Karur Vysya Bank Used Car Loan

Eligibility for Flexi Mobile Used

The bank has very lenient eligibility criteria of Flexi Mobile Used for used car loans. These loans can be availed by all the resident Indians. The bank has, however, expressly excluded the persons that are engaged in car hiring business.

The only income based requirement that the bank has laid down is that the minimum take home pay after deducting the proposed EMI should not be less than 25% of the gross pay of the applicant.

Also, the bank allows loans for purchase of used cars that are not older than 5 years. The purpose of these loans can be for personal use or business use, except for car hire business.

Documents required for Flexi Mobile Used

The bank requires a very extensive list of documents for the loan application process of the bank. Majority of these documents are also part of the KYC documents that are usually required by the bank. Following is the list of documents that the bank requires the applicants to submit along with the duly filled application form for used car loan.

• Identity proof
• Address proof
• Recent photographs
• Income proof
• Bank statements
• Proforma Invoice
• Sale agreement from the seller or the authorized car dealer
• Car valuation report
• RC copy of the vehicle
• Insurance copy

The bank may ask for additional documents required per its guidelines depending on case to case basis.

Features of Flexi Mobile Used

The bank provides easy and affordable car loans with minimal documentation and processing charges. Such key features of this product of the bank make it an appealing option among many others in this category.

The highlights of the bank’s used car loans are mentioned below

The maximum amount of loan to be sanctioned – 

Karur Vysya Bank has set the limit for the maximum amount that can be dispersed as loans for used cars to be up to 60% of the value of the car.

The key point to be noted here is that the vehicle cannot be older than 5 years at the time of application for the loan to be considered/ processed.

Tenure – 

The bank has set the tenure to be a maximum of 60 months or 5 years in case of loans for purchasing used cars. The tenure is the same for vehicles of all ages.

Rate of Interest – 

The bank provides used car loans at very reasonable and affordable rates. The rate of interest charged by the bank for this category of loans is from 12.00% to 16.50%. This rate of interest depends on many factors like,

• A credit score of the applicant
• Relationship with the bank
• Amount applied for a loan
• Tenure of the loan, etc.

Margin – 

The bank requires the applicants to provide a margin up to 40% of the value of the car.

Processing charges – 

The bank charges a nominal processing charge on the loans for used cars. The amount of the applicable processing charge depends on the amount of loan sanctioned to the applicant. This is tabled below.

Collateral - 

The borrower does not need to mandatorily provide collateral for the used car loans. Collateral can be in the form of NSC, KVP, LIC Policies, Bank Deposits, land or Building property, etc.

Security – 

The bank has the facility of hypothecation of the vehicle purchased out of the loan in case of a default or non-viability of the loan.

Guarantee – 

The bank requires a Guarantee from a suitable person having sufficient net worth that is acceptable to the Bank. Such guarantors can be any family member or spouse or friends of the applicant.

Other Features – 

• The bank may provide insurance coverage for the borrower to the extent of the loan amount. This cover is optional and is payable by the borrower.
• Applicants are required to pay the cost of the vehicle directly to the seller by way of a demand draft or an online transfer (NEF/RTGS) or via account credit, etc.

Karur Vysya Bank EMI Calculator

Applicants can get the benefit of the EMI calculator of the bank in order to estimate the proposed EMI on their used car loans. This EMI calculator is available at the bank’s website under the following link.

Home Personal Loans Vehicle Loans Flexi Mobile Loan Emi Calculator

The bank requires the applicants to register with the bank to avail this facility and also permit its representatives to call the applicant regarding the products and services of the bank.

The applicant will have to give the details like amount of loan sought, rate of interest, tenure, etc. to get the estimated EMI on the used car loan.

Karur Vysya Bank Customer Care

The customer service of the bank is available 24x7 throughout the year to assist the customers with any of their banking needs or any query with respect to the loan products. The customers can reach the bank in the following manner.

• Helpline – 1860 258 1916 (for domestic customers)

+91 44 6621 7600 (for abroad customers)

• Email Id – customersupport[at]kvbmail[dot]com

Customers can also resolve their queries via live chat facility available at the bank’s website.

FAQs: Karur Vysya Bank Used Car Loan