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karnataka bank Personal Loan

karnataka bank
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Customers can get personal loans from Karnataka Bank at highly appealing rates. If you meet the requirements, the lender will grant you a personal loan. Depending on the personal loan programme you choose, the loan term can range from 1 year to 5 years.

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Personal Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

karnataka bank Personal loan Interest Rate

11.32%

0.5%

Up to ₹50L

Tenure(Up to 5 Years)

Details

Features and Benefits of Karnataka Bank personal loan

There are many benefits which will attract you to apply for Karnataka Bank personal loan like-

  1. Flexibility in Tenure - Karnataka Bank gives you flexibility in loan repayment tenure starting from a minimum of 1 year up to 5 years.
  2. Diversity in Loan Schemes - There are three types of loans that Karnataka Bank presents to the customers so that they can choose from the wide array of categories per their professional and personal needs. 
  3. Amount of Loan - The Karnataka Bank provides a variety of personal loans to fulfil the needs of different candidates, giving you an amount range from INR 5 lakh up to INR 5 crore.
  4. Procedure for the application process - You don’t have to get bothered by thinking much as the process can be completed easily online in the comfort of your home or office by submitting the eligible documents.

Eligibility Criteria for  Karnataka Bank personal loan

The Karnataka Bank personal loan eligibility depends on the three alternatives in the category of personal loans. These have been mentioned below.

  •  Instant Cash Loan

Category of Applicant Joint borrowers, Individuals, HUF businesses/ partnership firms.
Age 18 or above
Current outstanding Loan The bank defines the criteria case to case.
Offers loan amount From INR 10,000 to INR 5 crore
  •  Xpress Cash Loan

Category of Applicant Government or Private sector employees with a period of 6 months
Age 21 or above
Current outstanding Loan No outstanding loan from the Karnataka Bank
Offers loan amount up to INR 5 lakh
  •  Ravi Kiran Loan

Category of Applicant Farmers, HUF, Traders, Individuals, Businessmen, Professionals, Institutions, Salaried Persons etc.
Age Depend on the category of applicant.
Current outstanding Loan Bank defines the criteria case to case
Offers loan amount up to INR 10 lakh

Karnataka Bank Applicable Fees

Karnataka Bank when offers you personal loan charges a minimal processing fee and pre-payment charges which are covered below in the table:-

TYPE CHARGES AND FEES
Pre-Payment Charges NA
                  Processing fee 0.50% of the advance subject to a minimum of INR 250
Stamp Duty and other Statutory Charges As per the laws state

Karnataka Bank Personal Loan Interest Rates

If you want to know about the Karnataka bank personal loan interest rate before you apply for Karnataka Bank personal loan, the table mentioned below has covered all the different types of loans along with the interest rate for repayment of the loan:-

TYPES Interest Rate
Insta Cash Loan 11.32% per annum onwards
Ravi Kiran Loan 11.67% per annum onwards
Xpress Cash Loan 12% per annum onwards

Factors affecting Karnataka Bank Personal loan interest rates

When a bank offers a personal loan, they first take a few things into check like CIBIL Score, history of repaying loan, whether you’re a defaulter or not etc. so that they can get a better understanding over the candidate's profile before they issue the loan amount. The main factors are in-depth described below:-

  • CIBIL Score/ Credit Score

Credit Score plays a vital role in determining the candidate's creditworthiness for issuing the loan amount. It reflects the overall financial health of the candidate in terms of Income, past repayment history, remaining debt etc.  Banks usually consider a credit score of 750 a good score. The implication is that they can trust you with such a financial responsibility and even help you get a loan at a lower interest rate.

  • Income

This is one of the most crucial factors in the bank's decision to issue a loan to you. Suppose you are a person who generally saves more and has a high disposable income. In that case, you’ll be able to repay the loan amount without bothering the bank much, so they’ll issue you the loan amount even with lesser interest rates.

  • Status of Employer

One of the most important factors banks look for regarding the creditworthiness of the candidate's profile is personal loans are unsecured. This is so because when you get hired by a well-renowned organisation, they have a good reputation which suggests that you’ll repay the bank in good times.

  • Relationship which involves the Lender

This relationship survives because of the nurturing quality of both the entities as they have been dependent on each other for so long and have gained mutual trust during the process.

  • Debt-Income Ratio

The debt payments are divided by the total income. Banks consider it an important part of calculating your candidature even if you’re part of a large renowned organisation. Still, you already have previous debt yet to be paid back. There is a huge burden over your pocket, which they settle by charging a higher interest rate. 

  • Default’s History

They consider it a last check over your candidature as if there is a standing history of you which reflects you as a defaulter. The bank might charge higher interest on the loan amount or can even reject your application for a loan.

Documents required for Karnataka Bank personal loan

The main documents required for Karnataka Bank personal loan are mentioned below:-

  1. Identity Proof - You can carry any of the following documents Aadhaar Card/ Passport/ Voter’s ID/ Driving License, etc.
  2. You must have the bank statement for the last three months, which contains your income details.
  3. Last three months’ salary slips with income details.
  4. Address Proof from any of the following like Passport/ Rent Agreement/ Electricity Bill, etc.
  5. Lastly, you need 2-3 current passport size photographs.

NOTE:- Bank can ask for any other document from you depending upon the personal loan category, and you must present it to the bank.

How does the EMI calculation work for Karnataka Bank personal loans?

The value of EMI always comes out to be different depending upon the type of loan you have requested; if it's an Xpress Cash Loan, the interest rate is 12% and say if it’s the Ravi Kiran Loan, the interest rate is 11.67% and so on. So, the basic formula by which you can calculate the EMI for Karnataka Bank personal loan is 

EMI= [P x R x (1+R)^N]/[(1+R)^N-1], 

Where,

  • P is the Principal amount, 
  • R is the interest rate, 
  • N is the time in months 

How does Karnataka Bank compare with other lenders?

Other banks offer a variety of interest rates in the category of personal loans. The below table contains all bank’s contrast lists:-

BANKS or NBFCs Interest Rate
SBI 10.30% to 15.10%
AXIS BANK 10.25% onwards
ICICI BANK 10.75% onwards
HDFC BANK 11.00% onwards
KOTAK MAHINDRA BANK 10.99% onwards
INDUSIND BANK 10.49% onwards
BAJAJ FINSERV 13.00% onwards
IDFC FIRST BANK 10.75% onwards
TATA CAPITAL 10.99% onwards

Karnataka Bank Personal Loan Customer Care

If you have a query regarding the personal loan that Karnataka Bank offers, you can contact on any of the available modes:-

  • Email ID -  info@ktkbank.com
  • Phone Number - You can dial 1800-425-1444 or 080-220-215-07/08/09.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Karnataka Bank Provide a Personal Loan at the best rate?

Karnataka Bank provides a variety of Personal Loans, and you can choose from any options that match your demand and don’t hurt your pocket by asking for a high-interest rate.

What is the interest rate of a personal Loan in Karnataka Bank?

The range of interest rates for different categories of Personal Loans in Karnataka Bank starts from 11.32% to 12.00%.

What are the benefits Karnataka Bank Provides on Personal Loan?

The most convenient thing that Karnataka Bank offers on a personal loan is the liberty of repayment tenure as it ranges from 12 months up to 60 months, has fewer interest rates and gives a huge amount from INR 5 lakh up to INR 5 crore.

Does Karnataka Bank have a fixed interest rate on a Personal Loan?

No, they offer three different types of interest rates on the type of personal loans, which range from 11.32% to 12.00%.

What documents are required in Karnataka Bank for a Personal Loan?

You need address proof, identity proof, last 3 months’ salary slip highlighting the income details, 3 months’ bank statements with income details and 2-3 current passport size photographs. You can easily apply for Karnataka Bank Personal Loan.

How to apply for a personal Loan in Karnataka Bank online?

You have to visit the official website of Karnataka bank and select the Personal Loan on the menu bar, then click on loans and in the next popup, click on Personal Loans. You will be redirected to a page where all the requirements have been stated, and below that, there is an option to start with the proceedings by filling in relevant details.

How to check personal Loan Status in Karnataka Bank?

You have two options to choose from that are either you can dial the customer care number 1800-425-1444 or 080-220-215-07/08/09 or visit the bank’s branch and fill out the form, or you can also opt for the online process by simply visiting their official website and fill the credentials like your tracking number, security number, mobile number etc. and click on Check the Loan status.

Does Karnataka Bank Checks for CIBIL Score for Personal Loan?

Like every other bank, Karnataka Bank also checks the CIBIL Score for a personal loan, and a credit score of 750 is considered a good score. Suppose the score is below that, the chances of rejection of the application rise.

What is the maximum and minimum personal Loan amount I can get from Karnataka Bank?

Karnataka Bank offers a range of personal loans from a minimum amount of INR 5 lakh up to the maximum amount of INR 5 crore.

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