Karur Vysya Bank Personal Loan ₹3 Lakh

Looking for a quick and easy way to finance your personal needs? Karur Vysya Bank ₹3 Lakh personal loan might be just what you need. Whether it's for renovating your home, funding a wedding, or covering unexpected expenses, this loan can help you meet your goals. Enjoy competitive interest rates and flexible repayment options that make managing your finances a breeze. With simple eligibility criteria and minimal documentation, getting a loan has never been easier. Apply today and empower yourself to take control of your financial future with Karur Vysya Bank.

Eligibility for 3 Lakh Karur Vysya Bank Personal Loan

Here are the detailed criteria for a ₹3 Lakh personal loan eligibility at Karur Vysya Bank:

Documents Required

Here are the required ₹3 Lakh personal loan documents at Karur Vysya Bank:

• Identity Proof can include a passport, PAN card, voter ID, driver’s license, or Aadhaar card.

• Address Proof can be provided using a passport, driver’s license, voter ID, utility bill (electricity or telephone), bank account statement, or Aadhaar card.

• Acceptable documents for age proof are a passport, PAN card, voter ID, driver’s license, or birth certificate.

• Income Verification differs between the two groups. Salaried individuals must submit their last 2-3 months’ salary slips, an employer letter, or Form 16 for the last 3 years. On the other hand, self-employed individuals must provide their income tax returns (ITR) for the last 3 years, along with income computation and the balance sheet and profit & loss account for the same period.

Interest Rates and Fees

Karur Vyasa Bank offers attractive interest rates for a personal loan of 3 Lakhs. Applicants can avail of this loan scheme for rates as low as 9.80%. Moreover, depending on their eligibility and creditworthiness, the rates can go as high as 10.75%. Further, processing fee will be applicable up to 0.50% of the loan amount. Apart from that, ₹2 Lakh loan fees and charges at Karur Vysya Bank are as follows:

Repayment Options for Karur Vysya Bank 3 Lakh Loan

Karur Vysya Bank offers several repayment options for a ₹3 lakh loan to suit different financial needs. You can pay back the loan with fixed monthly payments over a set period, which helps you plan your budget. If you expect your earnings to increase, you can start with smaller payments that get bigger over time. There is also an option for those wanting to pay a large amount at the end or make early payments to reduce interest costs. Additionally, the bank allows you to adjust your payment plan if your financial situation changes. This flexibility helps ensure you can manage your loan repayments comfortably.

What is the EMI for a 3 Lakh loan?

To calculate the Equated Monthly Installment (EMI) for a ₹3 lakh loan from Karur Vysya Bank with an interest rate of 10.25% over a 5-year period (60 months), use the formula: EMI = P * r * (1 + r)^n / ((1 + r)^n – 1). Here, P represents the loan amount (₹3 lakhs), r is the monthly interest rate (10.25% annual rate divided by 12, which equals approximately 0.8542% per month), and n is the loan tenure in months (60). Plugging these values into the formula, the monthly EMI would be approximately ₹6,375. This calculation assumes consistent monthly repayments over the loan period to cover both the interest and the principal amount.

Here are the detailed insights into the monthly EMI for a 3 Lakh loan from Karur Vysya Bank for different interest rates: 

Applying for the Karur Vysya Bank 3 Lakh Loan

To apply for a personal loan from Karur Vysya Bank via Urban Money, follow these steps:

• Visit the Website: Go to the official website of Urban Money.

• Find Personal Loan Option: On the homepage, locate and click on the Personal Loan tab.

• Select Karur Vysya Bank: Browse through the list of banks, select Karur Vysya Bank, and then click on “Apply Now.”

• Fill Out the Form: Provide the required details, such as your name, mobile number, city, and loan type.

• Verify Your Phone Number: After submitting your information, you will receive an OTP on your registered phone number. Enter the OTP to verify your number.

• Await Contact: Once the OTP is submitted, you will receive a phone call from Urban Money regarding your loan application.

Alternatives Option to Consider for 3 Lakh Loan

Here are some alternative options to consider for a Rs. 3 Lakh loan: