We are often trapped in a situation where all our savings get exhausted and the situation demands more money. Now don’t worry about your financial situation anymore as Vijaya Bank Personal Loan is here to help you. With the Vijaya Bank Personal Loan, you can pay your debts, meet expenses of a medical contingency, pay for your children’s college fund, etc. For your many needs there is just one solution, which is Vijaya Bank Personal Loan. let’s know more about it in this article below.
Why Vijaya Bank Personal Loan is Customers’ Favourite?
There a several reasons that Vijaya Bank Personal Loan is customers first choice, let’s know about them one by one –
- Quantum of Loan – Vijaya Bank allows you to borrow a loan from INR 1 to INR 10 lakh. This gives a maximum loan amount limit for customers. So whatever is your need, it must be fulfilled within Vijaya Bank Personal Loan range of loan amount.
- Loan for All – Both a salaried employee and a pensioner can apply for Vijaya Bank Personal Loan. There is only one condition for this, which is the applicant should be drawing salary or pension through Vijaya Bank.
- Zero Margin – There will be no margin on your Vijaya Bank personal loan, it means you will get 100% of your loan amount.
- Flexible Repayment – You can repay the borrowed amount in equated monthly installments up to 60 months. It is up to the borrower how he/she wants to repay, as there are various payment methods such as ECS, Standard Instruction and cheques.
What is Vijaya Bank Personal Loan Interest Rate?
Vijaya Bank Personal Loan is a fixed rate on your borrowed amount and it is based on the bank repo linked lending rate. If you are an existing customer of Vijaya Bank, you can avail of an interest rate from 10.10-13.45% per annum. Whereas the new Vijaya Bank customers will get an interest rate of 12.10-15.45% per annum on their Vijaya Bank Personal Loan.
Vijaya Bank Personal Loan Processing Fees and Other Charges!
You should know about all the necessary fees and charges when you are applying for What Vijaya Bank Personal Loan, because it gives you greater understanding of the product. Let’s see what you need to pay in the table below.
|Particulars||Fee & Charges|
|Processing Fee||0.75% of the loan amount + GST|
|Documentation Fee for loan amount INR 2 lakh and below||NIL|
|Documentation Fee for loan amount above INR 2 lakh||0.10% + ST, minimum of INR 500 + GST|
How Vijaya Bank Personal Loan Assessment of Finance is Done?
Vijaya Bank will decide your loan limit considering the following –
- Last 6 Months Salary Credit Record – For salaried employees it is mandatory to submit their last six months bank statements. With this Vijaya Bank can know the flow of income of the applicant.
- Net Take Home Salary Maintenance – A 40% of your net take home salary is considered for Vijaya Bank Personal Loan EMI. So the applicant should try to save at least 40% of their take home income, so they can borrow a high loan amount up to INR 10 lakh from Vijaya Bank.
- Last 1 Month Salary Credit Record for Vijaya Bank Salary Account Holders – If you have a salary account at Vijaya Bank with a salary mandate, the bank will require only the last month’s bank statement from you.
- Last 6 Months Pension Credit Record – For pension holders it is necessary to submit their last 6 months pension credit record to Vijaya Bank.
Note – Salaried Individual can borrow 18X of his/her average salary, subject to up to INR 10 lakh. And pensioners can borrow 18X of their net pension, subject to up to INR 2 lakh.