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Karur Vysya Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Karur Vysya Bank

Last Updated 15th Nov 2021

  • 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.
  • 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.
Interest Rate 12.00% Check Best Offers
Processing Fee 0.40%
Lowest EMI per lakh ₹ 2,224
Loan Tenure 3 years
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 you can transfer transfers outstanding principal of personal loan from another bank 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

You must take the decision of transferring the personal loan to Karur Vysya Bank 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. Therefore, you should proceed with the Karur Vysya Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Karur Vysya Bank Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You 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 in comparison to current rates you are paying.

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 you reduce the interest burden.
  • Karur Vysya Bank Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your 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.

Karur Vysya Bank Eligibility Criteria and Documents Required

The eligibility criterion of the Karur Vysya Bank is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

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

Documents required 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 balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare Karur Vysya Bank Personal Loan with Other Banks


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

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

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

You can check your personal loan balance of Karur Vysya Bank in below-mentioned ways: (i) By visiting the Karur Vysya Bank branch. (ii) By calling the customer care of the Karur Vysya Bank. (iii) By logging on to the Karur Vysya Bank mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Karur Vysya Bank loan application?

You can check the status of your Karur Vysya Bank loan application in two ways. (i) 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. (ii) 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.

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Karur Vysya Personal Loan News - Nov 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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