Vijaya Bank is a medium sized Public Sector Bank with presence across India. Is one of the nationalised banks in India. Bank has built a network of 151. 2 branches, 864 centers, 48 Extension Counters and 1500 ATM's as on 12.02.2014, that span all 28 states and 4 union territories in the country. Vijaya Bank offer different loans schemes like Personal Loan, Home Loan, Education Loan, Vehicle Loan, Restaurants Loan, Loan against property. Vijaya Bank provides personal loans for meeting short term credit need of the applicants for medical expenses, marriage of applicant/family members, purchase of consumer durables, etc. Read on to know more details
|Interest Rate||13.50 %|
|Loan Tenure||60 months|
|Processing Fees||0.75% of loan amount + applicable tax|
|Guarantor Requirement||Guarantor required|
Founded in 1931 by Shri A.B. Shetty, Vijaya Bank is one of the largest banking and financial institutions in the country today. Starting from a solitary branch in Mangalore, Karnataka, Vijaya Bank has grown to over 1620 branches, 50 Extension Counters and 1500 ATMs across India. The bank was nationalised in 1980 and has been dedicated to providing the best service to its customers.
Vijaya Bank has kept pace with changing times, incorporating the latest technical advances in its products and has a keen understanding of emerging trends. A workforce of over 13,000 individuals ensures that all banking needs of customers are met immediately. Vijaya Bank offers Personal Loans designed to cater to any need a customer could have, putting the needs of the customer first.
Financial emergencies can arise any moment in this topsy-turvy world, deeply impacting the way we live. It so happens that individuals put the needs of others before their own personal needs, owing largely due to financial constraints. Vijaya Bank offers personal loans designed to meet any financial emergencies an individual could have, be it for a wedding, home repairs or vacation, ensuring their quality of life is not impacted.
Vijaya Bank believes in catering to the needs of the customer, offering hassle free and simple financial solutions, including personal loans. The bank is one of the most trusted names in the Indian banking scene, having earned its reputation over decades of impeccable service and dedication.
Personal Loans offered by Vijaya Bank come with a host of features, some of which are mentioned below.
Multipurpose Loans – Vijaya Bank offers personal loans to meet any short term credit needs, be it for anniversary celebrations, vacations or furniture shopping, ensuring that no credit need is too small or irrelevant to be met.
Competitive Interest Rates – Vijaya Bank offers personal loans at extremely competitive interest rates, ensuring the loan doesn’t become a burden on the borrower.
Long Repayment Period – Personal loans offered by Vijaya Bank have a long repayment period of up to months, allowing the borrower sufficient time to clear the loan.
High Loan Amount – Individuals can obtain loan amounts equivalent to their take home salary for the last 18 months, subject to a maximum of Rs. 6 lakh.
Loan For Pensioners – Vijaya Bank offers loans to pensioners as well, ensuring they can meet any obligations even post retirement.
Hassle Free – The personal loan process in Vijaya Bank is quick and individuals can obtain a loan without any hassles, provided they are eligible for it.
Guarantor – Pensioners need to have a guarantor in order to obtain a loan from Vijaya Bank. Loans sanctioned to others might not require a guarantor.
Low Service Charge – Vijaya Bank levies service charges up to a maximum of 0.55% of loan amount or Rs 2,000 for personal loans.
There are times in life when you will need money urgently, for example if you are hospitalized or are getting married. If you have not planned for this expense you might find yourself in a money-crunch. Personal loans are designed for customers to avail at such instances. Personal loans can be availed at Vijaya Bank at competitive rates. Vijaya Bank charges interest rate based on the MCLR system if the loan has been taken after 1/4/2016. If a loan is taken before this date, then the interest rate will be computed using the base rate. If you availed a loan before this date, you can opt to migrate to the MCLR system if you wish to do so. All you have to do is contact the bank for doing this.
The current MCLR benchmark rates at Vijaya Bank is highlighted in the table below. These rates reflect the current economic conditions and thus are regular changes can be expected.
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
|For Pensioners||MCLR 1 Year + 3.25%|
|For others||MCLR 1 Year + 4.25%|
|Base Rate||9.65% per annum (effective October 8, 2015)|
If you have availed a personal loan before the MCLR benchmarks became the norm, then your interest would be calculated using the base rate which is the old benchmark. Calculating the interest using the old benchmark will typically mean that you will be charged a few percentage points over the base rate. A number of factors decide the final interest rate and will be decided at the bank’s discretion.
Note: All rates mentioned here are valid as of June 15, 2016. These rates are subject to change at the sole discretion of Vijaya Bank. Applicants must check the rates with the bank before applying.
Individuals who wish to obtain a personal loan from Vijaya Bank need to meet the following eligibility criteria.
An applicant is also required to furnish the following documents to obtain a Vijaya Bank Personal Loan.
It is essential to know the EMI amount in order to plan the repayments, and Calculating the Personal Loan EMI is no longer an arduous task, thanks to BankBazaar.com. Individuals can easily calculate the EMI amount due each month by simply logging onto the website and choosing the EMI Calculator tool. They are required to fill in the loan amount, tenure and interest rate, with the calculator doing the hard work of giving the exact EMI amount and representing it in a simple and easy to understand format.
The personal loan application form can be downloaded from the website of Vijaya Bank or could be procured from the nearest Vijaya Bank branch.
The bank can take up to 7 days to process the loan application.
The spouse of the pensioner is generally considered as the guarantor, but in cases where the spouse is legally separated or dead, a third party guarantor is required.
Vijaya Bank can levy a pre-closure charge up to 4% of the pre-closed amount.
Individuals can call the toll free number of Vijaya Bank.
Vijaya Bank has only one personal loan scheme, titled V Cash.
A loan under the V Cash scheme can be availed by pensioners and salaried individuals, subject to them meeting certain conditions set by the bank.
Yes, a borrower should have an account with the bank in order to avail a loan under V Cash. A salaried individual should be drawing his/her salary through a Vijaya Bank branch while a pensioner should be drawing pension from an account with the bank.
The loan amount a borrower is eligible for depends on his/her standing, with salaried individuals entitled to a maximum of Rs 6 lakh and pensioners eligible for Rs 2 lakh. This loan amount is provided at the discretion of Vijaya Bank and can change from person to person.
Yes, a borrower should be at least 21 years old, with an upper age limit of 55 years if he/she is a salaried individual. Pensioners who wish to avail this loan should ensure that they are under the age of 72 years at the time of complete repayment.
Borrowers can repay the loan through regular EMIs.
The maximum tenor of a V Cash personal loan is 5 years, with a borrower expected to completely repay the amount within this time.
An individual can download the application form for a V Cash personal loan through the official website of Vijaya Bank. This form can be filled and submitted along with the necessary documents to a Vijaya Bank branch for processing.
Yes, a borrower should provide proof of his/her income while applying for a loan. The bank uses this proof to gauge the repayment capacity of a borrower.
Vijaya Bank charges a processing fee based on the loan amount taken by an individual. There is no processing fee if the loan amount is under Rs 25,000, while it varies from 0.15% to 0.55% of the loan amount for loans between Rs 25,000 and Rs 2 lakh. For loans greater than Rs 2 lakh it charges a processing fee between 0.15% and 0.28%. The processing fee is charged based on the location of a borrower, with lower processing fee for individuals in rural areas.
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