Karur Vysya Bank provides secured loans that are ideally aimed to provide financial aid towards meeting expenses of travel, accommodation and others during foreign tours by the applicant or close relatives of the proposed.
This loan is provided to individuals only, undertaking any kind of trip that requires substantial financing not naturally affordable by the applicant and admissible by the bank.
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 –
Travel Loan from Karur Vysya Bank is a specific demand loan with repayment period of up to 3 years.
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 a KVB Travel 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 Security||Rate of Interest (per annum)|
|Fully Secured||Base Rate + 6% (16.40% per annum)|
|Partly Secured||Base Rate + 7.50% (17.90% per annum)|
The base rate of Karur Vysya Bank as of November 2015 is 10.40%.
The standard list of required documents for applying for this loan are mentioned as follows –
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 Travel Loan from Karur Vysya Bank is a good financing option for urgent financial needs in cases of travel and accommodation outside India.
Some key features of this specialised loan are as follows –
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 Travel Loan through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.