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    Vijaya Bank Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.70% Fixed
    0.25% (max. ₹10000) One time fee
    6L Max
    1-5 years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    About Vijaya Bank Personal Loan

    Vijaya Bank Personal Loans are offered to self-employed individuals and salaried as well as those involved in business. These loans are meant for needs personal or otherwise that are not covered under traditional loan schemes. Such loans from Vijaya Bank can aid in many arbitrary expenses. Personal loans from Vijaya Bank are readily available through minimal documentation and low interest rates.

    Vijaya Bank Personal Loan Interest Rates

    Vijaya Bank Personal Loan interest rates have had changes within 2% in the past five years and the recent changes in RBI’s repo rate have resulted in a lowering of the interest rate recently. Going back to 2010, while rates ranged from 11.3-12.3%, now as of June 2015, the rate for personal loans from Vijaya Bank ranges from 13.05% to 14.05% and is applicable for all categories of loan seekers meeting the eligibility criteria set by the bank. Further increase or decrease of the interest rate will be at the sole discretion of the bank.

    Interest Rate (Floating per annum) (as of June 2015)

    Personal Loan V Cash for Pensioners – 13.05%

    Personal Loan V Cash – 14.05%

    Loan Types Classic Personal Loan against guarantor also known as V Cash
    Loan Amount Maximum of Rs. 6,00,000
    Loan Tenure Can be as long as 60 months
    Lowest EMI per lakh Rs. 2278
    Prepayment Charges Not applicable
    Base Rate (as of July 2015) 10.00%

    Calculating Interest on Vijaya Bank Personal Loan

    EMIs or Equated Monthly Installments are the way in which any personal loan from Vijaya Bank will need to be paid back. Each EMI consists of a portion of the principal amount as well as the interest. As the maturity year draws closer, the principal portion gradually increases and simultaneously the interest portion decreases.

    The method for calculating the EMI on a personal loan can be mentioned as follows -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Here E - Monthly EMI, r - rate of interest per month, n - number of years.

    For a ballpark figure of Rs. 1,00,000 at an interest rate of 13.05% with a loan tenure of 1 year, the interest will account for Rs. 7,209.

    For example, the following will be the amortization table for a personal loan of Rs. 10,00,000 for a period of 3 years at an interest rate of 13.05% from Vijaya Bank (starting from August 2015) -

    Year Total Payment (INR) Balance (INR) Principal Portion (INR) Interest Portion (INR)
    2015 1,68,590 8,83,273 1,16,727 51,864
    2016 4,04,616 5,75,974 3,07,299 97,317
    2017 4,04,616 2,26,085 3,49,889 54,727
    2018 2,36,026 0 2,26,085 9,941

    In any period of repayment exceeding 2 years, the annual total of EMIs might not change for a few subsequent years, while the principal and interest amounts in a year will keep varying. The principal portion keeps increasing and the interest portion keeps decreasing till the loan gets paid off completely.

    Factors affecting Vijaya Bank Personal Loan Interest Rates

    Vijaya Bank personal loan interest rates can change for any individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as -

    1. Personal loan amount - Based on the amount of personal loan applied for, the interest rate might be changed beyond the advertised rate for specific customers or categories of customers
    2. Tenure of the personal loan - Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest
    3. Repayment capacity - Vijaya Bank will check repayment capability of a customer. Depending on amount of cash inflows and transactions carried out by a customer, the bank might offer some leniency on personal loan interest rates
    4. Income - Income is important for loan eligibility as well. Additionally, the bank may change the interest rate for a personal loan based on the income of a customer
    5. Assets - Presence of fixed and movable financial assets play a crucial loan in improving the financial picture of one’s life. Based on the same, Vijaya Bank might provide a preferential rate of interest for personal loans
    6. Relationship with the bank - An existing customer of Vijaya Bank is bound to get preference when applying for a personal loan and the bank might consider providing a better rate of interest to the customer
    7. CIBIL scores - Approval of a personal loan takes one’s credit history into account. So, the CIBIL score might also work in favour of getting a better interest rate from the bank

    In spite of the above factors, any change in the advertised interest rates is at the sole discretion of the bank.

    How does the CIBIL Score affect Personal Interest Rates of Vijaya Bank?

    Preferential rates on personal loans are more feasible when considering a better CIBIL score. Along with a credit history report, scores from CIBIL play a pivotal role in furthering the case of

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