Famously known as “City of Dreams”, is the capital city of Indian state of Maharashtra, is a spectacular paradox of chaos and hope. It is one of the main centres of the art, culture, music, dance and theatre, Mumbai is a cosmopolitan city that has been running for years. The spirit of Mumbaikars is ever high and never say die attitude keeps them running all through the day.

Mumbai is the capital city and is the hub of economic and educational development. Numerous headquarters and multinational corporation. Personal loan in Mumbai is available to borrowers in need of funds to cater to the financial needs of the borrowers.

Vijaya Bank offers personal loan to borrowers at affordable interest rates. The Bangalore headquartered bank offers personal loan for marriage, education, medical emergency and others.

With the growing popularity in recent years, the portfolio of Personal Loan has fuelled the country’s growth to a large extent. An additional benefit of Personal loans is its double benefit of quick access of funds, without putting up any collateral as security.

Personal Loan has emerged as a great option. Available at attractive interest rates and with a host of other benefits Personal Loans has been driving the country’s economy with its growth in consumption in the past decade.

So, what is the eligibility criteria to avail personal loan from Vijaya Bank?

  • Should be an Indian Citizen
  • Must be in the age range of 25-60 years of age.
  • Must be having a long period of service left
  • Must be able to furnish the latest salary certificate in order to be eligible for a Vijaya Bank Personal loan.

What can a person do to figure out how much loan amount he should avail?

EMI Calculator is the tool which will help one figure out their eligibility and let them take an informed decision ahead. Here are the features and benefits of personal loan EMI calculator:

Personal Loan EMI Calculator—Feature and benefits

The EMI Calculator is a free tool that does the calculations for you within minutes, giving an estimate of monthly outflow of debts. The dynamics of the tool can better be understood by computing different details every next time.

Let us find out the benefits of using a personal loan EMI Calculator. 

24/7 availability – There is no restriction on using the EMI Calculator as many times one wants. An applicant can check the details by computing the loan amount, interest rate, tenure and figure out by analyzing how much loan is required. It allows to adjust the details and check which one is working for you.

Time Saver- Manual calculation of the EMI would take much time posing chances of incorrect details at times. Using EMI Calculator will reduce the task to the friction of seconds. It is more suitable in deriving a correct estimate.

Graphical representation of data- The role of EMI Calculator is not restricted to mere providing data. The graphical representation of the data, make the individual aware of the gradual payment which they are going to make towards the loan amount. 

Accuracy – The result displayed by the EMI Calculator on computing details like loan amount, loan tenure, and interest rate, will be accurate. This may not be possible in case of manual calculation.


What are the features of personal loan from Vijaya Bank?

  • Vijaya bank offers personal loan to borrowers to meet their short-term financial needs and expenses. It can be for marriage, working capital requirements, for higher education for home renovation or for funding for down payment of home loan.
  • Individuals aged 21 years and above can avail of the loan and till attaining the age of 55 years.
  • Salaried employees having a steady source of income or pensioners with monthly pensions in the bank account are eligible to apply for the loan.

Loan amount and eligibility of Vijaya Bank Personal loan


  • Individuals salary is the deciding factor for the maximum quantity of loan amount approval. Up to a maximum of Rs 6 lakhs. For pensioners, the maximum amount depends on their pension amount, up to Rs 2 lakh.
  • The maximum repayment tenure is 5 years and 60 months.
  • For pensioners, the spouse would act as guarantor unless she is dead or separated. In that case a third party guarantor is required. This is not the case with normal salaried employees. 
  • A differentiation at private banks and private banks


    • Interest Rates – Public banks are the first ones to pass on the benefits to their customer when there is a change in policy rate change by announced by Reserve Bank of India. The interest rate these days charged by both private and public sector banks are almost similar.
    • Ease of Banking – In terms of going the digital way private banks are more way ahead. This is where public banks lack behind to some extent. 


  • Efficiency and turn around time- Private banks are faster to deliver when it comes to efficiency and TAT. Paperwork are reduced to a great extent. Public banks are very stringent on eligibility criteria, leading it to increased time in disbursing the loan.


  • Prepayment options – Private banks have a lock in period of 6-12 months and prepayment charges are high. Public sector banks outgrade in this point.
  • Convenience – Private sectors are having the mode of direct selling agents to get customers. Everything is carried without borrower moving out of the house. Public banks usually do not carry out such operations, which is why more of the paperwork and formalities are carried out by the borrower.


All loan lenders offer loans by analyzing few parameters of income, age, credit history, debt to income ratio etc. As personal loans are unsecured loans, it is big concern for lenders if the customer defaults. And this is why interest rate is higher for personal loans.

Having a good credit score is the first battle which an applicant is required to win over. The lender is at ease to lend funds to the borrower. They understand the repayment capability and are sure in getting back the funds lended. 

A CIBIL Score or a credit score is important for any type of loan. It is the first thing that is taken into consideration while evaluating a loan application of the individual. It is a form of pre-screening which is done by the lenders, to assess the eligibility of the borrower. Banks and financial institutions are at higher risk while granting approval for a personal loan with a low CIBIL score. This is the reason why a CIBIL score holds so much importance in terms of personal loans. 

TransUnion, Equifax, and Experian are the popular credit bureaus in India. These bureaus assign a three-digit score to every individual. These scores may vary from 300 to 900 depending on their previous transaction records. 

Nonetheless having a low CIBIL score is not the end. You still can rectify the errors and work on the problem points to up the score from average to excellent by taking the remedial measures.