Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 Vijaya Bank Personal Loan Interest Rates
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.50% Floating
    0.75% + applicable tax One time fee
    10L Max
    1-5 years
    Response Time : Within 30 minutes
    Documents
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    Vijaya Bank Personal Loan Interest Rates is Rated as "Excellent!" by 18 Users

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    Vijaya Bank Personal Loan Interest Rates

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    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.

    Vijaya Bank Personal Loan Interest Rates 2017

    Particulars Salaried Pensioners
    Interest rate MCLR 1 Year + 4.25% = 12.90% p.a. MCLR 1 Year + 3.25% = 11.90% p.a.
    Loan Amount Last 18 months’ average net salary, with maximum limit of Rs.6 lakh. 18 months’ gross pension, with a maximum limit of Rs.2 lakh.
    Loan Tenure Maximum of 60 months. Maximum of 60 months.
    Lowest EMI NA NA
    Processing Fee Not specified. Not specified.
    Age Minimum: 21 years.
    Maximum: 55 years.
    *Minimum 2 years of service left.
    Maximum age by which loan to be repaid is 72 years.
    Prepayment/Foreclosure Charges Not specified. Not specified.

    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 getting a personal loan approved from Vijaya Bank. CIBIL scores range from 300 to 900 and a score above 750 is considered a good one. Scores above 750 might allow the bank to consider offering a better rate of interest to the customer. Else the rates might be higher than expected. Checking the CIBIL score and getting it to a figure that’s acceptable is a good way to expect better rates from banks.

    Key Points regarding Vijaya Bank Personal Loan Interest Rates

    Availing a personal loan from Vijaya Bank is easy for individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind -

    • The interest rates in Vijaya Bank for personal loan are subject to the repo rate of RBI and may come down further, but not immediately
    • The personal loan interest rates in Vijaya Bank are floating, not fixed and are among the lowest in the market
    • Personal loans from Vijaya Bank require a guarantor, and having a stellar financial record and investments in government securities might aid in getting a better interest rate
    • While your credit score might be kept in mind by Vijaya Bank, the interest rates may or may not change as per that
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  • Vijaya Bank Personal Loan Interest Rates Reviews

    • Vijaya Bank Personal Loan
      "Process is fantastic"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Vijaya Bank two years ago. The process was perfect and there were no hassles in getting my loan through. The interest rate was a bit high, it was around 13% and the processing charges was okay. I am happy that the process to get the loan was swift.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 22, 2017
    • Vijaya Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I got the salaried account with VIJAYA bank. Based on the salaried account, I got the home loan and personal loan from vijaya bank. They took around 15 days to disburse my personal loan . The rate of interest is nominal with Vijaya bank. I am happy with the loan amount and satisfied with the service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2017
    • Vijaya Bank Personal Loan
      " Hassle free"
      0.5 5.0/5 "Blown Away!"
      Two years back, I had taken personal loan from Vijaya bank, still its running. I took the loan amount of Rs.5 Lakhs this is for a tenure of five years with the rate of interest of 13% and there was no processing fee too. Vijaya Bank has got part payment and preclosure option too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 03, 2017
    • Vijaya Bank Personal Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      The best personal loan that I have ever taken was from Vijaya Bank the service offered by them was good. I had applied for the personal loan twice before with the same bank. However I am an account holder of Vijaya bank they had offered me the least interest rate which was 14.05% Documentation process was simple.
      Was this review helpful? 0
      , hospet
      Reviewed on Mar 08, 2017
    • Vijaya Bank Personal Loan
      "Excellent !!!!"
      0.5 5.0/5 "Blown Away!"
      I have the salaried account with vijaya bank. I submitted document for the personal loan on the same day the amount was credited. Every thing went on smooth as i am already a know customer to them. The cheapest interest rate was offered like they were charging the base rate which gets on reduces.
      Was this review helpful? 1
      , mumbai
      Reviewed on Apr 30, 2016
    • Vijaya Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the Vijaya bank and the interest rate was okay with them. I got the loan to be disbursed within a week of time. Customer service and the responsiveness are good with the Vijaya bank.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 01, 2016
    • Vijaya Bank Personal Loan
      "Very good"
      0.5 3.0/5 "Satisfactory"
      Vijaya bank has given the personal loan with 13.7% interest rate. They took only four to five working hours to disburse the amount after completing the documentation. Compared to other bank the required documents is very high with vijaya
      Was this review helpful? 1
      , bellary
      Reviewed on Jan 22, 2016
    • Vijaya Bank Personal Loan
      "Happiest customer..."
      0.5 5.0/5 "Blown Away!"
      Vijaya bank is not that huge but they processed and delivered the personal loan on time. In five to six days I received one lakh. I can also rate more than five for Vijaya bank as literally they good. Directly the officers came my place to collect papers and within 24 hours they disbursed from the time of documentation. For personal loan the interest rate is just 9%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 27, 2015
    • Vijaya Bank Personal Loan
      "Good Enough!!"
      0.5 3.0/5 "Satisfactory"
      They do not have a online system so everything was done offline. Immediately an executive came to collect the documents. In a weeks time they have approved my loan. Interest rate was around 15% hence satisfied. Very nominal processing fee was charged. Service was good. It would be better if Vijaya Bank establish online system so that it will be helpful.
      Was this review helpful? 0
      , bellary
      Reviewed on Nov 25, 2015
    • Vijaya Bank Personal Loan
      "Its fine"
      0.5 4.0/5 "Great!"
      The first and foremost reason for selecting Vijaya bank for the personal loan was the interest rate . The rate of interest offered by them was 13.7% and the processing fee for 3 lakhs is rs 3400. Online is not good when compared with ICICI. No discounts was given on the processing fee. Insurance was there however I did not opt for it.
      Was this review helpful? 1
      , bellary
      Reviewed on Nov 24, 2015
    • Vijaya Bank Personal Loan
      "The best loan"
      0.5 5.0/5 "Blown Away!"
      he best personal loan that I have ever taken was from Vijaya Bank the service offered by them was good. This loan was offered based on my salary account. I have applied for many banks. Interest rate offered by other bank were charging around 19%. However I am an account holder of Vijaya bank they have offered me the least interest rate which was 14.30% as of now its 14%. When I apply for other banks will take to force to take insurance where with Vijaya no such charges only handling fee was there.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 17, 2015
    • Vijaya Bank Personal Loan
      "Best rates "
      0.5 4.0/5 "Great!"
      Vijaya Bank have processed the loan application within 3-7days and they are good in loan process.Since I maintain my salary account with the same bank it was a easy process to get the loan.The response provided was not that good but they offer the best interest rate for the loan.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 28, 2015
    • Vijaya Bank Personal Loan
      "Simple Documentation"
      0.5 5.0/5 "Blown Away!"
      Vijaya bank disbursed the personal l loan within 24 hour after submitting the document as the manger was good. Interest rate offered was approximately 13.5% which was low compared to other banks and the processing fee was nominal. Documentation process was simple.
      Was this review helpful? 2
      , angul
      Reviewed on Oct 26, 2015
    • Vijaya Bank Personal Loan
      "Twice taken "
      0.5 4.0/5 "Great!"
      I am having my salary account with VIJAYA bank. I took the personal loan from them which is for 2 lakhs. They have offered me the common rate of interest which is available in the market. I completed this loan before in one year itself. I do not find any difficulties with them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 20, 2015
    • Vijaya Bank Personal Loan
      "Not satisfied.."
      0.5 2.0/5 "Expected more"
      I actually pre closed the personal loan from Vijaya bank because not satisfied with the services of the bank. The rate was 16% which is reducing basis. Just for sanctioning of one lakh they took almost three months, which is dissatisfied. Pre closure charge was nil.
      Was this review helpful? 1
      , mysore
      Reviewed on Sep 18, 2015
    • Vijaya Bank Personal Loan
      "Satisfactory.."
      0.5 5.0/5 "Blown Away!"
      VIJAYA Bank offered me a Personal loan with 10.50% rate of interest and compare to other banks its quiet less. Loan process was very fast and I am happy with their service. Processing charges charged by them was 500rs. I am getting regular alerts from them also.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 14, 2015
    • Vijaya Bank Personal Loan
      "Satisfactory.."
      0.5 4.5/5 "Excellent!"
      VIJAYA Bank is the best and convenient for to take Personal loan. Loan process was very fast. When I applied for the personal loan, verification was done by the same day Documentary also collected and they disbursed the loan amount within a day. Rate of interest offered by them 16.5% compare to HDFC Bank its less. Processing charges 4% its quiet high.
      Was this review helpful? 3
      , bellary
      Reviewed on Sep 12, 2015
    • Vijaya Bank Personal Loan
      "Quite ok"
      0.5 2.0/5 "Expected more"
      I avail a personal loan from Vijaya bank and i feel there must be improvisation on their overall services. Processing of loan was quite ok but customer service needs to take lot of initiative, interest rate is also quite higher, it would be better if it is negotiable. Overall i could say there must be some improvement on their services.
      Was this review helpful? 5
      , bangalore
      Reviewed on May 29, 2014
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