Karur Vysya Bank Personal Loan

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.

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

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

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 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.

Karur Vysya Bank Personal Loan FAQs