Vijaya Bank Personal Loan: Personal loans are used to fulfill humans’ uncertain or leisure activities like vacation, education, house medical emergencies, etc. The bank covers these kinds of activities with flexible interest rates. These loans require no less security to borrow money and use for basic needs.
Unlike the other loans that one can take in from banks, personal loans mostly require no to less clearance protocol. In addition, you can also access personal Loan online and offline services from different banking institutions. During this challenging time, Vijaya Bank covid-19 personal loan can be a solution.
Let us look at the loans granted by Vijaya Bank and Vijaya Bank loan status so that it is easy for you to say whether it’s applicable for you, and then you can proceed with getting the Loan with the application.
Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.
- Vijaya Bank Overview
- Vijaya Bank Features
- How to Apply for a Personal Loan in the Vijaya Bank?
- Vijaya Bank Personal Loan Eligibility Criteria
- Vijaya Bank Personal Loan Documents Required
- Vijaya Bank Personal Loan Features
- Types of Personal Offered by Vijaya Bank
- About the Repayment of Vijaya Bank
- Takeaways from the Article
Vijaya Bank is one of the most highly rated public sector banks with its office and prominent building in Bangalore, Karnataka, India. Vijaya Bank has 2031 branches throughout the country with more than 4000 customer points and 2001 ATMs.
Having personal loans from the validated Vijaya Bank is quite safe, since the personal loans of the Vijaya Bank are lawfully provided, which is essential for all persons, availing all sorts of investments.
- Availability of a Longer tenure: If you have an account with the bank and then have your salary details, take expenses and negotiate with you want terms of the Loan.
- Negotiation with the bank: The interest can be divided over many months if you have an extended loan period, making it likely for you to pay more, over the extended period.
- Allowance to make a prepayment: To reduce the EMI cost, and the most effective way is to make a payment until you can afford it. Repaying the loan early action point of the tenure gives you a good credit score and saves interest on coming payments.
There are two main or exact ways using which we can apply for a loan that can lead to approval with the correct documents and eligibility criteria.
- Apply online- you can open the bank website, start filling up the personal information they are asking for and then ask for the loan type you want. After doing this, upload necessary documents, check the eligibility criteria and apply for the Loan.
- Apply offline- for offline method features, and you can go to the bank of any branch near your house and then ask about the documents and other things they will be taking. Then, submit all the required documents and fill the form with the correct signature to start the process
There are specific standards needed to fulfill before the personal loan for a person can be approved.
- The age limit to get a loan is 21 years to a maximum of 65 years.
- They should be an Indian citizen.
- Any salaried or self-employed individual must be employed and eligible to repay the Loan.
- Should be employed for at least two years or on a business for two years and currently one-year job continuation.
- The income criteria can vary according to cities and branches of the bank but are around 4000 to 20000.
- The loan amount can start from 2 lacs and go to 70 lacs based on the individual’s repayment capacity.
- Tenure six to sixty months.
- It can be a preferred customer or a credit score of 750.
Note: Even if you are aware of the criteria you need to meet, it is advisable for applicants to go beyond this step and check the loan amount that they can get from Vijaya Bank. The bank authenticates the amount of loan using the eligibility calculator, which calculates EMI first.
- A correctly filled up and signed personal loan application
- Three coloured passport size photographs.
- Updated passbook of the last three months and the bank account statement.
- Identity proof Aadhar Card, passport, driving licence etc.
- Address proof with the bank statement, electricity bill, credit card statement on mobile bill latest.
- Income proof for non-salaried or self-employed individuals is the income tax returns of the last two financial years.
- Income proof for salaried individuals is the latest salary slip and recent certificates and deductions.
- The interest rate for the personal Loan that a candidate is the same can vary from 10.50% to 12.50%.
- Prepayment and loan processing is a faster process than any other place.
- The loan amount can be 18 times the last drawn salary concerning the loan eligibility criteria.
- The candidate’s location determines the salary amount and the loan amount that you are eligible for. It can be higher in metropolitan cities or fluctuate based on the type of city in the loan amount.
- If a person has some fixed assets or stays at housing, you can repay the loan, and also, the employment of the company can make the process smoother.
- The credit history is essential as eligibility and the loan repayment depend on the Loan.
There are many other loans that the bank provides, like a car loan, housing loan, and health insurance loan, and these things can be inquired through the bank’s official website or by going into any of the nearest branches in your locality.
The types of Personal Loan as offered by the Vijaya Bank are:
- Marriage Loan
- Loan for Government Employees
- Doctor Loan
- Loan for Pensioners
Once the loan is approved, there are ways by which you have to repay the loan. There are three distinct ways to repay the Loan and Vijaya Bank.
- SI or Standing Instruction- the money automatically gets from the bank account at the end of the month. The only eligibility is that you have to get an existing account holder of Vijaya bank and get your salary in that account.
- PDCs or Post-Dated Cheques- this doesn’t require a person to have an account at the Vijaya bank. Any person can submit a post-dated EMIs cheque and present it at the nearest branch. This gets offered at non-ECs locations and has to be submitted only.
- ECS or Electronic Cleaning Services: ECS is for people who don’t have an account in the Vijaya Bank. On approval, the amount will be automatically debited at the month-end.
The Bangalore-headquartered bank is a desirable bank for an individual to avail of a personal loan. It offers a variety of purposes such as marriage, education, medical crisis, and others.
You must be aware of the various aspects such as loan repayment options, loan eligibility, the documents needed, etc., which the article has readily fulfilled.