Our loan policy is designed to provide you with the financial support you need. We offer a variety of loan types to suit different needs, including personal loans, home loans,gold loans, Education loans,secured loan,farmer loan,bussiness loan and vehicle loans etc.
Salaried employees,self employee,businessman, pensioners of central/state government/armed forces, with a regular source of income are eligible to avail Personal Loan,regularly si payer, subject to minimum score in the Risk Scoring Matrix (RSM). The loans are available through Branch Channel on submission of manual application form with required documents as prescribed by the Bank.
The timeline starts from the date of submission of complete set of documents by the applicant and the time taken by the applicant for submitting documents and/or furnishing information sought by the Bank will not be taken into account for the purpose of timeline indicated above. We shall endeavor, at all times, to deliver within the indicated timelines, barring in situations and circumstances that are beyond the control of the Bank. The processing Time it will take 2 to 7 days.
The interest rate is fixed over the tenor of the loan as per the agreement/ sanction terms. Kindly go to www.vasaipragati.com/newloanscheam for latest Rate of Interest offered. Calculation of interest : - Interest on the amount of the loan will be applied at the prevailing rate per annum on daily reducing balance with monthly rests.
Check-off facility or SI from the borrower salary or Post Dated Cheques/ECS for Repayment of EMI where Deposit Accounts maintained with other Banks. Additionally, repayments can be made through deposit of Cheque/cash across the Bank counters.
If the irregularity exceeds EMI or Installment amount, for a period of one month, then penal interest would be charged @2% per month (over and above the applicable interest rate) on the overdue amount for the period of default. If part installment or part EMI remains overdue, then penal interest should not be levied.
To apply for a loan, please follow these steps: