|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.
Following are the features of jewel loans by the bank.
Below-mentioned are the benefits of the Karur Vysya Bank gold loan. And why choose it to finance your needs.
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%|
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:
Below-given is a procedure to apply for the gold loan online at the bank.
Listed below are the details of the Swarnamitra jewel loan.
|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.|
|Swarnamitra Interest Rate||
|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||
Below-mentioned are the documentations for jewellery loans.
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:
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.
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