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How to get an instant personal loan through Vijaya Bank in 2021?

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Vijaya Bank is one of the leading public sector banking solutions in India that has set up with its corporate office in Bangalore, Karnataka. Being one of the largest banks in India, Vijaya Bank offers a wide range of personal loan services and preferred banking by all kinds of people for getting a personal loan. For an immediate financial requirement like wedding, medical treatments, home renovation, and vacation, etc.

Features of Vijaya Bank personal loan

Vijaya Bank offers attractive features to a higher loan amount with flexible loan tenure. The key features offered by Vijaya Bank personal loan are as follows:

  • The personal loan offered by Vijaya Bank is multipurpose, with no boundaries on the end-use of the loan amount.
  • It offers an attractive interest rate to the users.
  • Flexible tenures up to 60 months.
  • Easy and simple documentation required.
  • Low processing fee charge
  • Pensioners ensure they can meet any obligation post-retirement.
  • Individuals can apply for the loan amount equivalent to their 18 months of net salary subject to a ceiling of Rs. 6 lakhs maximum and pensioners can avail of 8 months gross pension as a loan.
  • Loan offered to the pensioner they get when they meet any obligation post-retirement.
  • This loan is available for the purchase of consumer durables, clean loan for flexible personal loan expenses.

Benefits of Vijaya Bank personal loan

  • Low-interest rate
  • Long tenure
  • Less paperwork
  • Minimum income requirement
  • No hidden cost and administrative charges
  • Pensioners get attractive offers

Eligibility criteria for Vijaya Bank personal loan

Vijaya Bank personal loan is offered to the loan seeker based on certain parameters. Here are some eligibility criteria to avail of a personal loan from Vijaya Bank are mentioned under:

  • Salaried/pensioners: The personal loan is offered to the applicant must be a salaried individual or should be a pensioner availing regular pension.
  • Age criteria: Vijaya Bank offers personal loans to users who should be a minimum of 21 years in the case of salaried individuals.
  • Service: The applicant should be salaried for a minimum of 4 years of service.
  • CIBIL Score: Credit score is the main factor for approval of the loan. Usually, the user’s creditworthiness is determined by evaluating the credit score for example CIBIL / EXPERIAN score. If the applicants having poor credit score may get rejected.

Documents required for Vijaya Bank personal loan

For obtaining the maximum amount of Vijay Bank personal loan, the users should have the following documents according to the user’s business profiles as follows:

  • PAN Card
  • Filled Vijay Bank online application form
  • Passport size photos
  • Residential address proof
  • Income documents should be submitted as form 16 of the last 2 years, 3 month’s payslip, and 3 months bank statement showing salary credit.
  • ID proof: driving license/passport/ PAN/ Voter ID/ Aadhaar card

Compare Vijaya Bank personal loan with other lenders

Banks Interest rate
HDFC Bank personal loan 11.25%
ICICI Bank personal loan 10.99%
SBI personal loan 10.90%
Axis Bank personal loan 16%
Tata Capital personal loan 11.25%
Bank of Baroda personal loan 11.60%
Fullerton personal loan 12.99%
Indusind Bank personal loan 11.25%
Punjab National Bank personal loan 12%
Aditya Birla personal loan 14%

 

Vijaya Bank personal loan interest rates

Particulars The effective rate of interest
General-Interest rates 13.50%
Processing fee 0.75% of the loan amount + Service Tax
Pensioner- Interest rates 12.50%
Minimum income Rs. 12,000 p.m.
Repayment period Minimum-1 year

Maximum- Up to 5 years

Maximum loan amount For the salaried class- Maximum of Rs. 10 lakhs

For pensioners- Maximum of Rs. 2 lakhs

 

Vijaya Bank personal loan EMI calculator

The EMI of the loan amount can be easily calculated with the Personal loan EMI calculator. This calculator helps in a very quick and simple to calculate the monthly installments payable on the loan amount.  It also takes into consideration of the loan amount, tenure, and rate of interest while calculating through it.

For example, You are applying for a personal loan via Vijaya Bank for 5 years and the interest rate is chargeable on the same is 13% p.a. of the loan amount. To know the monthly installments of EMI and overall payment, take a look at the table below:

Loan amount Interest rate Tenure Monthly installments The total amount of interest Total amount
Rs. 6,00,000 13% 1 Rs. 53,590 Rs. 43,084 Rs. 6,43,048
Rs. 6,00,000 13% 2 Rs. 28,525 Rs. 84,602 Rs. 6,84,602
Rs. 6,00,000 13% 3 Rs. 20,216 Rs. 1,27,789 Rs. 7,27,789
Rs. 6,00,000 13% 4 Rs. 16,096 Rs. 1,72,632 Rs. 7,72,632
Rs. 6,00,000 13% 5 Rs. 13,652 Rs. 2,19,111 Rs. 8,19,111

Eligibility calculator for Vijaya Bank personal loan

For checking the eligibility criteria, you could say that it is easy to avail Vijaya Bank personal loan but you can check the loan amount through this. Thus, the bank ascertains the loan amount using the eligibility calculator. With the given example you can calculate Vijaya Bank personal loan interest rate:

Loan amount is Rs. 1,00,000

Loan tenure is 5 years

The rate of interest for the loan is 13% p.a.

EMI: Rs. 2,275

Your income- Rs. 90,000 and savings –Rs. 45,000

Personal loan eligibility is Rs. 1 lakh x savings/per lakh EMI

Rs. 1 lakh x 45,000/2,275= Rs. 19.78 lakh (Received amount)

Factors affecting Vijaya Bank personal loan

For approving eligibility criteria, certain factors are affecting the loan application with minimum salary and the loan amount eligibility. They are as follows:

  • Location: It is an important factor there is a location for your loan application. It determines the minimum salary amount for personal loan eligibility.
  • Income: The loan amount you will get when there is higher income and it always has an excellent repayment capability.
  • Credit history: The user’s credit history is based on their credit score which is very important to calculate. This primary factor depends upon the loan amount, interest rate, and tenure.
  • Company of the employment: The user should be working in a reputed company with a stable job, this will help you to get the loan with a better interest rate.

Conclusion:

It is noted that Vijaya Bank’s loan provides flexibility in meeting the immediate financial needs of the customer at a very low-interest rate, flexible repayment tenure, factors affecting personal loans, and more. In such a case, the user has a set of experts, available at one’s doorstep to guide the customer and choose the personal loan as per the user’s needs for a personal loan.

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Finance

Tips to Help Motorists Secure Auto Insurance Quote Online

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Auto Insurance Quote Online

Car insurance coverage can cover the individual driver, passengers, the other motorist and pay for loss and damage costs in the event of an accident. A car insurance policy is an essential cover in most states. It is essential to shop before securing a cover from any provider because the cost for quotes varies. 

One of the most convenient ways to shop with minimal movements is online. Today, many insurance providers engage their clients online, allowing them to renew expired policies or purchase a new one. You can engage hershey auto insurance on their online platform and see how convenient it is. 

How to get an auto insurance quote 

You can get a free quote by using either of the following:

  • Quote comparison tool
  • Auto insurance broker
  • Direct online quote
  • In-person quote
  • Quote by calling

What next?

All of these methods of acquiring auto insurance quotes are effective n-but may vary in few ways. However, the basic requirements are the same. Make sure you have:

  • Personal information- for the multiple drivers in your household including teenagers. You’ll need to know their date of birth and occupation.
  • Information about the car in question- the model, make, vehicle identification number (VIN), and mileage.
  • Average miles per year
  • Record of your driving history and that of the multiple drivers’ too
  • Updated coverage details

How often should you shop for auto insurance quotes?

Insurance companies are in a competitive field and so quote costs get revised often. Motorists are advised to shop every 12 months when renewing their policy. It is also crucial to shop if you’ve moved to a different location or gotten married.

Comparison helps you find a different rate allowing you the opportunity to make a better purchase. When shopping, compare the difference in the limits, deductibles, and the cover.

The following issues can inform your decision to shop even when your policy runs valid:

  • Change in your marital status
  • Age bracket changes-e.g. from a teen to an adult driver
  • Moving in with family and deciding to combine policies
  • Move to a different location, thus different ZIP code.
  • A significant change in your credit score
  • Change to a job that needs less driving
  • Three years have elapsed since you violated traffic regulations or found at fault in an accident.

Should your current insurance provider operate in your new location, there’s no need to shop. Similarly, if you’re comfortable with the services offered, you do not need to change or shop.

Factors that determine auto insurance rates

One of the most significant factors to consider when shopping is the financial status of your insurance provider. A reliable insurance provider honors claims without fail. 

On your part, you must also be a keen driver, have a clean credit record to attract discounts.  A risky client pays more for auto insurance cover. 

Parting Shot

Car insurance cover compensates for your loss and damage in the event of an accident. Secure the best auto insurance cover by shopping online and comparing what each provider has to offer. When you settle for one, you can minimize the cover’s cost by asking for a discount, giving evidence for good credit history, safe driving record, and leveraging on your loyalty.

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Finance

Working Capital Loan – Everything You Must Know | Of Business

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Working capital credit

Working Capital Loan: Vital Aspects You Should Know

The primary goal of running a firm is making profits, but the underlying motive from the get-go is to never run into cash flow deficiency. But, as your business evolves and grows, deficiencies in working capital can become a recurring problem. And it’s in these stages of scaling that companies, especially small and medium ones, struggle predominantly. To that end, a working capital loancan relieve the financial distress caused by cash flow deficits and allow your business never to lose the positive momentum. However, it’s crucial to know the dynamics of this financing option to manage working capital more deftly.

Working Capital Loan: Meaning

It’s a short-term financing facility that allows businesses to fund their day-to-day operations. A working capital credit is excellent for resolving cash flow problems spontaneously, without any hassle. Several financial institutions in India, like banks and NBFCs, offer these loans.

Working Capital Loan vs. Term Loan

Take a look at their differences and how each of them are ideal for different use-cases.

Tenure – Financial institutions usually grant such loans for a repayment period of up to 5 years. However, it involves a shorter payment term for working capital credit, typically, 3 to 6 months.

Purpose – Companies avail a term loan to undertake significant business expenses that will have a long-term bearing. Working capital credit is usually acquired to meet the operating expenditures of a business, like buying equipment.

Eligibility – Financiers usually expect businesses to satisfy rigorous criteria to be eligible for a term loan. But, the eligibility criteria for working capital credits are less rigid and are easier to qualify.

Working Capital Loan: Types

1.    Equipment Loan

As the name suggests, this loan type is specifically customized to provide financial assistance to companies to buy new equipment or machinery. Such a loan usually entails an end-use restriction, meaning you cannot utilize the quantum for anything other than purchasing equipment.

2.    Bill Discounting

Numerous enterprises use the bill discounting service to finance their various working capital needs. With this facility, you can release the amount blocked up in unsettled invoices ahead of their maturity dates.

3.    Overdraft

It’s a line of credit extended by banks to various businesses. You can avail this facility if you are on good terms with your bank. An overdraft facility allows you to draw cash from your account even when its balance reaches zero but is capped at a predetermined limit. You can thus address your working capital concerns efficiently with such a line of credit.

Working Capital Credit: Eligibility Criteria And Documents Required

The eligibility criteria for a working capital finance depend on the type you’re availing and also on the financial institution. Usually, the parameters based on which a financier extends working capital finance are

  • Business vintage
  • Clientele
  • Annual turnover
  • Credit rating
  • The credibility of owners/directors

To give you a rough idea, a financier would usually be lenient to provide you with a working capital loan if your company holds a robust credit rating. You may need to furnish documents for verification. Hence, it is essential to keep all relevant papers handy. With such information in tow, you can easily apply for a working capital credit that suits your financial requirements.

Wrapping Up

Cash flow scarcity is a commonplace occurrence in any growing business, and a working capital creditis an ideal device to alleviate such monetary crunches. Working capital requirements will naturally vary across companies, and by gathering information about its features and different types, you can use this credit facility optimally.

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Finance

Things to Know Before Applying for Personal Loan

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An easy way to deal with financially difficult times, a personal loan could help manage expected and unexpected expenses as well as consolidate your debts. Whether it is paying for emergency medical bills, dealing with home renovation expenses, or funding your dream vacation, a personal loan does not have any end-use condition and can be used for any purpose. 

While they do not require any security or collateral, one must be aware of numerous visible and hidden charges associated with it before filing the online personal loan application. While the loan amount offered by the bank may vary depending on the candidate’s eligibility and requirement, one must perform an in-depth investigation of various associated factors such as credit score, processing fee, foreclosure charges, EMI amount, etc. before making a final decision.

Scroll down to know more about the things one should know before applying for a personal loan.

Things to Know Before Applying for a Personal Loan:

  • Compare Interest Rate

The rate of interest on the personal loan varies from bank to bank and one should perform a thorough research of comparing the interest rates offered for the same loan amount as it plays a crucial role in deciding the final repayment amount. Along with it, the borrower should also pay attention to whether the interest rates are fixed or floating during repayment tenure. Complete information about the interest rates can be gathered from the official bank websites or through the respective customer support services. 

  • Evaluate Multiple Charges 

While availing a personal loan from any issuer, the borrower should be aware of all the charges associated with it such as processing fee, foreclosure charges, late payment fee, etc. The bank usually levies a heavy fee to new borrowers and one must bargain to get a clear estimate of expenses and plan finances accordingly. In addition to it, make sure to identify any concealed charges such as cheque bounce charges, loan cancellation charges, etc. to avoid any mishap at a later stage.

  • Maintain good credit

A good credit health validates your ability to handle debts while a low credit score demonstrates bad debt management which might affect your loan application. Hence, you should pre-analyze your credit history and make sure to keep your CIBIL score above 750 to avoid any rejections. One can maintain a healthy credit history by paying their credit card bills in full and on time as well as not exceeding more than 30% of the credit utilization ratio.

  • Evaluate the EMI amount

EMI amount management is a key factor to focus upon while submitting an online personal loan application. The EMI amount can be calculated in advance based on the eligibility, loan amount, interest rate, and repayment period to close the loan on time.

  • Avoid fake loan offers 

The lenders offer gimmicky schemes on personal loans to the borrower which might provide a low rate of interest initially but prove to be a financial burden in the future. Be sure to read the fine print to understand the terms and conditions mentioned in the loan agreement carefully as most of the hidden costs and obligations are buried in the paperwork.

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