We at money superbazaar provide you complete information about Vijaya Bank Personal Loan, including Vijaya Bank Personal Loan interest rate, Vijaya Bank Personal Loan eligibility conditions and other factors.  It is based on information collected from bank’s official website and other Vijaya Bank Personal Loan review, available by market analysts. This Vijaya Bank Personal Loan is offered under name of V-cash and is designed so as to cater to a wide variety of needs, and is in form of term loans and demand loans. Vijaya Bank Personal Loan review mentions following categories to those whom loan can be made:

• Women who are working
• Pensioners
• Purchase of consumer durables
• Vijaya-shikshak borrowers.

Vijaya Bank Personal Loan Interest Rate:

Vijaya Bank Personal Loan rate is calculated on base rate. This rate currently stands at 9% p.a.

Based on Vijaya Bank Personal Loan rate, loan-borrowers have to pay interest at Vijaya Bank Personal Loan interest rate that is as follows:

          Class of borrowers                                                  Vijaya Bank Personal Loan rate

• Women who are working:                                       Base rate + 5%=14%
• Pensioners:                                                            Base rate + 4.50%=13.50%
• Purchase of consumer durables:                             Base rate + 5.50%=14.5%
• Vijaya-shikshak borrowers:                                      Base rate + 5%=14.5%

Vijaya Bank Personal Loan Eligibility:

Above Vijaya Bank Personal Loan is available to applicants who satisfy below listed Vijaya Bank Personal Loan eligibility requirements:

• For salaried class: men/women:

              a)  Aged between 21 years and 55 years.

             b) Permanent employees of government (state/central), defence, police, educational institution etc, PSUs, pvt. sector undertaking, under purview of Provident Fund / Gratuity Act.

             c) Service period left such that loan repayment is done before at least one year before his retirement.

            d) take-home salary should be 40% of gross total salary, after deduction of EMI

 Pensioners, receiving pension through Vijaya bank account, aged not more than 70 years.

Businessmen, professionals such as doctors, engineers, and architects aged not more than 65 years.

Quantum Of Vijaya Bank Personal Loan:

• Salaried class: allowable limit of loan is equal to 12 months take-home salary, subject to a maximum of Rs.2lacs.
• Non-salaried class: allowable limit if loan is equal to 2 times annual income, as stated in ITR
• Pensioners: quantum of loan allowed is equal to 12 months gross pension, with a ceiling of Rs.1lac.

Procedure To Be Followed While Applying For Vijaya Bank Personal Loan:

An interested applicant can directly approach bank branches or apply online as per Vijaya Bank Personal Loan review. Following are documents to be submitted:

• ID proof: Driver’s Licence/ PAN Card
• Address Proof: Voter’s ID Card/ Driver’s Licence
• Copy of ITR

Loan processing fee stands at 1.24% of loan amount sanctioned to those who have applied for this loan, after having fulfilled above mentioned Vijaya Bank Personal Loan eligibility criteria. This charge is independent of Vijaya Bank Personal Loan interest rate. A suitable guarantor, with acceptable credit -worth, is a must, as Vijaya Bank Personal Loan review mentions. This charge is independent of Vijaya Bank Personal Loan rate of interest.

Tenure Of This Vijaya Bank Personal Loan:

Tenure of this loan spans a period of 24 months or less in case of demand loan and 24 months and more in case of term loans. Maximum period of loan repayment is 4 years.  

Repayment Of Vijaya Bank Personal Loan Amount:

Entire loan amount has to be repaid across a period of 4 years, in 48 equated monthly installments. It will be done through direct deduction of installment from monthly salary. Loan-borrower must have an operating salary account with bank branch and must give a letter, undertaking not to revoke Salary Mandate, without bank’s consent.

Pre-Closure Of Vijaya Bank Personal Loan Sanctioned:

Pre-closure charges of this loan stand at 1.02% on pre-paid amount (in case of pensioners). However, this has no relation with Vijaya Bank Personal Loan rate.

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