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Eligibility Criteria for KVB Personal Loan
There are many types of personal loans that are available for the customers of Karur Vysya Bank. Customers can choose the type of loan they want based on their needs. KVB has set eligibility criteria for each such loan. Some of such eligibility criteria are general that are applicable to every type of personal loan and some are specific to the loan type. The details of the same are tabled below.
Bon Voyage
- Purpose – travel for business or personal reasons (travel to Nepal or Bhutan not eligible)
- Residential status – Indian Citizen or person residing in India
- Age – Minimum age to be 21 years and maximum age to be 65 years
- Salary – Minimum salary to be Rs. 1,80,000 per annum and net take-home salary to be 25% of gross salary
- Additional condition – employer to give the undertaking to deduct the EMI form salary and credit to Bank.
Swarnamitra
- Purpose – For personal use or non-agricultural use
- Residential status – Indian Citizen or person residing in India
- Age – Minimum age to be 21 years and maximum age to be 65 years
Insta Loan
- Purpose – For personal use or non-agricultural use
- Residential status – Indian Citizen or person residing in India
- Eligible applicants – Permanent employees of government or private institutions (temporary employees not eligible)
- Age – Minimum age to be 21 years and maximum age to be 65 years
- Salary – Minimum net take-home salary to be 25% of gross salary
IPO Funding
- Purpose – For investment in IPOs
- Residential status – Indian Citizen or person residing in India
- Eligible applicants – persons having savings account with any branch of KVB, Demat account with KVB or any of the approved DPs
Quick Loan
- Purpose – For business or personal reasons
- Residential status – Indian Citizen or person residing in India
- Eligible applicants – persons pledging securities where the surrender value can be established (NSC, KVPs, state or central government bonds
- Additional condition – LIC policies not eligible for pledging
Personal Loan (Secured / Unsecured)
- Purpose – For personal use reasons
- Residential status – Indian Citizen or person residing in India
- Eligible applicants – Permanent employees of government or private institutions (temporary employees not eligible)
- Age – Minimum age to be 21 years and maximum age to be 65 years
- Salary – Minimum net take-home salary to be 25% of gross salary
- Additional condition –
- The employer has to give the undertaking to deduct the EMI form salary and credit to Bank.
- Salary certificate mandatory
- For self-employed persons - ITR to be submitted mandatorily
What are the highlights of the personal loans of KVB?
The personal loans of KVB have many unique features depending on the type and purpose of the loan. The highlights of such loans are mentioned below.
Loan type | Amount of loan | Rate of interest | Tenure | Processing fees |
Bon Voyage | 75% of the travel cost (derived after reducing stipulated margin from eligible costs) | Secured loans – 15% to 19% Unsecured loans - 12% to 19% | 36 months | 0.30% of the loan amount (minimum Rs. 500) |
Swarnamitra | Minimum loan amount – Rs. 5,000 Maximum loan amount Rs. 75,00,000 | Secured loans – 15% to 19% Unsecured loans - 12% to 19% | 12 months overdraft facility (can be extended for a further period of 12 months) | 0.50% of the loan amount |
Insta Loan | Need-based loans | Secured loans – 15% to 19% Unsecured loans - 12% to 19% | 72 months | 0.50% of the loan amount (minimum Rs. 1,000 plus taxes) |
IPO Funding | Minimum Rs. 5,00,000 Maximum 50% of the total amount to be invested | Secured loans – 15% to 19% Unsecured loans - 12% to 19% | Maximum 15 days from the sale of the loan disbursement | 1% of the loan amount (minimum Rs. 250, maximum Rs. 2,000 plus taxes) |
Quick Loan | Maximum Rs. 25,00,000 | Secured loans – 15% to 19% Unsecured loans - 12% to 19% | 60 EMIs or lump sum at end of the validity period | Rs. 500 |
Personal Loan (Secured / Unsecured) | Unsecured loans- Minimum Rs. 50,000 Maximum Rs. 10,00,000 Secured loans Minimum Rs. 50,000 | Secured loans – 15% to 19% Unsecured loans - 12% to 19% | 60 EMIs or lump sum at end of the validity period | 1.50% of the loan amount |
About Personal Loans from Karur Vysya Bank
Karur Vysya Bank is a scheduled commercial bank in India. It is one of the leading banks in our country and has its presence across all the states. The bank operates primarily in retail banking, corporate banking, agricultural banking, NRI banking, treasury and more.
The retail banking segment of the bank provides loans like home loans, education loans, personal loans, etc. for the benefit of customers. Personal loans are one of the prominent products of the bank and are available to eligible applicants to meet their personal needs of any nature.
Personal loans are term loans that are unsecured in nature and are available to eligible applicants. The purpose of these loans can be anything like medical expenses, travel, any immediate personal need, education expenses, home repairs and renovations, etc. Personal loans are sanctioned quite easily and do not require the applicant to provide huge documentation for the same.
FAQs – Personal Loan eligibility – Karur Vysya Bank
1. What are the documents needed for a personal loan from KVB?
A. The documents needed for personal loans of KVB are,
- Identity proof
- Age proof
- Address proof
- Income proof
- Letter of undertaking from the employer to deduct the EMI from the salary of the employee
2. What is the minimum credit score needed for personal loans of the bank?
A. The minimum credit score required for the personal loans of KVB is 750.
3. Can the personal loan of KVB be applied by self-employed persons?
A. Yes. Self-employed persons and salaried persons can apply for the personal loans of KVB.
4. What are the factors influencing the eligibility for personal loans of KVB?
A. The factors influencing the eligibility for personal loans of KVB are,
- Age of the applicant
- The income of the applicant
- Location of the applicant
- Work experience
- Employment status
- The credit score of the applicant
5. What is a personal loan eligibility calculator?
A. personal loan eligibility calculator is the tool available on the website of the bank which provides the benefit of estimating the amount of loan that can be sanctioned to a person based on their eligibility.
6. What is the minimum loan amount under Swarnamitra personal loan?
A. The minimum loan amount under Swarnamitra personal loan is Rs. 5,000
7. What is the additional eligibility requirement for non-individual employees under Insta Loans?
A. The additional eligibility requirement for non-individual employees under Insta Loans is that such an entity has to be in existence and profit-making for a minimum period of 3 years.
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