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Disclaimer: Karur Vysya Bank is not a Paisabazaar partner for personal loan and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Karur Vysya Bank for personal loans. No offers/services from Karur Vysya Bank are being provided by Paisabazaar for personal loans. For further information about Karur Vysya Bank for personal loans, users are required to reach out directly to Karur Vysya Bank.
| Karur Vysya Bank Personal Loan Highlights | |
| Interest rate | 13.15% p.a. to 14.15% p.a. |
| Loan amount | Up to Rs 10 Lakh |
| Loan tenure | 1 to 5 years |
| Processing fee | 1.50% of the requested loan amount |
Note: Interest rates as on 19 September 2024
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Table of Contents
Interest Rates of Karur Vysya Bank Personal Loan
The Karur Vysya Bank Personal Loan interest rates range between 13.15% to 14.15%. However, the final personal loan interest rates offered to the loan applicant would vary according to the credit score, monthly income, job profile, employer’s profile, etc. of the loan applicant.
Comparison of Karur Vysya Bank Personal Loan Interest Rate VS Other Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | Up to 28% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
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Fees and Charges of Karur Vysya Personal Loan
| Processing fee |
Personal loan: 1.50% of the loan requested amount Insta loan: 0.50% of the loan amount subject to a minimum of Rs. 1,000/- + GST. |
| Foreclosure charges | NIL (under floating rate of interest) |
Types of Karur Vysya Bank Personal Loan
Personal loan (secured)
- Purpose: to meet personal needs and unforeseen emergencies of the borrowers
- Loan amount: Rs 50,000 to Rs 10 lakh
- Loan tenure: 1-5 years
Insta Loan
- Purpose: Karur Vysya Bank offers Insta Loan particularly for the permanent employees of reputed companies, schools, government institutions, etc to meet their (including their dependents’) medical, housing, education and other such expenses. The bank also asks for a demand promissory note as the primary security and personal guarantees from different employees for personal loans.
- Loan tenure: 6 years or remaining service period, whichever is lower.
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Eligibility Criteria Required to Avail Karur Vysya Personal Loan
Unsecured personal loan
- For salaried: The net take-home pay after deducting the proposed loan installments shall be 25% of the gross pay
- For self-employed individuals: IT returns
Insta Loan
- The net take-home pay after deducting the proposed loan installments should be 25% of the gross pay.
- Only permanent employees of reputed companies, schools, and government institutions with a minimum confirmed service of 2 years and an unexpired service of 1 year, who are non-defaulters of any other bank or financial institution.
Documents Required for Karur Vysya Personal Loan
Unsecured personal loan
- For salaried individuals
- Salary certificate
- Undertaking from the employer will be required to deduct loan installments and interest from the borrower’s salary.
- For self-employed individuals: IT returns to ensure income and repayment capacity
Insta Loan
- Undertaking Letter from the competent pay disbursing authority
- Availability of financials of Corporate/ Firms/ Trusts etc., and ensuring that they are in existence and profit making for the last three years.
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Karur Vysya Bank Personal loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. What is the maximum loan amount that I can avail from Karur Vysya Bank Personal loan category?
Ans. You can avail a loan amount of up to Rs. 10 lakh.
2. I am a salaried professional and I want to avail a personal loan with longer tenure. Which Karur Vysya Bank Personal loan scheme should I go for?
Ans. If you wish to have a longer tenure, you can opt for Karur Vysya Bank Insta Loan Scheme as it offers a flexible tenure of up to 5 years.