Have searched the personal loan offers of your favorite banks, but could not find them appealing? Here is a chance for you at Vijaya Bank, a public lender with over 1900 branches and 3,500 customer touch points, which offers personal loan at an interest rate of 10.90% - 18.25% per annum. The Bangalore-headquartered nationalized bank is a go-to bank for a personal loan as it offers the same for a variety of purposes such as marriage, education, medical emergency and others. To take a call on Vijaya Bank to meet all your personal needs, you must be aware of various aspects like loan repayment options, tenure for which loan is available, the feasibility of EMIs with respect to your pocket, etc. You can know all that and plenty more if you go through the article below.

Also, Read about how you can avail Citibank Personal Loan ?

Eligibility Criteria for getting a Personal Loan from Vijaya Bank

• The applicant should be a salaried individual or should be a pensioner with a regular source of pension
• Salaried applicants should have at least 4 years of service left
• The applicant needs to furnish the latest salary certificate in order to be eligible for a Vijaya Bank Personal Loan

Vijaya Bank Personal Loan Eligibility Calculator

Looking at the eligibility criteria, you could say you easily fit into the bank’s scheme of things to avail a personal loan. But you need to go beyond that and check out the loan amount that you can get from Vijaya Bank. The bank ascertains the amount of loan using the eligibility calculator, which computes EMI first. This smart and time-saving tool allows you to know your loan amount eligibility by doing all the calculations for you. So, if you don’t know how to calculate the per lakh EMI, nothing to worry just dive into the example below.

• Loan Amount- ₹1,00,000
• Loan Tenure-5 years
• Rate of Interest-13% p.a.
• Per Lakh EMI- ₹2,275
• Now come to the calculation of loan amount, which will be based upon your income and savings. Suppose your income and savings are ₹90,000 and ₹45,000, respectively.
• Now let us calculate the loan amount with respect to per Lakh EMI
• Personal Loan Amount Eligibility- ₹1,00,000 x savings/per lakh EMI
• – ₹1,00,000 x 45,000/2,275=₹19.78 lakhs
• So, you can receive a personal loan of ₹19.78 lakhs

Vijaya Bank Personal Loan EMI Calculator

Do you have any idea of how EMI gets calculated? If no, then use the EMI calculator. It is very quick and simple to calculate your EMIs with the help of using this device. It takes into consideration the loan amount, tenure, and rate of interest, hence fetch the results for you in the form of monthly installments payable on the loan. While calculating the EMI, the device calculates the interest portion first and then the principal amount.

Example- You wish to avail a loan of ₹6 Lakhs from Vijaya Bank for 5 years. The interest rate chargeable on the same is 13.00% p.a. To know your EMIs, interest outgo and overall payment take a look at the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Documentation Needed

Income Documents

• Latest salary certificate of the applicants.
• Salary of the proposed borrower is credited to his bank account maintained with us at least for a minimum period of 6 months prior to the loan.
• Application Form with Photograph
• Copy of Passport/Voter ID/ Driving License
• Processing Fee Cheque
• Current Dated Salary with Latest Form16

GUARANTOR (for pensioners) (Others)

• The spouse should be invariably taken as a guarantor un-less either of them is not alive or legally separated from each other or suitable third party with good net worth acceptable to the bank.
• The Spouse guarantee waived, however, 3rd party guarantee is required

Vijaya Bank Personal Loan Customer Care

Dial 1800 425 5885 , 1800 425 9992 or 1800 425 4066 from your landline or mobile and resolve all your complaints, queries and complaints related to Vijaya Bank Personal Loan. The customer care executives at Vijaya Bank are always there to help and support you. These experts with their in-depth knowledge and expertise ensure to give you the best solutions in the least time frame. They listen to your problem and ensure to solve the same in the best way.

Features & Benefits

• Maximum Loan Amount Availability
• Flexible Repayment Options
• Minimal Documentation
• Speedy Approvals
• Lowest Interest Rates