Karur Vysya Bank Personal Loan

The following are some important Karur Vysya Bank Personal Loan details:

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

• 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.

As mentioned before, you get a gamet of loan plans with Karur Vysya Bank. Each of these loan plans offers 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.

The different types of personal loan schemes available at Karur Vysya Bank are as follows:

#1. Bon Voyage Loan

#2. Jewel Loan/Overdraft (Swarnamitra)

#3. Insta Loan

#4. Personal Loan (Secured/Unsecured)

#5. Quick Loan

#6. IPO Funding

The personal loan eligibility conditions are as follows:

#1. 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, 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.

#2. For Swarnamitra Loan

• The loan is provided only to the actual owners of the gold ornaments.
• The jewelry cannot be exchanged.

#3. 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.
• The individual must have access to financials from firms, trusts, corporations, etc. These institutions must exist and be profit-making.
• Temporary employees are not eligible for an instant 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 an Outstanding due from the terminal benefits of the guarantor or the borrower in case of retirement, resignation, voluntary retirement, or dismissal from services.

#4. For Personal Loan

• This loan is available for all salaried employees of PSUs, reputed individuals, self-employed individuals, and all other individuals who can provide complete security by covering the 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.
• An undertaking from the employer stating that the loan installment will be deducted and remitted to the bank directly is a must.

#5. For Quick Loan

• The loan is provided against security provided by the individual.
• LIC policies are not accepted for this plan.
• Loans cannot be provided to minors.

#6. For IPO Lending

• The applicant must have a savings bank account with the 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, the Share application form, etc.

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

• Duly Filled Application form.
• 2 passport-sized photos of the applicant and guarantor
•  Photo ID proof of the applicant and guarantor
• Residence proof of the applicant and guarantor
• Pan Card Copy of the Applicant and the 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, the last 2 years' financial statement along with ITR copy and bank statement of business for the last 1 year.

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

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

Head Office:

Karur Vysya Bank
Central Office
Erode Road
Karur- 639002

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