Karur Vysya Bank

Karur Vysya Bank Personal Loan

Years

Apply Karur Vysya Bank Personal Loan

About Karur Vysya Bank Personal Loan

Karur Vysya Bank strives to provide a great blend of traditional values and technology along with the most innovative products to fulfill long term and short term credit requirements of customers. They provide you with dynamic borrowing options that not only match the changing lifestyles of customers but also the trends of the banking industry.

If you are looking for short term credit facilities for various uses such as travel, family functions, education or just about any other personal requirement, you can choose from a wide range of personal loan options offered by Karur Vysya Bank. Each of these loan plans caters to specific requirements and offer great deals that ensure that customers are able to repay these loans easily and also fit in the monthly repayments into their current budget and financial condition.

Karur Vysya Bank Personal Loan Interest Rate June 2019

Interest rate

12% to 15.45%

Loan tenure

3 Years

Loan turn around period

1-7 Days

Processing Charges

0.40 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

3367 Per Lakh

Why choose Karur Vysya Bank Personal Loans?

Karur Vysya bank was founded in a small textile town in the year 1916 and has since grown to become one of the leading financial institutions in the country providing various services that keep in mind the changing requirements of each customer.

These loan plans are flexible and reasonable to begin. In addition to that, you have the advantage of years of experience and the testimony of several satisfied customers. When you choose to bank with Karur Vysya bank, you have several benefits such as:

  • Total business of 102863 crores as on March 2018.

  • Total deposits worth 56890 crores assuring you of great customer trust.

  • Continued profit earnings and declaration of dividends by the bank.

  • A network of 790 branches and 532 cash deposit machines to make transactions simpler and more accessible.

  • Core Banking Solutions in all the branches to help you make the most of innovative banking technology.

  • The advantage of several self-service modes as part of their internet banking services for seamless transactions.

  • A wide array of products that are designed to suit the specific needs of all the customers.

  • Mobile banking facilities to help you repay your loans easily without any restrictions.

  • The branch network of this bank reaches to all banked and unbanked areas of the country making the extremely accessible.

  • Continuous upgrading of skills and knowledge to ensure that each employee is able to provide the best possible customer care.

  • A great blend of tradition and technology.

Features and Benefits of Karur Vysya Bank Personal Loans

Karur Vysya Bank ensures that each customer gets the right financial aid at the right time by means of innovative products and a wide array of products. Each of the loan schemes keeps in mind the current financial condition of the borrower as well to ensure that they have great repayment options available. The benefits and features of personal loans with Karur Vysya bank are as follows:

  • Loans are available to individuals and proprietorship firms to manage any short term requirements.

  • These personal loans are available to all individuals including salaried individuals, self-employed individuals and other professionals.

  • Loan schemes are designed as per the requirement of the customer to fulfill several requirements such as travel, family function expenses, education, medical expenses and a lot more.

  • You can also get immediate financing with secured loans by offering gold ornaments as security or through Insta Loan and Quick Loan facilities.

  • Repayment tenure of up to 36 months is available with these loans.

  • Karur Vysya bank provides floating interest rates that are extremely affordable and linked to the MCLR.

Karur Vysya Bank Personal Loan Rate of Interest

As mentioned before, you get a gamet of loan plans with Karur Vysya Bank. Each of these loan plans offer varying interest rates as per the eligibility terms and the purpose of the loan. Karur Vysya bank offers floating interest rates that are linked to MCLR.

Type of Loan Rate of Interest

Bon Voyage Loan

  • Fully secured- One Year MCLR+  6.35%

  • Partly secured- One Year MCLR+7.85%

Swarnamitra Loan

  • One Year MCLR+ 2.60%

Insta Loan

  • Fixed interest- 13.65% (One Year MCLR+3.60%)
  • Floating interest- One Year MCLR+ 3.85%

Personal Loan

  • Secured- One Year MCLR+3.85%

  • Unsecured- One Year MCLR+6.35%

Quick Loan

  • One Year

Note: Current 1 year MCLR is 9.55% per annum

Types of Personal Loans offered by Karur Vysya Bank

One of the biggest advantages of choosing Karur Vysya bank for short term credit requirements is that they offer the largest variety of loan plans possible. These loans are customized to suit the requirement of the customer and also depend upon the nature of occupation of the individual. The different types of loan plans available are as follows:

  • Bon Voyage Loan

 

Purpose of loan

 

 

This loan plan is primarily for travel purposes for individuals or for business travel.

 

Quantum of loan

 

The loan amount is calculated as per the stipulated margin from all the eligible costs. The borrower takes care of any ineligible cost entirely.

Primary security

 

DPN

Collateral security

This is optional. It is based on the discretion of the sanctioning authority.

Margin required

25%

Repayment tenure

You get maximum repayment tenure of three months.

  • Swarnamitra Loan

               

 

Purpose of loan

 

This loan is provided for personal use for any individuals who are owners of gold ornaments.

 

Quantum of loan

 

Minimum loan amount is 1.00 Lakh. Maximum loan amount is based on the value of the gold ornaments pledged.

Repayment tenure

 

Maximum repayment tenure of 12 months is provided. This can be renewed further for 12 months subject to the discretion of the sanctioning authority.

Security

Pledge of gold loans with minimum purity of 22 carats or gold ingots sold by the bank.

Collateral

NIL

  • Insta Loan

 

Purpose of loan

 

This is a personal loan that is provided especially for permanent employees of all reputed organizations including govt institutions, schools etc. It can be used for any personal purpose including housing, education, medical etc.

 

Quantum of loan

 

Loan amount is based on the verification of the credit worthiness, local standing and the repayment capacity of the borrower.

Repayment tenure

 

Maximum repayment tenure of 72 months is available.

Security

Demand Promissory Note

Collateral

NIL

Guarantee

Personal guarantee from various employees must be obtained.

  • Personal Loan

 

Purpose of loan

 

This loan can be used for any acceptable personal purposes

 

Quantum of loan

 

Loan amount is based on the value of the collateral provided.

It is also based on the credit worthiness, repayment capacity and local standing of the applicant.

Repayment tenure

 

Maximum repayment tenure of 36 months is available.

Security

Demand promissory note

Collateral

NSC, KVP, Bank Deposits, Land, Building etc.

Guarantee

Suitable guarantor with sufficient net worth, acceptable to the bank.

  • Quick Loan

 

Purpose of loan

 

This overdraft facility provided against security can be used for any personal purpose.

 

Quantum of loan

 

Loan amount is based on the value of the pledged asset.

Repayment tenure

 

Repayment can be made in EMIs or in the form of bullet or lump sum payments at the end of the validity period.

Security

Pledge of fully paid State or Govt. Bonds, NSCs or KVPs.

  • IPO funding

 

Purpose of loan

 

This short term loan can be provided to individuals or to groups of up to a maximum of 3 individuals. The loan allows the individuals to subscribe to IPOs of equity shares of select companies.

 

Quantum of loan

 

Minimum loan amount of 0.25 Lakhs and maximum loan amount based on the IPO.

Repayment tenure

 

Maximum repayment tenure of 120 days.

Margin

50%

Primary security

Pledge of shares allotted

Collateral security

NIL

Karur Vysya Bank Personal Loan Eligibility

Eligibility conditions for personal loans are as follows:

For Bon Voyage Loan

  • The applicant should be an Indian citizen and must be a person residing in India.

  • You cannot obtain foreign exchange for any travel to Bhutan or Nepal.

  • If the individual is employed, the minimum take home salary should be at least 1.20 Lakhs per annum.

  • For employed individuals, it is necessary that the net take home salary after all deductions including EMI is 25% of gross salary as shown by the salary slip/ pay slip.

  • An undertaking letter from the employer stating that the monthly deductions shall be made and paid directly to the bank is necessary.

For Swarnamitra Loan 

  • Loan is provided only to the actual owners of the gold ornaments.

  • The jewelry cannot be exchanged.

For Insta Loan

  • The net take home salary of the individual after all the deductions have been made should be at least 25% of the gross salary.

  • Individual must have availability of financials from firms, trusts, corporates etc. These institutions must be existing and profit making.

  • Temporary employees are not eligible for insta loan.

  • The individual applying for the loan should be a permanent employee with at least 2 years of confirmed service and an unexpired service of 1 year.

  • He or she should be a non-defaulter with other banks.

  • An undertaking letter from the employer to make direct payment of EMI to the bank is a must.

  • Outstanding dues from the terminal benefits of the guarantor or the borrower in case of retirement, resignation, voluntary retirement or dismissal from services.

For Personal Loan

  • This loan is available for all salaried employees of PSU's, reputed individuals, self-employed individuals and all other individuals who can provide complete security by covering loan amount with deposits, LIC policies, RBI bonds, IVP, KVP, NSC etc.

  • Net take home salary after all deductions should be at least 25% of the gross pay.

  • The salary certificate should be submitted in order to establish repayment capacity.

  • Undertaking from employer stating that the loan installment will be deducted and remitted to the bank directly is a must.

For Quick Loan

  • Loan is provided against security provided by the individual.

  • LIC policies are not accepted for this plan.

  • Loans cannot be provided to minors.

For IPO Lending

  • The applicant must have a savings bank account with lending branch of KVB.

  • The applicant must have a demat account with the bank or with any approved DPs viz M/s. Karvy Consultants Ltd, Geojit Financial Services Ltd. ILand FS, Kotak Bank, Steel City Securities Ltd. Etc.

  • The name of the applicant and the sequencing should be the same in all the records including the loan application, the SB account, Share application form etc.

Documents required for KarurVysya Bank Personal Loan

In order to complete your loan application process, you are required to furnish the following documents: 

  • Duly Filled Application form.

  • 2 passport sized photos of applicant and guarantor

  • Photo ID proof of applicant and guarantor

  • Residence proof of applicant and guarantor

  • Pan Card Copy of Applicant and guarantor

  • In case of salaried individuals, last 3 months' salary slip+ bank statement for past 6 months+ Form 16A + IT return for the last 3 years.

  • In case of businessmen, last 2 years financial statement along with ITR copy and bank statement of business for the last 1 year.

Other Karur Vysya Bank products

No matter what you require funding for, Karur Vysya Bank provides you with several options to fulfill these requirements. There are various loan schemes offered including

Products offered by Karur Vysya Bank

Happy Homes Loan

KVB- Gruhapravesh

Loans for working professionals

 

Two Wheeler loan

Flexi Mobile Loan

Educational Loan

Mortgage Loan

Professional Loans for Corporates

MSME Loans

Farmer Two Wheeler Loan

Green Harvester Loan

Green Trac Loan for tractor or power tiller

How to calculate EMI on Karur Vysya Bank Personal Loan

Your net take home salary includes several deductions such PF or IT. An EMI is an additional deduction after you have applied for a loan. Before you make any loan application, you must understand if this additional deduction may affect your current budget in a negative manner or if it is suitable to your budget. You can calculate your EMI accurately before you make a loan application using the EMI calculator on MyMoneyMantra. All you have to do is enter the loan amount and the tenure and the EMI is calculated based on the interest rate for a specific plan.

How does CIBIL Score affect Karur Vysya Bank Personal Loan

Credit worthiness and repayment capacity is a very important factor in most Karur Vysya bank products. This is determined by your CIBIL Score which allows the bank to track your past credit history and repayments. You have a simple CIBIL score calculator online on MyMoneyMantra that allows you to get your latest CIBIL score. For most banks, a minimum CIBIL score of 700 is mandatory for any personal loan.

Karur Vysya Bank Personal Loan Processing Fee and Other Charges

The processing fees for various loan plans under Karur Vysya Bank personal loans are as follows

Processing Fee for Bon Voyage Loan

0.30% of the loan amount subject to a minimum of 500.

Processing Fee for Swarnamitra Loan

0.50 per loan of 100 inclusive of all appraisal charges.

Processing Fee for Insta Loan

1500 in case of executive cadre individuals

1000 for non-executive individuals

(These charges are not inclusive of applicable taxes)

Processing fees for Personal Loan

0.40% of the loan amount

Processing fees for Quick Loan

0.30% of the loan amount

Processing fees for IPO funding

1% of loan amount subject to minimum of 250 and maximum of 1000

Karur Vysya Bank Customer Care

For queries, complaints or any other information, you have a dedicated customer service number as follows: 

Helpline number within India

1860 200 1916 (Local charges applicable)

Outside India

+91-30721916

Email

customersupport@kvbmail.com


Head Office:

Karur Vysya Bank

Central Office

Erode Road

Karur- 639002

You can also fill an online application form to submit your grievances and complaints.

FREQUENTLY ASKED QUESTIONS

What can Karur Vysya personal loans be used for?

Karur Vysya Bank provides personal loans to individuals, companies and proprietorship firms for any personal use including travel, education, medical expenses, housing etc.

Can I get immediate loans against security with Karur Vysya Bank?

You can avail loans with a faster turnaround period by pledging gold, govt bonds, NSCs, KVPs, LIC policies etc.

Is it mandatory for the salary account to be maintained at Karur Vysya bank for personal loans?

No. However, you will require an undertaking from your current employer stating that the EMI will be deducted from your salary and remitted directly to the bank each month.

Do I have to provide any guarantor for personal loans with Karur Vysya Bank?

Guarantee is not mandatory. Based on the discretion of the sanctioning officer, you may have to provide guarantee from any individual with sufficient income as acceptable to the bank.

What is the maximum repayment tenure for a personal loan with Karur Vysya Bank?

You can get up to 72 months based on the type of scheme that you choose. For unsecured loans, maximum repayment period is 36 months.

What is the maximum loan amount available through personal loans at Karur Vysya Bank?

Maximum loan amount is decided based on the repayment ability, credit worthiness and the income of the applicant. If any security is provided, it is based on the value of the asset that you have pledged against the loan.

Should any margin be provided for Karur Vysya Bank personal loans?

Margin is applicable as per the loan scheme that you choose with Karur Vysya bank. You can read the loan details for margin required for each type of loan.

What is the minimum take home salary required for Karur Vysya Bank personal loans?

For any personal loan with Karur Vysya Bank, the minimum take home salary should be 25% of your gross monthly income after all the deductions, including proposed EMI have been made.

Are the interest rates for personal loans with Karur Vysya Bank fixed?

Karur Vysya Bank offers floating interest rates that are linked the MCLR. The current 1 year MCLR is 9.55% per annum.

Why apply for Karur Vysya Bank Personal Loan on MyMoneyMantra?

If you are unable to understand the various plans that are offered by different banks, you can get all the assistance that you need on MyMoneyMantra. This is one of the easiest channels to find any solution that you may require for your current financial requirements. Along with years of experience, MyMoneyMantra also offers several benefits to all its customers such as:

  • Positive testimonies of several satisfied customers: MyMoneyMantra boasts of over 2 Million customers who have found timely assistance for any financial requirement. They have also reached out to individuals across 500 cities in India, ensuring easy accessibility and reach.

  • Network of the finest financial institutions: Under just one portal, you get instant access to 70+ banks and NBFCs. This allows you to review various products that are offered, compare the different rates of interests and repayment options offered and choose the one that is most suited to your requirements.

  • Successful completion of several businesses: MyMoneyMantra has completed business worth over 30000 crores which is a testimony to the efficiency of their processes and the success rate with loan applications for personal and business use.

  • The best online financial tools: To ensure that customers are fully aware of all the terms of a certain loan plan, there are several financial tools available on MyMoneyMantra. This includes an EMI calculator, Balance Transfer Calculator, Prepayment Calculator and Repayment calculator. This helps you plan your loan repayment perfectly to ensure that it fits your budget as well.

  • Customized loan plans: Once you have submitted all your personal details while registering on MyMoneyMantra, several loan plans are chosen to suit your current income and repayment abilities. This narrows down the options and also improves your chances of getting an approval on the loan that you apply for.

  • Great customer service: With MyMoneyMantra, you have access to financial advisors and over 5000 relationship managers. This ensures that you get the right financial advice along with great customer service during and after your loan application.

  • Several banking awards: In addition to several customers, the banking community has also applauded MyMoneyMantra for unique loan options and simplified financial assistance to one and all. They have received over 100 bank awards for various products and services that are designed to ensure that customers get the best funding options when most required.

How to apply for Karur Vysya Bank Personal Loan on MyMoneyMantra?

When it comes to loan applications, the best option available to you is MyMoneyManra. Your application process is simplified and broken down into steps that are easy to understand.

With MyMoneyMantra, you can reduce any chances of errors that can affect your loan turnaround period as you have complete assistance from the time you choose the plan that is most suited to your requirements.

All you have to do is follow a few simple steps that will get you your personal loan in no time.

To begin with, provide the following details:

  • Your gender
  • Name, phone number and email ID

  • Nature of your current occupation

  • Details of your current income

  • Details of your current employer

  • Loan amount required

Once you have provided these details, a loan plan is customized to suit your needs. You may choose a plan as per your convenience. Following this, the documents are verified by associates from MyMoneyMantra. After all the documents are in place, your loan application is submitted to the bank.

After your loan application is reviewed and the loan is approved, you will also receive additional assistance during the time of loan disbursement from MyMoneyMantra.com.

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