Karur Vysya Bank Business Loan Interest Rate at 10.50%

INTEREST RATE10.50%
LOAN TENUREMax. 7 Years
PROCESSING FEE0.75% of the loan amount
GUARANTOR REQUIREDPartners / directors / property owners / husband of lady partner / lady director / lady owner
PRE PAYMENT CHARGES2% will be charged on the amount pre-paid.
Note: Updated on 10 Feb 2023, for latest interest rates, please visit bank website.

About Karur Vysya Bank

Karur Vysya Bank is a private sector bank in india established on 1916. It has headquarter in Karur and address is Erode Road, No 20, Vadivel Nagar, L.N.S., Karur - 639002. it has 979 branches across the state.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Karur Vysya Bank Business Loan Interest Rates, Business Loan at 10.50% Updated on 26 May 2024. Apply for Business Loans Online. Find purpos, Eligibility, Margin, Repayment of Business Loan ,Security, Documents Required for Business Loan below.

Other Products of Karur Vysya Bank:

Home LoanPersonal Loan
Education LoanBusiness Loan
Car LoanTwo Wheeler Loan
Gold LoanFD Interest Rates
RD Interest RatesBank ATMs
PPF Account 

Karur Vysya Bank Business Loan Purpose

General business purposes other than speculative purposes. Undertaking must be obtained from the borrower as per the annexure provided in the application form..

Karur Vysya Bank Business Loan Eligibility

  1. Business enterprises, viz. proprietorship concerns, partnership firms, HUFs, LLPs, limited companies.(The property should be owned by the business enterprise or its proprietor or partner or director or spouse / parents / major children of proprietor or partner. Title holders should extend guarantee. In case of HUFs, the property should be owned by HUF and no personal property should be accepted).
  2. The Business enterprise must be profit making for last 2 years and show a positive growth trend in its business turnover. Financials shall be satisfactory.
  3. Based on last three years average income as per audited financials or last year's net profit whichever is lower. Extra ordinary income or income from other sources, which is not consistent to be excluded for computing the eligibility.

Karur Vysya Bank Business Loan Document Required

  1. Completely Filled Business Loan Application Form
  2. PAN Card - For Individual / Partnership Firm / Company
  3. Identity Proof - Any one (e.g. Voter ID / Driving License / Passport / Aadhar Card)
  4. Address Proof - Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
  5. Ownership proof of either residence or office either in the name of applicant or jointly with family members
  6. Business Continuity Proof - Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
  7. Proof of Vintage eg. Shops & Establishment certificate/VAT/Sales Tax Registration Certificate, etc
  8. KYC documents of Applicant/ Co-Applicant/ Promoters/ Guarantor
  9. Passport Size Photographs of all applicants and co-applicants
  10. Financial Projection for 2 years
  11. Last 3 year Financial Statement including latest 2 years Audited Statements along with all schedules
  12. Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
  13. Any other document as required by the bank based on the status of the applicant.

Karur Vysya Bank Business Loan Amount

Maximum of Rs.20 Lakhs

Karur Vysya Bank Business Loan Margin

margins

Karur Vysya Bank Business Loan Repayment

  1. Minimum repayment period 12 months
  2. Maximum repayment period 84 months(The residual age of the building as confirmed by the empanelled valuers at the maturity of the loan should not be less than 15 years.)

Karur Vysya Bank Business Loan Security

Equitable mortgage (EM) of the property to be financed, by way of deposit of title deeds. Property mortgaged should have clear and marketable title.

How to Manage your Business Loan Properly?

  1. Follow a financially disciplined attitude. You also need to manage your income and expenses well.
  2. Switch to loan having Lower Rate of Interest. Always be watchful about what rate of interest other lenders are charging. If you find considerable difference in the interest charge, you must think of switching you existing loan to the lender who is offering the loan at lower interest rate.
  3. Pay Higher EMI in case you are able to do so with ease and currently having no monetary issue. It will lower down you Business Loan amount and also lower your interest outgo.
  4. Opt for Partial Pre-payment. Whenever you receive extra funds by any means, you must try to make partial pre-payment of loan. It will reduce your debt marginally.
  5. Do not Avail Unnecessary Loan. If you can manage some small expenses out of the funds in your hand then you must not opt for any kind of loan.
  6. Pay your EMIs on Time. Do not make any delay in payment of your loan EMI and never ever miss your EMI. Delay in payment may attract penalty or extra charges. Also it will impact your credit score negatively.
  7. Make higher down payment. In that case, you will need lower loan which you can manager efficiently by repaying it on time and with ease.
  8. Try to repay other small loans, if possible. It will reduce your debt burden and so as your interest cost.

Tax Benefits Available in Business Loan

Interest paid on a business loan is tax deductible expense which means interest paid is an expense for the business and is deducted from gross income. However, the principal amount is not tax deductible because repayment of principal means paying back the money borrowed, hence cannot be considered an expense.

As the tax is paid on the net income earned by a businessman in a financial year. So the interest can be subtracted from the gross income in order to compute the net income. After deducting the interest expenses from the gross income, net income is arrived at, on which the income tax is paid.

As after deduction of interest from the gross income of the business, the net taxable income, on which tax is to be paid, reduces and hence the businessman needs to pay less income tax.

Contact details of Karur Vysya Bank, Karur Vysya Bank SMS balance check number, Karur Vysya Bank SMS banking, Karur Vysya Bank mobile banking, Karur Vysya Bank toll free number,Karur Vysya Bank toll free number 24*7, Karur Vysya Bank miss call number.

  • MISSED CALL NUMBERS - 9266292666
  • CUSTOMER CARE NUMBERS - 18004196500, 022-40426031
  • CONTACT NUMBERS - 18602581916, 18004196500, 022-40426031, 04324-269000

Karur Vysya Bank Contact Details

  • BANK OFFICIAL WEBSITE - https://www.kvb.co.in
  • CONTACT NUMBERS - 18602581916, 18004196500, 022-40426031, 04324-269000
  • EMAIL ID - [email protected]
  • MISSED CALL NO. - 9266292666
  • CUSTOMER CARE NO. - 18004196500, 022-40426031
  • TOTAL BRANCHES - 979
  • HEADQUARTER - Karur
  • BANK ADDRESS - Erode Road, No 20, Vadivel Nagar, L.N.S., Karur - 639002
Karur Vysya Bank EMI Calculator  Karur Vysya Bank Branches  
Karur Vysya Bank Business Loan FAQs  Business Loan Document Required

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