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Vijaya Bank has launched three new products – for farmers, tiny units and for the mobile-savvy generation — to better serve their requirements.
Vijaya Kisan Home Loan will cater to the housing needs of agriculturists.
This loan scheme is targeted at farmers who have no income-tax returns to show as a proof of income, which all banks generally insist upon.
H. S. Upendra Kamath, Chairman and Managing Director, said: “The loan can be repaid in quarterly/half-yearly or yearly instalments coinciding with the harvesting season when the farmer will have liquidity.”
The rate of interest is 10.20 per cent at present and repayment period is fixed at a maximum of 30 years.
MSE Vijay is a loan product targeted at the medium and small enterprises sector.
To cater to the specific needs of this sector, bank has come out with features like no collaterals , no third-party guarantee, and coverage of all loans under Credit Guarantee Scheme .
Kamath said, the “maximum loan amount of Rs 1 crore — either term loan or working capital, and no margin is required up to loan amount of Rs 10,000. Only 15 per cent margin for loans up to Rs 10 lakh, and 20 per cent margin for loans above Rs 10 lakh.”
As for the rate of interest, it is the base rate plus 0.80 per cent ( 11 per cent) for loans up to Rs 10 lakh and 11.50 per cent for loans above Rs 10 lakh.
To provide a pass book facility on mobile devices, the bank has launched V-ePassBook+, a mobile application that can have details of the passbook on mobile devices with a lot of other attractive features also packed into it.
Kamath said: “This unique facility has the capability to maintain passbooks of multiple accounts, make personal notes on each passbook entry, maintain personal accounts and tag transactions of passbooks to it, record transactions occurring outside the bank in these personal accounts, and has a mini version of bank’s Web site with links to the main site.”
anil.u@thehindu.co.in
Source: thehindubusinessline
Vijaya Kisan Home Loan will cater to the housing needs of agriculturists.
This loan scheme is targeted at farmers who have no income-tax returns to show as a proof of income, which all banks generally insist upon.
H. S. Upendra Kamath, Chairman and Managing Director, said: “The loan can be repaid in quarterly/half-yearly or yearly instalments coinciding with the harvesting season when the farmer will have liquidity.”
The rate of interest is 10.20 per cent at present and repayment period is fixed at a maximum of 30 years.
MSE Vijay is a loan product targeted at the medium and small enterprises sector.
To cater to the specific needs of this sector, bank has come out with features like no collaterals , no third-party guarantee, and coverage of all loans under Credit Guarantee Scheme .
Kamath said, the “maximum loan amount of Rs 1 crore — either term loan or working capital, and no margin is required up to loan amount of Rs 10,000. Only 15 per cent margin for loans up to Rs 10 lakh, and 20 per cent margin for loans above Rs 10 lakh.”
As for the rate of interest, it is the base rate plus 0.80 per cent ( 11 per cent) for loans up to Rs 10 lakh and 11.50 per cent for loans above Rs 10 lakh.
To provide a pass book facility on mobile devices, the bank has launched V-ePassBook+, a mobile application that can have details of the passbook on mobile devices with a lot of other attractive features also packed into it.
Kamath said: “This unique facility has the capability to maintain passbooks of multiple accounts, make personal notes on each passbook entry, maintain personal accounts and tag transactions of passbooks to it, record transactions occurring outside the bank in these personal accounts, and has a mini version of bank’s Web site with links to the main site.”
anil.u@thehindu.co.in
Source: thehindubusinessline
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