Karur Vysya Bank Car Loan
Last Updated : June 9, 2017, 5:57 p.m.
About Karur Vysya Bank Car Loan
Have you finalized your dream car with the lender? Worried, from where to arrange finances when you are facing the paucity of funds. Look nowhere but consider Karur Vysya Bank Car loan where loans are available at an affordable interest rate which would comfortably suit the pockets of every individual. Moreover, you can take help from your Karur Vysya Bank Car loan EMI Calculator for assorting your budget. Don’t let the heavy EMIs take a toll on your monthly budget? Plan it suitably at the convenient interest rate that not only suits your budget but give you peace of mind. So, what are you waiting for? Start planning for long drives and weekend gateways so you cannot miss any single day upon getting the ownership of your car. Moreover, the tenures for car loans make it flexible for you to arrange your monthly installments at ease. Look for other details which equip you before you proceed with the bank for availing car loans.
Karur Vysya Bank Car Loan Eligibility Criteria
Salaried employees and self-employed professionals are eligible to avail Karur Vysya Bank Car Loans.
Having a guarantor is optional. For increasing your networth, a Guarantor-preferably family, friends or spouse with adequate networth is acceptable by the bank.
Salaried employees should submit an undertaking from their employers regarding deduction of their EMI and interest from their net salary.
Karur Vysya Bank Car Loan Interest Rates
Particulars Description Interest Rate New cars : 7.80% Onwards
Loan Amount Upto ₹ 10,00,000 & above Tenure New cars : 7 years
Pre-owned cars(not more than 5 years old) : 5 yearsAge Limit > 18 years but < 65 years at the time of loan maturity Processing Fees ₹ 2,000+GST on loans upto ₹ 10 lakhs; ₹ 4,000+GST on loans above ₹10 lakhs Loan Margin 15% for new cars
25% for old cars(not more than 5 years old)
Karur Vysya Bank Car Loan EMI Calculator
Examine your loan commitments and payment schedules by taking hep from Karur Vysya Bank Car Loan EMI Calculator. It assists you with the reflective data about EMIs, interest rates, and ideal payment schedule. Fill your basic details in the EMI Calculator such as the principal amount of loan, interest rate and tenure and determine your final EMI value which you have to pay.
For example : Mr. Khalid has applied for a 7-year car loan of ₹ 8 lakhs with an interest rate of 10.45 % per annum subject to his eligibility. Since he has applied for the car loan during Diwali so the bank gave him the offer of 9.35%(festive offer) interest rate. He takes the help of EMI Calculator to know about the detailed computation of his EMI, interest outgo and the total amount(EMI+Interest) which he needs to repay each year towards car loan.
Table showing EMI, interest outgo and total amount payable on your car loan
| Loan Amount (in ₹) | Loan Tenure(in years) | Interest Rate (in % p.a.) | EMI (in ₹) | Total Interest Outgo(in ₹) | Total Amount(EMI+Interest) (in ₹) |
|---|---|---|---|---|---|
| 800000 | 1 | 9.35%-10.45% | 70,091-70,500 | 41,093-46,003 | 8,41,093-8,46,003 |
| 800000 | 2 | 9.35%-10.45% | 36,676-37,082 | 80,234-89,976 | 8,80,234-8,89,976 |
| 800000 | 3 | 9.35%-10.45% | 25,570- 25,983 | 1,20,531-1,35,392 | 9,20,531-9,35,392 |
| 800000 | 4 | 9.35%-10.45% | 20,041-20,463 | 1,61,980-1,82,243 | 9,61,980-9,82,243 |
| 800000 | 5 | 9.35%-10.45% | 16,743-17,175 | 2,04,574-2,30,519 | 10,04,574- 10,30,519 |
| 800000 | 6 | 9.35%-10.45% | 14,560- 15,003 | 2,48,305-2,80,205 | 10,48,305-10,80,205 |
| 800000 | 7 | 9.35%-10.45% | 13,014-13,468 | 2,93,160-3,31,287 | 10,93,160-11,31,287 |
Amortization Table
| Year | Principal(in ₹) | Interest(in ₹) | Balance Amount(in ₹) |
|---|---|---|---|
| 1 | 81,863-84,947 | 71,221-79,753 | 715,053-718,137 |
| 2 | 90,839-93,239 | 62,929-70,777 | 621,814-627,298 |
| 3 | 100,799-102,339 | 53,829-60,817 | 519,475-526,499 |
| 4 | 111,853-112,330 | 43,838-49,763 | 407,145-414,646 |
| 5 | 123,296-124,120 | 32,872-37,496 | 283,849-290,526 |
| 6 | 135,329-137,729 | 20,839-23,887 | 148,520-152,797 |
| 7 | 148,620-152,913 | 7,627-8,785 | 0 |
Features of Karur Vysya Bank Car Loan
- Quick processing of Karuru Vysya Car loans
- Hassle-free documentation service
- Simplified terms and conditions
- Flexible repayment period
- The Hypothecation of the car purchased through car loan has to be provided as primary security.
- Bank Deposits, NSC/KVP/LIC Policies, Land & Building deeds etc., are required to be submitted to the Bank as a form of collateral security.
- Insurance coverage is available to the extent of the loan amount with BAGIC, payable by the borrower(subject to the choice of the borrower).
- The net take-home salary after EMI deductions should be at least 25% of the gross pay of the customer.
- Payment can be made directly to the seller by way of DD/NEFT/RTGS/ Account credit/ etc.
Documentation Required for Karur Vysya Bank Car Loan
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Salary slips for the last 3 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account, | CA-certified balance sheet for the last 3 financial years, ITR for the last 3 years, 6 months bank statement of the main account |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Sign Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |