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.
Vijaya Bank Personal Loan Interest Rate
Vijaya Bank has a base interest rate of 10% which is in effect from 1st June 2015. The Bank has different interest rates for Pensioners and the general public for personal loans, charging interest at the rate of Base Rate plus 3.05 % for pensioners and Base Rate plus 4.05% for others.
This essentially means that the interest rate for pensioners stands at 13.05% per annum and 14.05% per annum for others. The bank also charges a percentage of the loan amount as a processing fee for the loan.
Vijaya Bank Personal Loan Eligibility Criteria
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.
Vijaya Bank Personal Loan FAQs
Q. How can an individual obtain the form to apply for a Vijaya Bank Personal Loan?
A. The personal loan application form can be downloaded from the website of Vijaya Bank or could be procured from the nearest Vijaya Bank branch.
Q. How long does it take to process the loan application?
A. The bank can take up to 7 days to process the loan application.
Q. Who can stand as a guarantor for pensioners?
A. 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.
Q. Are there any pre-closure charges?
A. Vijaya Bank can levy a pre-closure charge up to 4% of the pre-closed amount.
Q. How can an individual contact bank representatives to get information on personal loans?
A. Individuals can call the toll free number of Vijaya Bank.
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