Karur Vysya Bank offers its customers car loans at affordable interest rates ranging between 9.35% and 10.10% for new cars and 11.00% and 13.80% for old cars.
The repayment tenure is also flexible and can vary between 1 year and 7 years. The rate of interest charged on your loan amount depends on various factors such as the loan amount, repayment tenure, credit score, etc.
Features | New Car Loan | Used Car Loan |
Interest rates | 9.35% - 10.10% | 11.00% and 13.80% |
Loan tenure | Up to 7 years | Up to 5 years |
Margin | Up to 10% of the cost of the car | Up to 40% of the cost of car, provided the vehicle is not older than 5 years |
Processing fee |
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Lowest EMI/lakh | Rs.821 per lakh for a loan amount of Rs.1 lakh, tenure of 7 years, and rate of interest at 9.65%. | Rs.1,131 per lakh for a loan amount of Rs.1 lakh, tenure of 5 years, and rate of interest at 12.75%. |
Prepayment charges | Nil | Nil |
In most cases, the interest rate stipulated by the bank remains the same. However, there are certain factors that can affect your Karur Vysya Bank car loan interest rate. These can also impact the loan amount sanctioned to the prospective borrower, along with the EMI to be paid-out. Few of these factors are given below.
You have number of options provided by the bank which you can use to get your query resolved. You can send an email to customersupport@kvbmail.com or call on the bank's domestic helpline number - 1860 200 1916. If you reside outside India and wish to get in touch with a customer care executive, you can call on the helpline number +91 44-30721916. You can also use the bank's 'live chat' facility to get your query resolved. To use the 'live chat' facility, you will have to visit the official website of the bank.
No, you cannot avail a car loan from Karura Vysya Bank if you are in the car hiring business. One can avail a car loan from the bank only if they wish to use the vehicle for their private needs or other business needs which the person will have to specify to the bank.
You can visit the official website of Karura Vysya Bank and avail the EMI calculator provided by them. You will have to enter the loan amount, interest rate, and the repayment tenure in order to determine the EMI you will have to pay.
You can also make use of the car loan EMI calculator provided by BankBazaar. You will have to enter the loan amount, rate of interest, and the repayment period. In case you wish to prepay your loan in the future, then the prepayment charge will have to entered. After entering all the relevant details, click on 'Calculate', and you will be able to check the monthly EMI you will have to pay.
You will have to visit the official website of Karura Vysya Bank in order to apply for a car loan online. Click on 'Personal' and under it locate 'Vehicle Loan'. You will be directed to a new page, where on the top right-hand side of the page you will find the 'Apply Now' option. Click on it and a new page will open. There you will have to enter your details such as your name, mobile number, email ID, state and city in which you reside. You will have to authorise the bank to communicate with you either by mail or phone. Once you have done that, click on 'Submit'. You will receive a call or a mail from a bank official who will assist you with the process of applying for a car loan.
Yes, you can apply for a car loan from Karura Vysya Bank offline by visiting the nearest branch of the bank. You must ensure you carry all the relevant documents with you to the bank. An official from the bank will assist you with the process of applying for a car loan from the bank.
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