Urban Money

karur Vysya Bank Personal Loan

karur Vysya Bank
4.5

Our KVB - Personal Loan (Secured / Unsecured) is built to fulfil both our everyday requirements and unanticipated emergencies.

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Check karur Vysya Bank Personal Loan Eligibility

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Personal Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

karur Vysya Bank Personal loan Interest Rate

karur Vysya Bank

9.6% - 12.6%

Up to 1.5%

4.5

Up to ₹75L

Tenure(Up to 6 Years)

Details

Features and Benefits of Karur Vysya Bank Personal Loan

People rely on personal loans to fund personal expenses. Personal loans come in handy when you fail to meet your financial obligations through a regular paycheck. Major banks and financial institutions provide personal loans, and one such bank is Karur Vysya Bank. It offers numerous financial products and services, including home, business, and personal loans.

If you are looking for funds to meet unforeseen financial obligations, including medical emergencies, marriage, or travel plans, apply for Karur Vysya Bank personal loan and get easy approval. The best part about Karur Vysya Bank's personal loan is its flexible end-use. Personal loans are saviours when you need funds to furnish urgent financial requirements.

Additionally, banks offer two types of personal loans, i.e. secured and unsecured. You can opt for the one that best fits your current needs. 

Rather than borrowing funds from your friends or family, you can always count on a personal loan.

Karur Vysya Bank personal loan interest rates are attractive, and the process involves minimum hassle.

With Karur Vysya Bank personal loan, you can unlock doors to several features and benefits, including:

  • Flexibility of end use of the borrowed amount
  • Loan amount up to INR 10 lacs in case of unsecured personal loan
  • Flexible repayment tenure ranging from one to five years
  • Quick and convenient loan approval process
  • Paperless process through official portal
  • Quick disbursal of loan amount once approved
  • Minimal eligibility criteria

Karur Vysya Bank Personal Loan Eligibility Criteria

To get Karur Vysya Bank personal loan with utmost ease, you must meet the set eligibility criteria. To offer a top-notch banking experience to the customers, the bank adheres to minimum eligibility criteria.

Here is what you must consider while applying for a personal loan:

For Unsecured Personal Loan

  • For salaried individuals: The net in hand pay after loan instalment deduction should be at least 25% of the gross pay.
  • For self-employed individuals: You will have to provide Income Tax returns for the past three years. 

For Insta Loan

  • The loan applicant must have a net take-home salary of 25% of the gross pay after deduction of the month's personal loan EMIs.
  • If you are a working professional, you must confirm continuous employment in the same organisation for at least one year.
  • In case your company is listed in the defaulter's list, your loan will not be approved.
  • You must be a permanent employee of a well-reputed organisation or government institution.

Factors Affecting  Karur Vysya Bank Loan Eligibility

An applicant’s eligibility for a personal loan fluctuates with their current and past activities. The factors affecting Karur Vysya Bank's personal loan eligibility are explained as follows:

Monthly Income

The lender would want to confirm that you receive a sufficient monthly income to make timely loan repayments. Location affects the criteria for income as well. Due to their high cost of living, major cities like Mumbai, Delhi, and Bengaluru typically have higher rates.

Credit Score

It enables the lender to see how responsible you have been in the past while using credit for things like loans and credit cards. For instance, the CIBIL score, which ranges between 300 and 900, is used by the majority of lenders in India. The likelihood of being approved for a personal loan increase with the credit score.

Applicant’s Age

Your age aids the lender in determining how many working years you have left. Lenders often favour paid applicants between the ages of 23 and 58. The age range for self-employed professionals and non-professionals is 28 to 65 years old.

Current Liabilities

The lender wants to know in detail about any loans you are already repaying, such as home loans, student loans, and so on. The lender would then want to ensure that you have enough income to repay the new Personal Loan you intend to take and your current debts.

Work Experience

Candidates with greater job experience are typically thought to have a more stable financial future than those who have recently started working. Depending on the lender you choose, your line of work, and other circumstances, the required minimum experience may change.

Karur Vysya Bank Personal Loan Interest Rates

When you pin your hopes on Karur Vysya Bank personal loan to cope with your urgent financial needs, you must get familiar with the offered interest rates. You get the opportunity to unlock a better deal when you are acquainted with the Karur Vysya Bank personal loan interest rates. It allows you to compare the product with other banks’ loans.

External Benchmark Repo Rate of Karur Vysya Bank clocks at 7.95%. 

Nature of Facility (Secured/Unsecured) Rate of Interest
Secured Karur Vysya Bank Personal Loan Minimum: 9.40% Maximum: 11.00%
U/nsecured Karur Vysya Bank Personal Loan Minimum: 12.00%  Maximum:19.00%

In addition to these two personal loans, Karur Vysya Bank offers several other financial products under the personal category. Here are the Karur Vysya Bank personal loan interest rates for these products.

Name of the Financial Product Offered Interest Rate (per annum) Processing Fee
Secured Personal Loan 9.40% per annum to 11.00% per annum 1.5% of the loan amount
Unsecured Personal Loan 12.00% per annum to 19.00% per annum 1.50% of the loan amount
Insta Loan 11% per annum 0.50% of the borrowed amount or INR 1,000 at minimum + GST
IPO Funding Available at bank’s discretion 1% of the borrowed amount
Secured Bon Voyage Available at bank’s discretion 0.30% of the borrowed amount or INR 500 at minimum
Quick Loan 9.40% per annum or 11.00% per annum INR 500
Jewel Loan/Overdraft 9.50% per annum to 10.00% per annum 0.50% of the loan amount

Factors Affecting Karur Vysya Bank Personal Loan Interest Rates

Here are some essential factors that affect Karur Vysya Bank personal loan interest rates.
  • Credit Rating: Credit score or CIBIL score plays a vital role in approving a personal loan and offering interest rates. A good credit score, i.e. above 650, justifies your credibility to the lender. When you have a good credit score, you fall into the risk-free borrower category, which further helps to avail of better deals in terms of interest rate. 
  • Financial Stability: You must have a high-earning job (at least high enough to repay the loan on time). A borrower with financial stability has better chances of loan approval at lower interest rates than those without financial stability. If you run a business, you must have a steady annual income to justify your creditworthiness from the lender's perspective. 
  • Higher Income in terms of Loan to Value Ratio: Your income must be higher than your monthly loan repayment value and other expenses. It ensures that you will not fail any of the monthly repayments. 
  • Loan Repayment Tenure: when you stretch the loan repayment tenure to decrease the monthly instalments, the personal loan interest rate automatically decreases. However, the shorter the repayment tenure, the higher the monthly EMI, and so will the interest rate. So, count on longer repayment tenure if you want to unlock lower interest rates on Karur Vysya Bank personal loans.
  • Relationship with the Karur Vysya Bank: When you have better relationships with the bank, you get the opportunity to unlock doors to several other benefits. Credible repayment history, on-time payments, and good terms with the executive all make you a trustworthy customer from the bank’s perspective. It further results in the availability of better offers and loan deals for you.

Karur Vysya Bank Fees and Charges

When you apply for a Karur Vysya Bank personal loan, you will have to bear the associated costs too. Thus, before applying for a personal loan, get familiar with the fees and charges so that you don’t end up paying more than your budget.

The following table represents Karur Vysya Bank fees and charges you must be prepared to pay:

Description Applicable Charges
Processing Fee  For Personal loan: 1.50% of the borrowed amount For Insta loan: 0.50% of the borrowed loan amount or INR 1,000 at maximum + GST.
Foreclosure Charges Not applicable when you avail of a personal loan at a floating interest rate

Documents Required for Karur Vysya Bank Personal Loan

To get easy approval for a Karur Vysya Bank personal loan, the applicant must provide a required document set. Preparing these documents beforehand fastens the entire loan process. Here are the basic documents that the bank usually asks to evaluate your profile for the applied loan: 

  • Photo Identity Proof

Valid Passport, PAN Card, Ration Card, Driver’s Licence, Voter’s Identity Card, etc. 

  • Proof of Residence

Passport, Utility Bills including Electricity Bill, Telephone Bill, Driver's Licence, Aadhaar Card, Voter ID Card, etc. 

  • Documents associated with Age Proof

Valid Passport, Driving Licence, Birth Certificate, School Passing Certificate, etc.

If you are a salaried individual seeking a personal loan, you must provide certain additional documents. These are salary slips, the last six month’s bank account statement, and Form 16.

If you are self-employed, you must provide income proof, business continuity proof, and proof of ownership.

How Does the EMI Calculation Work for Karur Vysya Bank Personal Loans?

In Karur Vysya Bank, you get the option to repay the borrowed amount within one to five years as per your convenience and repayment capabilities. If you want to decide your monthly EMI, the interest component you will have to pay, and how the loan will be repaid, count on Urban Money’s personal loan EMI calculator.

You must enter basic information, including loan amount, interest rate and repayment tenure. The calculator will display the results on your screen within seconds. 

However, if you want to calculate the same manually, count on the personal loan EMI formula, i.e.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • EMI is the Equated Monthly Instalments toward the personal loan
  • N denoted the Number of Monthly Instalments
  • P represents the Principal Amount
  • R is the applicable Rate of Interest

Additionally, the personal loan EMI calculator also works on this formula. For the given input, the calculator performs the computation through this formula and provides you with the final output.

How Does Karur Vysya Bank Compare with Other Lenders?

Before you decide to avail of a Karur Vysya Bank personal loan, you must compare the offering with other available lenders. The comparison will help you to determine how  Karur Vysya Bank's personal loan is better than other available products. We have compared the same for you to make it easier for you.

Banks and other Non-Banking Financial Institution Interest Rates (per annum)
Deutsche Bank 24.00%
Bajaj Finserv 13.00%
Tata Capital 10.99%
State Bank of India 9.60%
HDFC Bank 10.25%
ICICI Bank 10.25%
Kotak Mahindra Bank 10.25%
Axis Bank 10.25%
Punjab National Bank 7.90%
IndusInd Bank 10.49%
IDFC First Bank 10.49%
Clix Capital 14.99%

Having this information will help you to make an informed decision. You will have to repay the amount for years. Thus, ensure you get thorough information before borrowing the required loan amount. 

Karur Vysya Bank Personal Loan Customer Care Number

If you have any queries, complaints or need assistance with any financial instrument, you can get in touch with the customer care executive with utmost ease.

All you have to do is make call on their helpline numbers, and your queries will be resolved quickly. 

Indian Helpline Number 1860 200 1916 (Local Calling Charges will be Applicable)
Outside India +91-30721916
Email ID customersupport@kvbmail.com

Additionally, you get the option to fill an online application form through the official website of Karur Vysya Bank.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Karur Vysya Bank provide personal loans at the best rate?

Karur Vysya Bank provides personal loans at an interest rate starting from 7.95%, with a repayment tenure ranging from 1 to 5 years.

What is the interest rate of personal loans in Karur Vysya Bank?

The interest rate of personal loans at Karur Vysya Bank is 9.4% to 11% for secured loans, whereas, for unsecured loans, the interest rate falls between 12% to 19%.

What are the benefits Karur Vysya Bank provides on personal loans?

A few benefits that Karur Vysya Bank provides on personal loans are appreciable customer service, low processing fees, and affordable interest rates.

What documents are required in Karur Vysya Bank for a personal loan?

General documents are required in Karur Vysya Bank to avail of a personal loan with utmost ease, including identity proof, address proof, income proof, and age proof.

How to apply for a personal loan in Karur Vysya Bank online?

To apply for a personal loan in Karur Vysya Bank, visit the official portal and look for the personal loan section. Provide the required information, upload the scanned copies of the documents and submit your loan application.

Does Karur Vysya Bank check for CIBIL score for a personal loan?

Karur Vysya Bank checks for CIBIL or Credit Score to determine the applicant’s credibility before approving the loan application.

Get your latest Credit Score, FREE

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