Personal Loans India : V CASH Short term Personal Loan from Vijaya Bank
The personal loan could be categorized in two basic classes like secured and unsecured, according to the requirement of security or collateral. The secured type of personal loan is ideal for the home-owners as they can easily use their house property towards the security for getting the secured personal loan at lower rate of interest from financial institutions.the unsecured personal loans are quicker but are little expensive as compared with the secured type of personal loans. As such loans do not involve any collateral they are considered safe for the borrowers under tenancy conditions. More and more people opt for such loans to escape the risk of property attachments by the lenders.
Fast loans become important when you have urgent requirements. You can use these loans for short term purposes in your business also. The dynamic nature of your business may aptly require fast unsecured loans. You can use such loans to arrange a grand party on the occasion of your marriage or birthday, without having to give any security to the lender.
V-CASH Short term Personal Loan from Vijaya Bank
V-CASH is a very convenient scheme that one can avail of to meet short-term credit needs.
Purpose
For meeting unforeseen short time credit needs of the applicants / family members.
Eligibility
1.Salaried persons satisfying the following conditions
2.
1.Individual aged between 21 years and 55 years2.He / She is a permanent employee of :
3.
1.State / Central Government, the Defence / Police force or Autonomous Body.2.A public sector / joint sector undertaking or a Corporation.
3.Reputed Public Limited Company.
4.An established education institution / aided college / school.
5.Any private establishment coming under the perview of Provident Fund / Gratuity Act.
4.He / She has a minimum service, so as to ensure that the entire liability is liquidated at least one year prior to his / her retirement.
5.He / She should have sufficient net take home salary to service the present the loan applied for.
6.
1.The salary of the applicant should be credited to his / her account with the branch and he / she should give a letter in duplicate addressed to the employer undertaking not to revoke the Salary Mandate, without obtaining consent from the Bank. This letter should be sent by Registered Post by the branch to the employer and proof of despatch should be held on record. OR2.Where the employer has no system of remitting the salary of his staff members for the credit of their bank accounts, loans can be granted by taking an undertaking from the employer to deduct the monthly instalments / interest from the salary and to remit the same to the Bank till they hear to the contrary from the Bank.
3.Pensioners drawing Service Pension (RPR, Family Pensions etc.) through our Bank.
4.Professionals & Self Employed Persons such as Doctors, Engineers, Architects, Chartered Accountants, Lawyers, Consultants, Agriculturists, Business-men etc. aged less than 70 years having independent income.
Quantum of Loan
*Where the salary is being remitted by the employer for the credit of SB / C.A/c of the beneficiary and the mandate on salary is served on the employer with due acknowledgement OR
*Where the employer has undertaken to remit the instalments till he will hear to the contrary from the Bank
– 12 months average net take home salary with a ceiling of 5 lakh.*In case of Non-salaried persons
– twice the annual income as per latest Income Tax Assessment Orders / Copy of returns filed, subject to a maximum of Rs. 2 lacs.Nature of Facility
*Demand Loan – To be accounted under ‘Pronote Loan’ in General Ledger
*Operative Limit – Cash Credit [Miscellaneous] or demand loan with a ceiling of Rs 2 lakhs in either case (to only non Salaried persons).
Rate of Interest
with effect from 16.04.2007 :
[BPLR = 13.00%]
Amount Slab Rate of interest per annum – Floating
Any Amount 14.00% [BPLR +1 % ]Repayment
*Pronote Loan – Entire loan has to be repaid with interest in not more than 48 equated monthly instalments.
*Operative Limit – Limit may be fixed for 18 months renewable after review.
Renewal
*Regularly run Pronote Loan can be renewed at any time after 18 months to avail additional amount of loan.
*OD (M) may be reviewed after 18 months.
Guarantor/s
Suitable guarantor with good networth acceptable to the Bank. However spouse should be invariably taken as guarantor unless either of them is not alive or legally seperated. In the latter case, the guarantor of adult children or third party acceptable to the bank shall be obtained.
Sources : http://vijayabank.com