Karur vysya bank
Personal Loan

• The personal loans for salaried individuals, self-employed individuals and other professionals. The loan are available to all individuals.
• Loans are available to individuals and proprietorship firms to manage any short term requirements.
• Loan schemes are designed as per the requirement of the customer to fulfill several requirements such as travel, family function expenses, education, medical expenses and a lot more.
• You can also get immediate financing with secured loans by offering gold ornaments as security or through Insta Loan and Quick Loan facilities.
• Repayment tenure of up to 60 months is available with these loans.
• Karur Vysya bank provides floating interest rates that are extremely affordable and linked to the MCLR.

• Personal loan types: Bon Voyage, Jewel Loan/Overdraft, Insta Loan, Personal Loan (Secured / Unsecured), Quick Loan, and IPO Funding.
• Loan available for: These personal loans are available to all individuals including salaried individuals, self-employed individuals and other professionals.
• Purpose: Loan schemes are designed as per the requirement of the customer to fulfill several requirements such as travel, family function expenses, education, medical expenses and a lot more.
• Secured loans available: You can also get immediate financing with secured loans by offering gold ornaments as security or through Insta Loan and Quick Loan facilities.
• Repayment tenure: Up to 60 months.
•  Interest rate: 12% p.a.

As mentioned before, you get a gamet of loan plans with Karur Vysya Bank. Each of these loan plans offer varying interest rates as per the eligibility terms and the purpose of the loan. Karur Vysya bank offers floating interest rates that are linked to MCLR.

The different types of personal loan schemes available at Karur Vysya Bank are as follows:

 Bon Voyage Loan

Jewel Loan/Overdraft (Swarnamitra)          

 Insta Loan

 Personal Loan (Secured/Unsecured)

Quick Loan

IPO funding

The Personal Loan Eligibility conditions are as follows:

For Bon Voyage Loan

• The applicant should be an Indian citizen and must be a person residing in India.
• You cannot obtain foreign exchange for any travel to Bhutan or Nepal.
• If the individual is employed, the minimum take home salary should be at least Rs. 1.20 Lakhs per annum.
• For employed individuals, it is necessary that the net take home salary after all deductions including EMI is 25% of gross salary as shown by the salary slip/ pay slip.
• An undertaking letter from the employer stating that the monthly deductions shall be made and paid directly to the bank is necessary.

For Swarnamitra Loan 

•  Loan is provided only to the actual owners of the gold ornaments.
• The jewelry cannot be exchanged.

For Insta Loan

• The net take home salary of the individual after all the deductions have been made should be at least 25% of the gross salary.
• Individual must have availability of financials from firms, trusts, corporates etc. These institutions must be existing and profit making.
•  Temporary employees are not eligible for insta loan.
• The individual applying for the loan should be a permanent employee with at least 2 years of confirmed service and an unexpired service of 1 year.
• He or she should be a non-defaulter with other banks.
• An undertaking letter from the employer to make direct payment of EMI to the bank is a Outstanding dues from the terminal benefits of the guarantor or the borrower in case of retirement, resignation, voluntary retirement or dismissal from services.

For Personal Loan

• This loan is available for all salaried employees of PSU's, reputed individuals, self-employed individuals and all other individuals who can provide complete security by covering loan amount with deposits, LIC policies, RBI bonds, IVP, KVP, NSC etc.
• Net take home salary after all deductions should be at least 25% of the gross pay.
• The salary certificate should be submitted in order to establish repayment capacity.
• Undertaking from employer stating that the loan installment will be deducted and remitted to the bank directly is a must.

For Quick Loan

•  Loan is provided against security provided by the individual.
• LIC policies are not accepted for this plan.
• Loans cannot be provided to minors.

For IPO Lending

• The applicant must have a savings bank account with lending branch of KVB.
• The applicant must have a demat account with the bank or with any approved DPs viz M/s. Karvy Consultants Ltd, Geojit Financial Services Ltd. ILand FS, Kotak Bank, Steel City Securities Ltd. Etc.
• The name of the applicant and the sequencing should be the same in all the records including the loan application, the SB account, Share application form etc.

In order to complete your loan application process, you are required to furnish the following documents: 

•  Duly Filled Application form.
• 2 passport sized photos of applicant and guarantor
•  Photo ID proof of applicant and guarantor
• Residence proof of applicant and guarantor
• Pan Card Copy of Applicant and guarantor
• In case of salaried individuals, last 3 months' salary slip+ bank statement for past 6 months+ Form 16A + IT return for the last 3 years.
• In case of businessmen, last 2 years financial statement along with ITR copy and bank statement of business for the last 1 year.

Your net take home salary includes several deductions such PF or IT. An EMI is an additional deduction after you have applied for a loan. Before you make any loan application, you must understand if this additional deduction may affect your current budget in a negative manner or if it is suitable to your budget. You can calculate your EMI accurately before you make a loan application using the EMI calculator on MyMoneyMantra. All you have to do is enter the loan amount and the tenure and the EMI is calculated based on the interest rate for a specific plan.

Credit worthiness and repayment capacity is a very important factor in most Karur Vysya bank products. This is determined by your CIBIL Score which allows the bank to track your past credit history and repayments. You have a simple CIBIL score calculator online on MyMoneyMantra that allows you to get your latest CIBIL score. For most banks, a minimum CIBIL score of 700 is mandatory for any personal loan.

The personal loan processing fees for various loan plans under Karur Vysya Bank personal loans are as follows:

For queries, complaints or any other information, you have a dedicated customer service number as follows: 

Head Office:

Karur Vysya Bank

Central Office

Erode Road

Karur- 639002

You can also fill an online application form to submit your grievances and complaints.