Karur Vysya Bank Personal Loan

About Karur Vysya Bank Personal Loan

Looking for funds to fulfill your urgent needs? Nothing to worry as Karur Vysya Bank Personal Loan is here to meet all your needs. Yes, being available with unmatched features and benefits, this personal loan product caters all your daily requirements by giving you funds instantly. You can easily apply for this loan and avail the best of services without any hassle. In order to know more about personal loan offered by Karur Vysya Bank, read this article below.

Personal Loan

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    Almost done, few more details required.

    Karur Vysya Bank Personal Loan Interest Rates

    ParticularsDetails
    Interest Rates13.50% - 16.00%
    Loan AmountUp to 1 Crore
    Tenure36 Months
    Processing Fees0.40% of the loan amount
    Collateral SecurityRequired

    Eligibility Criteria

    • Age at least 21 and less than 58
    • Applicant must be an Indian resident or a person residing in India

    Know Your Eligibility for Karur Vysya Bank Personal Loan

    Know your personal loan eligibility at Karur Vysya by using the eligibility calculator. The calculator computes the value using the savings amount, tenure and the rate of interest. Look at the example below:

    If you save around ₹40,000 per month out of your monthly income of ₹80,000 then, the loan amount you are eligible for will range between ₹11.31 Lakhs-₹11.71 Lakhs at the selected tenure and rate of interest. The installment amount will range from ₹3,413-3,535 which you can easily pay from your monthly savings.

    Amount- ₹1 lakh
    Loan Tenure-3 years
    Rate of Interest-13.9%-16.4% p.a.
    Your monthly EMI is going to be ₹3,413-3,535

    So your calculation for personal loan would be
    ₹1 Lakh x 40,000/3413=₹11.71 Lakhs and 1Lakh x 40,000/3535=₹11.31 Lakhs

    Karur Vysya Bank Personal Loan EMI Calculator

    Excited to know your personal loan EMI? Well, let’s get started with Karur Vysya Bank Personal Loan EMI Calculator because this is the device that can do wonders for you. It tells you the exact amount of your EMIs, hence giving you an enjoyable loan experience. The Equated Monthly Installments are the amalgamation of interest and principal that you pay each month in order to repay the borrowed loan amount. You just need to enter the loan amount, interest rate and tenure of your loan so that the device will compute the results for you, letting you the exact EMI calculations. The process begins by firstly calculating the interest component and then followed by the principal amount.

    Let’s understand this thing with the help of an example below:

    For Example: If you are interested in availing a loan of ₹3,00,000 from Karur Vysya for 3 years at an interest rate that ranges between 13.35% p.a., then you must be wondering about the EMI, total interest outgo and total amount payable from your pocket at the end of your loan tenure?

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 3,00,00013.35%1₹ 26,844₹ 22,134₹ 3,22,134
    ₹ 3,00,00013.35%2₹ 14,312₹ 43,486₹ 3,43,486
    ₹ 3,00,00013.35%3₹ 10,159₹ 65,718₹ 3,65,718

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 87,055₹ 34,851₹ 2,12,944
    2₹ 99,415₹ 22,491₹ 1,13,529
    3₹ 1,13,641₹ 8376₹ 0

    Documentation Required

    Documents to be submitted along with application form are as follows:

    SalariedSelf-employed
    Signed application form with photographSigned application form with photograph
    Copy of passport/voter ID card/driving licenseCopy of passport/voter ID card/driving license
    Processing fee chequeProcessing fee cheque
    Last 3 months bank statement/6 months bank passbookLast 3 months bank statement/6 months bank passbook
    Latest salary slipLatest Bank statement
    Current dated salary certificate with the latest Form 16Latest ITR or Form 16

    Features & Benefits

    • Loan up to ₹ 1 crore
    • Flexible tenure lasting up to 3 years
    • Personal loan are secured and collateral is to be provided
    • Reasonable rate of interest

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