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    Vijaya Bank Personal Loan

    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
    Think about
    Eligibility Criteria

    Vijaya Bank Personal Loan is Rated as "Great!" by 14 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    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

    You’re probably eligible for an Vijaya Bank Personal Loan if you are

    Vijaya Bank Personal Loan Minimum Age

    At least 21 years old

    Vijaya Bank Personal Loan Maximum Age

    Less than 55 years old

    Vijaya Bank Personal Loan Eligible Employment Type

    Salaried with regular income

    Vijaya Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required

    Your Vijaya Bank Personal Loan amount eligibility is based on these factors

    Vijaya Bank Personal Loan Minimum Salary

    Salaried with Regular Income

    Vijaya Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 6 lakhs

    Vijaya Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible Vijaya Bank Personal Loan amount by these steps

    Vijaya Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills


    Choose longer tenure loan up to months

    Documentation needed to apply for an Vijaya Bank Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Vijaya Bank Personal Loan Interest RatesUpdated on 28 Oct 2016

    Vijaya Bank Personal Loan Details
    Interest Rate 13.70 %
    Processing Fees 0.25% of loan amount with a maximum of Rs. 10,000/-+ ST
    Loan Tenure 60 months
    Guarantor Requirement Guarantor required

    About Vijaya Bank Personal Loan

    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.

    Why choose Vijaya Bank Personal Loan?

    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.

    Features of Vijaya Bank Personal Loan

    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.

    Vijaya Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    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)
    Overnight 9.20%
    1 month 9.25%
    3 months 9.35%
    6 months 9.40%
    1 year 9.45%
    2 years 9.50%
    3 years 9.55%

    Vijaya Bank Personal Loan Interest Rate

    For Pensioners MCLR 1 Year + 3.25%
    For others MCLR 1 Year + 4.25%

    Vijaya Bank Base Rate (For existing borrowers)

    Base Rate 9.65% per annum (effective October 8, 2015)

    Vijaya Bank interest rate for Personal Loans (Based on Base Rate)

    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.

    • Salaried/Pensioner – The applicant should be a salaried individual or should be a pensioner with a regular source of pension.
    • Age Limit – The applicant should be at least 21 years old and should be less than 56 years old, in case of salaried individuals. The exit age for pensioners is 72 years.
    • Service – Salaried applicants should have at least 4 years of service left.
    • Guarantor – A guarantor is needed in case the loan applicant is a pensioner.

    An applicant is also required to furnish the following documents to obtain a Vijaya Bank Personal Loan.

    • Salary Certificate – The applicant needs to furnish the latest salary certificate in order to be eligible for a Vijaya Bank Personal Loan.
    • Valid ID proof – This could be any government approved photo ID card.

    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 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.

    • How can an individual obtain the form to apply for a Vijaya Bank Personal Loan?

      The personal loan application form can be downloaded from the website of Vijaya Bank or could be procured from the nearest Vijaya Bank branch.

    • How long does it take to process the loan application?

      The bank can take up to 7 days to process the loan application.

    • Who can stand as a guarantor for pensioners?

      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.

    • Are there any pre-closure charges?

      Vijaya Bank can levy a pre-closure charge up to 4% of the pre-closed amount.

    • How can an individual contact bank representatives to get information on personal loans?

      Individuals can call the toll free number of Vijaya Bank.

    • How many personal loan schemes does Vijaya Bank have?

      Vijaya Bank has only one personal loan scheme, titled V Cash.

    • Who can avail a loan under this personal loan scheme?

      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.

    • Should a borrower have an account with Vijaya Bank in order to avail a loan?

      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.

    • What is the maximum loan amount one can avail under this loan scheme?

      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.

    • Are there any age limits a borrower should satisfy in order to be eligible for a loan?

      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.

    • How can one repay the loan?

      Borrowers can repay the loan through regular EMIs.

    • What is the maximum repayment tenor of a V Cash loan?

      The maximum tenor of a V Cash personal loan is 5 years, with a borrower expected to completely repay the amount within this time.

    • Can one apply for a Vijaya Bank personal loan online?

      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.

    • Is it necessary for a salaried borrower to provide proof of income?

      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.

    • What is the processing fee charged by Vijaya Bank on its V Cash loan?

      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.

    News About Vijaya Bank Personal Loan

    • 150 more branches for Vijaya Bank

      Executive Director BS Rama Rao revealed that the Vijaya Bank is planning to set up 150 more branches. He has already started the inauguration process at Bhogapuram in Vizianagaram district and Pendurthi in Visakhapatnam district. They are basically targeting their presence in Andhra Pradesh and Telangana. He also added that due to the dismal performance of basic sectors like Steel and Infra, the NPA (Non-Performing Asset) of the bank had suffered in a critical way in the last one year. Retail lending was still a plus point for the bank growing at 26% p.a. Agricultural credit offtake was also quite profitable. Rao also said that due to the active promotion of mobile banking, the mobile banking services have considerably risen from Rs. 50,000 to almost 5 lakh in a year.

      3rd October 2016

    • Vijaya Bank Awarded For Propagating Hindi

      In a recent award ceremony held in Rashtrapati Bhavan Auditorium, New Delhi, Vijaya Bank received the second prize under Rajbhasha Kirti Puraskar for the fiscal year 2015.-16. This award is given to banks for promoting the progressive use of official language. The prize was received by the Managing Director and CEO of Vijaya Bank, Kishore Sansi. The awarded was given by the President of India, Pranab Mukherjee. Rajnath Singh, Union Home Minister and Kiren Rijiju, MoS for Home Affairs were few spotted in the award ceremony among many other government officials.

      20th September 2016


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