Karur Vysya Bank Personal Loan @ 8.7% to 19% p.a | Eligibility Criteria, Reasons, Details, Documents Required

Karur Vysya Bank Personal Loan: There are several kinds of personal loans that are accessible for the clients of Karur Vysya Bank. Clients can choose the kind of loan they need based on their requirements. The bank has set the eligibility norms for each loan, like bon voyage, instant-loan, Swarna Mitra, quick loan, IPO funding, etc.

Personal loans are permitted rather effortlessly and do not mandate the applicant to give enormous records for which, applicants must be thorough with the various eligibility norms for personal loans of KVB.

KVB gives personal loans under varied sections that depend on the goal, and the eligible norms also vary depending on the proposal selected by the person.

This article will help you know about, types of personal loans offered in KVB, Documents needed for KVB personal loan, and much more.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

Karur Vysya Bank

Karur Vysya Bank Overview

Karur Vysya Bank is an esteemed bank in India, set up in Karur in 1916 by two well-known visionaries and illustrious sons of Karur, the Late Shri M.A. Venkatarama Chettiar and the Late Shri Athi Krishna Chettiar to give financial aid to the traders and people related with agriculture in and around Karur, which is a textile town located in Tamil Nadu.

The purpose of these loans as offered by the bank can be for medical issues, trips, any sudden personal necessity, education expenditures, etc.

Karur Vysya Bank Features

  • Loan strategies are formulated depending on the client’s needs to reach various necessities such as trips, family expenses, medical costs, etc.
  • One can also receive reliable financing with secure loans by giving gold jewellery as an agreement or can avail quick or instant loan facility.
  • A reimbursement term is up to sixty months.
  • It gives the floating rate of interest which is incredibly accessible.
  • Leading banks such as the KVB generally have the least CIBIL tally of seven hundred is important for any personal loans.
  • The person’s income level shows how much they will be able to pay as EMI, which impacts the loan amount to be sanctioned.
  • The city of residence plays a significant role in the sanctions of loans. Like more loans are accepted in metro cities rather than in other cities.
  • Age plays a crucial role as young people often change jobs, and if one job fails, they will not be able to pay through EMI.
  • People with salaried jobs get monthly earnings on a fixed date, and the EMI is taken away at once from their income accounts, while self-employed ones must depend on the market demand situations to earn.
  • Individuals living in a house owned by them instead of a rented house as no part of their earnings is spent on rent, making it easy for them to pay the instalments. Secondly, it is easy to find the individual easily if they cannot keep pace with the EMI amount.
  • Duration for living and working in a location from which the person is applying plays a key role in the loan eligibility.

How to Apply for a Personal Loan in Karur Vysya Bank?

For Application, applicants can choose the type of loan they wish to avail and apply:

  1. Online: Through the bank website
  2. Offline: By contacting the nearest branch of the bank

Karur Vysya Bank Personal Loan Eligibility Criteria

The details of the eligibility norms which are appropriate to several types of personal loans:

Bon Voyage

Reason for the loan– To travel for a job or any personal purpose.

Should be a Citizen of India or is staying in India.

  • Age should be at least 21 years and an utmost of 65 years
  • The person doing salaried jobs should be prepared to give an undertaking note from the employer to subtract EMI and credit it directly to the bank.

Swarna Mitra

The basis of the loan is for personal usage or non-agricultural purposes.

A person should be a citizen of India or stay in India.

Age should be at least 21years and a maximum of 65 years.

IPO funding

It is taken to invest in an IPO

A person needs to be a citizen of India or stay in India.

Persons maintaining a savings account with any sector of KVB, KVB Demat account, or any authorized DPs will only be applicable for this loan.

Quick Loan

For job purposes or individual reasons

Individuals have to be a citizen of India or stay in India.

  • Overdraft is permitted just for one year.
  • Central and state government insurances, KVPs, NSCs, can be consented to.

Instant Loan

Taken for individual purpose or non-agricultural usage.

It needs to be a Citizen of India or an individual staying in India.

  • Stable workers of government or private organizations.
  • Temporary workers are not qualified.
  • Age needs to be at least twenty years and a maximum of sixty years.
  • After the reduction of loan EMI, the net take-home salary of applicants should not be less than 25% of their total salary.

Personal Loan, whether Secured or Unsecured

They were taken for personal usage. The person should be a Citizen of India or staying in India.

  • Stable workers of government or private organizations.
  • Temporary workers are not qualified.
  • Age needs to be at least twenty years and a maximum of sixty years.
  • After the reduction of loan EMI, the net take-home salary of applicants should not be less than 25% of their total salary.
  • The person doing salaried jobs should be prepared to give an undertaking note from the employer to subtract EMI and credit it directly to the bank.

Karur Vysya Bank Personal Loan Documents Required

  • Passport size image of the guarantor as well as of the applicant
  • Id evidence, proof of residence, copy of Pan card of both
  • For business people, a recent two-year financial declaration, an ITR document, and a bank declaration for a recent one year
  • For salaried people, recent three months income receipt, the bank declaration for the prior six months and Form 16A and IT recovery for the previous three years

Karur Vysya Bank Personal Loan Features

  • Amount of loan- up to 25lakhs
  • Rate of interest-8.70percent to 19percent per annum
  • Term of loan-Five years
  • Lowest Installment-Rs. 2,061 Per lakh
  • Charges of processing- Upto 1.50percent of the sanctioned loan amount
  • Reliable and reimbursement ability is an incredibly significant part of Karur Vysya bank properties. This is defined by the CIBIL value, which enables the bank to trace one’s prior credit record and reimbursements.

Types of Personal Loan Offered by Karur Vysya Bank

  • Bon Voyage
  • Swarna Mitra
  • IPO funding
  • Quick Loan
  • Instant Loan
  • Personal Loan, whether Secured or Unsecured

Takeaways from the Article

If one needs to apply for a personal loan, knowing the interval and documentation of a loan is an essential aspect of applying for any loan. This article will help you know about Personal loans given by Karur Vysya Bank Personal Loan, factors affecting the eligibility, norms, etc.

Furthermore, this article will assist you with the features of a personal loan so that it can be simple for you to select the perfect loan.

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