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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Karur Vysya Bank offers personal loans at attractive interest rates, flexible repayment tenures, and minimum processing charges. Karur Vysya Bank personal loan interest rates will vary with the loan amount, loan tenure, and some other factors as well.
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A personal loan is an unsecured loan offered by banks to meet any immediate financial demands or emergencies. Sometimes planned expenses can also be financed with a personal loan without affecting the liquidity in hand. Today, huge expenses like children’s education, marriage, vacation or a medical need are met with a personal loan.
There is no requirement of security for a personal loan. Interest rates are higher for personal loans as compared to other loans because of this reason. If the individual applying for the loan has a sound credit history, a lower interest rate can be negotiated with the bank. There are other factors also that affect the interest rate on personal loan like income level, employment, debt-to-income ratio and so on.
Karur Vysya Bank is one of the leading private sector banks in the country and amongst other financial products offers personal loans. The interest rate offered on personal loans vary from 12% to 18%. It is at the bank’s discretion to offer a certain interest rate on the basis of your financial profile.
About Karur Vysya Bank Personal Loan Interest Rate
The bank offers two types of personal loans – secured and unsecured. The rate of interest varies with both types of loans. There are some charges and rules applicable while disbursing personal loans. An outline of these details has been mentioned below:
| Interest rate | Unsecured: 12% to 18% Secured: 12.75% to 17.75% |
| Tenure | 12 months to 60 months |
| Quantum of Loan | |
| PL Unsecured Loan: Minimum Rs. 0.50 Lakhs, Maximum Rs. 10 Lakhs. | |
| PL Secured Loan: Minimum Rs. 0.50 Lakhs. | |
| Margin | NA |
| Maximum Repayment Tenor | |
| In Instalments (EMI) or Bullet / Lump sum Payment at the end of the validity period. | |
| In case of LIC Policies - Repayment under EMI up to 60 months. | |
| Primary security | Demand Promissory note |
| Collateral Security | In case of Secured Loan: Government Bonds, Bank Deposits, Land & Building etc. Subject to the satisfaction of the bank. |
| Guarantee | A suitable Guarantor with sufficient net worth, acceptable to the Bank (preferably spouse or family members or friends) |
| Processing Charges | 1.00% of the loan requested amount. |
| Other Terms & Conditions | The Net Take Home pay after deducting the proposed Loan Instalments shall be at least 25% of gross pay. Salary certificate is must to establish repayment capacity. For Self Employed Individuals, IT returns to ensure income and repayment capacity. Karur Vysya Bank branches will verify credit worthiness, integrity, local standing and repayment capacity of the borrower before entertaining the proposals under the scheme. An undertaking from the employer to deduct loan instalments and interest from the salary of the borrower in case of salaried employees will be insisted on. |
The rate of interest is based on MCLR. It will change on the basis of prevalent MCLR. The policies applicable for personal loan is subject to change at the discretion of the bank. It is advisable to check the details while applying for a loan.
The bank offers different personal loan interest rate to different applicants depending on their financial profile. It is not a fixed rate for all individuals who apply for a personal loan. The interest rate offered is determined by many factors, the important ones being listed below:
Credit ScoreThis factor is taken up on priority by the bank. An applicant with a high credit score (normally considered at 650 or more) will be able to get a more competitive interest rate on his loan application. This is because of the good credit history and confident repayment options. The bank will be taking less risk on offering the loan. This does not mean that if one has a poor credit score, personal loan cannot be availed. The bank will offer a loan however the interest rate will be on the higher side. It is important to check your financial profile before applying for a personal loan as a rejection will negatively impact your credit worthiness.
IncomeThe income level of an applicant is scanned very closely by the bank. If your income level is high and has regularity, the personal loan is offered at a lower interest rate. The repayment capability of the individual is high and therefore, the bank will have confidence in issuing the loan.
Reputed EmployerIt is an advantage to be working with a reputed employer as it means better job stability and regular income. The bank is assured of the repayment of the loan at better terms & conditions of such an individual. In case, your company is listed with the bank, the process of getting a personal loan is simplified even further. A salaried professional will receive a different interest rate than that of a self-employed individual.
Relationship with the lenderAs an existing customer of Karur Vysya Bank, you will be able to get a personal loan faster as well as better rate of interest. As a non-customer of the bank, the process of obtaining the loan will be slower due to additional documentation and background checks. Also, the interest rate offered could be higher than that of an existing customer. This is because of the history of dealing with current customer and a relationship already in place.
One of the best and easiest ways of applying for a personal loan with Karur Vysya Bank is submitting the application online on the bank website. This is the fastest way of getting your application across. Another option is to visit the nearest bank branch and consult the bank representative directly. One can submit the required documents at the bank itself.
Need help with advice on eligibility and on which loan offer suits you the best?
Today, the market is flooded with different personal loan options. It can be quite confusing for an individual to make a decision as the parameters of the loan will vary from bank to bank. CreditMantri can help in choosing the best personal offer with lowest interest rates and offer guidance on the loan application process. This is very useful to take a loan that is best suited to your individual needs.
Once the bank has received a completed application form for a personal loan, it assesses the individual’s financial profile and determines the eligibility. If the person is eligible for a personal loan, the approval is first given and then the loan amount, interest rate and tenure are decided. Post documentation process, the loan amount is disbursed to the applicant. The repayment period beings immediately in the month of loan disbursement. The best way to check the status of your personal loan application, instalment details and remaining loan amount is to contact the bank representative directly and get a loan account statement.
1. What is the maximum personal loan amount available with the bank?
Karur Vysya Bank offers a maximum of Rs. 10 lacs as personal loan.
2. What is the processing charge on personal loan?
Karur Vysya Bank charges 1% of the loan amount as processing fee.
3. Is there a minimum income figure that is required to avail a personal loan?
Yes, the bank requires the applicant to have a minimum Net Take home salary after the deductions of EMI as 25% of the gross salary.
4. What is accepted as a collateral by the bank in case of secured loan?
The bank accepts Government bonds, bank deposits, land or building as collateral for personal loan.
5. What is a credit score?
A credit score is calculated on the basis of an individual’s income, assets, liabilities, debts, loan repayments. A higher score indicates a strong financial status of the person.
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