Thinking of a Loan Against Securities to pay off your debts?

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

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 loan as well as an Overdraft (OD)

Loan Amount

  • The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 25 lakh

Interest

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

Repayment

  • This loan must be repaid within 5 years

Eligibility

  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units and reputed private organisations are eligible for this loan

Security Needed

  • The bank offers this loan against securities such as life insurance, Kisan Vikas Patras (KVPs), National Savings Certificates (NSCs), government bonds, etc.

Processing Charges

  • The bank charges a flat rate of Rs. 500 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
  • 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