Preheat the oven at 170 degree C for 10 minutes.
Prepare the cake tin by rubbing with butter and sprinkle with flour. Line a loaf tin or a Bundt pan with butter paper.
Now sift in the flour, baking powder, baking soda, and salt.
Take vegetable oil, softened butter, cream cheese, and sugar in a bowl. Beat them using a electric beater.
Now add one egg at a time in to the batter and mix well.
Add vanilla essence in the batter and mix well.
Add the flour mixture into the wet mixture. Now using a spatula fold in the batter gently, till the flour is no longer visible and the batter is thick and smooth.
Pour the batter into the prepared tin, smoothen the top and bake for 45 minutes to 1 hour or until a toothpick inserted comes out clean.
Take out the cake tin from the oven and allow it to cool for some time. Later unmold the cake, slice it and serve it or store in an air-tight container after cooling it.