Karur Vysya Bank Personal Loan


Karur Vysya Bank, a leading private sector bank in India, offers a comprehensive range of personal loan products to meet the needs of individuals and businesses. With their innovative banking services and promoting financial inclusion, it offers personal loans that are available for a variety of purposes.

You can choose your loan amount up to Rs. 25 lakh with a repayment tenure ranging to up to 72 months that fits your budget, and let their competitive interest rates ease the journey. Breathe easy, and focus on chasing your dreams, backed by Karur Vysya Bank's support.

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Karur Vysya Bank Personal Loan Details

Banks offer loans for diverse purposes, each accompanied by specific rates, charges, and interest rates crucial for informed decision-making. Explore the table below for comprehensive details on Karur Vysya Bank Personal Loan interest rates and associated fees to make well-informed financial choices.

Interest rate Starting at 9.75% p.a.(based on type of loan)
Loan Amount Up to 25 lakh (Based on the type of loan)
Tenure Up to 72 months
Processing Fee Up to 3%
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Karur Vysya Bank Personal Loan Interest Rates & Charges

Karur Vysya Bank Personal Loan Interest Rates & Charges provide essential information regarding the costs associated with borrowing, including interest rates and additional fees. This detailed breakdown is crucial for borrowers, enabling them to assess affordability when considering a personal loan from Karur Vysya Bank.

Description Charges
Interest Rate Starting at 9.75% p.a.
Processing Fee Up to 3%
Overdue Charges Up to 2% of the overdue amount.
Documentation Charges Up to Rs 500
Foreclosure Statement 1% to 4% of the outstanding loan amount depending on the remaining loan tenure.
Note - For all charges Tax will be charged extra wherever applicable. The charges are also subject to change.

Karur Vysya Bank Personal Loan Eligibility

Karur Vysya Bank Personal Loan Eligibility introduces the essential criteria individuals need to meet for loan approval, encompassing factors like age, income, credit history, and employment status. Clear understanding and fulfilment of these requirements are key steps while taking a personal loan.

Factors General Eligibility Criteria
Age 21 - 65 years
Nationality Indian
Employment Type Salaried or Self Employed
Work Experience Employed/ In business for 2 years min and at least 1 year with current employee
Minimum Income Rs 20,000 (varies according to place)

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Karur Vysya Bank Personal Loan EMI Calculator

With the right set of tools, calculating your EMI for your personal loan from Karur Vysya bank can become easy. Calculating correctly will help you plan your monthly payments in advance and lets you be ahead of the payments.

The Karur Vysya Bank Personal Loan EMI Calculator offers individuals a user-friendly platform to predict their monthly repayment commitments based on specific loan parameters. This distinctive feature enhances financial planning, providing a clear understanding of the financial implications associated with a personal loan from Karur Vysya Bank.

Easily plan your budget and make informed decisions by entering your loan amount, interest rate, and term to get an instant monthly instalment estimate.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Karur Vysya Bank Personal Loan Documents Required

Different candidates might require different types of documentation but understanding the basics can help ease the loan application process. Karur Vysya Bank Personal Loan Eligibility outlines the essential criteria, including age, income, credit history, and employment, for prospective borrowers.

Identity Proof PAN Card, Voter ID, Driving License, Passport
KYC Valid identity/Residence/Signature proof
Income Proof Refer below table for detailed info.
Photo Two passport size photograph

Documents Based on Employment status-

  • For Salaried Employee- Last 2 years salary slip and letter from employer or Form -16 for 3 years
  • For Self Employed- ITR for the last 3 years with computation of income, balance sheet, and P & L a/c.

Scheme wise Karur Vysya Bank Personal Loan Interest Rates

Schemes Interest Rates(p.a.) based on your CIBIL score
Jewel Loan/ Overdraft 9.75% to 10.50% p.a.
Personal Loan Corporate 10.15% p.a. to 12.90% p.a.
Personal loan (Unsecured) 13%-14% p.a.
Personal loan (Secured) 12%p.a.
Buy Now Pay Later (Amazon) Up to 24% p.a.

Comparison of Karur Vysya Bank Personal Loan Vs Other Banks

Compare Karur Vysya Bank Personal Loan interest rate & its corresponding charges with others by looking at factors like interest rates and other fees. With lower interest rates it can result in lower monthly EMIs making the loan more affordable. This helps you make a straightforward choice that suits your financial needs.

Lender Interest Rates(p.a) Processing Fees
Karur Vysya Bank Starting at 9.75% p.a. Up to 3%
Union Bank 11.40% - 15.50 %p.a Up to 1%.
Bandhan Bank Starting at 11.55% p.a Up to 3%
IndusInd 10.49%p.a 3% onwards
SBI 10.30%-15.10% p.a Up to 1.50%

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Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

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Features of Karur Vysya Bank Personal Loan

Karur Vysya Bank Personal Loan stands out with its versatile features, offering a blend of everything for individual needs. Their features and benefits are:

Different Loan Types

Both secured and
unsecured loans, offering
options for borrowers

Flexible Repayment

Enjoy a tenure of
up to 72 months

Competitive Interest
Rates

Enjoy interest rates
starting at 9.75% p.a.

Quick Access

Convenient online
application process and swift
disbursal

Paperless Application
Process

Apply online for a quick
and hassle-free experience.

Wide Branch Network

Access support and manage
your loan through Karur
Vysya Bank's extensive
branch network.

Types of Karur Vysya Bank Personal Loans

Karur Vysya Bank offers a diverse and unique selection of personal loans to generate the ideal financial solution for all your needs.

Jewel Loan/ Overdraft

Goal: Avail gold loans easily to finance your needs. KVB bank offers jewel loans in the form of overdraft (Swarnamitra) and Short-Term Loans (Jewel Loan - Non-Agri / Personal).

  • Loan Amount: Minimum Rs 5,000
  • Interest Rates: Starting at 9.75% to 10.50% p.a.
  • Repayment Tenure: Up to 12 Months
  • Processing Fee: 0.50%

Personal Loan Corporate

Goal: This loan is especially designed for reliable individuals like permanent employees of respected companies, schools, or government institutions. It aims to ease your financial burden, whether you need to cover medical costs, support your family's education, or make home improvements.

  • Loan Amount: NA
  • Interest Rates: Starting at 10.15% p.a. to 12.90% p.a.
  • Repayment Tenure: Up to 72 Months
  • Processing Fee: 0.50% + GST

Personal loan (Unsecured)

Goal: This loan is designed to meet any personal needs that may arise during emergencies. The loan is paperless and gets sanctioned within 15 minutes if all the criteria is met.

  • Loan Amount: Maximum amount of Rs 10 lakhs
  • Interest Rates: Starting at 13% p.a. To 14% p.a.
  • Repayment Tenure: Up to 60 months
  • Processing Fee: 3.00% of the loan requested amount.

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Personal loan (Secured)

Goal: This KVB loan offers a helping hand for both personal and business needs, big or small. Whether it's a sudden medical bill or an unexpected business opportunity, you get to choose how you pay it back – either through convenient instalments or a lump sum at the end. It's financial flexibility tailored to your situation.

  • Loan Amount: Max amount of Rs. 25 Lakhs
  • Interest Rates: 11% p.a.
  • Repayment Tenure: Up to 60 Months
  • Processing Fee: 0.50% + GST
  • Documentation Charges: NIL

Buy Now Pay Later (Amazon)

Goal: Amazon Buy Now Pay Later offers a digital credit solution for customers seeking a hassle-free way to finance their Amazon purchases with flexible repayment terms.

  • Loan Amount: Loan Amount: Max amount of Rs. 60 thousand
  • Interest Rates: Interest Rates: Up to 24% p.a.
  • Repayment Tenure: Repayment Tenure: Starting at 30 days to 12 months
  • Processing Fee: Processing Fee: NIL
  • Late Fee charges:
    • Less than ₹200, then ₹0
    • More than ₹200 but less than or equal to ₹1000 then ₹118
    • More than ₹1000 but less than or equal to ₹5000 then ₹236
    • More than ₹5000 but less than or equal to ₹20000 then ₹413
    • More than ₹20000 then ₹590

Steps to Apply Online for a Personal Loan

Here’s the step-by-step process that you can follow to apply for Karur Vysya Bank personal loan on Buddy Loan:

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take the next step? Apply for a Personal loan now!

Frequently Asked Questions

The maximum loan amount depends on the specific Karur Vysya Bank loan you choose, but it can reach up to Rs 25 lakhs for their PL Secured Loan & 10 lakhs PL Unsecured Loan, while their Jewel Loan goes up to Rs 40 lakhs.

Yes, you can absolutely make extra payments towards your Karur Vysya Bank Personal Loan to pay it off faster

Repayment periods for Karur Vysya Bank personal loans vary, but you can choose options ranging up to 72 months for most personal loan types. The specific choice depends on your loan amount and preference.

While Karur Vysya Bank doesn't explicitly mention a grace period for personal loan repayments in their standard terms.

Interest rates for Karur Vysya Bank personal loans are variable and depend on individual factors like creditworthiness, loan amount, and tenure. They start from 9.75% p.a. but your actual rate could be higher or lower.

No, there are generally no direct tax benefits associated with repaying personal loans from Karur Vysya Bank or any other lender in India. Personal loans fall under the category of "unsecured loans," and the interest paid on them isn't deductible from your taxable income under Section 24(b) of the Income Tax Act, 1961.

Yes, you can definitely settle or prepay your personal loan before the end of the tenure with Karur Vysya Bank.

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