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Karur Vysya Bank Two Wheeler Loan

 5.0 / 5.0   by 7 users
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Two Wheeler Loan
  • Easy Processing
  • Attractive interest rates
  • Compare across banks

Two-wheelers are often your first vehicle, and it provides you with both freedom and flexibility. Whether it is a utilitarian scooter or a fancy motorcycle that you want, Karur Vysya Bank (KVB) helps you attain it through a two wheeler loan. Minimal documentation and flexible repayment options make it a great choice for your dream bike or scooter.

Karur Vysya Bank Bike Loan Features:

Here are the features of KVB’s two wheeler loans:

  • The loan is disbursed to your account directly through internet transfer or demand draft.
  • The loan can be repaid in up to 36 months (3 years).
  • EMIs on the loan are affordable due to competitive interest rates.
  • Providing collateral security and guarantee are not mandatory.
  • You can also avail vehicle insurance from the bank if you wish to.

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Karur Vysya Bank 2 Wheeler Loan Eligibility Criteria:

The following terms apply in the case of Karur Vysya Bank’s Bike Finance:

  • Any individual with a steady income can avail the loan.
  • The net income of the individual after deduction of the loan’s EMIs should be not less than 25% of the total income.

Sanction of a bike loan is also dependent on the following factors:

  • Credit-worthiness
  • Integrity
  • Repayment capacity

Also Read: Two Wheeler Insurance.

Documents Required for Karur Vysya Bank Bike Loan:

The following documents are required for you to be able to get bike finance from KVB:

  • Application form, duly filled
  • Photographs
  • Proof of identity
  • Address proof
  • Proof of income (payslips, Income Tax Return, Form 16/16A)
  • Bank statement
  • PAN card copy

Additionally, the employer has to provide an undertaking allowing deduction of EMIs from the salary of the borrower in case of salaried employees shall be insisted on.

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Karur Vysya Bank MCLR and Interest Rates:

Marginal Cost of Funds-based Lending Rate (MCLR) is a base rate regime that is being adopted by banks since April 1, 2016. This allows customers to get better rates of interest as and when the Reserve Bank of India changes its repo rate. The MCLR announced by Karur Vysya Bank are as given below:

Period MCLR
Overnight 9.85%
1 month 9.85%
3 months 9.85%
6 months 9.95%
1 year 10.05%

Two wheeler finance is based on the 1-year MCLR. Any change to this rate will impact the interest rate of your loan. The rate will be reset annually based on 1-year MCLR revisions. The interest for two wheeler loans is a floating rate of 15.4% - that is, 1-year MCLR of 10.05% and a spread of 5.35%.

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Karur Vysya Bank Two Wheeler Loan Reviews

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  • review Two Wheeler Loan
    0.5 3.0/5 "Satisfactory"
    KVB have not sanctioned the loan initially due to some paper work then after many follow ups, I got the loan. The interest rate is okay and the processing fee is 1200 rupees for the loan amount of 88K. I have completed the loan 2 years ago. I have purchased Pulsar bike.
    Was this review helpful? 2
    , coimbatore
    Reviewed on May 31, 2019
  • review
    review Two Wheeler Loan
    "Good experience"
    0.5 5.0/5 "Blown Away!"
    I have taken my two wheeler loan with Karur Vysya bank. The process to get the loan was simple and easy and there are no issues in the documentation as well. The rate of interest and processing charges is normal and in all there has been no issues.
    Was this review helpful? 2
    , bangalore
    Reviewed on Sep 06, 2018
  • review Two Wheeler Loan
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    It had been a very good experience with this loan and the loan amount which they had provided had been satisfactory as well. The loan amount which they had provided had been satisfactory and the interest rate with them also had been nominal when compared with the market rate.
    Was this review helpful? 3
    , chennai
    Reviewed on Jul 29, 2018
  • review Two Wheeler Loan
    0.5 5.0/5 "Blown Away!"
    I am having the two wheeler loan with the Karur vysya bank and the interest rate is huge one. I would like to say that the customer service is good one with the Karur vysya bank. Response is fine one with the Karur vysya bank and am happy with them.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 23, 2017
  • review Two Wheeler Loan
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I had taken a two wheeler loan with karur vysya bank.The loan amount is one lakh.Rate of interest is nominal,tenure is for three years.They had deducted up to 2000 as processing fees,the monthly EMI is 3400.Net banking is very convenient to use.
    Was this review helpful? 1
    , chennai
    Reviewed on Nov 10, 2017
  • review Two Wheeler Loan
    "Very good"
    0.5 5.0/5 "Blown Away!"
    I am holding a two wheeler loan with KVB. They were asking me to sign in many documents. I am holding an account with them. Interest rate offered by them was okay. Processing fee was okay. They were providing loan for the required tenure and EMI was okay.
    Was this review helpful? 3
    , madurai
    Reviewed on Aug 06, 2015
  • review Two Wheeler Loan
    "Good experience...."
    0.5 4.0/5 "Great!"
    Manager of Karur Vysya bank is a known person so I went with them for two wheeler loan but otherwise did not get any discounts. They did not charge anything for processing the loan but the interest rate is bit high. Interest rate can be reduced so customer would be benefited.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jun 27, 2015
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