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Karur Vysya Personal Loan EMI Calculator - Feb 2021

Karur Vysya Bank Personal Loan Calculator

Last Updated 11th Jan 2021

Get monthly EMI as low as ₹ 3,321 per lakh on Karur Vysya Bank personal loan. Personal loan EMI in Karur Vysya Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan3 Year loan
₹ 1 Lakh₹ 8,885₹ 3,321₹ 3,321
₹ 5 Lakh₹ 44,424₹ 16,607₹ 16,607
₹ 10 Lakh₹ 88,849₹ 33,214₹ 33,214
Personal Loan EMI Calculator Or Free Corona Health Insurance Cover of up to ₹5 lakh
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Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

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Personal Loan EMI Calculator Karur Vysya

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Karur Vysya Bank against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Karur Vysya Bank offers affordable and convenient personal loans with loan EMIs as low as ₹ 3,321 per lakh for a tenure of 36 months and lowest rate of interest at 12.00%.
  • Karur Vysya Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the Karur Vysya Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 12.00% interest rate

Loan Amount (Rs.)2 Years3 Years3 Years
1 Lakh ₹ 4,707 ₹ 3,321 ₹ 3,321
3 Lakh ₹ 14,122 ₹ 9,964 ₹ 9,964
5 Lakh ₹ 23,537 ₹ 16,607 ₹ 16,607
10 Lakh ₹ 47,073 ₹ 33,214 ₹ 33,214
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Karur Vysya Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 12.00% interest rate offered by Karur Vysya Bank for different tenures
Calculated Results for Karur Vysya Bank Home Loan EMI 2 years 3 years 3 years
Karur Vysya Bank EMI for a loan amount Rs. 1 lakh at 12.00% ₹ 4,707 ₹ 3,321 ₹ 3,321
Total amount you pay back to the bank including principal and interest ₹ 1.13 Lakh ₹ 1.20 Lakh ₹ 1.20 Lakh
Interest you have to pay during the loan tenure ₹ 12,968 ₹ 19,556 ₹ 19,556

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from Karur Vysya Bank for 36 years, you pay the lowest EMI of ₹ 3,321. However, you pay an interest of ₹ 19,556 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Karur Vysya Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,707 and pay an interest of only ₹ 12,968 which is less than half of what you pay for a 36 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Karur Vysya Bank Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from Karur Vysya Bank. If you apply for a higher loan amount, your monthly EMI will be high. Karur Vysya Bank gives a minimum loan of ₹ 50,000 , which can go upto an amount of ₹ 10 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Karur Vysya Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Karur Vysya Bank is 12.00%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in Karur Vysya Bank. Longer loan tenure means lower personal loan EMI. Generally, Karur Vysya Bank offers a loan for a maximum tenure of 3 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2.50 Lakh for 4 years at an interest rate of 10.40%. EMI calculated for this loan amount is ₹ 6,389 and the total annual EMIs to be paid annually is ₹ 76,665. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2.50 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 21,768 ₹ 48,509 ₹ 70,277 ₹ 2,01,491
2022 ₹ 18,221 ₹ 58,444 ₹ 76,665 ₹ 1,43,047
2023 ₹ 11,845 ₹ 64,820 ₹ 76,665 ₹ 78,226
2024 ₹ 4,773 ₹ 71,893 ₹ 76,665 ₹ 6,334
2025 ₹ 55 ₹ 6,334 ₹ 6,389 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2.50 Lakh, taken at the lowest interest rate of 10.40%, EMI paid is ₹ 6,389 and an annual total of EMIs is ₹ 76,665, the interest component is ₹ 23,514 while the principal component is ₹ 53,152 in year 1 of loan disbursement. You repay only 21.26% of the total principal after paying 12 EMIs during the first year.

In year 4, the interest component of EMI is around 5.41%, while the principal component is around 94.59%. Upto 4 years, you have cumulatively repaid 100% of your total Personal Loan.

Karur Vysya Bank Personal Loan Interest Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Karur Vysya Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from ₹ 50,000 to ₹ 10 Lakh

r = Rate of interest per month. Current rate is 12.00%

n = tenure in month. For Karur Vysya Bank, this can be 36 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Karur Vysya Bank personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Karur Vysya Bank calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - Karur Vysya Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Karur Vysya Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Karur Vysya Bank's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Karur Vysya Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on Karur Vysya Bank personal loan
  • Purpose of Loan: Karur Vysya Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 25 and 60 years.
    • Loan amount of minimum ₹ 50,000 to ₹ 10 Lakh.
    • Loan Tenure 1 to 3 years.
    • Interest rates in the range of 12.00% to 18.00%.
    • Lowest EMI of ₹ 3,321 per lakh.
  • Processing Fees: 0.40% of loan amount. This is to be paid at the time of loan application
  • Special schemes: Karur Vysya Bank offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator Karur Vysya Bank – How it works?

  • Karur Vysya Bank personal loan calculator are online tools which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Karur Vysya Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, Karur Vysya Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from Karur Vysya Bank, the interest rate and the remaining tenure in the EMI calculator.

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FAQs

Why should I calculate Karur Vysya loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Karur Vysya Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount

What is the lowest EMI per lakh offered by Karur Vysya Bank on personal loan?

Karur Vysya Bank offers personal loan at 12.00% interest rate for a maximum of 36 months, and hence lowest EMI on per lakh loan amount is ₹ 3,321. However, Karur Vysya Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close Karur Vysya Bank personal loan?

You can preclose your Karur Vysya Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on Karur Vysya Bank ?

Karur Vysya Bank offers you an option of prepayment after 0 months at .

Is there any processing charge on personal loan from Karur Vysya Bank?

Yes, Karur Vysya Bank charges a certain amount of processing fee to process your loan application. Currently, Karur Vysya Bank charges a processing fee of 0.40% on Personal Loan.

Will I get the personal loan from Karur Vysya Bank if i have a bad credit score?

No, for taking a loan from Karur Vysya Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can I have a co-applicant while applying for a Personal loan with Karur Vysya Bank ?

Yes, you can opt for a co-applicant to take a personal loan from Karur Vysya Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Karur Vysya Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Karur Vysya Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

Karur Vysya Bank Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1860-200-1916
Ahmedabad 1860-200-1916
Ambala 1860-200-1916
Anand 1860-200-1916
Aurangabad Bihar 1860-200-1916
Bangalore 080-26623206
Bhilai 1860-200-1916
Bhilwara 1860-200-1916
Bhiwadi 1860-200-1916
Bhopal 1860-200-1916
Bhubaneswar Cuttack 1860-200-1916
Bikaner 1860-200-1916
Chandigarh 1860-200-1916
Chennai 044-24314418
Cochin 0422-2393986
Coimbatore 0422- 2393986
Dehradun 1860-200-1916
Delhi 011- 28714062
Durg 1860-200-1916
Faridabad 1860-200-1916
Gandhinagar 1860-200-1916
Ghaziabad 1860-200-1916
Goa 1860-200-1916
Greater Noida 1860-200-1916
Gurgaon 1860-200-1916
Guwahati 1860-200-1916
Gwalior 1860-200-1916
Hyderabad 040- 23206063
Indore 1860-200-1916
Jabalpur 1860-200-1916
Jaipur 1860-200-1916
Jalandhar 1860-200-1916
Jodhpur 1860-200-1916
Kanpur 1860-200-1916
Karnal 1860-200-1916
Kolhapur 1860-200-1916
Kolkata 033- 22900749
Kota 1860-200-1916
Kozhikode 1860-200-1916
Lucknow 1860-200-1916
Ludhiana 1860-200-1916
Madurai 0452-2604734
Meerut 1860-200-1916
Mehsana 1860-200-1916
Mohali Sas Nagar 1860-200-1916
Mumbai 022- 24367021
Mussoorie 1860-200-1916
Nagpur 1860-200-1916
Nashik 1860-200-1916
Noida 1860-200-1916
Noida Extn 1860-200-1916
Panipat 1860-200-1916
Patna 1860-200-1916
Pondicherry 1860-200-1916
Pune 1860-200-1916
Raipur 1860-200-1916
Rajkot 1860-200-1916
Ranchi 1860-200-1916
Rohtak 1860-200-1916
Roorkee 1860-200-1916
Salem 0427-2440075
Shimla 1860-200-1916
Sonipat 1860-200-1916
Surat 1860-200-1916
Trichy 0431- 2412459
Udaipur 1860-200-1916
Vadodara 1860-200-1916
Varanasi 1860-200-1916
Vijaywada 0866-2485703
Vizag 1860-200-1916

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Karur Vysya Personal Loan News - Feb 2021
  • 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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