Have you ever thought about what importance does interest rate holds in any kind of loan facility? How can it make an impact on your monthly budget when you repay the loan through EMI? Well, let me tell you that the rate of interest plays a crucial role in determining your EMI amount and thus, affects your monthly expenditure if not treated with care. Among all the banks that provide a personal loan facility, Vijaya Bank is one of the leading public sector banks of India that also provides a wide array of banking products. Heading forward with our previous point of interest rate, Vijaya Bank personal loan interest rate is one of the most affordable and cheapest in the current financial market.
When you decide to opt for the personal loan facility to satiate your emergent needs, always look for the cheapest personal rate available. Vijaya Bank personal loan interest rate fulfills all your conditions. In this article, we will be telling you about the features of the Vijaya Bank personal loan facility, its eligibility criteria, and how can you use the Vijaya Bank personal loan EMI calculator. Read on!
What are the amazing features of Vijaya Bank Personal Loan?
- The Vijaya Bank personal loan can be availed only by salaried individuals and pensioners for various purposes such as medical emergency, purchase of consumer durables, an upcoming marriage of your loved ones, or any other needs.
- Vijaya Bank personal loan interest rate ranges from 11.35% to 16.35% per annum. Chances of getting a lower interest rate are higher if you got a good CIBIL score which is usually considered to be 700 or above.
- Salaried Class individuals can obtain a maximum loan amount of INR 10 lakhs while pensioners can apply for a maximum of INR 2 lakhs.
- For salaried class individuals, it is mandatory to have a third party guarantor, while pensioners must have their spouse as the guarantor.
- For both salaried and pensioners, the repayment period can be a maximum of 60 months.
- There is no security needed in order to take this loan facility.
- You can use the Vijaya Bank personal loan EMI calculator to get an estimate about the EMI amount that you will have to pay.
- If the salary account of the applicant is in the Vijaya Bank, then it is mandatory to have at least one month’s salary credited to the account before the loan.
What are the fees and charges?
Vijaya Bank has set the processing fee as the 0.75% of the loan amount plus applicable GST charges. And documentation charges are nil if the loan amount is below INR 2 lakhs. Above this amount, the charges will be 0.10% of the loan amount plus ST(min of INR 500) and applicable GST.
What are the details you will need to use the Vijaya Bank Personal Loan EMI Calculator?
You will need a few basic details such as the desired loan amount, Vijaya Bank personal loan rate of interest, and the desired tenure. And you’ll get the correct EMI amount within seconds of filling your details.