About Vijaya Bank Personal Loan

Vijaya Bank is a medium-size, public sector nationalised bank that has its corporate office in Bengaluru, Karnataka. It offers many different financial products and services to its clients via multiple delivery channels. Founded in the year 1931 by Mr A B Shetty, Vijaya Bank has 2031 branches (as per records in March 2017) and more than 2000 ATMs all over India today. The bank has kept pace with the changing times and has made the best use of technological advancements to offer optimum services to its clients. Vijaya Bank offers a comprehensive personal loan product to salaried individuals, ensuring that their immediate financial needs are met without any hassles. Their personal loan for salaried class is known as V-Cash-loan. Entrepreneurs and doctors are offered separate loan products to help them with their working capital and practice set-up needs respectively. There is no explicit personal loan product for non-salaried people per se. Below-mentioned are more details on Vijaya Bank personal loan eligibility criteria, features and charges.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

Vijaya Bank personal loan eligibility criteria for salaried individuals is that they must be minimum 21 years old and permanently employed with their organisation. In case of elderly applicants, they should have minimum two years of remaining service-period (before getting retired). The salaries of these applicants must be disbursed through a salary account maintained with Vijaya bank. Third-party guarantee is compulsory while spouse guarantee is waived. The applicant would be required to furnish his/her latest salary certificate to prove his/her eligibility for the personal loan. Following are the exact Vijaya Bank personal loan eligibility criteria.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Vijaya Bank Personal Loan Features / Details

The availed personal loan can be used for any short-term credit requirement like medical expenses, purchase of consumer durables, wedding expenses, travel expenses etc. It’s essentially a term loan extended to salaried class with a capping of INR 10 lakh. The quantum of finance is 18 times of the person’s average net salary credited in the last six months, ensuring that the person can take 40% of his/her salary home after any deductions and loan EMIs. The rate of interest depends upon the prevailing lending rates and might change from time to time. Vijaya Bank personal loan is granted with a repayment period of no more than 60 months. Following are more details on the features of this loan.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Vijaya Bank Personal Loan Fees / Charges

Coming to the Vijaya Bank personal loan fees and charges, there is a processing charge of 0.75% (of the loan amount) plus GST applied on every application. Separate documentation charges of 0.1% plus GST (minimum INR 500) are also applied if the personal loan amount is higher than INR 2 lakh. Other charges like part payment processing fee, foreclosure charges etc. might also be levied depending upon the circumstances. You can learn more about them below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees