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  • Karur Vysya (KVB) Personal Loan Eligibility

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  • 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.

    Karur Vysya Bank Personal Loan Eligibility Criteria

    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
    Bon Voyage
    • Salaried applicants should have a take home salary of Rs.1.80 lakh p.a.
    • The take home salary after the deduction of EMI should be at least 25% of the gross salary
    • Salaried applicants should be able to provide undertaking letter from the employer to deduct monthly instalments and make the payment directly to the bank
    Insta Loan
    • Net take home pay of applicant after deduction of loan instalments should not be below 25% of their gross pay
    • Must be a permanent employee of government or private institutions, firms, etc.
    • Must be able to produce undertaking letter from the pay disbursing authority
    Personal Loan (Secured/Unsecured)
    • Net take home of the applicants after deduction of loan instalments should be more than 25% of their gross pay
    • Self-employed applicants should be able to produce IT returns to justify income and repayment capacity
    • Salaried applicants should be able to provide undertaking letter from the employer for deduction of monthly instalments to make the payment directly to the bank
    Quick Loan -
    • Overdraft is allowed only for 1 year
    • Central and state government securities, Kisaan Vikas Patras (KVPs), National Savings Certificates (NSCs) can be pledged
    IPO Funding -
    • Applicants should have a savings bank account with Karur Vysya Bank (KVP)
    • Applicants should have a demat account with KVP or any approved DPs

    Factors affecting Eligibility of Karur Vysya Bank Personal Loans

    • Income - Your level of income dictates how much you will be able to pay back as EMIs, this directly affects the total loan amount that can be sanctioned. Hence, the higher your income, the more likely you are to be approved for a personal loan from Karur Vysya Bank.
    • City of residence - It’s far easier to get a loan sanctioned in a metro city like Bangalore, Chennai, Mumbai or Delhi then it is in other cities.
    • Age - If you’re too young, you’re a risky candidate as young salaried people shift jobs often to exploit opportunities, but there’s a chance that one job shift might fail and leave you unable to repay EMIs.
    • Type of employment - Salaried individuals and salaried get regular incomes on fixed dates and can have EMIs due deducted directly from their salary accounts. Self-employed people must rely on market conditions and the demand for their products in order to earn an income. Karur Vysya Bank also has different securities requirements for salaried and self-employed persons.
    • Residence type - Applicants who live in a residence that’s owned by them are more likely to get a loan approved, and on better terms. This because there’s no part of their income being spent on rent, and the bank has a location owned by the applicant in which to locate him/her. People living in rented houses must pay an amount of their salary as rent, lowering the disposable income left over to pay EMIs. Also, it’s easier for a person living in a rented place to abscond in case they feel they cannot keep up with EMI payments.
    • Duration of residence in application location - How long you’ve been living and working in the location from which you’re applying for a loan has a huge impact on your eligibility. The longer you’ve been living in a certain place, the higher are the chances of getting a personal loan approved on your terms. Karur Vysya Bank will give more preference to applicants who’ve lived in the city for longer.
    • Securities - Karur Vysya Bank requires securities and guarantors against their personal loans. Applicants holding securities like NSCs, KVPs, IVPs, RBI Bonds, LIC policies, etc. are more eligible than those who do not. Guarantors must be people with a high enough net worth, or a colleague drawing the same income, to be accepted by the bank.

    How to Increase Karur Vysya Bank Personal Loan Eligibility?

    • Maintain a clean credit history - Ensure that you always clear your debt, on time and on the terms you’ve agreed on with the lender. This increases your CIBIL score, and eligibility.
    • Lower EMIs on existing loans - A large factor that affects your eligibility is whether you already have a loan on your name for which you’re making EMI payments. It’s advised to take loans for longer tenures, as the EMIs paid monthly will be lower, thus showing that you have more funds to pay your Karur Vysya Bank personal loan back with.
    • Prepayment - Paying off your existing loans before taking a new one is highly advised. A lump sum prepayment will settle your existing loan, increasing your eligibility for your new Karur Vysya Bank personal loan.
    • Maintain a good mix of secured and unsecured loans - Secured loans are looked at more favourably.
    • Don’t over leverage yourself - Applying for too many loans and paying off 2-3 EMIs every month can take its toll on your financial (and mental) health.

    FAQs

    1. My credit score is 690. Am I eligible to get a personal loan from Karur Vysya Bank?
    2. 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.

    3. Will my eligibility for a personal loan from Karur Vysya Bank be affected by the repayment tenure I choose?
    4. 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.

    5. How do I know if I am eligible for availing a personal loan from Karur Vysya Bank?
    6. 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.

    7. I do not have a proof of income. Will I still be eligible for a Karur Vysya Bank personal loan?
    8. 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.

    9. I am an Indian residing abroad. Am I eligible for a personal loan from Karur Vysya Bank?
    10. Unfortunately, at the moment, Karur Vysya Bank offers personal loans only for Indians who reside in India.

        

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