- Check interest rates before applying for a personal loan.
- Know your EMIs win advance with personal loan rates.
A personal loan could help you in many finance related urgencies. You can also take it to sponsor your trip if not clearing debts. Vijaya Bank is one of the many options you have for personal loans where you can get a good rate of interest depending on the criteria set by the bank. If your income is good and you have proper documents, there are chances that you can get approved for a lower rate of interest. Below is an comparison tool where you can calculate the deal with variable values and suit yourself accordingly.
Interest Rate Comparison Tool
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Table of Contents
Vijaya Bank Personal Loan Interest Rates May 2021
Below is the table showing the rate of interest, tenure and loan amount offered on personal loan by Vijaya Bank.
|Interest Rate||10.00% - 15.60%|
|Loan Amount||Up to INR 10 Lakhs|
|Processing Fee||0.25% of the loan amount|
Vijaya Bank Personal Loan Balance Transfer
If you want to transfer your outstanding Vijaya Bank personal loan, you can call the customer care service. However, if you are comfortable, you can walk into any of the bank branches. It is a process where the unpaid principal amount is transferred to Vijaya Bank which is offering the facility at a lower interest rate. In simple terms, you just need to pay your EMIs to the bank you’ve transferred your loan to, at the new interest rate. Obviously, the EMI will be lower.
How Much Can You Save by Transferring Your Personal Loan Balance to Vijaya Bank?
Kamal has borrowed INR 8,00,000 from a bank which charges an interest rate of 16.00% per annum for 5 years. And for 2 years, he paid the EMIs smoothly without any default or penalty. But, because of a medical emergency, Kamal was left with no option but to spend his entire savings to recover from the same and now finds it difficult to pay the EMIs. So, he thought of transferring his loan to a lender that offers him a lower interest rate. Then he came across Vijaya Bank which offered him an 11.00% rate of interest for the balance amount. See the table and know how much Kamal saved after the loan balance transfer.
|Original Loan Amount||INR 8,00,000|
|EMI @16.00%||INR 19,454|
|Estimated Interest Outgo @16.00%||INR 3,67,267|
|Interest Paid Till 2 Years||INR 2,20,266|
|Outstanding Balance at the End of 2nd Year||INR 5,53,358|
|EMI @11.00% for the Remaining 3 Years||INR 18,116|
|Interest @11.00% for 3 Years||INR 98,826|
|Interest Paid Till Now + Interest Payable Over the Next three years||INR 3,19,092|
|Estimated Savings in Terms of EMI||INR 1,338|
|Estimated Savings in Terms of Interest Payment||INR 48,175|
Note: Vijaya Bank charges a balance transfer fee, so evaluate the total savings by deducting the balance transfer fee from the saving amount.