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Last Modified : Apr 27, 2007 7:12 PM
V-Rakshak
 
Scheme for serving and retired Defence personnel
Eligibility Vijaya Bank Internet
Loan Amount
Margin
Rate of Interest
Processing Charges
Repayment
Security
Fair Practice Code on Lenders Liability

 
Objective

An honour in recognition and appreciation of the role of Defence Personnel to the nation.
 
Purpose

To meet the credit needs of the Defence Personnel (serving/retired) for purchase of consumer durable/ motor vehicles, for meeting any type of household expenses such as repairs/ renovations of the house, educational / marriage/ medical expenses/ family functions, etc/ traveling expenses in India and abroad, etc.
 
Eligibility

  • Defence Personnel above the age of 21 years are eligible.
  • All retired and working Defence Personnel not more than 65 years of age.
  • Pension/ salary should be routed through the account with our Bank.
Nature of facility

  1. V-Rakshak [Clean]
  2. V-Rakshak [Secured]
 
Security

  1. Clean/ Unsecured.
  2. Charge over assets acquired out of the loan wherever applicable.
 
Guarantee

In case of retired/ serving Defence Personnel spouse/ next of kin to be made as co-borrower.
 
Loan Amount /Quantum

25 times of the last drawn pension / net salary with a maximum ceiling of Rs.2.50 lakh. [Total EMI of the proposed loan/s and existing loan/s availed from our Bank/ others should not exceed 60% of the gross salary/ pension (receivables) ensuring 40% take home salary/ pension]
 
Margin

Nil
 
Rate of Interest

BPLR-0.50% [11.50%-0.50%] Presently 11% p.a. (Floating)
 
Repayment

Repayable in maximum of 60 EMI (subject to age ceiling)
 
Add On

Further the Defence (serving / retired) personnel can also avail of the following facilities as per existing schemes at concessional rate of interest:
Category Interest Rate
Retail Loans  
i. Serving Officials & Personnel retired from the armed forces Interest rate concessions on following loans:
  Product Concessions
  • Housing Loans -0.25%
  • Vehicle Loans -0.50%
  • V-Professional -0.50%
  • V-Equip -0.50%
  • Educational Loan -0.50%
ii Widows / Wives of serving & personnel released from the armed forces 0.50% interest rate Concession on V-Swashakti
iii. Children 0.50% Concession on Education Loan
Others  
iv. Personnel released from the armed forces – Loan scheme for resettlement of Army Retired Personnel and self employment scheme. 0.50% Concession in Rate of Interest under
  • National Equity Fund
  • SEMFEX-II
  • SEMEX-III
All other terms & conditions as per the existing schemes are applicable  
 
Value Additions

  • Free Credit Card / Debit Card.
  • Insurance coverage for default due to death or permanent disablement through a concessional premium scheme.
  • No pre-payment/ pre-closure charges for Demand/ Term loans.
  • In-house Standing Instruction facility free of charge.
  • Interest concession @ 0.25% of the amount sanctioned for prompt repayment except in the case of Home loan with the maximum amount of Rs.2500/- at the time of closure of the loan on the due date.
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