Karur Vysya Bank Personal Loan ₹2 Lakh

Get ready to conquer your money needs for personal use with Karur Vysya Bank ₹2 Lakh Personal Loan. This loan is designed to meet a wide range of personal and professional needs and is available to both salaried and self-employed people across India. ₹2 Lakh personal loan eligibility at Karur Vysya Bank is simple to meet. Karur Vysya Bank provides competitive interest rates ranging from 9.80% to 10.75%, ensuring affordability and flexibility. The bank provides many repayment options, allowing borrowers to choose the best plan for their financial situation. Karur Vysya Bank offers a ₹2 lakh personal loan to meet urgent financial demands such as medical emergencies, house improvements, and education tuition. No collateral is required, making it an ideal personal loan.

Eligibility for ₹2 Lakh Karur Vysya Bank Personal Loan

Here are the detailed criteria for a ₹2 Lakh personal loan eligibility at Karur Vysya Bank:

• Purpose: The loan is intended for personal use.
• Residential Status: Applicant must be either an Indian citizen or a person residing in India.
• Eligible Applicants: Permanent employees of government or private institutions are eligible to apply. Temporary employees are not eligible.
• Age Requirements:
  

The minimum age required to apply for the loan is 21 years.

The maximum age limit is 65 years at the time of loan maturity.

• Salary Requirements: The applicant must have a minimum net take-home salary which should be at least 25% of the gross salary. 

• Additional Conditions

The applicant’s employer must provide an undertaking to deduct the loan EMI directly from the salary and credit it to the bank. This ensures the bank of the repayment commitment.

A salary certificate is mandatory to be provided by the applicant to validate the employment and income details.

For self-employed applicants, it is mandatory to submit Income Tax Returns (ITR), which help verify the income stated by the applicant.

Documents Required

Here are the required ₹2 Lakh personal loan documents at Karur Vysya Bank:

Interest Rates and Fees

₹2 Lakh loan interest rate and fees at Karur Vysya Bank are as follows:

Repayment Options for Karur Vysya Bank ₹2 Lakh Loan

Karur Vysya Bank offers a variety of repayment options for a ₹2 lakh personal loan to suit different financial situations:

1. Regular Payments (EMI): Borrowers make fixed monthly payments to cover both the loan amount and interest. This method helps them manage their budget easily since the payment amount doesn’t change.

2. Flexible Repayment: This plan allows the monthly payment amount to vary, which is helpful for borrowers who expect their income to change over time. Payments can start small and increase as the borrower’s income grows.

3. Step-Up Repayment: Ideal for borrowers expecting a rise in earnings, this option starts with lower payments that increase gradually over the loan period.

4. Step-Down Repayment: This plan is suitable for those who start with a high income that might decrease later. It begins with higher payments that reduce over time.

5. Balloon Repayment: Borrowers pay smaller monthly amounts and then finish with a large payment. This is useful for those expecting to receive a large sum later.

6. Bullet Payment: The loan is paid off in one large sum at the end of the term or at a specific point during the loan period. This works well for borrowers who have irregular but large incomes.

7. Prepayment and Foreclosure: Borrowers can pay off the loan partially or fully before the end of the term. This can save on interest, but depending on the loan’s terms, it may include fees.

8. Overdraft Facility: Borrowers are given a credit limit and can withdraw as needed, paying interest only on the amount used. This option offers flexibility for those with fluctuating cash flow needs.

What is the EMI for a 2 Lakh Loan?

To calculate the ₹2 Lakh personal loan emi at Karur Vysya Bank, the interest rate and the loan tenure is required. Here is an example based on an interest rate of 10.25% and a tenure of 5 years (60 months) for a Karur Vysya Bank ₹2 Lakh Loan:

Assuming an interest rate of 10.25% per annum and a loan tenure of 5 years (60 months), calculate the EMI using the following formula:

EMI = P * r * (1 + r)^n / ((1 + r)^n – 1)​

Where:

P is the loan amount (₹2 lakhs)

r is the monthly interest rate (annual rate / 12)

n is the loan tenure in months

Calculation Steps:

1. Convert the annual interest rate to a monthly rate: Annual rate (10.25%) divided by 12 = 0.8542% per month.
2. Set the number of payments (tenure in months): 60 months.
3. Insert these values into the formula and calculate: The EMI for a ₹2 lakh loan with an interest rate of 10.25% per annum over a tenure of 5 years (60 months) would be approximately ₹4,250 per month.

Here are the detailed insights into the monthly EMI for a 2 Lakh loan from Karur Vysya Bank for different interest rates: 

Applying for the Karur Vysya Bank ₹2 Lakh Loan

You can follow the below-mentioned steps to apply for Karur Vysya Bank ₹2 Lakh Personal Loan:

• Go to the official website of Urban Money.
• On the homepage, find the personal loan option. 
• Click on the Personal Loan tab.
• Now, you’ll find a list of banks on the page. 
• Navigate to Karur Vysya Bank and click on Apply Now. 
• Now, the page will ask you to fill out some details. 
• Upon filing all the details, you’ll get an OTP on your registered phone number.
• After submitting the OTP, you’ll receive a phone call regarding your loan application.

Alternatives Option to Consider for ₹2 Lakh Loan

Loan seekers can look for some alternate option to get ₹2 Lakh personal loan. Some other loan types from Karur Vysya Bank offer ₹2 Lakh loan. Some of them are as follows: 

• Jewel Loan: This is a loan available against gold jewellery. This is one of the easiest methods to get a loan from Karur Vysya Bank. This is a short-term loan type with 12 12-month repayment tenure.

• Corporate Personal Loan: This loan type is primarily focused on the permanent employees of reputed organisations. These organisations can be companies, schools, government institutions and more. Applicant can repay the loan maximum of 72 months with no collateral and documentation charges.