Karur Vysya Bank Personal Loan

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.

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.

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. 

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