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    Karur Vysya Bank Car Loan Reviews

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    Car Loan BYTES FROM OUR KITCHEN

    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.


    You’re probably eligible for an Karur Vysya Bank Car Loan if you are

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    Karur Vysya Bank Car Loan Minimum Age

    At least 21 years old

    Karur Vysya Bank Car Loan Maximum Age

    Less than 60 years old

    Karur Vysya Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Karur Vysya Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Karur Vysya Bank Car Loan amount eligibility is based on these factors

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    Karur Vysya Bank Car Loan Minimum Salary

    Minimum income required
    25% of the gross pay

    Karur Vysya Bank Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Karur Vysya Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Karur Vysya Bank Car Loan amount by these steps

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    Karur Vysya Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Karur Vysya Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Karur Vysya Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Karur Vysya Bank Car Loan Interest RatesUpdated on 10 Dec 2016

    Karur Vysya Bank Car Loan Details
    Interest Rate 11.25%
    Processing Fees Waived for loans upto Rs. 10 lakhs
    Rs.8000.00 +ST For loans above Rs.10.00 Lakhs
    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.

    Why apply for a Karur Vysya Bank Car Loan through BankBazaar.com?

    BankBazaar.com offers expert and unbiased information on all car loan products offered by different banks and provides an user-friendly interface for the comparison of these financial products. This facilitates quicker short listing of a car loan that meets a customer’s profile and his/her requirements. The user can also complete tasks such as checking his/her eligibility for a car loan from a specific Bank, analyze EMI for a particular loan amount and loan tenure, apply for a car loan online through the site, and much more.

    Karur Vysya Bank Car Loan Interest Rates

    MCLR Rate helps the RBI as well as the loan issuing banks to assign interest rate on 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 10.05% (in effect from April 2016)
    Rate of interest 11.4 % (MCLR + 1.35%)

    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 service tax for loans up to Rs.10 Lakhs and for loans above Rs.10 lakhs, the processing fee charged is Rs.8000 plus service tax.

    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.

    6. What is the maximum car loan amount that Karur Vysya Bank offers?

      The maximum car loan amount that Karur Vysya Bank offers is Rs.75,00,000.

    7. What is the processing fee levied on the Karur Vysya Bank Car Loan?

      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 service tax.

    8. What is the loan margin on the Karur Vysya Bank Flexi Mobile Loan for purchase of new vehicle?

      The loan margin on the Karur Vysya Bank Flexi Mobile Loan for purchase of new vehicle is 15%.

    9. Does the loan scheme offer insurance coverage to the borrower?

      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.

    10. How is the payment towards the purchase of the car made to the seller/distributor?

      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.

    11. Does Karur Vysya Bank offer financing for purchase of a pre-owned car?

      Yes, Karur Vysya Bank offers financing for purchase of a pre-owned car which is not more than 5 years old.

    12. What is the loan margin applicable for used vehicles?

      The loan margin applicable on used cars is 25%.

    13. What is the maximum repayment period for the purchase of a new car under the Karur Vysya Bank Flexi Mobile Loan scheme?

      The maximum repayment period for the purchase of a new car under the Karur Vysya Bank Flexi Mobile Loan scheme is 84 months.

    14. What is the maximum repayment period for the purchase of a used car under the Karur Vysya Bank Flexi Mobile Loan scheme?

      The maximum repayment period for the purchase of a used car under the Karur Vysya Bank Flexi Mobile Loan scheme is 60 months.

    15. What is the primary security that have to be pledged with Karur Vysya Bank?

      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.

    16. Is collateral security mandatory to avail the Karur Vysya Bank Flexi Mobile Loan?

      No, it is not mandatory to place a collateral security with the Bank to avail the Karur Vysya Bank Flexi Mobile Loan.

    17. What is the collateral security that can be pledged with Karur Vysya 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.

    18. Is it mandatory to have a guarantor for the car loan?

      No, it is not mandatory to have a guarantor in order to avail the Karur Vysya Bank Car Loan.

    19. Who can act as a guarantor for 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.

    20. What is the minimum loan amount stipulated by the Bank?

      The minimum loan amount offered to an applicant is not stipulated by the Bank as of now.

    21. What kind of vehicle can I purchase using the Karur Vysya Bank Flexi Mobile Loan?

      With the Karur Vysya Bank Flexi Mobile Loan, borrowers can purchase new or used cars for business or personal use.

    22. Can I use the Karur Vysya Bank Flexi Mobile Loan to finance a car for rental/ hiring purposes?

      The car financed using a Karur Vysya Bank Flexi Mobile Loan cannot be used for car hiring purpose.

    23. What is the interest rate applicable on the Flexi mobile loan for new vehicle?

      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%.

    24. What is the interest rate applicable on the Flexi mobile loan for old vehicle?

      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%.

    25. What is the effect of CIBIL score on getting an approval for the Karur Vysya Bank Flexi Mobile Loan?

      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.

    26. How can I calculate the EMI on my Karur Vysya Bank Flexi Mobile Loan?

      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.

    27. Can I calculate my Karur Vysya Bank car loan EMI online?

      Yes, you can calculate your Karur Vysya Bank car loan EMI online using the online car loan EMI calculator tool offered by BankBazaar.

    28. How can I know whether I am eligible for a Karur Vysya Bank car loan?

      In order to check your Karur Vysya Bank car loan eligibility, you can use the online car loan eligibility calculator tool offered by BankBazaar.

    29. Will the car loan EMIs be deducted directly from the salary of a salaried borrower?

      Yes, the car loan EMI can be deducted from the salary of a salaried individual, once the employer approves the same.

    30. How do I get more information on the car loan scheme offered by Karur Vysya Bank?

      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

    31. How can I contact the Bank’s customer care service for car loan related queries or concerns?

      You can contact the Bank’s dedicated customer care service via email: [email protected] or via the customer care number: 1860 200 1916.

    32. Can foreigners residing in India apply for this car loan?

      Yes, all Indian residents can apply for this car loan if they have the required documents and proofs.

    33. What is the debt-to-income ratio that is considered ideal for the borrower, by Karur Vysya Bank?

      The borrower should have a net take home pay of 25% of the gross income earned, after paying the loan EMI.

    34. What are the amendment charges applicable on the loan?

      The amendment charges applicable on the loan is equal to 0.25% of the sanctioned loan amount.

    35. What are the documentation charges applicable on a loan amount worth up to Rs. 25 lakhs?

      The documentation charges applicable on a loan amount worth up to Rs. 25 lakhs is Rs. 1000.

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