Vijaya Bank Business Loan Key Features
|Vijaya Bank Interest Rate||MCLR 1 Year + 2.60 = 11.25% p.a.|
|Tenure||From 12 months to 120 months|
|Lowest EMI per lakh||₹ 3,423|
|Loan Amount||Min ₹ 50 Thousand and Max ₹5 crores|
|Part Prepayment, Charges||Allowed after 1 EMI’s,|
|Early Foreclosure, Charges||Allowed after 1 EMI’s|
|Vijaya Bank Processing Charges||2.50%, Minimum Rs. 1,000 Maximum Rs. 25,000|
|Prepayment Charges||4% of principal outstanding – 13 to 24 months,
3% of principal outstanding – 25 to 36 months
2% of principal outstanding – >36 months
|Prepayment Condition||No pre-payment permitted until repayment of 12 EMIs|
Interest Rate, Fees, and Charges (Self Employed Non-Professional)
|Interest Rate Charges||11.25%|
|Loan Processing Charges||Up to 3% of the loan amount|
|Prepayment||No pre-payment permitted until repayment of 6 EMIs|
|No Due Certificate / No Objection Certificate (NOC)||NIL|
|Duplicate no due certificate / NOC||NIL|
|Solvency Certificate||Not applicable|
|Charges for late payment of EMI||@ 24% p.a.|
|Charges for changing from fixed to floating rate of interest||Not applicable|
|Charges for changing from floating to a fixed rate of interest||Not applicable|
|Stamp Duty & other statutory charges||As per applicable laws of the state|
|Credit assessment charges||Not applicable|
|Nonstandard repayment charges||Not applicable|
|Cheque swapping charges||₹ 500/-|
|Amortization Schedule charges||₹ 200/-|
|Loan cancellation charges||NIL (However Interest would be charged for the interim period between the date of loan disbursement and date of loan cancellation and processing fees would be retained)|
|Cheque Bounce Charges||₹ 550/- per cheque bounce|
|Legal / incidental charges||At actual|
|CIBIL Report Copy Charges||₹ 50 Per Copy|
Interest Rate, Fees, and Charges (Self Employed Professional)
The table will appear.
Advantages of Vijaya Bank Business Loan
With growing and developing plans of India Vijaya Bank provides comfortable loan plans to help businessmen achieve ambitious plans. Moreover, there are various benefits of applying for business loans via Vijya Bank.
- A higher loan amount of 5 crores can help businessmen achieve plans for expansion.
- Affordable rate of interest with easy EMI plans.
- Instant Loan approval and lesser tedious process.
- Multiple repayment options spread over a comfortable tenure of 10years.
Vijaya Bank Business Loan Eligibility Criteria
- The borrower should either be self-employed for a minimum of 2 years or be a salaried individual.
- The traders engaged in buying and selling goods also eligible.
|Age||21 to 65 years|
|Minimum Turnover||₹ 0|
|Business Existence (in months)||0 months|
|ITR (months)||6 months|
|Loan Amount||₹50,000 to ₹5 crore|
|Loan Tenure||36 months|
|Owned House or Place of Work||Not Required|
|CIBIL Score||750 and above|
Vijaya Bank Business Loan Documents Required
Documents are an important factor for loan procedure, If you have the right documents then the loan can be granted instantaneously. The common generic documents required are given below:
- Duly filled Application form with a passport photograph
- Proof of Identity – anyone of the following will be fine (Passport Copy/ Voter ID card/ Driving License/ PAN Card)
- Address Proof – anyone can be submitted (Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License)
- Age proof (PAN Card, Passport, any other certificate from a statutory authority)
- Proof of business existence
- Bank Statements (Bank statement / Bank Passbook for last 6 months)
- Profit and loss statement for the last 3 years
- Balance sheet for the last 3 years
- Income Tax Returns for the last 3 years (for self and business) duly certified by a CA.
Self Employed (Private Ltd. Co. and Partnership Firms)
- Identity proof of the company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum.
- Proof of identity: To be submitted with two authorized signatories such as 2 Directors including the managing director, with (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license.
- Financial Documents: Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years audited by a C.A.
Self Employed Individuals – Professionals
- Identity Proof for Sole Proprietorship: PAN ID / IT return of the concern or Municipal tax, Water bill, and electricity bill in the name of the concern.
- Identity proof for the Sole Proprietor: Passport, Voter’s identity card, Driving license, PAN card.
- Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport.
- Financial Documents: Copies of IT returns for the last two years and Bank statements for the last 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.
Self Employed Individuals – Non Professionals:
- Identity proof: Documents to be submitted for the sole proprietorship as well as for the individual’s (owner) identity.
- Copy of periodic stock, age-wise book-debt and creditors-statement for latest three months.
- Copy of bank statement of main banker/copy of bank statement for the term loan for last months.
- Financial Documents: Profit and Loss balance sheet for the last two years audited by a C.A, Sales tax returns for a minimum of 3 years, and the Copies of IT returns for the last three years.
Business Loan EMI Calculator for Vijaya Bank
|Loan Amount||10 Year Loan||15 Year Loan||25 Year Loan|
|₹ 20 Lakh||₹ 24,958||₹ 19,871||₹ 16,307|
|₹ 30 Lakh||₹ 37,437||₹ 29,807||₹ 24,461|
|₹ 50 Lakh||₹ 62,395||₹ 49,678||₹ 40,768|
Calculate EMIs with the help of Dialabank’s fast and accurate EMI Calculator!
Compare Vijaya Bank Business Loan With Other Banks
Bank of Baroda
|Interest Rate||15.65% – 21.35%||14.10%|
|Processing Fees||Starting from 0.99%, Max 2.50%||Starting from 1%, Max 2.50%|
|Loan Amount||₹ 50,000 to ₹ 50 Lakh||₹ 50,000 to ₹ 75 Lakh|
|Loan Tenure||12 to 48 Months||12 to 48 Months|
|Lowest EMI Per Lakh||₹ 2,816 per lakh||₹ 3,423 per lakh|
|Part Payment Charges||Not Allowed||Not Allowed|
|Foreclosure Charges||Allowed after 12 months at 2 – 4%||Allowed after 1 EMI’s|
|Borrower’s Age||21 to 65 Years||25 to 65 Years|
|Minimum Years in Business Required||36 Months||36 Months|
|Minimum Turnover Required||₹ 1 Cr||₹ 60 Lakh|
More Banks to compare with Vijaya Bank Business Loan:
|Barclays Bank||Canara Bank||ICICI Bank||ING Vysya Bank|
|HSBC||Citibank||Kotak Mahindra Bank|
Video: How to apply for Vijaya Bank Business Loan
Video will appear
Purpose of Business Loan from Vijaya Bank
Availing Business Loan through Vijaya Bank can help in many ways :
- Keep a good working capital to ensure you pay your suppliers on time.
- Avail offers by paying instantly.
- Cover costs for your business plans and expansions.
EMIs of Several Banks and NBFCs for Different Tenures
The following table shows the approximate values of EMI’s offered by banks and NBFC’s other than Vijaya Bank.
|Total Loan Amount||Loan Tenure|
|Loan Amount (Rs.)||10 years||15 years||25 years|
|2,500,000||₹ 31,197||₹ 24,839||20,384|
|5,000,000||₹ 62,395||₹ 49,678||40,768|
|7,500,000||₹ 93,592||₹ 74,516||61,152|
|10,000,000||₹ 1.25 Lakh||₹ 99,355||81,536|
Other Loan Products from Vijaya Bank
|Personal Loan||Gold Loan|
|Car Loan||Education Loan|
Why should you apply for Vijaya Bank Business Loan at Dialabank?
How to calculate EMI for Vijaya Bank Business Loan?
You can also calculate the specific loan amount EMIs on Dialabank’s EMI Calculator.
|Loan Amount||Rate Of Interest (p.a.)||Tenor||EMI||Total Interest Amount||Total Amount (Principal + Interest)|
|Rs. 5,00,00,000||10.20% – 13.70%||1 year||Rs. 44,00,447 – Rs. 44,82,301||Rs. 28,05,360 – Rs. 37,87,614||Rs. 5,28,05,360 – Rs. 5,37,87,614|
|Rs. 5,00,00,000||10.20% – 13.70%||2 years||Rs. 23,11,865 – Rs. 23,93,564||Rs. 54,84,749 – Rs. 74,45,537||Rs. 5,54,84,749 – Rs. 5,74,45,537|
|Rs. 5,00,00,000||10.20% – 13.70%||3 years||Rs. 16,18,058 – Rs. 17,01,605||Rs. 82,50,102 – Rs. 1,12,57,786||Rs. 5,82,50,102 – Rs. 1,12,57,786|
|Rs. 5,00,00,000||10.20% – 13.70%||4 years||Rs. 12,72,937 – Rs. 13,58,811||Rs. 1,11,00,976 – Rs. 1,52,22,941||Rs. 6,11,00,976 – Rs. 6,52,22,941|
|Rs. 5,00,00,000||10.20% – 13.70%||5 years||Rs. 10,67,279 – Rs. 11,55,651||Rs. 1,40,36,760 – Rs. 1,93,39,037||Rs. 6,40,36,760 – Rs. 6,93,39,037|
|Rs. 5,00,00,000||10.20% – 13.70%||6 years||Rs. 9,31,343 – Rs. 10,22,272||Rs. 1,70,56,670 – Rs. 2,36,03,596||Rs. 6,70,56,670 – Rs. 7,36,03,596|
|Rs. 5,00,00,000||10.20% – 13.70%||7 years||Rs. 8,35,235 – Rs. 9,28,734||Rs. 2,01,59,765 – Rs. 2,80,13,650||Rs. 7,01,59,765 – Rs. 7,80,13,650|
|Rs. 5,00,00,000||10.20% – 13.70%||8 years||Rs. 7,64,010 – Rs. 8,60,060||Rs. 2,33,44,945 – Rs. 3,25,65,784||Rs. 7,33,44,945 – Rs. 8,25,65,784|
|Rs. 5,00,00,000||10.20% – 13.70%||9 years||Rs. 7,09,361 – Rs. 8,07,928||Rs. 2,66,10,964 – Rs. 3,72,56,177||Rs. 7,66,10,964 – Rs. 8,72,56,177|
|Rs. 5,00,00,000||10.20% – 13.70%||10 years||Rs. 6,66,304 – Rs. 7,67,339||Rs. 2,99,56,438 – Rs. 4,20,80,642||Rs. 7,99,56,438 – Rs. 9,20,80,642|
Benefits of Vijaya Bank Business Loan
There are various merits for applying for business loan for both businessmen and salaried individual.
- No guarantee or securities required.
- Quick approval and easy procedure
- Low-interest rates and other charges
- Flexible tenure and easy repayment options.
- Minimum documents required
Vijaya Bank Business Loan Processing Time
With the right documents, Vijaya Bank takes very little time of only 2days to process the loan and the funds can be used simultaneously.
Vijaya Bank Business Loan Preclosure
The Vijaya Bank Business Loan has preclosure charges lies to 3% of the disbursed amount.
Pre Calculated EMI Table for Vijaya Bank Business Loan
The Loan EMI in Bank of Baroda depends upon the occupation (businessmen, self-employed, salaried), loan amount, loan tenure, and interest rate.
|Loan Amount||5 Year Loan||7 Year Loan||15 Year Loan|
|₹ 20 Lakh||₹ 42,298||₹ 32,996||₹ 21,248|
|₹ 30 Lakh||₹ 63,446||₹ 49,494||₹ 31,872|
|₹ 50 Lakh||₹ 1,05,744||₹ 82,490||₹ 53,120|
- Visit Dialabank.
- Click on the business loan under the loan section.
- Check the eligibility criteria for the Business loan offered by Bank of Baroda and fill a user-friendly online application form for Business Loan.
- One of our finance managers will soon get in touch with you for further process.
- For more information and free guidance, you may call on +919878981166.
Vijaya Bank Business Loan Status
You can find the loan status by Calling +919878981166 or by visiting the Vijaya Bank Site.
Dialabank Vijaya Bank Business Loan Customer Care Number
For any queries please give a call at +919878981166.
Dialabank helps you to find the best option for a business loan by comparing various banks.
Vijaya Bank Business Loan FAQs
✅How much Business Loan can I get through Vijaya Bank?
Vijaya Bank provides a good cap of loan between Rs 50,000 – 5 crores.
✅ Is a guarantor essential for the Vijaya Bank Business Loan?
It is not required as per se, however, if the borrower has inefficient collateral then the spouse can act as the guarantor.
✅ How do I repay my business loan?
It should be repaid through EMIs via standing instructions and post-dated cheque.
Table of Contents
- 1 Vijaya Bank Business Loan Key Features
- 2 Interest Rate, Fees, and Charges (Self Employed Non-Professional)
- 3 Interest Rate, Fees, and Charges (Self Employed Professional)
- 4 Advantages of Vijaya Bank Business Loan
- 5 Vijaya Bank Business Loan Eligibility Criteria
- 6 Vijaya Bank Business Loan Documents Required
- 7 Business Loan EMI Calculator for Vijaya Bank
- 8 Compare Vijaya Bank Business Loan With Other Banks
- 9 Video: How to apply for Vijaya Bank Business Loan
- 10 Purpose of Business Loan from Vijaya Bank
- 11 EMIs of Several Banks and NBFCs for Different Tenures
- 12 Other Loan Products from Vijaya Bank
- 13 Why should you apply for Vijaya Bank Business Loan at Dialabank?
- 14 How to calculate EMI for Vijaya Bank Business Loan?
- 15 Benefits of Vijaya Bank Business Loan
- 16 Vijaya Bank Business Loan Processing Time
- 17 Vijaya Bank Business Loan Preclosure
- 18 Pre Calculated EMI Table for Vijaya Bank Business Loan
- 19 Vijaya Bank Business Loan Status
- 20 Dialabank Vijaya Bank Business Loan Customer Care Number
- 21 Vijaya Bank Business Loan FAQs