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.
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.