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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 provides personal loans with minimum income requirement and long tenure periods. Pensioners get attractive offers. Loan amount provided is minimum of 25% of the applicant’s gross pay. Guarantor is not required. Check eligibility now through CreditMantri!
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Processing Fee
nil*
Max Tenure
nil*
Best Rate
11%
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.
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.
Important documents to be submitted while applying for personal loans with Karur Vysya Bank
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
| Particulars | Bon Voyage | Quick loan |
| Age | 21 to 58 years | |
| Tenure | Maximum 36 months | |
| Interest rate | 11% to One-year MCLR + 6.35% | One-year MCLR + 3.60% |
| Loan amount | Minimum of 25% of the applicant’s gross pay | |
Eligibility criteria
Karur Vysya bank offers its customers a great deal with its personal loan schemes at great interest rates.
Margin:
25%
Maximum Repayment Tenor:
36 months
Base interest rate:
11%
Bon Voyage
Primary security:
DPN
Collateral security:
Optional/ Discretion of sanctioning authority
Guarantee:
Nil
Processing charges:
0.30% of Loan amount. (Minimum- Rs.500.00)
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.
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
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 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.
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity. Karur Vysya Bank offers two types of personal loans. They are Personal loan and Quick Loan.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
The processing fee for UCO Bank personal loan is 1% of the loan amount for UCO Cash and UCO shopper loan scheme. No processing fee for Pensioner loan scheme.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8. How does Karur Vysya Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. Karur Vysya Bank offers personal loans at the cheapest rates of interest, with no security or collateral Karur Vysya Bank offer loans for the longest tenors (36 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an Karur Vysya Bank personal loan, you can choose between fixed rates of interest and floating interest rates.
9. How can I apply for the Karur Vysya Bank personal loan?
You can either apply online or visit the nearest Karur Vysya Bank loan centre for a personal loan.
10.Will there be any charges for prepayment towards my Karur Vysya Bank personal loan?
No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest Karur Vysya Bank branches.
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