Multiple banks. Different interest rates. Call it a "conflict of interest".

    Karur Vysya Bank (KVB) Insta Loan

    Karur Vysya Bank provides secured loans that are ideally aimed to provide financial aid towards meeting expenses related to personal or business needs of the applicant or close relatives of the proposed.

    Usage of Karur Vysya Bank Insta Loan

    This loan is provided to individuals only, for meeting personal expenses.

    Eligibility Criteria for Karur Vysya Bank Insta Loan

    A secured business loan as this has a few eligibility criteria to be met in order for the financial institution to be able to sanction the loan. The eligibility requirements can be mentioned as follows –

    1. Applicants can be individuals who are salaried employees, professionals, self-employed, businessmen, individuals with high net worth, agriculturists, pensioners or staff members, mandatorily residing in India with Indian citizenship
    2. Applicants need to be permanent employees with minimum 2 years of confirmed service and 1 year of unexpired service
    3. Age limits are applicable under the similar conditions, minimum being 18 years
    4. The income capacity of any individual will be the key factor in deciding the amount of loan that can be availed, in case of salaried individuals, minimum take home salary should be 25% of gross pay after deduction of loan instalments

    Types of Financing under Karur Vysya Bank Insta Loan

    Insta Loan from Karur Vysya Bank is a specific installment loan with repayment period of up to 6 years.

    Loan limits under Karur Vysya Bank Insta Loan

    Based on the credit-worthiness of the applicant, placement of the enterprise and validity of documents, Karur Vysya Bank can provide loans of varying amounts.

    Interest rates for Karur Vysya Bank Insta Loan

    Interest rates for a KVB Insta Loan could depend on the base lending rate and is based on the discretion of Karur Vysya Bank. Further changes to the rates could be done by Karur Vysya Bank as and when required. As of November 2015, the applicable rates of interest are as follows –

    Loan ROI types Rate of Interest (per annum)
    Floating ROI Base Rate + 3.50% (13.90% per annum)
    Fixed ROI Base Rate + 3.25% (13.65% per annum)

    The base rate of Karur Vysya Bank as of November 2015 is 10.40%.

    Documentation required during applying for KVB Insta Loan

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Photograph of individual applicant
    2. IT Returns, six months bank statement of the primary bank account, business proof, latest year provisional, sundry creditors list
    3. Know Your Customer (KYC) documents
    4. Proof of age and identity as approved by the government of India
    5. Other connected documents applicable for Demand/Term Loans as per extant guideline

    The above set of documents comprise the minimum required list. To aid in credit approval, Karur Vysya Bank might ask for extra documents if necessary.

    The primary security required will be a Demand Promissory Note to the bank.

    Features of Karur Vysya Bank Insta Loan

    The Insta Loan from Karur Vysya Bank is a good financing option for urgent financial needs in cases of personal requirements.

    Some key features of this specialised loan are as follows –

    1. Loan tenure or repayment period can be as high as 72 months
    2. Minimal documentation and faster approval
    3. Variable loan amounts, dependent on the salary

    Applying for Karur Vysya Bank Insta Loan

    The loan can be applied for through Karur Vysya Bank’s branches, wherein relevant forms can be filled out and requisite documentation provided to initiate the process of availing the loan. Additionally, one could call or mail Karur Vysya Bank requesting an executive assistance for application process.

    One can also apply for Karur Vysya Bank Insta Loan through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.


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