Karur Vysya Bank offers personal loans under 5 different categories depending on the purpose, the eligibility of which also varies according to the scheme chosen by the borrower. For instance, borrowers looking to avail a personal loan for travelling purposes - work or leisure - must be salaried and earning a net take home annual salary of Rs.1.80 lakh. The personal loans offered by Karur Vysya Bank can be secured or unsecured.
To be eligible for a personal loan from Karur Vysya Bank, the basic eligibility criteria is that you must be an Indian citizen. The other eligibility criteria, as stated above, will depend on the scheme you choose, and we have listed them for you below:
|Name of the Scheme||Minimum Income||Other Criteria|
|Personal Loan (Secured/Unsecured)||
Most lenders look for a credit score of above 750 to offer you a loan. With your score, it may be difficult for you to be offered a loan but you can get in touch with Karur Vysya Bank to find out your eligibility. In case you are offered a loan, you may be charged a slightly higher rate of interest due to your low credit score. Whether you will be eligible for a loan and the rate of interest will entirely lie at the discretion of Karur Vysya Bank.
If you choose a shorter repayment tenure, you will be indicating the lender of your higher repayment capability and hence, your eligibility will be higher. You may also end up getting a lower interest rate on your Karur Vysya Bank personal loan.
To check your eligibility, you can go through the eligibility criteria listed for the different kinds of personal loans offered by Karur Vysya Bank, in the above sections. You can also visit the official website of Karur Vysya Bank to check your eligibility.
To be eligible for a Karur Vysya Bank personal loan, you will need a proof of income, whether you are a salaried or self-employed individual. This is because an income proof indicates your repayment capacity which Karur Vysya Bank needs to be aware of.
Unfortunately, at the moment, Karur Vysya Bank offers personal loans only for Indians who reside in India.
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