Karur Vysya Bank Bhubaneswar
Last Updated : Feb. 28, 2017, 6:18 p.m.
About Karur Vysya Bank
Karur Vysya Bank is a nationalized and one of the oldest banks in India which has been in the finance industry since 1916. The bank has been the witness of the situation of India with and without Independence both. Having said that, it is also important to note that the bank was started in Karur which was a small textile town having a vast agricultural background. Karur Vysya Bank was the dream of Sri M.A. Venkatarama Chettiar and Sri Athi Krishna Chettiar that has now turned into a reality with having lakhs of trusted customers. The bank was started with a small capital of ₹1 lakh and has now grown into a leading financial institution that provides a wide array of financial services to millions of people. In order to cater the people, the bank has spread its branches in all the major cities across the country and Bhubaneswar is one of them.
Talking about the products offered by the bank, the list includes finance products like home loans, personal loans, car loans, business loans, etc. as well as the investment products like fixed deposits. Home loans and personal loans offered by the bank are one of the most affordable loans in the Indian market today. Read this article to know more about the products and services offered by Karur Vysya Bank in Bhubaneswar and apply for the product that suits your purpose.
Branch Addresses of Karur Vysya Bank in Bhubaneswar
| Branch Name | Complete Address | IFSC | MICR | Contact Number |
|---|---|---|---|---|
| Bhubaneswar | 168 B Prasanti Sisubhawan Chowk, Bapuji Nagar, Bhubaneswar-751009 | KVBL0003201 | 751053002 | 1860 200 1916 |
Products Offered by Karur Vysya Bank in Bhubaneswar
Karur Vysya Bank provides a wide array of products that are designed by keeping in mind the financial needs and affordability of the customers. The bank is one of the best loan providers when it comes to home loans, personal loans, car loans, business loans, education loans, etc. with the combination of low-interest rates and higher loan amount facility. The loan interest rates of Karur Vysya Bank are one of the lowest in the market. Other than the finance products, the bank offers investment products like fixed deposits that give higher returns on the saving amount. You can easily apply for any product at the bank if you have met the eligibility criteria as per the bank’s norms. Having said that, different products have different eligibility criteria. So, read this article to know about the important details like the eligibility criteria, maximum and minimum amount, interest rate, tenure, processing fees, and documentation required for each of the products. So, have a look at the below details that comprises of the product details of Karur Vysya Bank in the Bhubaneswar city.
Basic Details of Karur Vysya Bank Products
| Product | Eligibility | Amount | Interest Rate | Processing Fee | Tenure |
|---|---|---|---|---|---|
| Home Loan | All Resident Individuals and HUF (opening through Kartas) . NRI ‘s can also avail the loan under KVB – Gruhapravesh. In case of Salaried Persons: Salary certificate for the last 6 Months to be submitted along with certificate from the Employer. In case of Self Employed: Latest ITR/Income Statement to be submitted. The Net Take Home pay after deducting the proposed Loan Installments shall be at least 40% of gross pay. For the purpose of Maximum loan eligibility Income of the spouse may be added. Agriculturist may also avail the loan with proper proof of income (IT Return) Loan may be granted to purchase vacant land provided they should begin construction within 6 months from the date of availing the loan. No prepayment charges will be levied. | No upper limit | 9.23% - 12.13% | Up to ₹12500/- + ST | Up to 25 years |
| Personal Loan | Age at least 21 and less than 58 years Applicant must be an Indian resident or a person residing in India | As per Bank’s norms | 12.20% - 13.20% | 0.40% of the loan amount | Up to 3 years |
| Car Loan | The Net Take Home pay after deducting the proposed Loan Installments shall be at least 25% of gross pay. | As per the profile of the applicant | 7.80% Onwards | ₹4000/- + ST | Up to 7 years |
| Business Loan | Existing Micro & Small manufacturing & service units (other than traders), whose turnover is less than ₹100 lakhs in the previous financial year (with minimum one year of existence) | Up to ₹20 lakhs | 13.20% | Waiver of charges for loans upto Rs.5 lacs as per RBI norms | Up to 7 years |
| Fixed Deposit | Individuals HUF Trust Partnership firms Companies Associations etc. | Minimum ₹100 | 3.50% - 6.15% | NA | Up to 10 years |
| Education Loan | It is a term loan given for studies in India and abroad. Students who are Indian nationals and have secured admission to professional/ technical courses in India through a common Entrance Test, or who have secured admission to a foreign University or Institution. The Father or guardian of the student will be the guarantor in case of individual applicants. | As per the profile of the applicant | 11.70%-12.70% | NIL | In 5-7 years after repayment holiday (course period and 1 year or 6 months after getting job whichever is earlier) |
| Mortgage Loan | Only Resident Individuals are eligible for this loan. The loan shall be granted for general purposes like Personal, Consumption, Education, Health, Business, etc., other than speculative purposes. The property should be owned by Individuals only and if owned jointly, Title holders to join as Co applicants. Eligibility shall be arrived based on the latest three years average income, as declared in ITR. Minimum Income of ₹15000.00 per month. Mandatory undertaking from the borrower/s to effect that the loan/limit will not be for speculative purposes. | ₹10.00 Lakhs | 12.45% | 0.50% of loan amount | Up to 100 months |
Documents Required
You can have a look at the documentation required for each product offered by the Karur Vysya Bank. An applicant must have the below documents to get hassle free approval from the bank.
| Product | Documents |
|---|---|
| Home Loan | Identity Proof Address Proof Processing fee cheque Income Proof Loan application form OCC / LC / BG: Residential / commercial / industrial land and building property with a minimum 100% of aggregate exposure or CGTMSE cover HPL(M): Residential / commercial / industrial land and building property with a minimum 100% of aggregate exposure or CGTMSE cover SOD-RE: Entire current assets If immovable properties are not sufficient to cover the required margin, Term Deposits / NSCs / Life Insurance Policies (all or any of them) may also accepted to cover the difference amount. However, third party instruments are not acceptable. Leased industrial property may also be accepted, if the lease period is 30 years and above (perpetual lease) with mortgage rights in the lease deed. |
| Personal Loan | Identity Proof Address Proof Processing fee cheque Income Proof Loan application form The Net Take Home pay after deducting the proposed Loan Installments shall be at least 25% of gross pay. Salary certificate is must to establish repayment capacity. For Self Employed Individuals: Identity Proof Address Proof Processing fee cheque Income Proof Loan application form IT returns to ensure income and repayment capacity. Branches shall 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 installments and interest from the salary of the borrower in case of salaried employees shall be insisted on NSC/KVP/LIC Policies, Bank Deposits, Land & Building etc., subject to the satisfaction of the bank. |
| Car Loan | Identity Proof Address Proof Processing fee cheque Income Proof Loan application form Payment directly to seller by way of DD/NEFT/RTGS/ Account credit/ etc., An undertaking from the employer to deduct loan installments and interest from the salary of the borrower in case of salaried employees shall be insisted on. |
| Business Loan | Identity Proof Address Proof Processing fee cheque Income Proof Loan application form |
| Fixed Deposit | Identity Proof Address Proof |
| Education Loan | Letter of admission Duly filled and signed loan application form 2 recent passport size photographs Statement of cost of study PAN Card, AADHAR card of student and parent/guardian Proof of identity and proof of residence IT returns or IT assessment order of previous two years of the co-borrower Statement of assets and liabilities of parent/guardian Proof of income of parent/guardian |
| Mortgage Loan | Identity Proof Residence Proof Income Proof Loan application form Passport size photos Residential & commercial buildings owned by resident Indians will be accepted as securities. Agricultural properties, Factories, Godowns, Cinema Halls, Schools, Restaurants, etc., will not be accepted as securities. |