• Karur Vysya Bank Car Loan

    Karur Vysya Bank Car Loan

    Published On : 2021-06-18

    Karur Vysya Bank is a private-sector Indian bank, headquartered in Karur in Tamil Nadu. The bank also offers Internet Banking and Mobile Banking facilities to its customers. The bank that carries with it a tradition of 96 years and yet is young enough to adapt itself to the rapidly changing scenario in the banking industry. KVB offers several deposit and loan products, tailor-made to cater to the specific needs of customers. If you want to buy your dream car, you can always have our Flexi Mobile Loan at your doorsteps with many attractive features. All you have to do is to follow some simple steps to get attractive deals.

    Karur Vysya Bank Car Loan Interest RatesUpdated on 30 Nov 2021

    Karur Vysya Bank Car Loan Details
    Interest Rate 9.35%
    Processing Fees Loans upto Rs. 10.00 lakhs - Rs. 2000/- + ST Loans above Rs. 10.00 lakhs - Rs. 4000/- + ST
    Loan Tenure 1 year to 7 years
    Guarantor Requirement Guarantor required

    Overview About Karur Vysya Bank Car Loan

    Why resort to public transportation when you can travel in the comfort of your own car? If you are worried about how to finance the purchase of a four-wheeler, rest easy, since Karur Vysya Bank offers car loans at attractive and affordable interest rates through its Flexi Mobile Loan scheme.

    Karur Vysya Bank, established in 1916, offers a wide portfolio of financial products and services to its customers. It ensures easy accessibility through its large network of approximately 629 branches and 1645 ATMs across the country. Its Flexi Mobile Loan scheme is a popular product due to its incomparable features such as insurance coverage, low fees and charges, etc.

    Why choose Karur Vysya Bank Car Loans

    Karur Vysya Bank Car Loan scheme - Flexi Mobile Loan offers high loan amounts as required by the customer if they meet the eligibility criteria. The repayment option is highly flexible, with easy and affordable EMIs and other additional benefits.

    Features of Car Loans from Karur Vysya Bank

    • The Hypothecation of car which is purchased using the car loan, has to be offered as primary security.
    • Collateral security is not mandatory. However, Bank Deposits, NSC/KVP/LIC Policies, Land & Building deeds etc., can be submitted with the Bank as a collateral.
    • The net take-home salary after deduction of the EMI should be at least 25% of the gross salary of the customer.
    • Having a guarantor is optional. In order to increase net worth, a Guarantor - preferably family, friends or spouse - is considered by the Bank
    • If the applicant is a salaried individual, it is mandatory that the employer agrees to deduct loan installments and interest on the car loan from the borrower’s salary.

    Karur Vysya Bank Car Loan Interest Rates

    MCLR Rate helps the RBI as well as the loan issuing banks to assign interest rate on car loan products in an efficient manner. The final rate of interest applicable is calculated as the sum of the MCLR Rate plus the “Spread”. Existing Karur Vysya Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. MCLR rates are subject to change from the next reset date, as per RBI regulations.

    Karur Vysya Bank Marginal Cost Based Lending Rate (MCLR) for New Borrowers:

    MCLR Benchmark Tenure 1 year
    Benchmark MCLR rate 9.60%
    Rate of interest 10.95%

    The above mentioned interest rates are subject to change as per the revised GST rates.

    Eligibility criteria for a Car Loan from Karur Vysya Bank

    The eligibility criteria for availing a car loan from Karur Vysya Bank is as follows:

    • All residents of India, except individuals engaged in the business of car hiring/rental, can avail Karur Vysya Bank Flexi Mobile Loan scheme.

    • Flexi Mobile loan is made available to customers who wish to purchase a new or used car, for personal or business use and not for car hiring.

    How to calculate EMI on Karur Vysya Bank Car Loans

    It is important to analyze the affordability of your car loan repayment or your debt burden may become unmanageable. Car Loan EMI calculators help to understand the exact amount of loan that you need, the loan tenure that you can opt for, the rate of interest on the car loan, etc., and hence makes your car loan decision making process much easier. BankBazaar.com provides an ideal EMI calculator tool that assists customers in getting a clear and accurate idea of their car loan repayments and how it pans out across a chosen tenure. BankBazaar’s car loan EMI calculator gives a detailed picture of your amortization schedule once you key in essential information such as desired loan amount, loan tenure, applicable interest rates, etc. You can access the tool by visiting the BankBazaar website, choosing car loan EMI calculator from the “Finance Tools” menu , enter the necessary details and click on “calculate”. You will be redirected to the results page where you can find detailed information on your monthly EMI’s and other relevant details of your Karur Vysya Bank Car Loan.

    Karur Vysya Bank Car Loan FAQs

    1. What is the maximum loan amount that can be availed?

      The maximum loan amount that can be availed is Rs.75 lakhs.

    2. What is the processing fee charged on Flexi Mobile Loan?

      The processing fees charged on the Karur Vysya Bank Flexi Mobile Loan is Rs.4000.00 plus GST for loans up to Rs.10 Lakhs and for loans above Rs.10 lakhs, the processing fee charged is Rs.8000 plus GST.

    3. What is the applicable loan margin for purchase of new vehicle?

      The loan margin applicable on new cars is 15%.

    4. Is insurance coverage provided while availing the loan?

      Yes, insurance coverage is available on the car loan, to the extent of the loan amount approved by the Bank. The insurance premium is payable by the borrower.

    5. What is the mode of the payment made to the seller/distributor?

      The mode of payment for the purchase of the car, to the seller/distributor, is through NEFT/DD/ Account credit/RTGS, etc.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Karur Vysya Bank Car Loan Reviews

    • Karur Vysya Bank
      "Excellent Experience"
      0.5 4.0/5 "Great!"
      I took the car loan from Karur Vysya bank, the loan amount was 4.75 lakhs its a on rode price of the car. I bought swift car for that bank quoted 9% of interest for the duration of five years. The process was very easy and they delivered the car on time.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jul 09, 2019
    • Karur Vysya Bank
      Karur Vysya Bank
      "Good services"
      0.5 4.0/5 "Great!"
      My car loan is from Karur Vysya Bank. I had been a long time customer of this account and I have also used the other financial products of this bank. The process which they follow is neat. I am happy with their services. The rate of interest and charges was also pretty nominal.
      Was this review helpful? 2
      , hosur
      Reviewed on Jul 23, 2016
    • Karur Vysya Bank
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with the Karur Vysya Bank. I am happy with the rate of interest. They works with me and they are excellent which makes me to stick with them. The loan got disbursed within an hour of time, which surprised me. Everything in the hands of the manager, he issued the DD first and he started to do the process.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Sep 25, 2015
    • Karur Vysya Bank
      0.5 4.0/5 "Great!"
      From Karur Vysya Bank I have availed a car loan . I have an account with them already the paper work was easy and fast. Less documents were collected. The disbursal was done within 20 days. The rates and the charges was normal as the other banks. Their service was best.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 26, 2015
    • Karur Vysya Bank
      0.5 4.0/5 "Great!"
      Karur Vysya Bank is excellent. I got a Car Loan of Rs 6.5 Lakhs. 1st day the took my documents and 2nd day they gave me a DD. The response was instant. The interest rate was nominal and the processing fee was also less. I have an option of part payment. For pre-closure they charge the minimum amount. EMI was done according to my convenience. I am happy with service provided by them.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Jul 18, 2015
    • Karur Vysya Bank
      "Best Bank"
      0.5 5.0/5 "Blown Away!"
      KVB is the best bank as it took only 2 days to approve the car loan amount to my account. I didn't spend much time for the bank formalities. All the work was done easily and the bank took the major part for the loan process. Charges were all nominal.
      Was this review helpful? 2
      , lucknow
      Reviewed on May 09, 2015
    • Karur Vysya Bank
      0.5 4.0/5 "Great!"
      I applied loan from KARUR VYSYA BANK before 3 years. Overall experience I had with KARUR VYSYA was good... And the customer support was good and they provided me with all the information. The fee and charges are normal compared to the other banks.
      Was this review helpful? 4
      , tiruchirapalli
      Reviewed on Apr 10, 2015
    • Karur Vysya Bank
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      I just went directly to the branch of Karur Vysya bank where I have an account for availing a car loan. I met the manager of the bank and submitted all the required documents to him. On the same all the formalities were completed and my loan was sanctioned within 2 hours. I didn't had any much trouble also in availing the loan. Response was too good.
      Was this review helpful? 5
      , goa
      Reviewed on Aug 04, 2014
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