Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Karur Vysya (KVB) Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.75% - 16.25% Floating
    0.40% One time fee
    1Cr Max
    1-3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    About Karur Vysya Personal Loan

    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 Personal Loan Interest Rates

    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.

    • Secured personal loans attract an interest rate of 14.25% per annum whereas the interest rate on an unsecured personal loan is 16.75% per annum.
    • A fully secured Bon Voyage loan comes at an interest of 16.75% per annum while a partly secured Bon Voyage loan has an interest of 18.25% per annum.
    • Insta loans from Karur Vysya come at an interest of 14.25% per annum if a borrower opts for floating rates (BR + 3.5%) and at 14% per annum if a fixed interest rate is chosen.
    • Quick loans come at an interest rate of 14% per annum.
    Interest Rate (per annum)

    Personal Loan

    Secured – 14.25% Unsecured – 16.75%

    Bon Voyage

    Fully Secured – 16.75% Partially Secured –

    18.25%

    Insta Loan

    Floating rates – 14.25% Fixed rate – 14%

    Quick Loan – 14%

    Loan Amount (Maximum)

    Personal Loan – 100 lakh

    Bon Voyage – Rs 5 lakh

    Insta Loan – Rs 10 lakh

    Quick Loan – Rs 5 lakh

    Loan Tenure (Maximum)

    Personal Loan – 3 years

    Bon Voyage – 3 years

    Insta Loan – 6 years

    Quick Loan – 3 years

    EMI per lakh (lowest interest rate and maximum tenure)

    Calculate EMI on your Personal Loan

    Personal Loan – Rs 3,430

    Bon Voyage – Rs 3,553

    Insta Loan – Rs 2,061

    Quick Loan – Rs 3,418

    Prepayment Charges -
    Base Rate (effective 23/01/2015) 10.75% per annum

    How to calculate EMI on your Karur Vysya Personal Loan

    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)
    Year 1 14,851 13,071 85,149
    Year 2 17,069 10,853 68,080
    Year 3 19,618 8,304 48,463
    Year 4 22,548 5,374 25,915
    Year 5 25,915 2,007 0

    Factors affecting your Karur Vysya Personal Loan Interest Rates

    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.

    • Repayment capacity - The repayment capacity of an individual could change the interest rates charged by the Karur Vysya, with a possibility that the bank might charge a lower rate to someone who has limited means to repay a loan.
    • Loan tenure – The tenure of a personal loan has a bearing on the interest rates and loans for short tenures could command a higher interest rate compared to loans for longer tenures.
    • Relationship with Karur Vysya– Individuals having a good relationship with Karur Vysya might be in a better position to negotiate their interest rates, depending on their past behaviour and personal standing. It is possible for banks to reduce interest rates for valued customers who have shown commitment to their payments in the past.
    • Employment details – Interest rates vary depending on the profession of a borrower. Salaried borrowers might be charged a lower interest rate as they have a stable source of income and there is little risk of them defaulting on payments. Self-employed borrowers might not have a regular source of income and might have to pay a higher interest rate.
    • Age – Pensioners can avail a personal loan at lower interest rates compared to others, primarily because Karur Vysya does not want to burden them with exorbitant interest rates.

    Note: Interest rates charged by Karur Vysya are at their sole discretion and subject to change.

    How CIBIL score affects Karur Vysya Personal Loan Interest Rates

    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.

    Key things about Karur Vysya Personal Loan Interest Rates

    • Security and collateral have a major impact on interest rates charged by Karur Vysya, with secured loans available at lower interest rates compared to unsecured or partially secured loans.
    • Borrowers can choose between fixed and floating interest rates, where a floating interest rate varies according to Karur Vysya’s prime lending rate.
    • Changes in repo rates could have a bearing on interest rates charged by Karur Vysya.
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