Karur Vysya Bank Personal Loan
Karur Vysya Bank provides personal loans with interest rates starting at 13.25% per annum for loan amounts of up to ₹10 lakh and tenures of up to five years. The bank provides both short and long-term personal loans to salaried and self-employed persons using rapid, efficient, and paperless procedures, with in-principle approval in about 15 minutes based on CIBIL and rating scores. Insta Loans are extended by the bank to the permanent employees of established business houses, schools, and Government departments. Personal loans up to an amount of Rupee 5 lakhs under Karur Vysya Bank can be availed in order to meet any kind of personal expenditures that includes buying a gift or to attend a friend's or relatives' wedding etc.
Features of Karur Vysya Bank Personal Loan
Cater varieties of needs:
The bank offers personal loans for a range of purposes. There are no constraints on how the money may be spent, and the reasons behind.
Flexible tenure:
They offer both short term and long-term personal loans, borrowers can select one of the tenure which suits their affordability and choice.
Interest rates:
When compared to other options on the market, the bank provides competitive interest rates on personal loans, if a borrower has a good credit score.
Easily accessible:
Personal loans from Karur Vysya Bank can be obtained online through their website, offering hassle free application process.
Quick approval:
The bank offers a paperless and rapid personal loan processing solution, enabling the borrower for instant financial relief.
Credit score:
A personal loan can be authorised in principle in 15 minutes, if you have a good credit score, as the bank does not opt for a long application process.
Collateral:
Personal loans from Karur Vysya Bank are available in two types, unsecured and secured, the borrower can choose one of the types of personal loan according to their affordability and preferences.
Karur Vysya Bank Personal Loan Details
Interest rate | 13.15% p.a. to 14.15% p.a. |
Loan amount | Up to ₹10 Lakh |
Loan tenure | 1 to 5 years |
Processing fee | 1.50% of the requested loan amount |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Karur Vysya Bank Personal Loan Fees & Charges
Understanding the hidden expenses connected with personal loans is critical for making sound financial decisions. So, let's look at the often-overlooked part of personal loans, processing fees and other costs.
Processing fee | Personal loan: 1.50% of the loan requested amount Insta loan: 0.50% of the loan amount subject to a minimum of Rs. 1,000/- + GST. |
Foreclosure charges | NIL (under floating rate of interest) |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Processing fees and other costs can have a substantial impact on the total cost of a personal loan. To reduce their financial burden, borrowers should carefully consider the terms and conditions of a loan, particularly the fee structure, before finalising it. Individuals can get personal loans that match with their financial goals while maintaining their long-term financial health if they grasp the hidden costs and make informed selections.
Karur Vysya Bank Personal Loan Interest Rates
Interest rates are an important component of personal loans, determining the entire cost of borrowing. Understanding the factors influencing interest rates and how they are calculated is critical for making sound financial decisions. Let's look at the interest rates provided by Karur Vysya bank on personal loans.
Interest rate | 13.15% - 14.15% |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
The final personal loan interest rates supplied to the loan application will vary depending on their credit score, monthly income, work profile, employer profile, and so on.
Karur Vysya Bank of Personal Loan Eligibility
Understanding the qualifying requirements for personal loans is the first step towards obtaining the necessary finances. To be eligible for a personal loan, persons must meet certain standards set by the lender. Let's look at the primary eligibility criteria Karur Vysya bank normally uses when evaluating personal loan applications.
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For Unsecured personal loan
- For salaried individuals: The net take-home pay after deducting the projected loan instalments will be 25% of the gross compensation.
- For the self-employed individuals: IT returns.
- Income: The net take-home pay, after deducting the projected loan instalments, should be 25% of gross compensation.
- Job:Only permanent employees of reputable firms, schools, and government institutions with a minimum confirmed service of two years and an unexpired service of one year who have not defaulted on any other bank or financial institution.
For instant loan
Meeting the qualifying conditions specified by lenders assures a quick and easy loan application process. Borrowers that meet the qualifying criteria can greatly improve their chances of loan approval and access to the finances they require.
Karur Vysya Bank Personal Loan Document Required
Let's look at the basic papers required to obtain a personal loan, as understanding the exact documentation required by lenders is critical to a successful loan application process. To make the application process go more smoothly, gather all of the relevant paperwork ahead of time.
For unsecured personal loans
- For salaried individuals:
Income proof:
- Salary certificate
- The employer will be forced to deduct loan payments and interest from the borrower's salary.
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For self employed individuals:
Income proof:
- IT returns to ensure revenue and payback capacity.
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For instant loan
Income proof:
- An undertaking letter from the appropriate pay disbursing body
- Availability of financials from corporations, firms, and trusts that have been profitable for the past three years.
To ensure a smooth application procedure, all necessary papers must be prepared. You may streamline the application process and speed up loan approval by making sure that all essential paperwork is in order.
Karur Vysya Bank Personal Loan EMI Calculator
Karur Vysya Bank provides a personal loan EMI calculator tool on its main website as well as other financial websites. This online calculator helps potential borrowers estimate their monthly EMIs for a personal loan based on three essential factors: loan amount, interest rate, and loan tenure. By entering these parameters, the calculator generates an instant breakdown that includes the total interest payable, the total amount to be repaid, and a thorough payback timeline.
This tool is important for a variety of reasons. For starters, it enables borrowers to make sound financial decisions by visualising the potential financial consequences of a personal loan. They can experiment with various loan amounts, interest rates, and terms to find the best solution for their budget and payback capacity. Second, the calculator helps with budgeting by displaying a clear image of the monthly outlay needed to service the loan. This allows borrowers to efficiently arrange their finances and avoid any financial difficulties. Finally, the tool promotes openness by displaying the exact interest rates and final repayment amount, eliminating any hidden fees or surprises that may come later.
Karur Vysya Bank Personal Loan Interest Rate vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
Bank of Maharashtra | 10.00% onwards |
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
DBS Bank | 10.99% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Bank website’s; rates as of 27 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Karur Vysya Bank Personal Loan FAQS
What is the maximum loan amount I can get from Karur Vysya Bank’s Personal Loan category?
You can get a loan of up to ₹10 lakh.
I am a salaried professional seeking a personal loan with a longer term. Which Karur Vysya Bank Personal Loan Scheme should I apply for?
If you want to borrow for a longer period of time, the Karur Vysya Bank Insta Loan Scheme allows you to do so for up to five years.
How can I repay the personal loan from Karur Vysya Bank?
Karur Vysya Bank personal loans can be repaid in equated monthly instalments or EMIs by submitting post-dated checks or using the ECS (Electronic Clearance Service) facility.
What is the repayment term for Karur Vysya Bank personal loans?
Karur Vysya Bank provides personal loans with payback periods ranging from 15 days to 72 months, making it suitable for a wide range of loan seekers.
What kind of collateral can be used to secure a personal loan from this bank?
It is subject to the bank’s expectations or requirements for the applicant. However, NSC/KVP/LIC policies, bank deposits, and land or estate property can be used for this purpose.
What additional documents are required to establish an application for a personal loan with Karur Vysya Bank for a self-employed applicant?
IT returns must be submitted to ensure the revenue and repayment capabilities of a self-employed individual.
According to Karur Vysya Bank, who can serve as a guarantor for a personal loan?
Any individual with a sufficient net worth can act as a guarantee for the personal loan holder. Banks frequently prefer spouses, family members, and friends to act as guarantors.