Thinking of a Personal Loan to pay off your debts?

The Karur Vysya Bank Insta Loan is going to be the perfect loan option for you

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

Loan Amount

  • The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 10 lakh

Interest

  • As of October 2020, the interest rate applicable to this loan is 11.00%

Repayment

  • This loan must be repaid within 6 years

Eligibility

  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units and reputed private organisations with at least 2 years of experience and at least 1 year of continuous service at the current organisation are eligible for this loan

Security Needed

  • This is a collateral-free loan
  • The bank may ask for third-party guarantee to secure this loan

Processing Charges

  • The bank charges 0.50% of the loan amount with a minimum of Rs. 1,000 for processing this loan

Documents Needed

  • 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

Reference Facts

  • Karur Vysya Bank Website: www.kvb.co.in
  • Headquarters: Karur, Tamil Nadu
  • Call Centre Number: +91 44 3072 1916