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    Karur Vysya Bank Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.9% - 16.40% Floating
    0.40% One time fee
    1Cr Max
    1-3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    Karur Vysya Bank Personal Loan is Rated as "Pretty good" by 4 Users

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    Personal 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.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.


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

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    Karur Vysya Bank Personal Loan Minimum Age

    At least 21 years old

    Karur Vysya Bank Personal Loan Maximum Age

    Less than 58 years old

    Karur Vysya Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Karur Vysya Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


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

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    Karur Vysya Bank Personal Loan Minimum Salary

    Minimum income required
    25% of gross pay

    Karur Vysya Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 100 lakhs

    Karur Vysya Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


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

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    02
    Karur Vysya Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your Credit Card bills

    “Karur

    Choose longer tenure loan up to 36 months


    Documentation needed to apply for an Karur Vysya Bank Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Karur Vysya Bank Personal Loan Interest RatesUpdated on 28 Sep 2016

    Karur Vysya Bank Personal Loan Details
    Interest Rate (Floating) BR + (3.50% to 6.00%)
    Base Rate - 10.40%
    Processing Fees 0.40% of the loan amount
    Loan Tenure 36 months
    Guarantor Requirement Guarantor required

    About Karur Vysya Bank Personal Loans

    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:

    • Bon Voyage.
    • Insta Loan.
    • Personal Loan.
    • Quick Loan.

    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.

    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 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.

    • Bon Voyage:

      This is a personal loan designed to fund your travel expenses, whether you’re travelling for business or pleasure.

      • Maximum loan amount: Rs.5,00,000.
      • Margin: 25%.
      • Tenure: Up to 36 months.
      • Interest: Base Rate + 6% for fully Secured Loans. Base Rate + 7.5% for partly secured loans.
      • Primary security – Demand Promissory Note (DPN).
      • Collateral security – Optional and at the discretion of Karur Vysysa Bank.
      • Guarantee – Optional.
    • Insta Loan:

      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.

      • Maximum loan amount: Rs.10,00,000 (executive cadre), Rs.5,00,000 (non-executive cadre).
      • Tenure: Up to 72 months.
      • Interest: Base Rate + 3.50% floating rate and Base Rate + 14.25% fixed rate.
      • Primary security: Demand Promissory Note (DPN).
      • Collateral security: None.
      • Guarantee: Personal guarantees from other employees in the organization is necessary.
    • Personal 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.

      • Maximum loan amount: Loans can be sanctioned up to Rs.100 lakhs, secured and unsecured loans available.
      • Tenure: Up to 36 months.
      • Interest: Base Rate + 6% for secured loans, Base Rate + 8.75% for unsecured loans.
      • Primary security: Demand Promissory Note (DPN).
      • Collateral security: National Stock Certificates (NSCs), Kisan Vikas Patras (KVPs), LIC policies, Bank Deposits, land and building or other assets subject to the approval of the bank.
      • Guarantee: By a person of sufficient net worth, accepted by the bank.
    • Quick Loan:

      This loan if for near-instant availability of liquid funds with which to meet unexpected personal or business expenses.

      • Maximum loan amount: Rs.5,00,000.
      • Tenure: Payment can be made in instalments, or as a lump sum payment at the end of the validity period.
      • Interest: Base Rate + 3.25%
      • Primary security: Fully paid NSCs / KVPs / State & Central Government bonds.
      • Collateral security: None.
      • Guarantee: None.

    Personal rates can be a great saviour when you need a lump sum as an emergency. Karur Vysya Bank offers personal loans for various purposes. Interest rates on Karur Vysya Bank Personal Loan depends on MCLR and Base Rate.

    Karur Vysya Bank Personal Loan Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    Benchmarks based on MCLR were introduced by Karur Vysya Bank with RBI’s instructions. There may be changes to these rates depending on the economic conditions. The table below shows the current rates at the Bank (effective from 01.04.2016):

    Type of MCLR MCLR Rate Revised interest
    Overnight MCLR 9.85% p.a Between one day and one month
    One-Month MCLR 9.85% p.a From one month to three months
    Three-Month MCLR 9.85% p.a From three months to six months
    Six-Month MCLR 9.95% p.a From six months to one year
    One-Year MCLR 10.05% p.a. One year and above

    Personal loan interest rates (MCLR)

    Interest rate that Karur Vysya Bank charges depends on the type of personal loan product that you have availed. The charge depends on loan quantum, tenure and purpose. Usually the bank adds percentage points to the MCLR benchmark, which makes the final interest higher than the current MCLR.

    Karur Vysya Bank Base (For existing borrowers)

    Those who have availed a loan before MCLR benchmarks came into force can choose whether to stick to paying interest as per the base rate or can choose to migrate to MCLR. The Base Rate that the bank uses to compute is 10.40% w.e.f 05.10.2015

    Note: All rates mentioned above are applicable as of June 14, 2016. Karur Vysya Bank can change these rates at its own discretion. Borrowers are advised to check prevailing rates while applying for a loan.

    You must meet the following eligibility criteria for personal loans from Karur Vysya Bank:

    • Bon Voyage:
      • Applicant must be an Indian resident or a person residing in India.
      • Applicant must be of legal age and have a savings bank account.
      • Minimum take home salary of Rs.1,20,000 per annum.
      • Eligible loan amount decided after reducing the margin from the costs.
    • Insta Loan:
      • Net take home salary of the applicant must be 25% of gross pay after deducting proposed loan EMIs.
      • The company / firm / trust / corporation must have financials showing profit for the last 3 years.
      • Temporary employees are not eligible for this loan.
      • Applicant must be of legal age.
    • Personal Loan:
      • Net take home salary of the applicant must be 25% of gross pay after deducting proposed loan EMIs.
      • Salary certificates for employed applicants and IT returns of self-employed applicants.
      • Applicant must be of legal age.
    • Quick Loan:
      • Applicant must be of legal age.
      • Applicant must have KVPs or NSCs.

    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.

    • Am I eligible for Karur Vysya Bank personal loan?
    • 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.

    • How do I repay 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.

    • What is the maximum loan one can get from Karur Vysya Bank?
    • 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.

    • What is the tenure for Karur Vysya Bank personal loan?
    • Karur Vysya Bank offers personal loan with a tenure period 36 months making it suitable for all loan seekers.

    • What is the base rate for Karur Vyasa Bank personal loans?

      The base rate for Karur Vyasa Bank personal loan is 10.45%.

    • What is the minimum age of eligibility for a personal loan?

      21 years is the minimum age of eligibility for a Karur Vyasa Bank personal loan.

    • What is the maximum age of eligibility for this personal loan?

      58 years is the maximum age of eligibility for a Karur Vyasa Bank Personal loan.

    • What is the maximum amount of loan that can be borrowed from Karur Vyasa Bank as a 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.

    • How is the interest rate calculated for the personal loan option from Karur Vyasa Bank?

      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%).

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

      A borrower can take a maximum of 36 months or 3 years to pay back the bank the loaned amount.

    • How much will I be charged as processing fees for this personal loan from Karur Vyasa Bank?

      The applicant is charged 0.40% of the loan amount as the processing fee.

    • What are the possible collateral security 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 added document necessary for establishing application for a personal loan with Karur Vyasa 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 Vyasa Bank, who can stand as a guarantor for a personal loan?

      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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