Karur Vysya Bank overdraft loan

Need financial flexibility without the limitations of traditional loans? Look to Karur Vysya Bank's Overdraft Facility! This innovative solution offers pre-approved funds for both personal and business needs. Access what you need up to your limit, and only pay interest on the amount used. This guide will explore everything you need to know.

Features of Personal Loan Overdraft Facility

Here are some key features:

• Borrowers can withdraw funds up to a pre-determined limit as per their needs.
• Interest is charged only on the amount withdrawn, not the entire sanctioned limit.
• You can replenish the available limit by depositing funds back into the account.
• Unlike fixed EMI loans, an overdraft facility usually doesn’t have a strict monthly repayment schedule. Payments can be more flexible if the overdraft limit is not exceeded.
• Once the overdraft limit is set up, accessing the funds is instant.
• It is ideal for managing short-term cash flow gaps, emergency expenses, or unexpected opportunities requiring immediate funding.

Karur Vysya Bank  Fees & Charges Overdraft Loan

Here are the key fees and charges for Karur Vysya Bank’s overdraft loan:

Who i Karur Vysya Bank?

Karur Vysya Bank’s overdraft facility eligibility is based on factors like:

• Applicants should have a minimum monthly income of Rs.15,000 per month.
• A satisfactory CIBIL score and credit rating are crucial for approval.
• The overdraft is secured, requiring an equitable mortgage of residential or commercial property owned by the applicant. Agricultural properties, factories, godowns, cinema halls, schools, restaurants, etc., are not considered security.
• Applicants are expected to be within a certain age range and have stable employment or a consistent source of income.
• The facility is available to resident individuals and possibly NRIs, subject to bank policies.

Karur Vysya Bank Documents Required for Loan Application

For a loan application with Karur Vysya Bank, you need:

• Identity Proof: Aadhar Card, PAN Card, Voter ID, Passport, or Driving License.
• Address Proof: Recent utility bills, Aadhar Card, Passport, or any official document bearing the applicant’s address.
• Income Proof: Last three years’ Income Tax Returns (ITR), salary slips (for employed individuals), and bank statements.
• Guarantor Documents: If applicable, identity, address, and income proof of the guarantor.
• Business Proof: For self-employed individuals, proof of business existence and financial statements.

How do you get a Karur Vysya Bank Overdraft Loan?

Ensure you meet the criteria and have collected all the necessary documents. Now,

• You can visit a Karur Vysya Bank branch or apply online (if available) to submit your loan application along with the required documents.
• The bank will conduct a valuation of the property being offered as collateral.
• Subject to the satisfaction of CIBIL and credit ratings, the bank will process your application. Approval times can be quick, with in-principle approval possibly within 15 minutes.
• Upon approval, complete any remaining formalities. The overdraft facility will then be set up, and you can utilise the funds up to the agreed limit.