What is Karur Vysya Bank Personal Loan?
Karur Vysya Bank Personal Loan Eligibility
- CIBIL Score: It reflects your credit history. The score is derived using a CIBIL report, which is also known as (CIR) Credit Information Report. All your payments are tracked through CIR.
- Salary: The bank decides your loan amount approval based on your monthly income. This is just to make sure that the applicant is capable to pay the loan amount after loan disbursal.
- Location: It is yet another primary concern while opting for a loan. Your loan will be sanctioned only from the bank branch that is nearby your current location.
- Age: The age of the person applying for a personal loan must be between 21 to 60 years.
To know more about: Personal Loan Eligibility
Karur Vysya Bank Personal LoanDocumentation
- Identity proof (Aadhar card/driving license)
- Salary slips of last three months
- Bank statements that are six months old
- PAN Card is must
- Residence Proof (Owned/Rented/Company provided)
- Passport sized photographs – 2
*NOTE: In case of rented apartments, rent agreement will be attached.
- All financials are considered (company documents as well as ITR files)
- PAN Card
- Aadhar Card
- Residence Proof
- Two passport sized photographs
To know more about: Personal Loan Documents
KKarur Vysya Bank Personal Loan Interest Rate
The interest rate provided by this bank is quite affordable. It starts @ 11.70% per annum.
Karur Vysya Bank Personal Loan Tenure
The tenure of the personal loan is from 12 months till 60 montjhs.
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Basic FAQs about Karur Vysya Bank Personal Loan
1. Who can apply for a Personal Loan?
People those who need instant amount of money for any personal use may opt for this option.
2. What is the tenure of personal loan?
Personal loan is given for a minimum time span of one year to a maximum time span of five years. There is no extension of a personal loan; you have to repay the amount to the bank within that time slot only.
3. Are there any other charges involved in a Personal Loan?
Yes, there are 2 charges that are included in the process of personal loan. They are mentioned below:
Pre-closure Charges: Whenever you want to close your current loan before its closing time period, then banks charge an extra % of interest rate known as pre-closure charges on your loan amount. Different banks have different pre-closure charges.
Processing Fee: For every bank that processes your personal loan, there is a little amount of money that they charge from you. This is known as Processing Fee.
4. If my CIBIL score is not maintained then can I get a rejection for the loan?
Banks consider CIBIL Score the most when it comes to a personal loan. So, try not to skip any of your bank payments or any credit card payments as that will reflect in the decrease of your CIBIL. Most of the rejections that happen are based on your CIBIL Score.
About Karur Vysya Bank
Karur Vysya is a private sector bank, that is 100 years old. It is headquartered in Karur, Tamil Nadu, India.
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