Based in Karur, Tamil Nadu, Karur Vysya Bank has a rich history since its inception in 1916. With a solid network of 667 branches backed by 1,600 plus ATMs across the nation, KVB offers a wide range of banking and financial products to retail customers. The KVB Personal Loan is offered to salaried employees on both secured/unsecured basis for personal needs such as marriage, education, loan consolidation and other requirements.
The tenure offered by KVB is up to 36 months for repayment of the borrowed loan in Equated Monthly Installments (EMIs). With a processing fee billed at the rate of just 0.40% of the disbursed loan amount, the interest charges for a Secured Personal Loan are billed at MCLR + 3.85% while the unsecured counterpart is MCLR + 6.35%. With such competitive rates, a loan from Karur Vysya Bank can be the most optimal deal to fund your personal goals that need financial impetus.
As stated earlier, this repayment will be done in EMIs consisting of the principal amount plus applicable interest charges until the end of the loan term. Depending on the term chosen, repaying the amount borrowed can be quite a deal, since it can take a toll on your monthly budget. Therefore, it's important to prepare for the loan and choose the right term to ensure it does not burden you in the longer run.
A key part of preparing for the loan is to calculate the financials involved in the loan such as the EMI amount, overall cost incurred and so on. To aid you in this homework is the Personal Loan EMI Calculator which not only helps in ascertaining the installment amount, but also provides a host of information such as amortization table to give you an all-round view. Figures obtained from this tool will also help in negotiating the terms such as a lower interest rate with the bank.
This is an easy-to-use tool which provides an instant output in less than a second, with graphs and charts to help you analyse the monetary aspects of the loan. Before using the calculator, be ready with basic information from the proposed loan such as the amount, rate of interest, tenure and the processing fee (if any). Once you have these details handy.
Follow 4 Easy steps below to get the KVB Personal Loan EMI amount and amortization table.
You now have the installment amount displayed on the screen followed by a breakup of interest and other charges in the form of a pie chart. When you scroll down further, the amortization table greets you with a breakup of payments, month wise.
The most appealing benefit of using this tool is to calculate the EMI amount. When you know what you’ll be paying into the loan well in advance, it helps in planning the monthly budget and also to alter the loan terms to match other financial commitments.
Breakup of Finance Charges
With the pie chart, you can analyse the total interest charges paid into the loan for the fixed term. This not only provides details of the overall costs involved, but also equips you with information to negotiate a lower deal if the charges are heavy.
This table is like a loan statement in advance which helps in analysing the movement of the loan during the term. It offers a detailed breakup of principal and interest charges which feed the EMI each month and helps in making critical decisions pertaining to the loan such as pre-closure.
The calculations are based on the universal formula used to arrive at the EMI numbers and is nearly accurate. There may be slight variations due to additional charges taken into account by the bank. You can contact the representatives at KVB for confirmation.
This tool can be used to calculate the EMI and compare offers from other banks and lenders as well. Follow the same procedure as provided in the sections above to get the required output.
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