Karur Vysya Bank Personal Loan ₹4 Lakh

Do you need a simple, fast method to finance your personal goals?  Karur Vysya Bank personal loan of ₹4 Lakh is available to help you meet all of your demands. This loan is intended to help you in making your dreams real. The bank has everything to offer, from addressing unforeseen bills to managing wedding expenses. Take advantage of affordable interest rates and adaptable payback schedules that empower you to manage your money. It has never been easier to take advantage of this opportunity with its simple eligibility conditions and minimum documentation. Apply with Karur Vysya Bank right now to start along the path to a better financial future and realise your dreams.

Eligibility for ₹4 Lakh Karur Vysya Bank Personal Loan

The criteria for ₹4 Lakh personal loan eligibility at Karur Vysya Bank is easy to meet. The Bank offers personal loans for various personal uses and is available to Indian citizens and residents. The loan is designed for permanent employees of government or private institutions. However, temporary employees are not eligible. Applicants must be at least 21 years old with an upper age limit of 65 at the time of loan maturity. Financially, applicants must have a minimum net take-home salary of at least 25% of their gross salary. To ensure secure repayment, the applicant’s employer must agree to deduct the loan’s EMI directly from the salary and credit it to the bank. Additionally, a salary certificate is essential to confirm employment and income details. Submitting Income Tax Returns (ITR) is mandatory for self-employed individuals to corroborate the stated income.

Documents Required

These are some of the documents that are required to be submitted for Karur Vysya Bank Personal Loan of ₹4 Lakh:

Interest Rates and Fees

₹4 Lakh loan interest rate and fee structure at Karur Vysya Bank are as follows:

• Secured Loan

• Interest Rate: Ranges from 9.80% to 10.75%.
• Processing Charges: 0.50% of the loan amount.
• Pre-closure Charges: None for retail term loans under a floating interest rate.
• Loan Tenure: Up to 60 months for EMI payments.
• Foreclosure Charges: No charges for pre-payment under floating rate terms.
• Rate of Interest Adjustment: Borrowers can request changes to EMI or loan tenure during the loan period.
• Overdraft Option: Available under certain conditions.
• Collateral Requirement: No collateral is required.
• Guarantee: Optional, based on the terms of the loan.
• Documentation Charges: None.
• Other Charges: These may include legal, administrative services, or credit check fees.

• Unsecured Loan

• Interest Rate: Determined based on the credit profile and risk.
• Processing Charges: 3.00% of the requested loan amount.
• Pre-closure Charges: Applicable and vary according to the terms of the loan.
• Loan Tenure: From 1 to 5 years.
• Foreclosure Charges: Specific charges apply depending on the timing of the foreclosure.
• Rate of Interest Adjustment: Similar adjustments are possible based on the loan agreement.
• Overdraft Option: Typically not available.
• Collateral Requirement: No collateral is required for unsecured loans.
• Guarantee: Generally required, especially for higher loan amounts.
• Documentation Charges: None.
• Other Charges: Additional costs may be involved, such as fees for legal or administrative services.

Repayment Options for Karur Vysya Bank ₹4 Lakh Loan

Karur Vysya Bank offers a variety of repayment options for a ₹4 Lakh personal loan to suit different financial situations:

What is the EMI for a 4 Lakh loan?

To calculate the Equated Monthly Installment (EMI) for a ₹4 Lakh loan, including the interest rate and loan tenure. Here’s an example of a Karur Vysya Bank ₹4 Lakh Loan with a 10.25% interest rate and a 5-year (60-month) tenure:

Step 1: Gather Information

• Loan amount (P): ₹4,00,000
• Annual interest rate: 10.25%
• Loan tenure: 5 years (60 months)

Step 2: Convert Annual Interest Rate to Monthly Rate

• Annual interest rate: 10.25%
• Monthly interest rate (r): 10.25% / 12 = 0.8542% or 0.008542

Step 3: Set the Number of Payments

• Loan tenure in months (n): 5 years x 12 months/year = 60 months

Step 4: Use the formula and calculate the EMI:

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

Result: The EMI for a ₹4 Lakh loan with an annual interest rate of 10.25% over a 5-year (60-month) duration is approximately ₹8,348.97 each month.

Here are more details about the monthly EMI for a 4 lakh loan from Karur Vysya Bank at different interest rates:

Applying for the Karur Vysya Bank ₹4 Lakh Loan

Applying for a ₹4 Lakh loan from Karur Vysya Bank is a simple and hassle-free process through Urban Money. To begin, visit the official website of Urban Money. Once there, scroll down to the Personal Loan option and click on it. You will then see a list of banks and financial institutions offering personal loans. Locate Karur Vysya Bank on the list and click on the “Apply Now” button. Next, fill out the required information, including your name, mobile number, city, and loan type. After completing the form, click on “Submit.” You will then need to wait for Urban Money to contact you regarding the loan.

Alternatives Option to Consider for ₹4 Lakh Loan

The bank provides a range of financing options that can assist in fulfilling this need. The Jewel Loan is one choice; it can be obtained against gold jewellery. This is one of the easiest ways to apply for a short-term loan with a 12-month payback period from Karur Vysya Bank. A different choice is the Corporate Personal Loan, which is intended for long-term workers in respectable establishments, including businesses, educational organisations, and governmental agencies. This kind of loan waives documentation fees and requires repayment over a maximum of 72 months without the need for security.