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.KVB offers you personal loan upto Rs.100 lakhs for salaried employees of PSUs/ Reputed Institutions, Self employed individuals, All other individuals who provide full securities by covering the loan amount with NSCs, KVPs, IVP, RBI bonds, LIC policies, Bank deposits etc. To know more, follow some simple steps given below to get best interest rates.
|Interest Rate||12.95% to 15.45%|
|Processing Fees||0.40% of the loan amount|
|Loan Tenure||36 months|
|Guarantor Requirement||Guarantor required|
Karur Vysya Bank was established in 1916 with a seed capital of Rs.1 lakh. It now stands as one of India’s leading financial services providers with total business of Rs.81,381 crores, with total deposits of Rs.44,690 crore and total advances of Rs.36,691 crore. It’s a highly successful bank that upholds the principles of customer satisfaction and empowerment.
The bank offers a range of Personal Loans that cater to the various different needs of prospective customers, varying in all aspects like total loan amount, interest rates, tenures, securities, etc.
The different personal loans that Karur Vysya Bank offers are:
While these loans are all designed for specific purposes and have different terms, conditions and features, Karur Vysya Bank offers them all under their personal loans product portfolio.
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 planned savings can afford – 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 remodelling your home. Whatever the reason you need a loan 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.
The interest on all personal loans from Karur Vysya Bank are subject to an addition to its Base Rate of interest, which is 11% with effect from 20-08-2013.
This is a personal loan designed to fund your travel expenses, whether you’re travelling for business or pleasure.
It’s a personal loan that’s specifically designed for the employees of reputed companies/schools/government institutions, etc. for whatever reason the applicant requires the loan.
This loan comes in secured and unsecured formats and can be utilized in either format, but at different rates of interest. The securities and guarantees only apply in case of secured loans.
This loan if for near-instant availability of liquid funds with which to meet unexpected personal or business expenses.
Currently, Karur Vysya Bank charges 11.00% as a Base Rate of interest*.
The interest amount and processing amount for each loan is as follows:
*This is the official base rate which came into effect on 20-08-2013. It is strongly advised to check these against any possible changes that may have been made under Karur Vysya Bank’s discretion.
You must meet the following eligibility criteria for personal loans from Karur Vysya Bank:
You will also require the following set of documents:
Photo ID proof: Like a valid Passport, PAN Card, Driver’s License, Voter’s ID, etc.
Proof of Address: Like a valid Passport, Driver’s License, Voter’s ID, etc.
Proof of Signature: Like a valid Passport, Banker’s Certificate, Driver’s License, PAN Card, etc.
Proof of Age: Like a valid Passport, Banker’s Certificate, Driver’s License, Birth Certificate, etc.
Knowing how much you’ll be paying as EMI on your Karur Vysya Bank personal loan each month is important. It is for this reason that BankBazaar.com has integrated a fully functional and easy-to-use Personal Loan EMI Calculator tool on its website.
The BankBazaar Personal Loan EMI Calculatorrequires you to simply fill in your loan amount, tenure and interest rate in the pre-allotted slots. Simply enter the information, click on “Calculate” and the EMI calculator will take you to a page which has graphical representations of your loan breakup, amortization, repayment details, interest and principal components, etc. in an easy to understand format.
Karur Vysya Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Karur Vysya Bank personal loan is at least 25% of gross pay. If you fall into this group, you can definitely apply for a Karur Vysya Bank personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Karur Vysya Bank offers personal loans as high as Maximum upto Rs.100 Lakhs for successful applicants depending on their financial record and repayment history.
Karur Vysya Bank offers personal loan with a tenure period 36 months making it suitable for all loan seekers.
The base rate for Karur Vyasa Bank personal loan is 10.45%.
21 years is the minimum age of eligibility for a Karur Vyasa Bank personal loan.
58 years is the maximum age of eligibility for a Karur Vyasa Bank Personal loan.
Rs 100 lakhs can be borrowed as a personal loan maximum, from Karur Vyasa Bank but the loan amount actually sanctioned to an individual is based on their repayment capabilities.
The base rate is fixed at 10.45%, but the rest is floating. Hence, it can be computed as BR + (3.50% to 6.00%).
A borrower can take a maximum of 36 months or 3 years to pay back the bank the loaned amount.
The applicant is charged 0.40% of the loan amount as the processing fee.
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.
Based on Karur Vyasa Bank portal, ‘A suitable Guarantor with sufficient net worth, acceptable to the Bank (preferably spouse or family members or friends)’.
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