Karur Vysya Bank (KVB) offers car loans to individuals who wish to purchase a new or used car. The loan amount ranges from Rs. 1 lakh to Rs. 75 lakhs, and the repayment period can last up to 7 years.
KVB car loans have competitive interest rates and require minimal processing fees. Borrowers can also choose flexible repayment options and EMI amounts per their repayment capacity.
KVB car loans come with several attractive features and benefits, which include the following:
High loan amounts: KVB offers car loans up to Rs. 75 lakhs, one of the highest loan amounts any bank in India offers.
Competitive interest rates: KVB car loans are available at attractive rates starting from 7.95% p.a.
Minimal processing fees: Karur Vyasa Bank charges minimal processing fees on car loans, which can be as low as Rs. 5000.
Flexible repayment options: KVB offers flexible repayment options to borrowers, allowing them to choose their EMI amounts per repayment capacity.
Quick loan disbursal: KVB car loans are disbursed quickly, meaning borrowers can get the loan amount within a few days of approval.
The interest rates of KVB car loans are influenced by several factors, including:
Market fluctuations: The interest rates of KVB car loans may fluctuate based on market conditions and economic trends.
The loan amount and repayment tenure: The interest rates of KVB car loans may vary depending on the loan amount and repayment tenure chosen by the borrower.
Credit score: The interest rates of KVB car loans may also depend on the borrower's credit score. Individuals with a high credit score may be eligible for lower interest rates.
To apply for a car loan with Karur Vysya Bank, follow these simple steps:
Visit the nearest Karur Vysya Bank branch or log on to their website.
Fill out the car loan application form, providing all the necessary details such as personal and income details, vehicle information, etc.
Submit the necessary documents such as identity proof, address proof, income proof, etc.
After submission, the bank will verify your details and documents.
The loan amount will be disbursed directly to the car dealer or seller upon approval.
To apply for a car loan with Karur Vysya Bank, you must meet the following eligibility criteria:
Age: You must be at least 21 and at most 60 years old when applying for a car loan.
Employment: You must be a salaried individual, a self-employed individual, or a professional.
Income: Your minimum net monthly income must be Rs. 15,000 for salaried individuals and Rs. 1.5 lakh per annum for self-employed individuals or professionals.
Credit Score: You must have a good credit score to be eligible for a car loan.
The following documents are required to apply for a car loan with Karur Vysya Bank:
Identity proof (Aadhaar card, passport, PAN card, driving license, etc.)
Address proof (Aadhaar card, passport, utility bills, etc.)
Income proof (salary slips, bank statements, IT returns, etc.)
Vehicle details (quotation or proforma invoice from the dealer or seller)
Before taking out a car loan with Karur Vysya Bank, it is important to consider the following advantages and disadvantages:
You can purchase a car without having to pay the total amount upfront.
Car loans come with flexible repayment options, which can be tailored to your financial situation.
A car loan can help build your credit score if you make timely payments.
You can avail of tax benefits on the interest paid towards a car loan.
You will have to pay interest on the loan amount, which increases the overall cost of the car.
If you default on payments, your credit score can be negatively impacted.
If the cars value depreciates rapidly, you may end up owing more than the cars worth.
Making monthly payments may be difficult if you do not have a steady income source.
The maximum amount of loan you can get depends on your income, credit score, and other factors.
Yes, you can prepay your car loan without any penalty charges.
The car loan tenure from Karur Vysya Bank can range from 12 months to 84 months.
If you have a low credit score, you may still be able to get a loan, but you may have to pay a higher interest rate.
Yes, When taking out a car loan, insurance coverage is offered for the amount approved by the bank. The borrower is responsible for paying the insurance premium.
The loan approval process typically takes 3-4 business days after the bank receives all the required documents and completes the necessary verification checks.
No, having a co-applicant is not mandatory.
Yes, self-employed individuals can apply for a car loan from Karur Vysya Bank.
Yes, you can get a car loan from Karur Vysya Bank to purchase a used car, provided the vehicle is not more than ten years old at the end of the loan tenure.
Various modes of payment, such as NEFT, DD, account credit, RTGS, etc., are available for making payments to the seller or distributor when purchasing the car.