Under the V Cash scheme, Vijaya Bank offers personal loans for salaried and pension individuals at attractive interest rates with a maximum repayment tenure of 5 years.
|Loan Amount||Up to Rs.10 lakh||Up to Rs.2 lakh|
|Processing Fee||0.75% of loan amount + GST||0.75% of loan amount + GST|
Listed below are the key features of the personal loan scheme V Cash offered by Vijaya Bank:
Listed below are the fees and charges for the V Cash loan scheme offered by Vijaya Bank:
|PL Type||Fees and Charges|
Processing fees: 0.75% of loan amount + GST
|Pensioner||Processing fees: 0.75% of loan amount + GST Documentation charges: Nil|
Listed below are the documents that salaried individuals and pensioners have to submit for a Vijaya Bank personal loan:
|Age||21 years to 72 years|
|Employment Status||Salaried individuals and pensioners|
|Citizenship||Resident citizen of India|
|Minimum Net Salary||EMI should not exceed 40% of their take home salary.|
Let’s assume that Raj took a loan for Rs.1 lakh with a repayment tenure of 1 year and an interest of 13.75% p.a. Listed below is the personal loan amortisation table over the one-year repayment period.
|Months||Principal (A)||Interest (B)||(A+B)||Total Balance||Loan % paid to date|
|Apr||₹ 7,821||₹ 1,146||₹ 8,967||₹ 92,179||7.82%|
|May||₹ 7,911||₹ 1,056||₹ 8,967||₹ 84,268||15.73%|
|Jun||₹ 8,001||₹ 966||₹ 8,967||₹ 76,267||23.73%|
|Jul||₹ 8,093||₹ 874||₹ 8,967||₹ 68,174||31.83%|
|Aug||₹ 8,186||₹ 781||₹ 8,967||₹ 59,988||40.01%|
|Sep||₹ 8,280||₹ 687||₹ 8,967||₹ 51,708||48.29%|
|Oct||₹ 8,374||₹ 592||₹ 8,967||₹ 43,334||56.67%|
|Nov||₹ 8,470||₹ 497||₹ 8,967||₹ 34,863||65.14%|
|Dec||₹ 8,567||₹ 399||₹ 8,967||₹ 26,296||73.70%|
|Jan||₹ 8,666||₹ 301||₹ 8,967||₹ 17,630||82.37%|
|Feb||₹ 8,765||₹ 202||₹ 8,967||₹ 8,865||91.13%|
|Mar||₹ 8,865||₹ 102||₹ 8,967||₹ 0||100.00%|
For a personal loan of Rs.1 lakh over a period of 12 months, Mr.Raj will have to set aside Rs.8,967 every month as the EMI to pay back Vijaya Bank the principal amount plus the interest rate of 13.75% p.a.
|Particulars||Vijaya Bank||Bajaj Finserv Personal Loan||Citibank Personal Loan||SBI Personal Loan|
|Interest rate||12.75% p.a. - 13.75% p.a.||10.99% p.a. to 17.84% p.a.||10.99% p.a. to 18.00% p.a.||12.00% p.a. onwards|
|Processing fee||0.75% of loan amount + GST||Up to 3.99% of the loan amount||2.00% to 3.00% of the loan amount||1% + GST|
|Foreclosure charges||4% + applicable taxes on the outstanding principal amount||Nil||3% of the outstanding loan amount|
If you are drawing a salary or a pension from a Vijaya Bank salary or pension account, you can apply for a personal loan online on the website of Vijaya Bank or you can apply for a personal loan at the Vijaya Bank branch you hold an account (salary or pension) with. If you have chosen the offline process, you can download the personal loan application form online on the website of Vijaya Bank. The applicant should the fill his/her personal details and all other required information and attest the application form.
To apply for a personal loan from Vijaya Bank, the salaried individual should have had at least one-month salary credited in his/her account prior to applying for a loan.
No, a personal loan amounting to Rs.13 lakh will not be possible as for salaried individuals, the loan amount that one can avail is Rs.10 lakh and pensioners can apply for a personal loan up to a maximum of Rs.2 lakh.
No, whether you apply for a personal loan online or offline, the processing fee will remain the same at 0.75% of the loan amount that one availed plus GST (Goods and services tax).
If you do not have an IT declaration form, you can submit Form 16 instead.
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