Consolidation Loans from Karur Vysya Bank
Different loan schemes for debt consolidation.
Headquartered in Karur (Tamil Nadu), Karur Vysya Bank offers a range of financial products to different segments of its customer base. As of October 2020, Karur Vysya Bank gives you the option to choose from a range of loans that are specifically suited for your different needs.
Karur Vysya Bank Consolidation Loans
Consider a scenario: you are repaying credit card debts that you built when you had to buy things for your new house, you already have the home loan and now you need money for a medical emergency, or perhaps for making travel arrangements for a friend’s destination wedding. What would you do?
If you are like most people, you would go for a personal loan, ask a family member/colleague for a loan or worse, liquidate an investment. Neither of these is the best choice. It will be a nightmare to manage all the debts and keep a tab on your money. It frustrate you in no time. The right option would be to avail a consolidation loan. It can help you pay off all your debts and consolidate them into one by choosing terms as per your preference and repay easily.
It can be an unsecured loan like a personal loan or a secured loan like loan against property, gold, time deposits, or securities. Balance of transfer loans and top-up loans can also be considered to be consolidation loans if they are used to repay/consolidate relatively high-interest debts.
In your case, you have plenty of options to choose from. If you have assets like gold/securities/time deposits, you can pledge them to the bank for a loan to pay for the expenses for making bookings for your friend’s destination wedding and repay your credit card debt with it. A top-up home loan can help you do the same. This way you get rid of the high-interest rate you are paying towards your credit card debt.
The important thing to note here is that Karur Vysya Bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Karur Vysya Bank that you can avail as a consolidation loan:
- Personal Loan
- Insta Loan
- Quick Loan (Loan Against Securities)
- Swarnamitra Loan (Loan Against Gold)
- Mortgage Loan (Loan Against Property)
- Happy Home Loan (Balance of Transfer of Home Loan for Resident Indians)
- Gruhpravesh NRI (Balance of Transfer of Home Loan for NRIs)
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Karur Vysya Bank Personal Loan (Secured/Unsecured Loan)
This loan scheme is designed to help salaried employees of government organisations, public sector undertakings and autonomous bodies get funds to meet their urgent financial needs. These may range from expenses for a child’s wedding and education to medical emergency and domestic/foreign travel.
Features of Karur Vysya Bank Personal Loan (Secured/Unsecured Loan)
Why this Loan?
- The Karur Vysya Bank Personal Loan scheme is meant for salaried employees and self-employed individuals who need financial assistance to meet their urgent personal needs such as child’s wedding, child’s education, overseas/domestic travel, medical exigency, etc.
- This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
- This is a collateral-free loan
Karur Vysya Bank Personal Loan for Salaried Professionals
This loan scheme is designed to help salaried employees of government organisations, public sector undertakings and autonomous bodies get funds to meet their urgent financial needs to meet their personal expenses including a child’s wedding, higher education, medical emergency, domestic/foreign travel, debt consolidation, etc.
Features of Karur Vysya Bank Insta Loan
Why this Loan?
- The Karur Vysya Bank Insta Loan scheme is meant for salaried employees who need financial assistance to meet their urgent personal needs such as child’s wedding, child’s education, overseas/domestic travel, medical exigency, etc. This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
- This is a collateral-free loan
Karur Vysya Bank Quick Loan (Loan Against Securities)
This loan scheme is designed to help salaried employees of government organisations, public sector undertakings and autonomous bodies get funds against their securities to meet their urgent financial needs. These may range from expenses for a child’s wedding and education to medical emergency and domestic/foreign travel.
Features of Karur Vysya Bank Quick Loan
Why this Loan?
- The Karur Vysya Bank Quick Loan scheme is meant for borrowers who need financial assistance to meet their urgent personal needs against National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Life Insurance Policies
- This collateral-free loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
- The bank offers this scheme as a term loan as well as an Overdraft (OD)
Karur Vysya Bank Swarnamitra Loan (Gold Loan)
This loan helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts.
Features of Karur Vysya Bank Loan Against Gold Jewellery
Why this Loan?
- The Karur Vysya Bank Swarnamitra Loan is meant for borrowers who want to get access to funds by pledging gold jewellery or specially minted gold coins sold by any bank to meet their financial needs
- Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
Karur Vysya Bank Mortgage Loan
This loan helps borrowers get access to funds by mortgaging their property to the bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education and so on.
Features of Karur Vysya Bank Loan Against Property
Why this Loan?
- The Karur Vysya Bank Mortgage Loan is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
- This loan against immovable property can also be availed as a consolidation loan to pay off debts
Karur Vysya Bank Happy Home Loan (Balance of Transfer Loan)
This umbrella home loan scheme helps people looking for a relatively low-interest home loan transfer their home loan from private banks, other public-sector banks, foreign banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), etc. to Karur Vysya Bank. This loan scheme can be availed for purchase of a new home, renovation/repair/extension of home, construction of home on an owned piece of land in addition to the takeover of a home loan.
Features of Karur Vysya Bank Happy Home Loan
Why this Loan?
- The Karur Vysya Bank Happy Home Loan is meant for housing loan borrowers of other banks, NBFCs and HFCs who want to transfer their housing loan to Karur Vysya Bank. This scheme can help reduce the debt burden on the borrower, thereby acting as a consolidation loan, if the borrower gets better terms such as a lower interest rate on the new loan
- There are no pre-payment charges on this loan
Karur Vysya Bank Gruhpravesh for NRIs Loan (Balance of Transfer Loan)
This umbrella home loan scheme helps NRI home loan borrowers to purchase a new home, home renovation/repair/extension, construction of home on an owned piece of land or transfer of home loan from private banks, public-sector banks, foreign banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), etc. to Karur Vysya Bank.
Features of Karur Vysya Bank Gruhpravesh for NRIs Loan
Why this Loan?
- The Karur Vysya Bank Gruhpravesh for NRIs scheme is meant for NRI housing loan borrowers of other banks, NBFCs and HFCs who want to transfer their housing loan to Karur Vysya Bank. This scheme can help reduce the debt burden on the borrower, thereby acting as a consolidation loan, if the borrower gets better terms such as a lower interest rate on the new loan
- This is a special scheme for NRIs holding an Indian passport who are working abroad and need a consolidation loan scheme
Important Note: Karur Vysya Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Karur Vysya Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the MCLR of Karur Vysya Bank is 8.65%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Reference Facts
- Karur Vysya Bank Website: www.kvb.co.in
- Headquarters: Karur, Tamil Nadu
- Call Centre Number: +91 44 3072 1916