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Karur Vysya Personal Loan Interest Rate

Current Karur Vysya Bank Personal Loan Interest Rates, Nov 2021

Last Updated 15th Nov 2021

Interest Rate 8.70% - 19.00% Check Best Offers
Tenure Upto 36 months
Processing Fee 0.40%
Loan Amount ₹ 50,000 to ₹ 10 Lakh
Minimum Income ₹ 20,000
Eligible Age 25 to 60 years
Part Prepayment Charges Not allowed
Foreclosure Charges Not allowed
  • You can avail lowest rates on Karur Vysya Bank Personal loan if you are an existing customer of the bank or working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Karur Vysya Bank Personal Loan Rates and Charges

  • Karur Vysya Bank offers personal loans to salaried individuals at a low rate in comparison to self employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Karur Vysya Bank personal loan rates and charges. As listed below:
Karur Vysya Bank Personal Loan Rates and Charges
Interest Rate 8.70% to 19.00%
Part Prepayment Charges Not allowed
Foreclosure Charges Not allowed
Processing Fees 0.40%

Interest rates on Karur Vysya Bank Personal Loans Schemes

Karur Vysya Bank Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on Karur Vysya Bank personal loan remains unchanged at 8.70% as on 18 Oct, 2021. Karur Vysya Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Karur Vysya Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Karur Vysya Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Karur Vysya Bank HDFC Bank SBI
Rate of Interest Starting from 8.70% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 36 months 12 - 60 months 6 - 72 months
Minimum Age 25 years 21 years 21 years
Processing Fee 0.40% Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 10 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Not allowed Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Not allowed Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Karur Vysya Bank Personal Loan Balance Transfer Interest Rates

Karur Vysya Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with Karur Vysya Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Karur Vysya Bank offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Karur Vysya Bank Personal Loan?

You can get the lowest Karur Vysya Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Karur Vysya Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Karur Vysya Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep track of the loan rates trends, Karur Vysya Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Karur Vysya Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Karur Vysya Bank personal Loan interest rate?

Today, the lowest interest rate on Karur Vysya Bank Personal Loan is 8.70% and ranges up to 19.00%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, Karur Vysya Bank personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in Karur Vysya Bank personal loan?

You can reduce the interest to be paid on Karur Vysya Bank personal loan by any of Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) By applying at peak time when Karur Vysya Bank provides discounted personal loan offers.

Is Karur Vysya Bank personal a floating rate loan or fixed-rate loan?

Karur Vysya Bank is offered at both fixed and floating rates. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Karur Vysya Bank personal loan rate drop in 2021?

Presently, Karur Vysya Bank offers personal loans at an interest rate starting at 8.70%. There has been no change in personal loan rates of Karur Vysya Bank since 18 Oct, 2021.

How do I check my eligibility to get a personal loan at a low rate from Karur Vysya Bank?

The lowest rate on Karur Vysya Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Karur Vysya Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

Can I ask for a reduction in the Karur Vysya Bank personal loan interest rate?

You can ask for a reduction in your Karur Vysya Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Karur Vysya Bank?

No, there is no need for any collateral or security while availing a personal loan from Karur Vysya Bank. Karur Vysya Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Karur Vysya Bank early?

If you want to prepay your entire personal loan from Karur Vysya Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Karur Vysya Bank personal loan scheme availed by you, before making any decision.

How does Karur Vysya Bank calculate the interest on a personal loan?

The interest for Karur Vysya Bank personal loan is calculated based on the following methods:

Flat rate method:   Under this method, Karur Vysya Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Karur Vysya Bank personal loan interest calculation.

Reducing rate method:  As per the Karur Vysya Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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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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