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Vijaya Bank is one of the big Public Sector Banks with a significant presence across India. Founded on 23rd October 1931 by late Shri A.B. Shetty and other enterprising farmers in Mangalore, Karnataka, Vijaya Bank became a scheduled bank in 1958. The founders initially had the prime objective of promoting banking habits, thrift, and entrepreneurship amongst the farming community of Dakshina Kannada district in Karnataka. It witnessed a steady growth into a large All India Bank, with 9 smaller banks merging with it during 1963-68. Vijaya Bank was nationalized on 15th April 1980. The Bank has established a network of 1786 braches, 50 Extension Counters, and 1562 ATMs, that span all States and Union Territories in the country.
About Vijaya Bank
Vijaya Bank banking services is committed to extend effective and efficient services so as to make significant contributions to the growth of the individual, and the nation at large. The Bank has the highest number of branches in its home state Karnataka.
Under the Financial Inclusion Plan, the Bank has covered 378 villages with a population of above 2000. These villages are spread over 12 states and 47 districts. Vijaya Bank has also introduced Kiosk Banking Solution which is live in 35 centres. Under the “One District One Bank Model” in Mandya district of Karnataka, Vijaya Bank services is in the process of implementing Electronic Benefit transfer program of the Govt. of Karnataka. Besides, Financial Literary Centres, Financial Inclusion Resource Centres, mobile vans, etc. have also been set up. A pan-Indian Institution, Vijaya Bank financial services offers a plethora of innovative and attractive products and services to a diverse group of customers. Amongst its various technology products are, ATMs, cash deposit machines, debit and credit cards, Internet banking, mobile banking, phone banking, funds transfer through RTGS and NEFT, etc. The Bank also offers RuPay cards to its customers. With the strong dedicated workforce of over 14000 members, Vijaya Bank is driven towards success with every initiative that it undertakes.
Vijaya Bank Loan:
Vijaya Bank Home Loan: This loan can be availed for the purpose/construction of house/flat, renovation/improvement of house/flat, takeover of housing loans from other Banks/Financial Institutions, and purchase of site/plot and construction of house thereon. Individuals aged between 21 and 65 years of age are eligible for this loan. Vijaya Bank loan details delineates that the loan is to be fully repaid before the borrower attains the age of 75 years. The repayment period is a maximum of 30 years or by the time the borrower turns 75, whichever is earlier. There is no limit on the maximum loan amount. The assessment of finance is up to 75 months’ average gross income of the applicant subject to take home income and minimum margin requirements. Vijaya Bank loan advantage is that in order to enhance loan eligibility, the applicant can also add income of spouse/children, expected rent, depreciation and income from other sources.
Vijaya Bank Personal Loan: According to the V Cash Scheme, any salaried person/pensioner can avail this loan for meeting short-term credit needs. The age of the applicant should be between 21 and 55 years of age. Vijaya Bank personal loan eligibility states that for pensioners, the exit age is 72 years. The quantum of finance is last 18 months’ average net take home salary, with a maximum of Rs.6 lakhs. For pensioners, it is 18 months’ gross pension, with the upper limit being Rs. 2 lakhs. The repayment should be done in 60 EMIs. The rates of interest are flexible and accommodate the customers’ convenience perfectly. To avail personal loan from Vijaya Bank, the spouse should be invariably taken as a guarantor unless either of them is not alive or legally separated from each other. The Bank may also accept a suitable third party with good net worth. The pre-sanction documents required at the time of applying for this loan is the latest salary certificate of the borrower. The salary of the proposed borrower credited to his bank account should be maintained with SBI for at least a minimum period of 6 months prior to the loan.
Vijaya Bank Loan Against Property: This loan is designed to meet genuine financial needs, excluding speculative purposes. Applicants between the age of 21 and 65 years are eligible for this loan. Salaried individuals, professionals, self-employed, businessmen, proprietorship, LLPs, and Companies are eligible for this loan. Under this category of loan, a borrower is entitled to get up to 48 months’ average gross income. 70% of the value of property is to be offered as security. The maximum quantum of loan is Rs. 500 lakhs. The repayment period is a maximum of 120 months. The security for this loan is the mortgage of non-agricultural/non industrial property. Vijaya Bank lending rates take into consideration the different repayment capacities of borrowers.