Vijaya Bank Personal Loan

Updated: 19-07-2022 06:42:30 AM

Vijaya Bank offers Personal Loans to borrowers seeking finance to fund their personal expenses. The loan is called V Cash and is discussed in details below:

V Cash

A personal loan offered by the Vijaya Bank to individuals.

• Features

This loan has the following attractive features:

• The loan is offered to individuals so that they can meet their short-term financial needs and expenses like marriage, working capital requirement for business purposes, taking a vacation, etc.
• The loan can be availed by salaried individuals earning a regular salary or pensioners who earn a steady source of pension in lieu of previous services rendered
• Individuals aged 21 years and above can avail of the loan and the maximum age till which loan is granted is 55 years provided that at least 2 years of service is still left. For pensioners, the exit age for the loan is 72 years
• Eligibility & Loan Amount
• The maximum quantum of loan that is granted under this scheme of personal loan is dependent on the individual’s salary if he is a salaried employee. The amount will be equivalent to the last 18 months’ average net take home salary up to a maximum of Rs.6 lakhs. For pensioners, the maximum quantum depends on their monthly pension and is equivalent to last 18 months’ gross pension subject to a maximum of Rs.2 lakhs

• The loan should be repaid within a maximum tenure of 5 years or 60 months
• In case of pensioners, the spouse would act as a guarantor unless he or she is dead or separated. In that case, a third party guarantee would be required provided the net worth of the third party is sufficient as perceived by the bank. In case of other salaried employees, spouse’s guarantee is not required. Only the third party guarantee with the third party having a sufficient net worth would be enough to avail the loan
• Certain pre-sanction documents would be required before the loan is granted. These include the latest salary certificate of the applicants. In this case, the salary of the borrower should be credited in a salary account maintained with the bank for over the past 6 months at the least

Rate of Interest

The Vijaya Bank provides personal loan on MCLR basis w.e.f. 07.09.2017 The MCLR for 1 year is 8.50%. Pensioners are given a concession in the rate of interest charged on the loan. For them the rate of interest on the availed personal loan is MCLR + 4.00% = 12.50% p.a. For other salaried individuals, the rate of interest is higher at MCLR + 5.00% = 13.50% p.a.