits of Vijaya Bank Personal Loan
Vijaya Bank has attractive features and benefits from easy loan approval to a higher loan amount with flexible loan tenure. Vijaya Bank offers its customer’s maximum quantum of the loan depending on their repayment history and credit score. Here are some features and benefits of Vijaya Bank personal loan:
- The personal loan provided by Vijaya Bank is a multipurpose loan, no boundaries on the end use of the loan amount
- The competitive interest rate makes sure that the loan doesn’t become a burden
- Flexible tenures up to 60 months
- Easy and simple documentation
- Flexible repayment period allows you sufficient time to clear the loan
- Higher Loan Quantum: Individuals can get a loan amount equivalent to their 18 months net take home salary subject to a ceiling of Rs. 6 lakhs maximum and pensioners can avail 8 months gross pension as loan
- Loan for pensioners ensures they can meet any obligation post-retirement
- Low processing charge
- Vijaya Bank personal loan is also available for the purchase of consumer durables, clean loan for flexible personal expenses