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  • Karur Vysya (KVB) Car Loan Interest Rates

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  • Karur Vysya Bank offers its customers car loans at affordable interest rates ranging between 9.65% and 11.65% for new cars and 12.75% and 16.75% 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.

    Karur Vysya Bank Car Loan

    Features New Car Loan Used Car Loan

    Interest rates

    9.65% - 11.65%

    12.75% and 16.75%

    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

    • Loan up to Rs.10 lakh: Rs.3,000
    • Loan above Rs.10 lakh: Rs.7,500
    • Loan up to Rs.10 lakh: Rs.3,000
    • Loan above Rs.10 lakh: Rs.7,500

    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

    Factors Affecting Karur Vysya Bank Car Loan Interest Rates

    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.

    • Collateral Security - Pledging a collateral security with Karur Vysya Bank is an optional condition laid down by the bank. However, if you opt to pledge a valuable collateral such as Bank Deposits, KVP/NSC/LIC Policies, Land & Building etc., then the chances for a car loan approval at the lowest prevailing rate of interest is a high probability, provided that the other key factors are also favorable.
    • Guarantee - A reliable guarantor for your car loan can spike your chances of getting a favorable car loan approval and may also assist you in negotiating a lower rate of interest. The spouse or any other individual who meets the eligibility criteria can stand as the Co-obligor to your loan.
    • Loan Tenure - If the tenure you have chosen for your car loan is longer, it indicates higher risk of default payments to the bank. To negate this risk the bank might increase the interest rate applicable on the loan. By going for a lower loan tenure, the bank will be assured of quicker repayment so you can expect a lower interest rate.
    • Income- High-income earning applicants are more creditworthy since they have a higher repayment capacity, provided their debt to income ratio is well-balanced. In this scenario, it is easier for the borrower to negotiate with the Bank for a lower rate of interest.
    • Loan Margin - The extent of down payment made initially on the car by the borrower also affects the borrower's car loan interest rate. Higher the loan margin or down payment made by the borrower, greater are his chances of a favorable car loan package.
    • CIBIL Scores - An individual’s credit history is reflected in his/her CIBIL score. The credit score of an individual is one of the initial credit evaluation measures undertaken by banks. The Credit Information Report helps to generate this rating. Having a high CIBIL Score will influence the bank to lower the rate of interest that is applicable on the loan quantum of your choice. It is advisable to always check your CIBIL Score and pay off all dues before applying for a car loan.
    • Existing Customers - Those who are existing customers of Karur Vysya Bank have a higher probability of getting a car loan quickly, at lower rates of interest. Karur Vysya Bank offers various car loan benefits for established customers of the Bank and especially for those who have any deposits in Karur Vysya Bank.

    Karura Vysya Bank Frequently Asked Questions (FAQs)

    1. How do I get in touch with the bank’s customer care support in case of any query?
    2. 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.

    3. I am engaged in a car hiring business. Can I avail a car loan from Karura Vysya Bank?
    4. 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.

    5. Is there any EMI calculator I can use before applying for a car loan from Karura Vysya Bank?
    6. 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.

    7. How can I apply for a Karura Vysya Bank car loan online?
    8. 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.

    9. Can I apply for a car loan from Karura Vysya Bank offline?
    10. 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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