|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.|
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.