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Karur Vysya Personal Loan Eligibility Calculator

Karur Vysya Bank Personal Loan Eligibility 2021

Last Updated 09th Jul 2021

Eligibility CriteriaSalaried
Profession that are eligible for Karur Vysya Bank Personal LoanSalaried people working in government, private or MNCs companies
Applicant Age25 - 60 years
  • High credit score and better financial stability lead to high personal loan eligibility from Karur Vysya Bank.
  • Karur Vysya Bank requires you to meet certain eligibility factors related to age, number of years of work experience and type of residence you live in to be able to get a personal loan.
  • Karur Vysya Bank calculates the amount of personal loan you are eligible for using a formula that includes your net take home salary and your existing loans or EMIs you have to pay currently.
Personal Loan Eligibility Calculator
Karur Vysya Bank Personal Loan Eligibility

Karur Vysya Bank offers various personal loan schemes and offers, at affordable rates to eligible customers. Karur Vysya Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Karur Vysya Bank, even if you are salaried or self-employed. The eligibility criteria, however may be slight different for self employed. A detail information on these factors is mentioned in the further sections.

Karur Vysya Bank Personal Loan Eligibility based on Age
  • Age: The minimum age requirement for availing a Karur Vysya Bank personal loan is 25 years and the maximum age is 60 years.If you are aged below 25 years, you are considered as ineligble borrower as you might not fulfil the income criteria for the loan.
Karur Vysya Bank Personal Loan Eligibility based on Salary
  • Net Income : Your eligibility is determined by your net monthly income to understand so that your loan EMI’s are not affecting your living standards. Karur Vysya Bank asks for a minimum net income of ₹ 20,000 per month to avail a personal loan.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that is used to determine your Karur Vysya Bank personal loan eligibility. Karur Vysya Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Karur Vysya Bank is 0.45. Use Karur Vysya Bank personal loan eligibility calculator to estimate your eligibility and apply online for the eligible loan amount hassle-free.

Illustration- Mr. A who is 25 years old has a net income of ₹ 20,000. He wants to take a personal loan of ₹ 1 Lakh for 36 months. Karur Vysya Bank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, Karur Vysya Bank will calculate his eligibility using the eligibility calculator. With a salary of ₹ 20,000, the maximum amount he is eligible for is ₹ 2.81 Lakh. The interest he has to pay for this amount for 36 months is 9.40%.

Karur Vysya Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Karur Vysya Bank will check the your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your the chances that your loan application from Karur Vysya Bank will get approved. However, a low CIBIL score decreases your eligibility to get a personal loan. Karur Vysya Bank requires a minimum credit score of 650 to be eligible for a personal loan.

Karur Vysya Bank Personal Loan Eligibility based on Occupation

There are other factors related to you occupation which are responsible for the approval of the loan by Karur Vysya Bank, as listed below:

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Karur Vysya Bank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Karur Vysya Bank looks for a minimum total experience of 24 months and also looks for applicants who have been employed in the current job for a minimum of 12 months.
  • Residence place and stability – Banks are very particular about your place of residence. Karur Vysya Bank has a pre-decided list of areas where the bank will lend the loan. The bank also has a negative list of area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Karur Vysya Bank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Karur Vysya Bank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Karur Vysya Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Karur Vysya Bank considers salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque,the bank will not give you the loan because the bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Karur Vysya Bank if you apply for a personal loan.

How can I Check my Karur Vysya Bank Personal Loan Eligibility?

To check Karur Vysya Bank personal loan eligibility you need to follow these steps:

  • Login to Karur Vysya Bank website
  • Go to Karur Vysya Bank personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

In Addition to this, you can also contact the bank at their customer care number, 1860-258-1916.

Karur Vysya Bank Personal Loan Eligibility for Self Employed

Karur Vysya Bank personal loan eligibility criteria for self employed is as follows:-

  • You must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be minimum of 25 years at the time of loan application.
  • You must have filed ITR for atleast months to get a personal loan from Karur Vysya Bank.
  • You must have a gross annual reciept of more than .
  • Karur Vysya Bank checks your credit history to estimate your creditworthiness and your credit score must be above 650 to get a Karur Vysya personal loan.

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FAQs

What are the eligibility criteria to avail Karur Vysya Bank personal loan?

The minimum age of the applicant required to get a personal loan from Karur Vysya Bank is 25 year as the chances of meeting income eligibility criteria are very less below this age. The maximum age for salaried employees can go up to 60 years.

Is age an eligibility criteria to apply for a Karur Vysya Bank personal loan?

Yes, age is an eligibility criteria to apply for a Karur Vysya Bank personal loan. You should be of minimum 25 years to avail a loan from Karur Vysya Bank.

Am I eligible for Karur Vysya Bank personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Karur Vysya Bank personal loan if your CIBIL score is less than 300. If you have a credit score less than 300 then it is considered bad and to avail a personal loan from Karur Vysya Bank, you must have a credit score above 650.

How can I improve my eligibility for Karur Vysya Bank personal loan?

To improve your Karur Vysya Bank personal loan eligibility you can add a co-applicant, maintain a high credit score, pay EMI’s and credit card bills on time and reduce your existing debts. These steps will help improve Karur Vysya Bank personal loan eligibility.

What should be my income to secure a personal loan from Karur Vysya Bank?

The minimum income for a salaried employee should be at least ₹ 20,000 per month to secure a personal loan from Karur Vysya Bank.However, the income criteria of Karur Vysya Bank may vary for metro cities, tier-1 or tier 2 locations.

How much work experience is required for personal loan from Karur Vysya Bank?

To get a personal loan from Karur Vysya Bank, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 12 months for Karur Vysya Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Karur Vysya Bank is up to ₹ 10 Lakh.However, the eligibility criteria for every borrower is different as it is based on various factors like age, employment etc.

Will CIBIL Score affect my personal loan from Karur Vysya Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for a Karur Vysya Bank personal loan as it increases your repayment capacity. While availing loan from Karur Vysya Bank ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Do I need to have a guarantor to apply for Personal Loan from Karur Vysya Bank?

Personal loan is an unsecured loan, so Karur Vysya Bank assure that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Karur Vysya Bank .

Where can I get the company list which is eligible for Karur Vysya Bank personal loan?

Karur Vysya Bank does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Karur Vysya Bank or can use the personal loan eligibility calculator.


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Karur Vysya Personal Loan News - Jul 2021
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
  • 2020-07-30 : Karur Vysya Bank reported a net profit of Rs. 105.50 crore
    Karur Vysya Bank reported a 45% increase in net profit at Rs 105.50 crore in the first quarter ended June. The company has reported total income bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans of Rs.1693.23 crores during the period ended June 30, 2020, as compared to Rs.1803.15 crores during the period ended March 31, 2020.
  • 2018-07-25 : Karur Vyasa Bank reports Q1 result, net profit slumps 69%
    Karur Vyasa Bank reports 69% decline in net profit at Rs 45.9 crore against Rs 148 crore a year ago. Net Non-Performing Asset (NPA) grew by 4.50% against 2.85% the previous year. Meanwhile, the net interest income was up 583.9 crores compared to 538.6 crores previous year.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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