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  • Vijaya Bank Personal Loan Eligibility

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  • Vijaya Bank is a mid-sized public sector bank with various branches spread across India. Personal loans offered by Vijaya Bank are aimed at meeting the short term financial requirements of customers such as a holiday abroad or renovation of their homes. Vijaya Bank offers personal loans for up to Rs. 6 lakhs to salaried customers with a regular income. Customers should ensure that they have a robust credit history since EMIs of other existing loans lower their eligibility to avail of personal loans. Making timely payments and choosing a longer tenure are some of the other key factors which boost a customer’s ability to acquire a personal loan.

    The eligibility criteria for salaried persons is as follows:

    • For salaried individuals
    • Minimum Age: 21 years

      Maximum Age: 55 years

      Repayment period:60 months

      Maximum Loan Amount:Rs. 6 lakh


      Income: Salaried with regular income

    • For pensioners
    • The eligibility criteria for pensioners is as follows:

      Minimum Age:21 years

      Maximum Age: 72 years

      Repayment period: 60 months

      Maximum Loan Amount: 18 months gross pension with a maximum of up to Rs.2 lakh

      Guarantor: Required. The spouse should be the guarantor unless dead or separated, in which case, Vijaya Bank will accept a third party as guarantor.

    Factors Affecting Eligibility of Vijaya Bank Personal Loans

    • Age: Banks are more likely to provide personal loans to individuals who have several productive years before them. The age profile of customers is one of the important factors considered prior to approval of personal loans.
    • Income: Banks have to ascertain the ability of a customer to repay the loan. Vijaya Bank has set a minimum monthly net salary as one of the eligibility criteria to ensure that customers have a sound financial strength or base in terms of income. Also, Vijaya Bank may not provide loans to customers, if they have been job hoppers in the recent past.
    • Stability: Banks are wary of customers who change their jobs frequently- do not strive to consolidate their position in one company. Frequent change of jobs makes employees more vulnerable to layoffs in addition to weakening their prospects of getting promotions and increments. Customers who have been with a company for a longer period of time will have little trouble acquiring personal loans.
    • Rapport: Many customers usually tend to be loyal to one bank or another over a period of time. Loyalty to a bank leads to an easy rapport with a bank which may result in attractive interest rates on personal loans for the benefit of customers. More often than not, customers who have been associated with a bank can avail of personal loans without any hassles.

    How CIBIL score affects your Vijaya Bank Personal Loan Eligibility?

    • Existing loans: Loan eligibility of a customer will take a beating if he or she has taken several loans at a given point of time. CIBIL report will reflect the credit behaviour of the loan applicant. If a customer is too credit hungry, his or her CIBIL report will reflect his lack of fiscal prudence. Consequently, most banks will not entertain customers who are not aware of the perils of excessive credit which may eventually lead to a debt trap and defaults.
    • Credit score: One of the most important factors which affect a customer’s loan eligibility- credit score, gives banks an accurate data of the repayment habits and history of credit behaviour of the loan applicant. A bad credit may effectively mar the chances of availing a personal loan by Vijaya Bank. Alternatively, a very good Cibil score can boost the chances of acquiring a personal loan.
    • Repayments: Customers have to ensure that they pay their EMIs on time. If customers have more than one loan, they will find it difficult to repay loan instalments on schedule. Payment of bills regularly without fail is, therefore, of seminal importance since it has a bearing on cibil score, which is reviewed by banks before approving a loan.

    How to increase Vijaya Bank Personal Loan Eligibility?

    • Creditworthiness:Timely payment is an important determinant of the creditworthiness of a customer. CIBIL score of 750 score and above shows creditworthiness of a customer. In most cases, banks easily approve loans for customers who have a CIBIL score of over 700. Customers should ensure that they have a robust track record in terms of repayments to increase their eligibility to avail of personal loans.
    • Loan tenure: According to experts, increase in tenure will result in reduction of EMIs, effectively increasing an individual’s ability to pay. The tenure of a loan, therefore, has a bearing on the loan eligibility of an individual.
    • Clean record: Customers have to ensure that they have a clean repayment history. CIBIL score is adversely affected if a customer defaults or makes late payments. Banks will take serious note of any defaults by the customer in the recent past.

    FAQs on Vijaya Bank Personal Loan Eligibility

    • What is the age criteria set by Vijaya Bank for salaried persons?

      The minimum age is 21 years, while the maximum age is 55 years.

    • Does Vijaya Bank demand any guarantors on personal loans?

      Yes. The spouse should be the guarantor unless dead or separated, in which case, Vijaya Bank will accept a third party.

    • What is the maximum loan amount that Vijaya Bank offer to customers?

      The maximum loan amount Vijaya Bank offers is Rs. 6 lakhs.


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