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 page further.

Personal Loan

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    Karur Vysya Bank Personal Loan Interest Rates September 2020

    ParticularsDetails
    Interest Rates12.00% - 19.00%
    Loan AmountUp to INR 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 INR 40,000 per month out of your monthly income of INR 80,000 then, the loan amount you are eligible for will range between INR 11.31 Lakhs – INR 11.71 Lakhs at the selected tenure and rate of interest. The installment amount will range from INR 3,413 – INR 3,535 which you can easily pay from your monthly savings.

    Amount – INR 1 lakh

    Loan Tenure – 3 years

    Rate of Interest – 13.9%-16.4% p.a.

    Your monthly EMI is going to be INR 3,413 – INR 3,535

    So your calculation for personal loan would be

    INR 1 Lakh x 40,000/3413 = INR 11.71 Lakhs and INR 1Lakh x 40,000/3535 = INR 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 INR 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:

    For SalariedFor Self-employed
    • Signed application form with photograph
    • Copy of passport/voter ID card/driving license
    • Processing fee cheque
    • Last 3 months bank statement/6 months bank passbook
    • Latest salary slip
    • Current dated salary certificate with the latest Form 16
    • Signed application form with photograph
    • Copy of passport/voter ID card/driving license
    • Processing fee cheque
    • Last 3 months bank statement/6 months bank passbook
    • Latest Bank statement
    • Latest ITR or Form 16

    Types of Karur Vysya Bank Personal Loan Schemes

    Karur Vysya Bank offers a variety of personal loans to meet your needs. All these loans can differ in scope and nature, so there’s a need to know about them separately. Below we have listed out Karur Vysya Bank Personal Loans. Take a look at them.

    Karur Vysya Bank Bon Voyage Scheme

    To meet the requirements of foreign travel whether related to business or family vacation, you can apply for the loan. Every Indian citizen and person living in India can apply for this loan. The net income should be INR 1,80,000 per annum. And you must make sure that the EMI amount of your loan should be 25% or less of your gross income. The loan is disbursed after the deduction of the margin money. Look at the table to know the details of this Karur Vysya Bank Personal Loan scheme.

    ParticularsDetail
    LoanINR 1 Crore
    Interest Rate12.00% Per Annum
    Tenure36 Months
    Margin25%
    Processing Fee0.30% of the loan amount, with a minimum of INR 500
    GuarantorSpouse or Relatives

    Karur Vysya Bank Insta Loan

    Permanent employees of government and private sector employees, teachers and individuals working in government institutions with a minimum work experience of 2 years can avail of the Insta Loan. The loan can be availed for a medical emergency, education, housing, etc. Look at the details of the loan in the table below.

    ParticularsDetail
    LoanINR 1 Crore
    Interest Rate12.00% Onwards
    Tenure72 Months
    MarginNIL
    Processing Fee0.50% of the loan amount, with a minimum of INR 1000
    Security or CollateralNIL

    Karur Vysya Bank Personal Loan (Secured / Unsecured)

    You can get a sanction of this loan in as quickly as 15 minutes. It is a paperless loan and doesn’t require documents for verification. With a few income and KYC details, the loan is approved quickly. There is an option of security that the customer can submit to get the lo. See the below-mentioned table to know about the details of the personal loan.

    ParticularsDetail
    Loan QuantumUnsecured Loan - INR 50,000 - INR 10,00,000
    Secured Loan - INR 50,000 (minimum)
    Interest RateUnsecured Loan - 12.00%-18.00%
    Secured Loan - 15.00%-19.00%
    Tenure12 to 60 Months
    MarginNIL
    Processing Fee1% of the loan amount
    Collateral or SecurityGovernment Bonds, Bank Deposits, Land & Building etc.

    Karur Vysya Bank Quick Loan

    To get funds for your business or personal requirements, you can borrow up to INR 25 lakh from Karur Vysya Bank. And this scheme is unique because you can do the payment of the borrowed loan in equated monthly installments or via bullet payment. You can also get a one-year overdraft facility against the NSC, KVP certificate, Life Insurance Policies or any policies of any other insurance company. Look at the table to see the details of the loan.

    ParticularsDetails
    LoanINR 25,00,000
    Interest Rate11.00%
    Tenure60 months
    Processing FeeINR 500
    Margin10%

    Features & Benefits

    • Maximum Loan: You can borrow the desired fund as per your requirement. With the help of different schemes of Karur Vysya Bank personal loan, you can meet your financial needs.
    • Flexible Tenure: The repayment period varies from 3 to 6 years depending on the personal loan scheme.
    • Reasonable rate of interest: You get the fixed rate of interest on your borrowed amount. Your income and credit history decides the interest rate which ranges from 12.00% - 19.00% per annum.

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