4,80,000 people visited this section in last 30 days. Apply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Personal Loan Balance transfer to Karur Vysya Bank

Refinance Karur Vysya Bank Personal Loan

Last Updated 02nd Jun 2021

Interest Rate 12.00%
Processing Fee 0.40%
Lowest EMI per lakh ₹ 2,224
Loan Tenure 3 years
  • Karur Vysya Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Karur Vysya Bank.
  • Avail top up from Karur Vysya Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Karur Vysya Bank personal loan balance transfer at 12.00%.
  • Karur Vysya Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Karur Vysya Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Karur Vysya Bank Personal Loan Balance Transfer

Karur Vysya Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Karur Vysya Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on Karur Vysya Bank balance transfer ranges from 12.00% to 18.00%, while the repayment tenure ranges between 12 Months to 36 Months.

Karur Vysya Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Karur Vysya Bank must be taken keeping in mind the interest rate of the current Bank and Karur Vysya Bank.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the Karur Vysya Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Karur Vysya Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to Karur Vysya Bank

The benefits of transferring the Personal loan to Karur Vysya Bank are as follow:

  • Karur Vysya Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • Karur Vysya Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the Karur Vysya Bank and avail better facilities.
  • Karur Vysya Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

Karur Vysya Bank Eligibility Criteria and Documents required

Eligibility criterion of the Karur Vysya Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Karur Vysya Bank Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for Karur Vysya Bank Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Karur Vysya Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare Karur Vysya Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Karur Vysya Bank?

Steps for the personal loan balance transfer to Karur Vysya Bank are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the Karur Vysya Bank personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the Karur Vysya Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the Karur Vysya Bank in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Karur Vysya Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Karur Vysya Bank personal loan balance?

You can check your personal loan balance of Karur Vysya Bank by below mentioned ways:

  • By visiting the Karur Vysya Bank branch.
  • By calling the customer care of the Karur Vysya Bank.
  • By logging on into the Karur Vysya Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Karur Vysya Bank loan application?

You can get update about Karur Vysya Bank loan application via the ways mentioned below:

  • Net banking : You are required to login into Karur Vysya Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Karur Vysya Bank : You can also visit the Karur Vysya Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 7.45%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 9.25%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Karur Vysya Personal Loan News - Jun 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
Loader
Please wait while your information is being processed...