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Karur Vysya Bank Personal Loan Interest Rates

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Highlights

  • KVB Interest Rates at 13.15% Per Annum
  • Switch Your Personal Loan to KVB

Having trouble finding the personal loan interest rates at Karur Vysya Bank? No worries, you can check out the rates here and assess your feasibility for a loan that can be availed to fulfill all your personal needs. The interest rates, to a greater extent, determine one’s affordability for a loan. And that’s why people negotiate with lenders based on their existing relationship to lower the rates. So, if you have an account, locker, or some other services at Karur Vysya Bank, you then hold a chance to get the rates lowered from what’s charged normally. You should first know the rates before using your service relationship to lower the rates.

Karur Vysya Bank Personal Loan Interest Rate Details 2024

In this page , you'll discover various types of loans along with their respective interest rates from Karur Vysya Bank. This information will be especially useful if you're considering a personal loan from this institution.

Particulars Salaried
Interest Rates 11.15% - 14.15%
Loan Amount Up to 10 Lakhs
Tenure 60 Months
Processing Fee 3% of the loan amount
Collateral Security Required

Interest Rates on Karur Vysya Bon Voyage Personal Loan

To make your travel affordable, Karur Vysya Bank provides you with the desired amount free from collateral. At an attractive rate of interest, you can borrow funds and pay for the same in Equated Monthly Installments (EMIs). You can get impressive loan amounts at an attractive interest rate to make it affordable for you. Before applying for the loan, you should take a look at the features of the Karur Vysya Bon Voyage loan.

Particulars Salaried
Loan INR 1 Crore
Interest Rates Applicable as per the bank
Tenure 36 Months
Margin 25%
Processing Fee 0.30% of the loan amount, with a minimum of INR 500
Guarantor Spouse or Relatives

Interest Rates on Karur Vysya Insta Loan

Salaried individuals can apply for this loan to meet their instant needs. This loan allows them to borrow up to INR 1 Crore from Karur Vysya Bank, and the limit is dependent on income or credit score. You can add a guarantor to your personal loan that can be your co-employee. The attractive rate of interest makes the user borrow funds from the bank for meeting financial needs such as medical emergencies, education funding, home renovation, etc.

Particulars Salaried
Loan INR 1 Crore
Interest Rates 13.15% - 14.15% p.a
Tenure 72 Months
Margin NIL
Processing Fee 0.50% of the loan amount, with a minimum of INR 1000
Security or Collateral NIL

Interest Rates on Karur Vysya Bank Secured / Unsecured Loan

For urgent financial needs, you can apply for this personal loan and receive the funds in just 15 minutes. You have an option to either have a secured or unsecured loan. Unsecured loan approvals depend on your income and credit score. Whereas for the secured loan the value of mortgage security matters. The security can be a fixed deposit, life insurance policy, land & buildings, national savings certificate (NSC), etc.

Particulars Salaried
Loan Quantum Unsecured Loan - INR 50,000 - INR 10,00,000
Secured Loan - INR 50,000 (minimum)
Interest Rates Unsecured Loan - 13.15%-14.15%
Secured Loan - 11.15%
Tenure 12 to 60 Months
Margin NIL
Processing Fee 1.50% of the loan amount
Security or Collateral Government Bonds, Bank Deposits, Land & Building etc.

Interest Rates on Karur Vysya Quick Loan

You can borrow funds for your business or personal financial support from the Karur Vysya bank. The loan quantum can be a maximum of NR 25,00,000 and is based on the securities, which can be NSC, KVP certificate, Life Insurance Policies, or any policies of any other insurance company, you submit to the bank.

Particulars Salaried
Loan INR 25,00,000
Interest Rates Applicable by the Bank
Tenure 60 Months
Processing Fee INR 500
Margin 10%

Advantages of Karur Vysya Personal Loan

The following are some of the main benefits of applying for personal loans with Karur Vysya Bank:

  • Minimal Documentation Process - Karur Vysya Bank's personal loan application process is mainly paperless, quick, and convenient. This streamlined approach not only makes the application process easier but also accelerates loan approval and disbursement times.
  • High Loan Amount - Based on your eligibility, you can take out a large loan for several uses, including debt consolidation, weddings, education, and vacation.
  • No Hidden Charges - Karur Vysya Bank places a strong emphasis on transparency, especially when it comes to the costs associated with its personal loans. One of the standout features of their personal loan offering is the assurance that there are no hidden charges.
  • Flexible Loan Tenure - The bank offers flexible repayment tenures, allowing borrowers to choose a repayment period that suits their financial situation, with options typically ranging from 12 to 60 months.
     
  • Competitive Interest Rates: Karur Vysya Bank provides personal loans at attractive interest rates that make it easy for borrowers to borrow at a more affordable rate.

Factors Affecting Karur Vysya's Personal Loan Interest Rate

These are some factors that might affect your personal loan interest rate. If you wish to lower down your interest rates, keep these points in mind -

  • Maintain your Credit Score:- It is said that a credit score above 750 is considered good and may help you secure more favorable interest rates. Conversely, a lower credit score could result in higher interest rates or even loan rejection.
  • Income Level:- The bank assesses your monthly or annual income to determine your ability to repay the loan. It is said that steady and substantial income makes you a more attractive candidate for lower interest rates. Your income level directly influences the interest rate you are offered.
  • Loan Amount and Tenure:- The amount you wish to borrow and the loan tenure can also affect the interest rate. Typically, a shorter loan tenure may attract lower interest rates as the risk for the bank is lower over a shorter period. Conversely, larger loan amounts might qualify for lower rates due to the volume of the loan, but this can vary based on individual circumstances.
     
  • Existing Relationship with the Bank:- If you have a strong relationship with Karur Vysya Bank, such as holding a salary account, or savings account, or having a history of borrowing with them, you may be eligible for preferential interest.

Calculating EMIs on Karur Vysya Personal Loans at Different Interest Rates

The next step is to figure out your monthly EMIs once you have decided on the loan amount and interest rate. This aids in your comprehension of the monthly payment amount. You can use Wishfin's Karur Vysya Personal Loan EMI Calculator to simplify this computation.

Just enter the following information:

  • Principal Amount
  • Interest Rate
  • Tenure

The EMIs for a Rs. 4,00,000 personal loan with interest rates of 13.15% to 14.15% p.a. over terms of one to five years are shown in the table below. The loan amount and other information are customizable to meet your needs.

Tenure (In Years)

EMI (at 13.15% interest rate)

EMI (at 14.15% interest rate)

1

₹35,755.07

₹35,943.08

2

₹19,044.92

₹19,233.51

3

₹13,506.50

₹13,700.21

4

₹10,760.80

₹10,960.71

5

₹9,131.97

₹9,338.44

What Should You Do in Order to Fetch the Lowest Interest Rate from Karur Vysya Bank?

A personal loan from Karur Vysya Bank might have the lowest interest rate available if you prepare strategically and pay close attention to a few important aspects. You can take the following actions to improve your chances of obtaining the greatest interest rate:

  • Optimize Your Debt-to-Income Ratio - Reduce your existing debt obligations before applying for a new loan. You can do this by paying off smaller debts or consolidating them into a single loan with a lower interest rate.
  • Choose a Shorter Loan Tenure - If possible, opt for a shorter loan tenure when applying for the loan. This reduces the overall risk for the bank and can result in a lower interest rate. Although shorter tenures may result in higher monthly payments, the interest cost over the loan period will be lower.
  • Use your Salary Account - Make sure you make frequent use of your Karur Vysya Bank salary account if you have one. Existing clients frequently receive better interest rates from banks, especially if they have a consistent business relationship.
  • Apply During Promotional Periods - Keep an eye out for special offers or promotional periods when Karur Vysya Bank may offer reduced interest rates on personal loans. Banks occasionally offer lower rates during festive seasons, year-end, or other promotional events, which can be an excellent opportunity to secure a loan at a reduced cost.

Documents Required for a Karur Vysya Bank Personal Loan

Karur Vysya Bank offers a variety of personal loans tailored to meet different customer needs. Customers can select the loan type that best suits their requirements. For each personal loan, KVB has established specific eligibility criteria. While some of these criteria are general and apply to all types of personal loans, others are specific to particular loan types.

Bon Voyage

  • Purpose: Travel for personal or professional purposes only (trips to Nepal or Bhutan are not eligible)
  • Indian citizens or individuals living in India make up the residential status.
  • Age: 21 is the minimum age while 65 is the maximum age.
  • Salary: The annual minimum compensation shall be Rs. 1,80,000, and the net take-home amount shall equal 25% of the gross salary.
  • An additional need is that the employer agrees to take the EMI out of the employee's pay and repay the bank.

Insta Loan

  • Purpose: For non-agricultural or personal purposes
  • Indian citizens or individuals living in India make up the residential status.
  • Applicants who are permanent workers of public or private organizations are eligible, temporary employees are not eligible. 
  • Age: 21 is the minimum age while 65 is the maximum age.
  • Salary: The minimum net take-home amount is equal to 25% of the gross salary.

Quick Loan

  • For personal or professional purposes
  • Indian citizens or individuals living in India make up the residential status.
  • Those pledging securities (NSCs, KVPs, state or federal government bonds) where the surrender value may be determined are eligible applicants.
  • Additional condition- LIC insurance cannot be pledged.

Personal Loan (Secured / Unsecured)

  • Purpose: For individual usage only
  • Indian citizens or individuals living in India.
  • Applicants who are permanent workers of public or private organizations are eligible; temporary employees are not eligible.
  • Age: 21 is the minimum age while 65 is the maximum age.
  • Salary: The minimum net take-home amount is equal to 25% of the gross salary.
  • An additional requirement - The employer must provide an undertaking to deduct the EMI from the employee’s salary and credit it directly to the bank. 
  • Salary certificate
  • For independent contractors, ITR submission is required. 

Karur Vysya Bank Personal Loan Balance Transfer Rates

Servicing a personal loan already at a lender other than Karur Vysya Bank (KVB)? But the soaringly high rates leaving you with very little to spend on other needs? Well, you can then avail the balance transfer option to shift your outstanding portion of the loan at KVB to reduce the outflow of interest repayments which otherwise would leave your pocket if you wish to continue in the same vein of repayment.

An example below will help you understand better.

Example: You are paying a 5-year personal loan of INR 5,00,000 at a 16% interest rate. It’s been 2 years that you started servicing the loan. If you manage to strike a balance transfer deal with Karur Vysya Bank at 12%, how much will you gain from the transaction? Check out the table to know the same.

Particulars Salaried
Original Loan Amount INR 5,00,000
Interest Rate 16.00%
Tenure 5 Years
EMI @14.00% INR 12,159
Estimated Interest Outgo @16.00% INR 2,29,542
Interest Paid Till 2 Years INR 1,37,665
Outstanding Balance at the End of 2nd Year INR 3,45,849
EMI @12.00% for the Remaining 3 Years INR 11,487
Interest @12.00% Over 3 Years INR 67,688
Interest Paid Till Now + Interest Payable Over the Next 3 years INR 2,05,353
Estimated Savings in Terms of EMI INR 672
Estimated Savings in Terms of Interest Payment INR 24,189 (2,29,542-2,05,353)

KVB Loan Application Form

All in readiness to apply for KVB Personal Loan? Go online to do the needful. Just visit the bank’s official website, get to the application form, fill in the details correctly and submit the same. KVB will screen your candidature by checking the authenticity of the details submitted online. Only when the details are verified successfully does the bank give a nod to the application.

Other Charges Of Karur Vysya Bank Personal Loan

Here are the additional fees or charges that could be applicable while availing the personal loan from Karur Vysya Bank -

Processing fee

Personal loan: 1.50% of the loan requested amount

Insta loan: 0.50% of the loan amount subject to a minimum of Rs. 1,000/- + GST.

Foreclosure charges

NIL (under floating rate of interest)

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.

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FREQUENTLY ASKED QUESTIONS

1. What is the personal loan interest rate of Karur Vysya Bank?

The interest rate for personal loans of Karur Vysya Bank is 13.15% to 14.15% p.a.

2. What is the CIBIL score for Karur Vysya Bank's personal loan?

KVB requires a minimum credit score of 750 to be eligible for personal loans.

3. What is the longest loan repayment period possible for this personal finance option?

A borrower has a maximum of 6 years or 72 months to return the loan balance to the bank.

4. What is the Karur Vysya personal loan customer service number?

You can contact Karur Vysya Bank at the number 1860 258 1916 if you live in India. 

Callers who are Non-Resident Indians (NRIs) can reach them at +91 44 - 66217600. Your questions can be emailed to customersupport@kvbmail.com.

5. What is the highest sum of personal loans from Karur Vysya Bank that can be obtained?

The highest amount that may be obtained from Karur Vysya Bank as a personal loan is Rs. 75 lakh. The actual loan amount approved for a person will, however, depend on their ability to repay the loan.

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