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Karur Vysya Bank is a private sector Indian bank, headquartered in Karur in Tamil Nadu, with the objective of inculcating the habit of savings and providing financial assistance to traders and small agriculturists in and around the town. Set up in 1916 by M.A. Venkatarama Chettiar and Athi Krishna Chettiar, this Bank has grown to be a leading financial institution that offers a gamut of financial services to millions of its customers under one roof. Initially incepted with an inherent regional flavor, the Bank has now transcended its boundaries and established a pan-Indian presence with over 675 branches in 20 States and 3 Union Territories.
About Karur Vysya Bank
Karur Vysya Bank financial services is professionally managed and led by a Board of Directors who belong to different fields and are enriched with vast repositories of experience, knowledge, and business acumen. As on 31st March 2015, the Bank has around 7500 employees. It also offers Internet Banking and Mobile Banking facilities to its customers, thus extending Karur Vysya Bank financial services online. It is known for its cash deposit machines, a major technological initiative taken by only a few banks in India. The Bank also takes pride in being an excellent paymaster amongst all private sector banks.
KVB has maintained consistence with regard to its fundamentals, with a higher percentage of Capital Adequacy Ratio than mandated by the RBI. It has also been successfully generating profits and rewarding its stakeholders with handsome dividends since its inception. It started off with a seed capital of Rs. 1 lakh, but has now grown to be a leading financial institution that offers a multitude of services to millions of its customers under one roof.
Vision and Mission
The Bank aims to delight its customers with a continual blend of tradition and technology so as to deliver innovative products and services at affordable rates through a pan-Indian network of branches. The Bank lays strong emphasis on adopting the latest technologies to introduce innovative products and services as well as increasing the value of products on an ongoing basis and providing them at reasonable rates. Karur Vysya Bank banking services also stresses on the expansion of its branch network in order to reach the top business centres, besides unbanked and under banked areas in the country. KVB Bank also endeavours to strengthen the financials through effective deployment of funds and ensuring financial discipline along with stringent adherence to the regulator’s guidelines. It also focuses on updating the knowledge and skills of the human capital to provide quality customer support.
Karur Vysya Bank Loans
Karur Vysya Bank Home Loan: Any resident Indian or HUF who desires to purchase a house of his/her own, can opt for KVB’s exclusive Happy Home Loan Scheme to cater to the needs. NRI’s can also avail Karur Vysya Bank finance under KVB-Gruhapravesh. The purpose of home loan from Karur Vysya Bank is manifold, including- construction of independent houses, outright purchase of independent houses or flats (which are not older than 15 years), purchase of plots and construction thereon, takeover of loans from another bank/FIs, improvement/repairs/additional construction/renovation of existing houses o flats owned by the customer, or for purchase of plots/flats developed by Govt. Authorities. The maximum repayment tenor is 25 years, with the maximum holiday period being 12 months.
For NRIs and PIOs, KVB Bank has designed a specific product with the name – KVB-NRI-Gruhapravesh. It can be availed for purchase of ready built house in India, construction of new house in India, home improvements/extension, land purchase and subsequent construction thereon within 6 months and for takeover of loans from other banks. The minimum age of the applicant should be 25 years, and he/she should hold a valid Indian passport (for NRIs) or a valid foreign passport (for PIOs). The applicant should have a steady source of income, and employed abroad for at least 2 years. He/she should also hold a valid job contract or work permit in order to satisfy the Karur Vysya Bank home loan eligibility norms. The minimum net monthly income of the borrower should be US$ 750 or the minimum Net Annual Income should be US$ 9000 (or its equivalent amount in any other foreign currency). The maximum repayment tenor is 25 years EMI. However, it is subject to liquidation of loan by the age of 65 years, or the age of retirement, whichever is earlier.
Karur Vysya Bank Personal Loan : Karur Vysya Bank loan scheme under this category has been tailored to cater to daily personal needs and to deal with unforeseen exigencies. This loan is available for salaried employees of PSUs, reputed institutions, self-employed individuals, and all others who provide full securities by covering the loan amount with NSCs, KVPs, IVP, RBI bonds, LIC policies, Bank deposits, etc. The maximum repayment tenor is 36 months-EMI. The credit worthiness, integrity, local standing, and repayment capacity of the borrower will be verified by the branches before entertaining the proposals under the scheme.
Under personal loan, the Bank has structured the KVB Bon Voyage Scheme with the purpose to extend financial assistance for foreign travel, be it for business or pleasure. The Insta Loan facility is specially proposed for the permanent employees of reputed companies/Schools/Govt. Institutions, etc. for meeting the employees’ and their dependents’ expenses related to medical, educational, housing grounds, etc.
Karur Vysya Bank Loan Against Property : This loan can be availed both as Term Loan (EMI) or as an Overdraft facility. Only resident individuals can avail this loan. It is granted for general purposes like personal, consumption, education, health, business, etc. other than speculative purposes. The property to be mortgaged should be owned by individuals only; and if owned jointly, title holders are to join as Co Applicants. The minimum loan amount is Rs. 10 lakhs, as specified by Karur Vysya Bank loan details. The maximum repayment tenure is 100 months – EMI (term loan), while for overdraft limit, it is 96 months.