Karur Vysya Bank Personal Loan

Karur Vysya Bank Personal Loans

Karur Vysya Bank was established in 1916 with a seed capital of Rs.1 lakh. It now stands as one of India’s leading financial services providers with total business of Rs.81,381 crores, with total deposits of Rs.44,690 crore and total advances of Rs.36,691 crore. It’s a highly successful bank that upholds the principles of customer satisfaction and empowerment.

The bank offers a range of personal loans that cater to the various different needs of prospective customers, varying in all aspects like total loan amount, interest rates, tenures, securities, etc.

The different personal loans that Karur Vysya Bank offers are:

Bon Voyage.
Insta Loan.
Personal Loan.
Quick Loan.

While these loans are all designed for specific purposes and have different terms, conditions and features, Karur Vysya Bank offers them all under their personal loans product portfolio.

Why choose Karur Vysya Bank Personal Loans

There are certain large, unavoidable and obligatory expenses that arise in our everyday lives.

As Indians, we have certain obligatory expenses that may cost more than planned savings can afford – like giving your daughters their dream weddings, or funding your child’s higher education abroad. Sometimes, even savings and meticulous planning aren’t enough to pay for things like large assets for your business, a long-overdue international family vacation or even remodelling your home. Whatever the reason you need a loan may be, Karur Vysya Bank has a few options on offer that could be well suited to your needs.

The range of personal loans from Karur Vysya Bank enables all those activities for which you don’t have the funds. Travel with the Bon Voyage loan, get a loan in instalments with the Insta Loan, meet unforeseen expenses with the Personal Loan and exploit the repayment flexibility of the Quick Loan.

Features of Personal Loan from Karur Vysya Bank

The interest on all personal loans from Karur Vysya Bank are subject to an addition to its Base Rate of interest, which is 11% with effect from 20-08-2013.

Bon Voyage:
This is a personal loan designed to fund your travel expenses, whether you’re travelling for business or pleasure.

Maximum loan amount: Rs.5,00,000.
Margin: 25%.
Tenure: Up to 36 months.
Interest: Base Rate + 6% for fully secured loans. Base Rate + 7.5% for partly secured loans.
Primary security – Demand Promissory Note (DPN).
Collateral security – Optional and at the discretion of Karur Vysysa Bank.
Guarantee – Optional.

Insta Loan:
It’s a personal loan that’s specifically designed for the employees of reputed companies/schools/government institutions, etc. for whatever reason the applicant requires the loan.

Maximum loan amount: Rs.10,00,000 (executive cadre), Rs.5,00,000 (non-executive cadre).
Tenure: Up to 72 months.
Interest: Base Rate + 3.50% floating rate and Base Rate + 14.25% fixed rate.
Primary security: Demand Promissory Note (DPN).
Collateral security: None.
Guarantee: Personal guarantees from other employees in the organization is necessary.

Personal Loan:
This loan comes in secured and unsecured formats and can be utilized in either format, but at different rates of interest. The securities and guarantees only apply in case of secured loans.

Maximum loan amount: Loans can be sanctioned up to Rs.100 lakhs, secured and unsecured loans available.
Tenure: Up to 36 months.
Interest: Base Rate + 6% for secured loans, Base Rate + 8.75% for unsecured loans.
Primary security: Demand Promissory Note (DPN).
Collateral security: National Stock Certificates (NSCs), Kisan Vikas Patras (KVPs), LIC policies, Bank Deposits, land and building or other assets subject to the approval of the bank.
Guarantee: By a person of sufficient net worth, accepted by the bank.

Quick Loan:
This loan if for near-instant availability of liquid funds with which to meet unexpected personal or business expenses.

Maximum loan amount: Rs.5,00,000.
Tenure: Payment can be made in instalments, or as a lump sum payment at the end of the validity period.
Interest: Base Rate + 3.25%
Primary security: Fully paid NSCs / KVPs / State & Central Government bonds.
Collateral security: None.
Guarantee: None.

Karur Vysya Bank Personal Loan Interest Rate

Currently, Karur Vysya Bank charges 11.00% as a Base Rate of interest*.

The interest amount and processing amount for each loan is as follows:

Bon Voyage:

Fully secured: Base Rate + 6%.
Partly secured: Base Rate + 7.50%.
Processing charges: 0.30% of the loan amount, subject to a minimum of Rs.500.

Insta Loan:

Floating rate of interest: Base Rate + 3.50%.
Fixed rate of interest: Base Rate + 3.25%.
Processing charges: Rs.1,500 for executive cadre and Rs.1,000 for non-executive cadre plus applicable service taxes.

Personal Loan:

Secured: Base Rate + 6%.
Unsecured: Base Rate + 8.75%.
Processing charges: 0.40% of the loan amount.

Quick Loan:

Base Rate + 3.25%. Processing charges: 0.30% of the loan amount.

*This is the official base rate which came into effect on 20-08-2013. It is strongly advised to check these against any possible changes that may have been made under Karur Vysya Bank’s discretion.

Eligibility criteria for a Personal Loan from Karur Vysya Bank

You must meet the following eligibility criteria for personal loans from Karur Vysya Bank:

Bon Voyage:

Applicant must be an Indian resident or a person residing in India.
Applicant must be of legal age and have a savings bank account.
Minimum take home salary of Rs.1,20,000 per annum.
Eligible loan amount decided after reducing the margin from the costs.

Insta Loan:

Net take home salary of the applicant must be 25% of gross pay after deducting proposed loan EMIs.
The company / firm / trust / corporation must have financials showing profit for the last 3 years.
Temporary employees are not eligible for this loan.
Applicant must be of legal age.

Personal Loan:

Net take home salary of the applicant must be 25% of gross pay after deducting proposed loan EMIs.
Salary certificates for employed applicants and IT returns of self-employed applicants.
Applicant must be of legal age.

Quick Loan:

Applicant must be of legal age.
Applicant must have KVPs or NSCs.

You will also require the following set of documents:

Photo ID proof: Like a valid Passport, PAN Card, Driver’s License, Voter’s ID, etc.

Proof of Address: Like a valid Passport, Driver’s License, Voter’s ID, etc.

Proof of Signature: Like a valid Passport, Banker’s Certificate, Driver’s License, PAN Card, etc.

Proof of Age: Like a valid Passport, Banker’s Certificate, Driver’s License, Birth Certificate, etc.

Karur Vysya Bank Personal Loan FAQs

Am I eligible for Karur Vysya Bank personal loan?

Karur Vysya Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Karur Vysya Bank personal loan is at least 25% of gross pay. If you fall into this group, you can definitely apply for a Karur Vysya Bank personal loan.

How do I repay Karur Vysya Bank Personal loan?

You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

What is the maximum loan one can get from Karur Vysya Bank?

Karur Vysya Bank offers personal loans as high as Maximum upto Rs.100 Lakhs for successful applicants depending on their financial record and repayment history.

What is the tenure for Karur Vysya Bank personal loan?

Karur Vysya Bank offers personal loan with a tenure period 36 months making it suitable for all loan seekers.

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