Interested in financial products
Processing
Karur Vysya Bank Personal Loan

Apply Karur Vysya Bank Personal Loan

Processing Fee

nil*

Max Tenure

nil*

Best Rate

11%

Currently not available! Check Eligibility for similar products

Sorry! We couldn't find any offer matching this category.

Karur Vysya Bank(KVB)

Karur Vysya Bank was started in the year 1916 in Karur, then a small textile town with a vast agricultural background. What started as a venture with a capital of Rs. 1 lakh has grown into a leading financial institution that offers a multitude of financial services, under one roof, to millions of its customers. It has 735 branches and network of 1748 ATM's and around 446 cash deposit machines.

CreditMantri Youtube

What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

Being one of the largest bank in India, Karur Vysya Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Karur Vysya Bank.

Advantages of Karur Vysya Bank

  • Low interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum income requirement
  • Pensioners get attractive offers
Apply Karur Vysya Bank Personal Loan

Documentation Required for Karur Vysya Bank Personal Loans

Important documents to be submitted while applying for personal loans with Karur Vysya Bank

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Karur Vysya Bank Personal Loan

Catering to the needs of various sections of people for different needs, Karur Vysya Bank provides three personal loan products. You can choose the best one that suits your requirement.

Key Highlights

ParticularsBon VoyageQuick loan
Age21 to 58 years
TenureMaximum 36 months
Interest rate11% to One-year MCLR + 6.35%One-year MCLR + 3.60%
Loan amountMinimum of 25% of the applicant’s gross pay

Eligibility criteria

Karur Vysya bank offers its customers a great deal with its personal loan schemes at great interest rates.

  • An applicant must be minimum 21 years of age to avail this facility with the maximum age limit for availing this loan is set at 58 years.
  • The KVB Personal loan eligibility amount is decided after considering the net income after deduction of the EMI’s of other loans, if any and it should amount to a minimum of 25% of the applicant’s gross pay.
  • The loan is available for salaried employees of PSUs/ Reputed Institutions, Self-employed individuals, all other individuals who provide full securities by covering the loan amount with NSCs, KVPs, IVP, RBI bonds, LIC policies, Bank deposits etc.
  • The loan is granted for personal purposes
  • A guarantor for a secured loan is not insisted upon. However, in case of salaried Individuals for an unsecured loan a colleague drawing the same salary should be used as a guarantor.

Margin:

25%

Maximum Repayment Tenor:

36 months

Base interest rate:

11%

Bon Voyage

  • - Fully secured One-year MCLR + 6.35%
  • - Partly secured One-year MCLR + 7.85%

Primary security:

DPN

Collateral security:

Optional/ Discretion of sanctioning authority

Guarantee:

Nil

Processing charges:

0.30% of Loan amount. (Minimum- Rs.500.00)

Other Terms & Conditions

  • The Person shall be an Indian citizen and person residing in India.
  • Foreign Exchange cannot be released for travel to Nepal / Bhutan.
  • In case of person in employment, take home salary shall be at least Rs.1.20 Lakhs per annum.
  • In case of persons in employment, it shall be ensured that the net take home salary that would be available to the borrower after deducting the EMI for the proposed loan shall be at least 25% of gross salary as indicated by salary certificate / pay slip.
  • The amount of loan eligible shall be arrived at after reducing the stipulated margin from the eligible costs. All ineligible costs shall be met entirely by the borrower.
  • In case of persons in employment, undertaking letter shall be obtained from employer to deduct monthly installments and make direct payment to our bank

Quick loans

KVB has devised this loan to help you service any personal or business needs that may arise and leave you unprepared. The uniqueness of this loan is that it can be repaid in installments or in full at the end of the loan period, whichever suits the loan taker.

  • This is a short term, long term loan.
  • Overdraft is also sanctioned (Secured Overdraft- Others)
  • It is for individuals (NSC/KVP certificate holders)
  • For personal or business purposes

Margin:

Nil

Maximum Repayment Tenor:

In Installments (EMI) or Bullet/ Lump sum Payment at the end of validity period

KVB Quick loan:

One-year MCLR + 3.60%

Primary security:

Pledge of fully paid NSC's /KVP's/ State & Central Govt Bonds.

Collateral security:

Nil

Guarantee:

Nil

Processing charges:

0.30% of loan amount

Other Terms & Conditions

  • Interest to be serviced for Overdrafts
  • ROI to be re fixed for Overdrafts at the time of renewal
  • OD is allowed for a maximum period of one year
  • Loans on behalf of Minors will not be considered
  • LIC Policies are not accepted as securities for the loans under this scheme

EMI Payment Methods

Your Karur Vysya Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Karur Vysya Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Karur Vysya Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Karur Vysya Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Karur Vysya Bank account at your nearest Karur Vysya Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Karur Vysya Bank(KVB) Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity. Karur Vysya Bank offers two types of personal loans. They are Personal loan and Quick Loan.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

The processing fee for UCO Bank personal loan is 1% of the loan amount for UCO Cash and UCO shopper loan scheme. No processing fee for Pensioner loan scheme.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does Karur Vysya Bank Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

Karur Vysya Bank offers personal loans at the cheapest rates of interest, with no security or collateral

Karur Vysya Bank offer loans for the longest tenors (36 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an Karur Vysya Bank personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the Karur Vysya Bank personal loan?

You can either apply online or visit the nearest Karur Vysya Bank loan centre for a personal loan.

10.Will there be any charges for prepayment towards my Karur Vysya Bank personal loan?

No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest Karur Vysya Bank branches.

Karur Vysya Bank Personal Loans Overview

Karur Vysya Bank provides attractive interest rates on personal loans when compared to other lenders. The processing fee is 0.30% of the loan amount which is among the lowest fees in the industry. Moreover, the processing fee is waived off for pensioners. Low interest rate with no hidden charges makes Karur Vysya Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Karur Vysya Bank personal loans do not impose much burden on the customers.

×Thank you! Your comment will be reviewed and posted shortly.

Write a review

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.