If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    • Karur Vysya Bank Used Car Loan is Rated as "Excellent!" by 7 Users

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    Karur Vysya Bank Used Car Loan

    Mr. Sharma got his Used Car Loan approved in just a day. You can too! Explore Now

    Karur Vysya Bank Used Car Loans

    Do you wish to purchase that dream car but has refrained because you know that you cannot afford it or do not want to deal with years of paying off the car loan? Then Karur Vysya Bank used car loan is just the thing for you. KVB’s Flexi Mobile Loan has proficiency to fund second hand cars as well as brand new vehicles. Once the request is made, a KVB staff member will come to your place to explain everything in detail and take you through the process.

    Unique Features of KVB Used Vehicle Loan:

    • It could be accessed by every resident Individuals (except those involved in a vehicle hiring business)
    • The loan is approved to buy pre-owned car (not older than five years) which is for business or individual use, except for vehicle hiring.

    Maximum Loan Sum

    INR. 75.00 Lakhs If you need a higher amount, it will be taken into consideration based on certain merits.
    Margin 25 percent- For used cars (not Older than 5 Years)
    Maximum Payment Tenure 60 Months (Second hand Vehicles)- EMI
    Rate Of Interest Per Annum BR + 3.25%
    Main security Hypothecation of car bought out of bank balance.
    Collateral security Optional (NSC/KVP/LIC Policies, Bank Deposits, Land & Building etc.,)
    Warranty Voluntary. An Appropriate Sponsor with adequate net worth , satisfactory to the Bank (if possible spouse or family members or friends)
    Indemnification Coverage for the Mortgagor Obtainable to the degree of Loan sum with BAGIC, billed by the Borrower. (As per choice of the loan applicant)
    Processing costs INR. 4000 + ST for Loans up to INR. 1 Million INR. 8000 + ST For loans above INR 1 Million
    Additional Terms & Conditions
    • The Total Take Home pay after cutting the suggested Loan Installments will be minimum 25 percent of the total amount.
    • Payment can be made directly to the seller by way of Demand Draft, NEFT, Online banking, RTGS or Account credit.
    • The employer is expected to take the responsibility of deducting the car loan EMI and interest from your monthly salary if you are a salaried employee.

    Karur Vysya Bank Used Car Loan Interest Rates

    Karur Vysya Bank’s Flexi Mobile Loan can be used to finance a pre-owned car, with borrowers paying a competitive interest on the loan amount. This interest varies from case to case, depending on the date of loan sanction, with borrowers who have availed a loan after April 1, 2017 eligible to pay interest according to MCLR benchmarks. Existing borrowers can choose their interest computation mode.

    Karur Vysya Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    MCLR based rates came into effect following RBI’s new guidelines. Karur Vysya Bank modifies these rates based on its operating costs, repo rate, CRR, etc. The table below highlights the current rates.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.85%
    1 month 9.85%
    3 months 9.85%
    6 months 9.95%
    1 year 10.05%

    Used car loan interest rates – July 2017

    Individuals who have availed a car loan under the MCLR platform will be required to pay an interest equivalent to 13.65% per annum. This rate is computed using a simple formula:

    Effective interest rate = MCLR for 1 year + 3.60%

    Karur Vysya Bank Base and Prime Lending Rates (For existing borrowers)

    Base Rate 10.40% per annum (effective 05/10/2015)

    Karur Vysya Bank interest rate for used cars (Based on Base Rate)

    Customers who availed a Flexi Mobile Loan before April 1, 2017 can choose to stick to their existing interest mode or move to an MCLR based platform. Individuals who prefer the old mode of computation will be required to pay an interest of 13.65% per annum (BR + 3.25%).

    Note: Karur Vysya Bank reserves the right to modify/change interest rates without prior intimation. Rates mentioned here are as of June 7, 2017. Borrowers should check current rates while applying for a loan.

    Other Products from Karur Vysya Bank

    GST of 18% is applicable on all banking products and services from the 1st of July, 2017.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

     

    Karur Vysya Bank Used Car Loan Reviews

    Write a Review
    • Karur Vysya Bank Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      My car loan is from Karur Vysya Bank. I had been a long time customer of this account and I have also used the other financial products of this bank. The process which they follow is neat. I am happy with their services. The rate of interest and charges was also pretty nominal.
      Was this review helpful? 1

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      , hosur
      Reviewed on Jul 23, 2016
    • Karur Vysya Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with the Karur Vysya Bank. I am happy with the rate of interest. They works with me and they are excellent which makes me to stick with them. The loan got disbursed within an hour of time, which surprised me. Everything in the hands of the manager, he issued the DD first and he started to do the process.
      Was this review helpful? 2

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      , hyderabad
      Reviewed on Sep 25, 2015
    • Karur Vysya Bank Car Loan
      "Good!!!"
      0.5 4.0/5 "Great!"
      From Karur Vysya Bank I have availed a car loan . I have an account with them already the paper work was easy and fast. Less documents were collected. The disbursal was done within 20 days. The rates and the charges was normal as the other banks. Their service was best.
      Was this review helpful? 1

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      , chennai
      Reviewed on Aug 26, 2015
    • Karur Vysya Bank Car Loan
      "Best..."
      0.5 4.0/5 "Great!"
      Karur Vysya Bank is excellent. I got a Car Loan of Rs 6.5 Lakhs. 1st day the took my documents and 2nd day they gave me a DD. The response was instant. The interest rate was nominal and the processing fee was also less. I have an option of part payment. For pre-closure they charge the minimum amount. EMI was done according to my convenience. I am happy with service provided by them.
      Was this review helpful? 2

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      , coimbatore
      Reviewed on Jul 18, 2015
    • Karur Vysya Bank Car Loan
      "Best Bank"
      0.5 5.0/5 "Blown Away!"
      KVB is the best bank as it took only 2 days to approve the car loan amount to my account. I didn't spend much time for the bank formalities. All the work was done easily and the bank took the major part for the loan process. Charges were all nominal.
      Was this review helpful? 1

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      , lucknow
      Reviewed on May 09, 2015
    • Karur Vysya Bank Car Loan
      "Good!!!"
      0.5 4.0/5 "Great!"
      I applied loan from KARUR VYSYA BANK before 3 years. Overall experience I had with KARUR VYSYA was good... And the customer support was good and they provided me with all the information. The fee and charges are normal compared to the other banks.
      Was this review helpful? 0

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      , tiruchirapalli
      Reviewed on Apr 10, 2015
    • Karur Vysya Bank Car Loan
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      I just went directly to the branch of Karur Vysya bank where I have an account for availing a car loan. I met the manager of the bank and submitted all the required documents to him. On the same all the formalities were completed and my loan was sanctioned within 2 hours. I didn't had any much trouble also in availing the loan. Response was too good.
      Was this review helpful? 3

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      , goa
      Reviewed on Aug 04, 2014
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