Karur Vysya Bank Gold Loan updated on

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Karur Vysya Bank Gold Loan Details
Loan Amount Rs. 5,000 to Rs. 75 lakhs
Interest Rate 8.50% to 10.10%
Tenure Up to 12 months

Karur Vysya Bank Gold Loan is one of the easiest ways of financing your requirements. Usually, people use a jewellery loan for business and personal purposes such as working capital, renting a workplace, wedding, medical emergency, farming, home repair, travel, education, etc. Some of the popular gold loan schemes by Karur Vysya are Swarnamitra in the form of overdraft and other short-term loans for personal and non-agricultural purposes. Non-residents can also apply for a jewel loan at this bank.

In this post, we will discuss Karur Vysya Bank Gold Loan features, why choose the bank, interest rates, jewel loan calculations, application procedure, Swarnamitra jewel loan for business and personal use, documents required, and FAQs.

Features of Karur Vysya Bank Gold Loan

Following are the features of jewel loans by the bank.

  • These are short term loans or overdraft facilities
  • You have to pledge self-owned gold jewellery to apply for the loan
  • Funding against jewellery for agricultural, non-agricultural, and personal purposes
  • Quick and hassle-free processing of the loan
  • Disbursal the same-day after gold valuation and loan approval

Why Choose Karur Vysya Bank Gold Loan?

Below-mentioned are the benefits of the Karur Vysya Bank gold loan. And why choose it to finance your needs.

  • The quantum of finance is flexible. You can get a loan of up to Rs. 75 lakhs
  • These loans come with flexible and hassle-free EMI options
  • You can avail of instant funds and overcome any financial concern during emergencies
  • You can enjoy one of the lowest rates of interest applicable on jewellery loan in the market

Karur Vysya Bank Gold Loan Interest Rates updated on

Below-provided are the Karur Vysya Bank gold loan rates and MCLR basis per gram rate:

Gold Loan Schemes Maximum Loan Amount Current Rate Per Gram Rate in INR MCLR Interest Rate
Agricultural gold loan for 12 months Amount based on the extent of cultivation and land. Rs. 3140 One-month MCLR 8.05% + 0.45% = 8.50%
Quick jewel loan for the agricultural purpose up to 6 months Rs. 25 lakhs Rs. 3300 One-month MCLR 8.05% + 0.45% = 8.50%
Jewellery loan for trade up to 12 months Rs. 25 lakhs Rs. 3140 One-year MCLR 8.65% + 0.85% = 9.50%
Quick jewel loan for trade up to 6 months Rs. 25 lakhs Rs. 3300 One-year MCLR 8.65% + 0.85% = 9.50%
Jewel loan for other purposes up to 12 months Rs. 25 lakhs Rs. 3140 One-year MCLR 8.65% + 1.45% = 10.10%
Quick jewel loan for other purposes up to 6 months Rs. 25 lakhs Rs. 3300 One-year MCLR 8.65% + 1.45% = 10.10%
Swarna Mithra Scheme Overdraft Rs. 75 lakhs Rs. 3300 One-year MCLR 8.65% + 1.45% = 10.10%

Karur Vysya Bank Gold Loan Calculator

You can determine the rate of interest, your loan eligibility, and the EMI amount to pay by using free tools on our website. For instance, the Karur Vysya Bank gold loan EMI calculator will help understand the interest component and principal component combined that you have to pay every month. On the other hand, the Karur Vysya Bank gold loan eligibility calculator will help you know the loan amount you are eligible for based on your existing financial liabilities and EMIs.

To understand the rate of interest applicable, you may refer to the loan aspects considered for Karur Vysya Bank Gold Loan Interest Rate Calculation:

  • Loan Amount: The loan amount influences the rate of interest. Sometimes, banks are prepared to apply a lower rate on the higher loan amount, and vice-versa.
  • Relationship with the Bank: If you share a good relationship with the bank and are an existing customer, you may receive discounted interest rates on jewel loans.
  • Loan Tenure: The tenure of the loan influences the interest pay-out on the loan. Shorter the tenure, bigger the EMIs but lower the interest amount to pay. Similarly, the longer the tenure, the EMI burden is lower, but interest pay-out is higher.
  • Weight and Purity of Gold: Greater the purity and weight of gold, higher is the loan amount and lower is the rate of interest, and vice-versa. For instance, you may receive a lower rate on the gold of 22 carats than that against 18-carat gold.
  • Repayment Capacity: If you have a good repayment capacity, the rate of interest is negotiable and you may get the best offer on the rates.

Karur Vysya Bank Gold Loan Application Procedure

Below-given is a procedure to apply for the gold loan online at the bank.

  • Start with applying for the gold loan online at the bank’s official website
  • Fill the application and submit the form at the bank along with your gold assets
  • The bank then checks the real value of the gold considering and purity and the weight
  • The bank sanctions a loan amount after gold valuation and application process
  • The funds get disbursed to your registered bank account

Karur Vysya Swarnamitra Gold Loan Details

Listed below are the details of the Swarnamitra jewel loan.

Loan amount
  • For Personal Gold Loan: Rs. 5,000 to Rs. 75 lakhs
  • For Commercial Gold Loan: Rs. 1 lakh onward
Tenure of Repayment Tenure of Repayment The overdraft facility is available for 12 months. You can get it renewed. However, it shall be possible only at the discretion of the banking authority.
  • ROI (floating) p.a.
  • There will be no foreclosure charges/part prepayment penalties on floating rate of interest
Swarnamitra Interest Rate
  • For Personal Jewel Loan: 10.10% (External Benchmark Repo linked Rate is 7.20%)
  • For Commercial KVB Jewel Loan: One Year MCLR + 1.45%
Collateral You have to pledge gold jewellery. The asset must be at least 22 Carats.
Guarantee Requirement NA or optional
Processing Fee 0.50% of the loan amount including the appraisal fee
Other Terms & Conditions
  • Interest amount should be paid monthly
  • Only people having gold Jewellery can avail of these loans
  • No jewellery exchange shall be allowed
  • Any outstanding overdue if not paid by the borrower, will be recovered by repossessing gold assets and auctioning

Documents Required to Apply for Karur Vysya Jewel Loan

Below-mentioned are the documentations for jewellery loans.

  • ID proof like Voters ID card/ Passport Copy/ Driving License
  • PAN card is mandatory
  • Address Proof like Electricity Bill/ Ration card/ Telephone bill/ Passport copy/ Shop and Establishment License/ Rental bill/ Trade license / Sales Tax certificate
  • Signature Proof by submitting your Driving License/ Passport Copy/ Banker's verification or cheque
  • Carry two passport-sized recent photographs along

Apply for Gold Loan

Karur Vysya Bank Gold loan FAQs

Following are frequently asked questions about gold loans Karur Vysya Bank.

Loans against gold for non-resident Indians are designed to meet the immediate cash requirements of customers in financial emergencies. They can avail funds for trade and personal reasons. The maximum loan amount is Rs. 25 lakhs, at a rate of 9.50% to 10.10% to start with. The jewel loan products they are eligible for include:

  • Gold loan for trade (6 months to 12 months)
  • Loan against gold for other purposes up to 12 months
  • KVB quick jewel loan up to 6 months
  • Swarna Mithra Scheme Overdraft scheme

Those from the agricultural sector can apply for a loan against gold ornaments at Karur Vysya Bank and get funds between Rs. 10,000 and Rs. 25 lakhs. Tenure of loan is between 6 months and 12 months. All farmers who engage in short-term crop production are eligible for this loan.

You can repay on an EMI basis. There may be a bullet repayment scheme for a few customers. It is best to enquire at the bank for a suitable repayment option as per your need and the loan against the gold scheme.

Even after repeated communication by the bank, you fail to repay the loan completely within the tenure and stipulated grace period, then the bank has all the rights to auction the pledged gold ornaments to recover the outstanding dues.

You can walk-in to the nearest bank branch and ask for the loan details and application form. Do carry all the required documents and their hard-copies for verification and documentation procedure. Also, you have to submit the collateral gold for valuation so that a loan amount, rate of interest, and tenure can be determined as per your suitability. The loan amount however will be transferred to your bank account.

Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Karur Vysya Bank.