Karur Vysya Bank Consumer Loan Detailed Guide

Are you finding a consumer loan to finance your personal needs? Do you want to get a loan from a trusted bank? If yes, then you might want to consider Karur Vysya Bank Consumer Loan. In this article, we will tell you everything you need to know about this loan such as its types, features, benefits, eligibility, documents, interest rates, charges and how to apply for this and check status or calculate EMI online.

Karur Vysya Bank Consumer Loan

Karur Vysya Bank Consumer Loan is a personal loan product. This loan is very useful to meet the various needs of the customers such as education, marriage, travel, medical, home renovation, debt consolidation etc. Salaried, self-employed and pensioner individuals are eligible for taking this loan. The loan amount ranges between 1 lakh to 75 lakh rupees based on the customer income, repayment capacity and credit score. The loan tenure varies from 12 months to 72 months. Loan interest rates are competitive and fluctuate between 10.50% to 15.50% each year. The loan processing fee is up to 1.5% of the loan amount  with including GST.

Types of Karur Vysya Bank Consumer Loan

Karur Vysya Bank Personal Loan comes with two types of schemes namely KVB Quick Loan and KVB Bon Voyage Loan. Let us see the features and benefits of each scheme in detail.

KVB Quick Loan

• The loan amount ranges from 1 lakh to Rs. 10 lakh rupees according to the borrower’s income and credit score.
• The loan tenure ranges from 12 months to 60 months according to the borrower’s preference and repayment capacity.
• The loan interest rate is fixed and ranges from 10.50% to 15.50% p.a. based on the loan amount, tenure and credit profile of the borrower.
• The loan processing fee is up to 1.5% of the total loan amount plus GST and other charges may apply as per the bank’s norms.
• The loan can be taken by salaried individuals who have a minimum job experience of two years with 15,000 rupees monthly income.
• The loan can be borrowed online through the bank’s website or mobile app or offline through the bank branches or customer care.
• The loan requires minimal documentation and verification and the loan amount is disbursed within 24 hours after approval.
• The loan can be repaid through EMIs by giving a standing instruction to the borrower’s bank account or by issuing post-dated cheques or by using online payment modes like NEFT, RTGS, IMPS etc.
• The loan allows prepayment and foreclosure options, according to certain charges and conditions as per the bank norms.

KVB Bon Voyage Loan

KVB Bon Voyage Loan is a personal loan scheme that offers financing for travel and tourism purposes. The features and benefits of this scheme are as follows.

• The loan amount ranges from Rs.1 lakh to Rs.75 lakh rupees according to the borrower’s income, credit score and travel expenses.
• The loan tenure ranges from 12 months to 72 months depending on the borrower’s preference and repayment capacity.
• The loan interest rate is fixed and ranges from 10.50% to 15.50% per annum according to the loan amount, tenure and credit profile of the borrower.
• The loan processing fee is up to 1.5% of the loan amount plus GST and other charges may apply as per the bank rule.
• The loan can be availed by salaried, self-employed and pensioner individuals who have a minimum monthly income of 15,000 rupees and minimum work experience of 2 years for salaried and self-employed and a minimum 10000 rupees pension amount for pensioners.
• The loan can be taken by online through the bank official website or mobile app  or offline through the bank’s branches or customer care.
• The loan requires minimal documentation and verification and the loan amount is disbursed within 24 hours of approval.
• The loan can be repaid through EMIs by giving a standing instruction to the borrower’s bank account or by issuing post-dated cheques or by using online payment modes like NEFT, RTGS, IMPS etc.
• The loan allows prepayment and foreclosure options subject to certain charges and conditions as per the bank’s norms.

Features and Benefits of Karur Vysya Bank Consumer Loan

Karur Vysya Bank Consumer Loan offers several features and benefits to the customers, such as.

• Flexible loan amount and tenure: The loan amount and tenure can be customized as per the borrower’s needs, subject to the bank’s eligibility criteria and approval.
• Competitive interest rate: The loan interest rate is competitive and varies from 10.50% to 15.50% p.a. depending on the loan amount, tenure and credit profile of the borrower.
• Low processing fee and charges: The loan processing fee is up to 1.5% of the loan amount plus GST and other charges are nominal and transparent as per the bank’s rule.
• Easy and quick application and approval: The loan can be applied online through the bank official website, mobile app or offline through the bank’s branches, with minimal documentation and verification. The loan approval and disbursal are fast and trouble free, within 24 hours of application.
• Convenient repayment options: The loan can be repaid through EMIs by giving a standing instruction to the borrower’s bank account or by issuing post-dated cheques or by using online payment modes like NEFT, RTGS, IMPS etc.
• Prepayment and foreclosure options: The loan allows prepayment and foreclosure options with certain charges and conditions as per the bank’s norms. This can help the borrower save on interest cost and reduce the loan burden.
• No collateral or guarantor required: The loan is an unsecured loan which means it does not require any collateral or guarantor to avail it. The loan is granted based on the borrower’s income, credit score and repayment capacity.

Eligibility Criteria for Karur Vysya Bank Consumer Loan

The eligibility criteria for Karur Vysya Bank Personal loan are as follows:

• The applicant must be an Indian citizen and a resident of India.
• The applicant must be between 21 years and 60 years of age for salaried and self-employed individuals and between 21 years and 70 years of age for pensioners.
• The applicant must have a minimum monthly income of 15,000 rupees for salaried and self-employed workers and 10,000 rupees for pensioners.
• The applicant must have a minimum work experience of 2 years for salaried and self-employed individuals and a minimum pension tenure of 2 years for pensioners.
• The applicant must have a good credit history and a minimum CIBIL score of 650.

Documents Required for Karur Vysya Bank Personal Loan

The documents required for Karur Vysya Bank Consumer Loan are as follows.

• ID proof: PAN card, Aadhaar card, passport, voter ID card, driving license, etc.
• Address proof: Aadhaar card, passport, voter ID card, driving license, utility bills, rent agreement etc.
• Income proof: Salary slips, bank statements, income tax returns, Form 16 etc. for salaried individuals.  Bank statements, income tax returns, business proof etc. for self-employed individuals and Pension slips, bank statements etc. for pensioners.
• Loan application form duly filled and signed by the applicant.
• Passport size photographs of the applicant.
• Any other documents as required by the bank.

How to Apply for Karur Vysya Bank Consumer Loan Online?

The steps to apply for Karur Vysya Bank Personal Loan online are as follows:

• Visit the official website of Karur Vysya Bank and click on the Personal tab.
• Under the Loans section click on the “Consumer Loan” option.
• Choose the loan scheme that suits your needs and click on the Apply Now button.
• Fill in the loan application form with the required details such as name, contact number, email ID, loan amount, tenure, income, etc.
• Upload the scanned copies of the required documents such as ID proof, address proof, income proof etc.
• Submit the loan application form and wait for the confirmation message from the bank.
• The bank will verify your details and documents and approve or reject your loan application within 24 hours.

How to Check Karur Vysya Bank Personal Loan Status Online?

To check your Karur Vysya Bank Consumer Loan status online, you can follow these steps.

• Visit the official website of Karur Vysya Bank and click on the Personal tab.
• Under the Loans section click on the “Consumer Loan” option.
• Choose the loan scheme that you have applied for and click on the Apply Now button.
• Enter your application ID and mobile number and click on the Submit button.
• You will be able to see the status of your loan application on the screen.

How to calculate EMI for Karur Vysya Bank Consumer Loan online?

To calculate EMI for Karur Vysya Bank Consumer Loan online you can use the EMI calculator tool available on the bank’s official website or on other websites such as Paisabazaar, Groww or MyMoneyMantra. The EMI calculator tool uses a standard formula to compute the monthly instalment amount based on the loan amount, interest rate and tenure that you enter.

This comprehensive guide provides you with all the necessary information about Karur Vysya Bank Consumer Loan. For more financial resources, you can explore the following links:

1. NIRA Personal Loan App
2. Union Bank Personal Loan
3. Fake or Real: 7 Days Loan App List 2023
4. Personal Loan for Students
5. Fastest Instant Loan Apps in India

Karur Vysya Bank Consumer Loan Interest Rates and Charges

The interest rates and charges for Karur Vysya Bank Personal Loan are as follows:

• Interest rate: The interest rate for Karur Vysya Bank Consumer Loan is fixed and ranges from 10.50% to 15.50% per annum, depending on the loan amount, tenure, and credit profile of the borrower. Interest rate is calculated on a monthly reducing balance basis.
• Processing fee: The processing fee for Karur Vysya Bank Consumer Loan is up to 1.5% of the loan amount plus GST, which is deducted from the loan amount at the time of disbursal. The processing charge is not refundable and includes the costs of loan application verification, documentation and approval.
• Prepayment charges: The prepayment charges for Karur Vysya Bank Consumer Loan are applicable if the borrower wants to repay the loan amount before the end of the loan tenure. If a prepayment is done within a year of the loan disbursal then 2% prepayment charges are applicable on an outstanding principal amount and if a prepayment is made after that time then  1% charges are applicable on the outstanding principal amount. Early repayment penalties are removed if the borrower repays more than 25% of the loan balance in one payment.
• Foreclosure charges: The foreclosure charges for Karur Vysya Bank Personal Loan are applicable if the borrower wants to close the loan account before the end of the loan tenure Two percent of the outstanding principal amount will be charged if the foreclosure is finished within a year of the loan disbursal. If it takes longer, one percent of the outstanding principal amount will be charged. Costs associated with foreclosure are reduced if the borrower repays the entire loan balance in a single payment.
• Late payment charges: The late payment charges for Karur Vysya Bank Consumer Loan are applicable if the borrower fails to pay the monthly instalment on the due date. The late payment charges are 2% per month on the overdue amount subject to a minimum of Rs. 500 and a maximum of Rs. 5,000.
• Cheque bounce charges: The cheque bounce charges for Karur Vysya Bank Consumer Loan are applicable if the borrower’s cheque issued for the loan repayment is dishonored by the bank due to insufficient funds or any other reason. The cheque bounce charges are Rs. 500 per cheque plus GST.
• Swap charges: The swap charges for Karur Vysya Bank Consumer Loan are applicable if the borrower wants to change the mode of repayment from cheque to electronic clearing system (ECS) or vice versa. The swap charges are Rs. 500 per swap plus GST.
• Duplicate statement charges: The duplicate statement charges for Karur Vysya Bank Consumer Loan are applicable if the borrower requests for a duplicate copy of the loan statement or the repayment schedule. The duplicate statement charges are Rs. 250 per statement plus GST.
• Duplicate NOC charges: The duplicate NOC charges for Karur Vysya Bank Consumer Loan are applicable if the borrower requests for a duplicate copy of the no objection certificate (NOC) issued by the bank after the loan closure. The duplicate NOC charges are Rs. 250 per NOC plus GST.

Karur Vysya Bank Customer Care Number

If you want to contact Karur Vysya Bank Customer Care for any queries or feedback regarding your consumer loan you have the following options:

• You can call the toll-free helpline number 1860 258 1916 if you are calling from India or +91 44 – 66217600 if you are calling from outside India. The customer care executives will assist you with your queries and complaints.
• You can visit the nearest branch of Karur Vysya Bank and speak to the branch manager or the loan officer. You can find the list of branches and their contact details on the bank’s official website.
• You can fill out and submit an online feedback or complaint form on the bank’s website Along with the specifics of your query or feedback you will also need to provide your personal details. You can expect a response from the bank in a timely manner.
• You can also write an email to customersupport@kvbmail.com with your query or feedback. Your loan account number, including any other information, must be included in the email. The bank will respond as quickly as possible.

How to do Karur Vysya Bank Consumer Loan payment online

• Use Karur Vysya Bank’s Net Banking to pay your loan EMI by logging in to your account and selecting Loan Repayment under Payments.
• Utilize the Mobile Banking option through the KVB DLite app, available on App Store and Google Play to make EMI payments.
• Set up Autopay by submitting a mandate form at the nearest branch to authorize automatic EMI deductions from your account.
• Non-Karur Vysya Bank account holders can pay via the Bill Desk web page by entering loan details and selecting a payment method.
• Make EMI payments from other bank accounts using NEFT by adding your loan account as a beneficiary.

Karur Vysya Bank Consumer Loan Login Procedure

To login to your Karur Vysya Bank Consumer Loan account online you can follow these steps.

• Visit the official website of Karur Vysya Bank and click on the Personal tab.
• Under the Loans section, click on the Consumer Loan option.
• Choose the loan scheme that you have availed and click on the Apply Now button.
• Enter your loan account number and password and click on the Login button.

All information related to your loan account including the loan balance, EMI amount, due date and transaction history will be provided to you.

For alternative option you can use the KVB DLite app by  downloading the it from the Google Play Store or App Store to log into your loan account. You need to register your mobile number and loan account on the app and then login with your credentials. You can also use the app to pay your loan EMI online, check your loan status, and get other services.

Conclusion

Karur Vysya Bank’s Consumer Loan offers flexible financing for personal needs like education travel, medical expenses and more. It offers loans ranging from 1 lakh to Rs. 75 lakh rupees to self-employed, salaried and pensioner individuals with good credit. The loan term ranges from 12 to 72 months with annual interest rates of  10.50% to 15.50%. Application process is smooth online or offline with fast approval within 24 hours. Repayment via EMIs and prepayment options are available making it an unsecured, customer-oriented loan from a trusted bank.

FAQs

Q.1  What is the minimum and maximum loan amount for Karur Vysya Bank Consumer Loan?

The minimum loan amount for Karur Vysya Bank Consumer Loan is Rs. 1 lakh and the maximum loan amount is Rs. 75 lakh, subject to the borrower’s income, repayment capacity and credit score.

Q.2 What is the minimum and maximum loan tenure for Karur Vysya Bank Consumer Loan?

The minimum loan tenure for Karur Vysya Bank Consumer Loan is 12 months and the maximum loan tenure is 72 months, depending on the loan scheme and the borrower’s preference.

Q.3 What are the processing fees and other charges for Karur Vysya Bank Consumer Loan?

The processing fees for Karur Vysya Bank Consumer Loan are up to 1.5% of the loan amount plus GST. Other charges may include prepayment charges, foreclosure charges, late payment charges, cheque bounce charges, swap charges, duplicate statement charges, duplicate NOC charges, etc. The exact charges may vary depending on the loan scheme and the borrower’s profile.

Q.4  How can I repay my Karur Vysya Bank Consumer Loan?

You can repay your Karur Vysya Bank Consumer Loan through Equated Monthly Installments (EMIs) by giving a standing instruction to your bank account or by issuing post-dated cheques or by using online payment modes like NEFT, RTGS, IMPS, etc.

Last Updated on 10 months