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  • Karur Vysya Bank Personal Loan

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  • Karur Vysya Bank offers four personal loans that can help you consolidate your debts and pay for emergency expenses.

    • Interest Rate: 12% p.a. onwards
    • Loan Amount: Up to Rs.25 lakh
    • Loan Tenure: Up to 72 months
    • Processing Fee: 0.5% (Minimum – Rs.1,000)
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    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 
    Swarnamitra  11.10%  0.50% 
    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) 
    Quick Loan   11.15%  Rs.500 

    KVB offers personal loans up to Rs.10 lakh under six categories: 

    • Bon Voyage 
    • Swarnamitra 
    • Insta Loan 
    • Personal Loan (Secured/Unsecured) 
    • Quick Loan 
    • IPO Funding 

    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. 

    Personal Loan Schemes offered by Karur Vysya Bank 

    1. Bon Voyage 

    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:  

    • Any creditworthy person who is also a relative of the borrower can act as a guarantor for the loan. 
    • The repayment tenure on this loan is 36 months. 
    • The borrower should be an Indian citizen or residing in India to avail the loan. 
    • Salaried individuals should have a minimum take home salary of Rs.1.8 lakh p.a. 
    • The eligible loan amount will be determined after deducting the stipulated margin from the eligible costs.  
    • Employed individuals should provide an undertaking letter from the employer to allow deduction of monthly instalments and make direct payments to Karur Vysya Bank. 

    2. Swarnamitra

    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: 

    • The minimum amount that can be availed as loan under Swarnamitra is Rs.5,000 while the maximum loan amount is Rs.75 lakh. 
    • The repayment tenure on the loan is 12 months which can be renewed for a further 12 months at the discretion of the bank. 
    • The primary security for the Swarnamitra loan is gold jewelry with at least 22 carat purity.  
    • Gold Ingots bought from banks can also be pledged as security to avail this loan. 
    • The servicing on the interest must be done monthly. 

    3. Insta Loan

    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: 

    • To avail this loan, applicants should have at least 2 years of confirmed service and one year of unexpired service.  
    • Applicants should not be a defaulter with any bank or financial institution if he/she desires to avail this loan. 
    • Borrowers should provide an undertaking letter from the payment disbursing authority. 
    • The maximum repayment tenure on the loan is 72 months or remaining service period, whichever is lesser. 
    • The net take home salary of the borrower to avail the loan should be at least 25% of the gross pay. 

    4. Personal Loan (Secured and Unsecured)

    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: 

    • The maximum loan amount that can be availed under this scheme is Rs.10 lakh. 
    • The entire process is paperless, quick, and hassle-free and in principle, sanction can be done in 15 minutes based on the credit rating of the borrower. 
    • The loan can be repaid in tenures ranging between 1 year and 5 years. 
    • If the borrower wishes to provide a security for the loan, he/she can provide bank deposits, government bonds, land, buildings, etc., as security. 
    • To establish the repayment capacity of the borrower, the bank will require him/her to provide a salary certificate. 
    • Self-employed individuals should provide IT returns for the bank to ascertain the income and repayment capacity. 

    5. Quick Loan

    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: 

    • The maximum loan amount that can be availed under this scheme is Rs.25 lakh. 
    • Bonds issued by central and state government, KVPs, NSCs, etc., can be pledged as primary collateral for availing this loan. 
    • If the borrower wishes to make the repayments in instalments, he/she can do so up to a tenure of 60 months. 
    • Overdrafts are allowed for up to 1 year and during renewal, the rate of interest needs to be re-fixed for the overdrafts. 
    • LIC policies will not be acceptable as securities for availing this loan. 

    6. IPO Funding

    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 minimum amount that can be availed as a loan under this scheme is Rs.5 lakh. 
    • The loan has to be repaid within 15 days from loan disbursement date. 
    • To avail this loan, the borrower should hold a Savings Account with Karur Vysya Bank. 
    • The borrower should also have a demat account with Karur Vysya Bank or Depository Participants such as Karvy Consultants, Stock Holding Corporation of India Limited, Geojit Financial Services, etc. 
    • The shares allotted will act as a primary security for the loan. 

    Documentation

    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.

    Why choose Karur Vysya Bank Personal Loans 

    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. 

    About Karur Vysya Bank

    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

    Frequently Asked Questions

    Am I eligible for a personal loan from Karur Vysya Bank? 

    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.   

    How can I repay the personal loan availed 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. 

    What is the maximum loan amount that I can avail as a personal loan from Karur Vysya Bank? 

    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.  

    What is the repayment tenure for Karur Vysya Bank personal loans? 

    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. 

    What is the MCLR for Karur Vysya Bank personal loans? 

    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. 

    What is the maximum amount of loan that can be borrowed from Karur Vysya Bank as a personal loan? 

    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. 

    What is the maximum tenure for loan repayment for this personal finance option? 

    A borrower can take a maximum of 72 months or 6 years to repay the loan amount to the bank. 

    How much will I be charged as processing fees for this personal loan from Karur Vysya 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.  

    What are the possible collaterals that can be registered for a personal loan from this bank? 

    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. 

    What does the net take home pay generally amount to? 

    Generally, the Net Take home Pay amounts to 25% of the gross pay after deducting the proposed Loan Instalments. 

    What is the additional document necessary for establishing application for a personal loan with Karur Vysya Bank for a self-employed applicant? 

    IT returns need to be submitted to ensure income and repayment capacity of a self-employed individual. 

    According to Karur Vysya Bank, who can stand as a guarantor for a personal loan? 

    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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    Karur Vysya Bank Personal Loan Reviews

    • Karur Vysya Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KARUR VYASA BANK , customer service is up to the mark they follow up so nicely through out the process . Other than that i am really happy with services .They charge nominal rate of interest but they charge good processing fee .
      Was this review helpful? 1
      , coimbatore
      Reviewed on Jun 21, 2019
    • Karur Vysya Bank
      Karur Vysya Bank Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have also taken a personal loan from KVB and the process to get the loan was good. There are no hassles in the process. The documentation was taken on time and the rate of interest and processing charges is normal. The after loan services are good too.
      Was this review helpful? 2
      , chennai
      Reviewed on Apr 30, 2019
    • Karur Vysya Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan a very long time back and the experience with them has been quite good. The interest rate with them has been quite nominal and the processing fee has not been too high. The process in getting the loan has also been quick where it was not time taking.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Nov 24, 2018
    • Karur Vysya Bank Personal Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      Karur Vysya Bank has provided a simple rate of interest of 6% on the personal loan. The customer services and response is excellent. I got the loan on time and as I needed. The after loan services are also good and it was a very good experience overall.
      Was this review helpful? 8
      , bangalore
      Reviewed on Sep 06, 2018
    • Karur Vysya Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience was very good with Karur Vysya bank, the loan amount was for Rs 1.5 lakhs with nominal interest rate when compared to other nationalized banks. Customer service was good and they followed up on time. The tenure period for this loan is 2 years.
      Was this review helpful? 6
      , chennai
      Reviewed on Jul 20, 2018
    • Karur Vysya Bank Personal Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with KARUR VYSYA BANK 1.5 years back. The loan amount was 7 lakhs and the given interest rate was satisfactory. The tenure period was 7 years . Here the processing fee was nominal so I would like to recommend to others.
      Was this review helpful? 9
      , chennai
      Reviewed on Jun 08, 2018
    • Karur Vysya Bank Personal Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a salary account from KARUR VYSYA bank so I got the loan process was easy they were not much needed with any documents the rate of interest they offered was 18 % which was fine compared to others in the market and the payment will be auto debited from my salary account .
      Was this review helpful? 1
      , vijayawada
      Reviewed on Oct 24, 2017
    • Karur Vysya Bank Personal Loan
      "Personal loan with KARUR VYSYA BANK"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from KARUR VYSYA BANK for 10 lakhs rupees.The rate of interest is 11% for 10 years.The monthly EMI comes around 15000.I got the approval with in 2 days with 3400 as processing fees.Documentation process also gone well without any lagging.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Oct 09, 2017
    • Karur Vysya Bank Personal Loan
      "The best service"
      0.5 5.0/5 "Blown Away!"
      Karur Vysya Bank offered me the personal loan. The documentation part was very simple, they asked me the documents which was easy to produce. I submitted form16, last six month bank statement and salary certificate along with the signature of my institute. Hardly they had taken four days, they delivered such a fast service. I felt easy to go with Karur Vysya Bank. They are good enough.
      Was this review helpful? 4
      , erode
      Reviewed on May 25, 2017
    • Karur Vysya Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I took personal loan with the Karur Vysya bank before some long time and the interest rate was okay with them. Executives were really friendly with the customers on that time and it took around two weeks of time to get the loan amount to be get disbursed to the account.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Mar 18, 2017
    • Karur Vysya Bank Personal Loan
      "Smart"
      0.5 4.0/5 "Great!"
      Based on the exsisting relationship that I have with KVB,I had filled in an application form. That would be all, the rest was taken care by KVB. The management looked in to it and processed by loan. Ofcourse, I was offered a prefential rate of interest but the processing fee is a standard one for all. Best of all, they did not ask for any documents.
      Was this review helpful? 2
      , erode
      Reviewed on Sep 08, 2016
    • Karur Vysya Bank Personal Loan
      "Understand your customers"
      0.5 3.0/5 "Satisfactory"
      Karur Vysya bank has offered me a personal loan because my MD has recommended me. The process for the loan was quick. They offered me a good rate of interest of 13.9%. But they have given me a EMI date of 29th. So have requested them to change it to the 1st of the month as it would be more convenient for me to pay my EMI. But they have not taken up my request. So when ever there is a late payment. They take the interest rate accumulated for those few days.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Oct 22, 2015
    • Karur Vysya Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I got the personal loan with the Karur Vysya Bank for the interest as 9% and am happy with this. Within a week of time I got the loan to be disbursed in my account. Faster process and the less rate of interest is the best with them. From the last 4 years I been with them by having the business account.
      Was this review helpful? 5
      , tirupati
      Reviewed on Oct 05, 2015
    • Karur Vysya Bank Personal Loan
      "Best for loan trasnfer"
      0.5 2.0/5 "Expected more"
      KVB personal loan process is good. My opinion is they should try and create exception. They require a lot of documents and they took more than 40 days of time to provide the loan. Interest rate and processing fee charged by them is fine. There is no issue or hassle with them. I am very much happy with the level of service offered by them. Its an ongoing loan. Interest rate offered by them was 13.99%. It would be great if they were able to take over all the bank loan in one short .
      Was this review helpful? 12
      , hyderabad
      Reviewed on Jun 19, 2015
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