Karur Vysya Bank Personal Loan Details

Loan amountUp to Rs. 25 Lakhs
Interest rate8.70% to 19% p.a.
Loan tenure5 Years
Loan turn around periodIn principle sanction in 15 minutes subject to satisfaction of CIBIL score.
Processing ChargesUp to 1.50% of loan sanctioned
Who can apply?Salaried individuals and self-employed professionals Indian residents
Dishonour ChargesRs. 750 per instance
Lowest EMIRs. 2,061 Per Lakh

Why Choose Karur Vysya Bank Personal Loans?

  • These personal loans are available to all individuals including salaried individuals, self-employed individuals and other professionals.
  • Loans are available to individuals and proprietorship firms to manage any short term requirements.
  • 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 60 months is available with these loans.
  • Karur Vysya bank provides floating interest rates that are extremely affordable and linked to the MCLR.

Features of Karur Vysya Bank Personal Loans

  • Personal loan types: Bon Voyage, Jewel Loan/Overdraft, Insta Loan, Personal Loan (Secured / Unsecured), Quick Loan, and IPO Funding.
  • Loan available for: These personal loans are available to all individuals including salaried individuals, self-employed individuals and other professionals.
  • Purpose: 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.
  • Secured loans available: 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: Up to 60 months.
  •  Interest rate: 8.70% to 19% p.a.

Karur Vysya Bank Personal Loan Interest Rate

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 LoanRate of Interest
Jewel loan / Overdraft9.50% - 10%
Insta Loan11%
Easy Insta Loan11%
Personal Loan Secured8.70% - 11.70%
Personal Loan Unsecured12% - 19%
Quick Loan9.40% - 11%

Types of Personal Loans Offered by Karur Vysya Bank

The different types of personal loan schemes available at Karur Vysya Bank 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

 

Calculated as per the stipulated margin from all the eligible costs.

Primary security

 

DPN
Collateral securityOptional
Margin required25%
Repayment tenureYou get maximum repayment tenure of 36 months.

Jewel Loan/Overdraft (Swarnamitra)          

Purpose of loan

 

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

Quantum of loan

 

Minimum Rs. 5,000 and maximum amount is based on the value of the gold ornaments pledged.

Repayment tenure

 

Up to 12 months. Can be renewed further for 12 months subject to the discretion of the sanctioning authority.
SecurityPledge of gold loans with minimum purity of 22 carats or gold ingots sold by the bank.
CollateralNIL

 Insta Loan

Purpose of loan

 

This is a personal loan for permanent employees of all reputed organizations including govt institutions, schools etc. for any personal purpose including housing, education, medical etc.
Quantum of loanBased on the creditworthiness, local standing and the repayment capacity of the borrower.

Repayment tenure

 

Up to 72 months
SecurityDemand Promissory Note
CollateralNIL
GuaranteePersonal guarantee from various employees must be obtained.

 Personal Loan (Secured/Unsecured)

Purpose of loan

 

This loan can be used for any acceptable personal purposes.
Quantum of loanUp to Rs. 10 Lakhs

Repayment tenure

 

1 – 5 years
CollateralNSC, KVP, Bank Deposits, Land, Building etc.
GuaranteeSuitable 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

 

Up to Rs. 25 Lakhs

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.
SecurityPledge 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 Rs. 5 Lakhs

Repayment tenure

 

Maximum repayment tenure of 120 days.
Margin50%
Primary securityPledge of shares allotted
Collateral securityNIL

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 Rs. 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 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.

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:

Bon Voyage Loan0.30% of the loan amount, minimum of Rs. 500
Swarnamitra Loan0.50% of the loan amount
Insta Loan0.50% of the loan amount, minimum Rs. 1,000 + GST
Personal Loan (Secured/Unsecured)1.50% of the loan amount
Quick LoanRs. 500
IPO funding1% of loan amount, minimum Rs .250 and maximum Rs. 2,000

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.

Karur Vysya Bank Customer Care

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

Helpline number within India1860 200 1916 (Local charges applicable)
Outside India+91-30721916
Emailcustomersupport@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.

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Karur Vysya Bank Personal Loan FAQs

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 60 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.