Particulars | Salaried | Self-employed |
---|---|---|
Rate of interest | MCLR for 1 Year + 4.25% = 12.9 % per annum. | MCLR for 1 Year + 3.25 % = 11.9 % per annum. |
Loan Value | Average salary value of 18 months up to Rs 6 lakhs. | Average salary value of 18 months up to Rs 6 lakhs. |
Tenure of the loan | Up to 60 months. | Up to 60 months. |
Least EMI | NA | NA |
Processing Fee | NA | NA |
Age |
21 – 55 years At least 2 years of service should be left. |
Maximum 72 years by which the loans needs to be repaid. |
Prepayment or foreclosure fees | NA | Na |
Vijaya Bank offers personal loans at very competitive interest rates to its customers. It is realised that the interest rates have reduced by 2 % in the past five to seven years. The recent changes made by RBI have again resulted in declining rates of interest. While the rates were 11.3 % to 12.3 % in 2010, the rates in 2015 were seen as 13.05 % - 14.05 %. Further rates have decreased as shown in the following table.