Karur Vysya Bank offers four personal loans that can help you consolidate your debts and pay for emergency expenses.
Personal loan from Karur Vysya Bank can come to your rescue when you need funds to meet your personal expenses such as buying a gift for your dear ones, wedding of a friend or relative, etc. Karur Vysya Bank offers different kinds of personal loans at affordable interest rates, requires less documentation, and is hassle-free.
Interest Rates and Fees on Personal Loan Schemes
|Name of the Loan||Interest Rate (p.a.)||Processing Fee|
|Personal Loan (Secured)||12.75% to 17.75%||1%|
|Personal Loan (Unsecured)||12% to 18%||1%|
|Insta Loan||12% to 13.30%||0.50% of the loan amount (Minimum Rs.1,000) plus GST|
|IPO Funding||14.75%||1% of loan amount|
|Bon Voyage (Fully Secured)||15.60%||0.30% of loan amount (Minimum Rs.500)|
|Bon Voyage (Partially Secured)||17.10%||0.30% of loan amount (Minimum Rs.500)|
KVB offers personal loans up to Rs.10 lakh under six categories:
While these loans are designed for specific purposes and have different terms, conditions, and features, Karur Vysya Bank offers them under their personal loan product portfolio.
This loan has been specifically designed for funding your travel expenses to a foreign destination, either for business or personal purpose. The main features of the KVB Bon Voyage have been given below:
It is a short-term/overdraft loan offered by Karur Vysya Bank to individuals who possess gold jewelry. The loan availed can be used for personal purposes. The scheme has the below-given features:
This is an instalment loan primarily meant for the employees working in reputed firms, schools, government institutions, etc., so that they can fulfil their expenses related to education, housing, health, etc. The main features of this loan have been given below:
This is a short-term loan that can be availed to fulfil unforeseen exigencies and personal financial needs. The key features of the schemes have been listed below:
This loan can be availed by those who need short-term or long-term funds to meet their personal or business needs. The unique feature of this plan is that the repayment can be done in instalments or in full when the loan tenure ends. The other features of this loan have been provided below:
This short-term loan is especially meant for those who need funds to invest in the Initial Public Offering (IPO) of a company. The amount availed as a loan under this scheme can be used to buy stocks or equity shares of a company. The scheme has the below-given features:
The documents required for availing a personal loan from Karur Vysya Bank will depend on the type of loan. However, the basic documents required have been listed below:
Photo ID proof
Passport, PAN Card, Driver’s License, Voter’s ID, etc.
Proof of Address
Passport, Driver’s License, Voter’s ID, etc.
Proof of Age
Valid Passport, Banker’s Certificate, Driver’s License, Birth Certificate, etc.
Salaried individuals may have to provide additional documents such as salary slips, bank statements, Form 16 while self-employed individuals have to provide proof of income, proof of continuity of business, proof of office ownership, etc.
There are certain large, unavoidable, and obligatory expenses that arise in our everyday lives.
As Indians, we have certain obligatory expenses that may cost more than what you can afford with your planned savings – like giving your daughters their dream weddings or funding your child’s higher education abroad. Sometimes, even savings and meticulous planning aren’t enough to pay for things like large assets for your business, a long-overdue international family vacation, or even remodeling your home. Whatever the reason for your loan application may be, Karur Vysya Bank has a few options on offer that could be well-suited to your needs.
The range of personal loans from Karur Vysya Bank enables all those activities for which you don’t have the funds. Travel with the Bon Voyage loan, get a loan in instalments with the Insta Loan, meet unforeseen expenses with the Personal Loan, and exploit the repayment flexibility of the Quick Loan.
Personal loans offer a great way to fund your personal expenses when you find it challenging to fund it with your regular paycheck. These loans can be availed to fund that dream vacation you have always wanted to go to, that gift you wanted to buy for your special one, or any other desire you have but was not able to afford. Personal loans can also save your day when you are in sudden need of money such as medical emergencies, sudden travel plans, etc., and you do not want to rely on friends or family to borrow from.
When it comes to taking a personal loan, you will always prefer to take it from a reputed lender who offers attractive interest rates, and involves minimum hassle. This is where the personal loan from Karur Vysya Bank (KVB) fits in. Karur Vysya Bank is a private-sector bank headquartered in Karur, Tamil Nadu. The bank 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
Salaried individuals drawing a monthly salary that is over the minimum stipulated amount are eligible to avail personal loans from Karur Vysya Bank. The monthly income drawn by the applicant should be at least 25% of the gross pay. If you fall under this category, you surely can avail personal loans from Karur Vysya Bank.
The repayment towards Karur Vysya Bank personal loan can be done through equated monthly instalments or EMIs either by issuing post-dated cheques or by using the ECS (Electronic Clearance Service) facility.
The maximum loan amount that you can avail as a personal loan from Karur Vysya Bank will depend on your repayment history and financial record. Karur Vysya Bank offers personal loans up to a maximum of Rs.75 lakh.
Karur Vysya Bank offers personal loans with repayment tenures ranging from 15 days to 72 months making it ideal for all kinds of loan seekers.
The marginal cost of fund-based lending rate (MCLR) for Karur Vysya Bank personal loans for 1-year tenure is 9.65% p.a. For overnight, 1-month, 3-month, and 6-month tenures, the MCLR is 8.55%, 8.55%, 8.90%, and 9.35% p.a. respectively.
Rs.75 lakh is the maximum amount that can be borrowed as a personal loan from Karur Vysya Bank. However, the loan amount actually sanctioned to an individual will be based on their repayment capabilities.
A borrower can take a maximum of 72 months or 6 years to repay the loan amount to the bank.
The processing fees charged on the personal loans from Karur Vysya Bank will depend on the kind of loan the borrower is availing. It starts from Rs.500 and can go up to 0.50% of the loan amount.
It is subject to the bank’s expectation or requirement from the applicant. However, NSC/KVP/LIC policies, bank deposits, land or estate property may be used for the same.
Generally, the Net Take home Pay amounts to 25% of the gross pay after deducting the proposed Loan Instalments.
IT returns need to be submitted to ensure income and repayment capacity of a self-employed individual.
Any individual with adequate net worth can act as a guarantor for the borrower of the personal loan. Spouse, family members, and friends are usually preferred by the banks to act as guarantors.
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