|KVB Personal Loan Interest Rates 2019|
|Interest rate||13.90% p.a.(secured loans) 16.40% p.a.(unsecured loans)||13.90% p.a.(secured loans) 16.40% p.a.(unsecured loans)|
|Loan Amount||Rs.50,000 to Rs.1 lakh||Rs.50,000 to Rs.1 lakh|
|Loan Tenure||1 to 3 years||1 to 3 years|
|Lowest EMI||Rs.3,413 per Rs.1 lakh||Rs.3,413 per Rs.1 lakh|
|Processing Fee||0.40% to 1% of the loan amount||0.40% to 1% of the loan amount|
|Age||21 to 58 years||21 to 58 years|
Karur Vysya offers four different personal loans under its personal loan scheme, each designed to cater to the unique needs of a customer. The Bank offers loan under the titles, “Bon Voyage”, “Insta Loan”, “Personal Loan” and “Quick Loan”. Interest rates charged by Karur Vysya are extremely competitive in today’s market, ensuring that a personal loan repayment doesn’t become expensive and burdening. The bank follows a simple and hassle free loan application process, keeping in mind the needs of a customer.
Karur Vysya charges different interest rates for different loans, depending on the borrower and need for the loan. The Base Rate (BR)charged by Karur Vysya is 10.75% per annum (effective 23/01/2015), and this forms the basis for interest rates for other products. Karur Vysya interest rates for the year 2015 are mentioned below.
Karur Vysya offers borrowers the opportunity to repay their loans through flexible EMIs. Knowing the EMI amount is an extremely important factor when it comes to loan repayments, as it enables a borrower to plan his/her finances accordingly. EMI calculations on Karur Vysya personal loans are an extremely simple affair, thanks to Bankbazaar. An individual wishing to know his/her EMI just needs to enter the loan details in the EMI calculator on the website and the results are automatically displayed in a simple and easy to understand format.
An amortization table provides a systematic breakdown of the entire loan repayment process, showing the variation between the Principal and Interest components for a particular loan. Post each EMI payment the principal amount reduces and it is this reduced principal amount which is used to calculate the interest for the next term.
Example: Mr. Venkat borrows a sum of Rs 1 lakh from Karur Vysya Bank at an annual interest of 14% and a tenure of 5 years. His EMI comes up to Rs 2,327 per month. The amortization table below indicates the amount he would need to pay every year in order to repay the loan.
Loan Amortization Table
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
There are multiple factors which could impact the interest rate an individual pays for a Karur Vysya personal loan, some of which are mentioned below.
Note: Interest rates charged by Karur Vysya are at their sole discretion and subject to change.
Banks, including Karur Vysya rely on the CIBIL score of an applicant to gauge his/her creditworthiness and loan repayment capacity. An applicant with a good CIBIL score can negotiate when it comes to interest rates and could possibly get a loan at low rates. An applicant with low CIBIL scores would not be in a position to discuss interest rates and would have to pay the rate decided by the bank.
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