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.
|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|
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.
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.
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.
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.
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.
The maximum loan amount that can be availed is Rs.75 lakhs.
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.
The loan margin applicable on new cars is 15%.
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.
The mode of payment for the purchase of the car, to the seller/distributor, is through NEFT/DD/ Account credit/RTGS, etc.
The maximum car loan amount that Karur Vysya Bank offers is Rs.75,00,000.
The processing fees levied on the Karur Vysya Bank Car Loan- Flexi Mobile Loan for an amount up to Rs.10 Lakhs is waived. For a loan amount more than Rs.10,00,000, the processing fee levied is Rs.8000 + applicable GST.
The loan margin on the Karur Vysya Bank Flexi Mobile Loan for purchase of new vehicle is 15%.
Yes, the loan scheme offers insurance coverage to the borrower based on the loan amount sanctioned by the Bank. The premium on the insurance is payable by the borrower.
The payment towards the purchase of the car, to the seller, is made by way of demand draft, NEFT, direct credit to their account, RTGS, etc.
Yes, Karur Vysya Bank offers financing for purchase of a pre-owned car which is not more than 5 years old.
The loan margin applicable on used cars is 25%.
The maximum repayment period for the purchase of a new car under the Karur Vysya Bank Flexi Mobile Loan scheme is 84 months.
The maximum repayment period for the purchase of a used car under the Karur Vysya Bank Flexi Mobile Loan scheme is 60 months.
The primary security that have to be pledged with Karur Vysya Bank is in the form of hypothecation of the car financed by the loan.
No, it is not mandatory to place a collateral security with the Bank to avail the Karur Vysya Bank Flexi Mobile Loan.
The collateral security that can be pledged with Karur Vysya Bank to avail the Karur Vysya Bank Flexi Mobile Loan are- KVP, NSC, Bank Deposits, LIC Policies, Land & Building, and so on.
No, it is not mandatory to have a guarantor in order to avail the Karur Vysya Bank Car Loan.
A guarantor should have suitable net worth that is acceptable by the Bank. Preferably, the guarantor should be either the spouse or any member of the primary applicant’s family.
The minimum loan amount offered to an applicant is not stipulated by the Bank as of now.
With the Karur Vysya Bank Flexi Mobile Loan, borrowers can purchase new or used cars for business or personal use.
The car financed using a Karur Vysya Bank Flexi Mobile Loan cannot be used for car hiring purpose.
The rate of interest applicable on the Flexi mobile loan for new vehicle is calculated as Base Rate + 0.25%. Thus, current interest rate is 10.65%.
The rate of interest applicable on the Flexi mobile loan for new vehicle is calculated as Base Rate + 3.25%. Thus, current interest rate is 13.65%.
In order to get an approval on your Karur Vysya Bank car loan application, you should have a good CIBIL score or credit rating. This score is used to evaluate your repayment capacity, reliability and creditworthiness. Applicants who have a low credit score have a lower chance of getting a car loan approval.
Manually calculating the EMI on your Karur Vysya Bank Flexi Mobile Loan can be done using the formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P = principal or loan amount, R is the rate of interest rate per month [ interest rate per annum can be converted to per month interest as rate per annum divided by 12 x 100], and N = number of monthly instalments.
Yes, you can calculate your Karur Vysya Bank car loan EMI online using the online car loan EMI calculator tool offered by BankBazaar.
In order to check your Karur Vysya Bank car loan eligibility, you can use the online car loan eligibility calculator tool offered by BankBazaar.
Yes, the car loan EMI can be deducted from the salary of a salaried individual, once the employer approves the same.
In order to get more information on the Flexi Mobile Scheme offered by Karur Vysya Bank, you can directly approach a Bank branch or contact the Bank’s dedicated customer care service
You can contact the Bank’s dedicated customer care service via email: firstname.lastname@example.org or via the customer care number: 1860 200 1916.
Yes, all Indian residents can apply for this car loan if they have the required documents and proofs.
The borrower should have a net take home pay of 25% of the gross income earned, after paying the loan EMI.
The amendment charges applicable on the loan is equal to 0.25% of the sanctioned loan amount.
The documentation charges applicable on a loan amount worth up to Rs. 25 lakhs is Rs. 1000.
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