Karnataka Bank Personal Loan Interest Rates

karnataka bank
4.5

Karnataka Bank Personal offers a variety of personal loans to fulfil various demands of individual customers, including the Ravi Kiran Loan, Insta Cash Loan, and Xpress Cash Loan. Currently, the bank offers secured personal loans up to Rs. 500 lakh and unsecured loans up to Rs. 5 lakhs, with a maximum 60-month repayment period. The following information relates to personal loans that Karnataka Bank provides.

  • karnataka bank Personal Loan Interest Rate

    Personal Loan offer for You

  • 12% - 17%

    Interest Rate (p.a.)
  • ₹1L - ₹25L

    Tenure(1 - 5 Years)
  • ₹2,224 - ₹2,485

    EMI Per Lakh

Check Latest Personal Loan Offer From Karnataka Bank

  • karnataka bank Personal Loan Interest RatePersonal Loan offer for You
  • 12% - 17%

    Interest Rate (p.a.)
  • ₹1L - ₹25L

    Tenure(1 - 5 Years)
  • Up to 2% of loan amount (Min. Rs 2,500 & Max. Rs 8,500)

    Processing Fee

Karnataka Bank Personal Loan Rate Comparison with Other Banks

Before applying for a personal loan with the Karnataka Bank, you should carefully compare interest rates with those offered by other banks and lenders. How the loan compares to other products will be determined by comparing personal loan interest rates.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe Personal Loan Interest Rate

    CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Personal loans from Karnataka Bank are available for 13.15% p.a. in interest. The minimum and maximum loan amounts are Rs. 1 lakh and Rs. 25 lakh, respectively. A maximum duration of up to 24 months is an option (2 years). You are free to put the loan towards any personal expenditure you like and if your monthly salary is 10,000 rupees then the minimum processing fee of Rs. 250 applies and is equal to 0.50% of the loan amount is applicable.

Karnataka Bank Personal Loan Interest Rate by Schemes

Karnataka Bank offers four schemes to its customers. Listed below are the three schemes to use to avail of a housing loan according to your needs:

Quick Cash Loan

Money for spending is available through KBL Insta Cash Loan. Both personal and professional finances can be managed with this tool. An NSC, KVP, or Post Office Time Deposit is used as collateral for a personal loan.

Features:

  • Overdrafts have a grace period of 24 months, whereas fixed loans have a maximum repayment period of 60 months.
  • At 11.32% p.a., interest rates are set to start.
  • Loan sizes range from 10,000 to 500 lakh rupees.
  • Repayable on the due date in one single sum or in monthly, quarterly, biannual, or annual instalments.

Xpress Cash Advance

You can get quick loans from KBL Xpress Cash Loan to take care of any urgent financial necessity, like paying for travel, school, a wedding, or medical expenses. The loan can be easily applied for online with minimal paperwork.

Features: 

  • To begin with, there is a 12% annual interest rate
  • Cash was released ten minutes after the loan was approved
  • Loan amounts up to Rs. 5 lakh are available
  • The payback period can be extended up to 60 months

Loan to Ravi Kiran

A KBL Ravi Kiran Loan can be used to finance solar lighting, solar lanterns, solar water heating systems, and other similar projects. A minimal amount of paperwork is required for the application process.

Features:

  • An annual interest rate of 11.67% starts off low.
  • You can borrow up to Rs. 10 lakh.
  • The repayment schedule is flexible over 60 months.
  • For security reasons, solar energy products with accessories installed must also be hypothecated in addition to a third-party solvent co-obligation or guarantee.
  • Repayments can be made monthly, quarterly, half-yearly, or annually.

Karnataka Bank Personal Loan Interest Rates for Salaried and Self-Employed

Kotak provides personal loans with starting interest rates as low as 11.32% for professionals who are salaried employees as well as self-employed individuals. Depending on the applicant's history, credit score, and other crucial elements including their income, age, and repayment history, among other things.

Karnataka Bank Personal Loan Interest Rate for Salary Account

Customers who have a personal loan account with Karnataka Bank are eligible for a variety of benefits. Interested candidates can go to the bank's official website and provide specific information to learn if they are eligible for a personal loan that has already been pre-approved. Karnataka Bank provides pre-approved personal loans to consumers with good credit ratings and a track record of timely repayment, just like other lenders. Interest rates for salary accounts at the Karnataka Bank start at 11.32% annually.

Karnataka Bank Pre Approved Personal Loan Interest Rate

A person may be qualified for a personal loan with a pre-approved lower interest rate if they have a good credit score and all the necessary documentation. Customers can quickly acquire a personal loan interest rate that the Karnataka Bank has pre-approved.

Karnataka Bank Personal Loan Balance Transfer Interest Rates

Transferring your active personal loan from one bank to another is referred to as a personal loan balance transfer. It is a useful convenience because it allows you to save money. Even a 0.50–1% shift in the interest rate will drastically lower your EMIs and result in additional cost savings, depending on how much of the current loan is still owed.

Karnataka Bank Personal Loan Interest Rates and Charges

Before applying, you should familiarise yourself with the applicable fees and charges. It would be simpler for you to determine the overall cost of the borrowed money if you were aware of these.

Particulars Loan details
Interest Rate 13.15% p.a.
Processing Fee 0.50% of the loan amount (minimum of Rs.250)
Loan Tenure Up to 60 months (5 years)
Loan Amount Maximum Rs.5 lakh
Employment Status Salaried individuals
Credit Score Ideal score – above 700
Lowest EMI per Lakh Rs.2,283*

Factors Affecting Karnataka Bank Personal Loan Interest Rates

The amount of the loan given to the applicant and the interest rate at which it is provided could be affected by a variety of circumstances. The most important factors that affect the amount of the loan and the interest rate offered to the applicant are listed below:

Connection with the Bank

You may be granted benefits that new clients may not be if you already have an account with the bank. Better interest rates, quicker processing, pre-approved loans, etc. are a few of these.

Credit Rating

A high credit score may enable you to negotiate better terms with the bank. Your risk of loan default is lower because a high score shows consistent repayment and wise credit use. Low risk borrowers are preferred by banks.

Stable Employment and Good Earnings

A reliable source of income is a stable job. Additionally, employment with a reputable company suggests job security. Your chance of loan default is thought to be lower if you make more money. All of these may result in a lower interest rate for you.

Loan Duration

You may occasionally be able to receive a lower rate by selecting a longer loan repayment duration.

How to Calculate Karnataka Bank Personal Loan Interest/EMI

One may precisely calculate the interest/EMI on the personal loan using the Karnataka Bank's personal loan EMI calculator; all that is required is the entry of a few simple loan details (the equated monthly instalment).

OR

One can use the following formula to calculate the EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

How to Get Low Interest Rates on Karnataka Bank Personal Loan?

The best personal loan offer with the lowest interest rate must be selected. Doing this can lower your overall debt and allow you to access a manageable and affordable EMI plan. These five suggestions are recommended:

  • Maintaining a very high personal loan eligibility to get the greatest interest rate is the simplest thing to do. The key is often to have a good credit score—one that is over 750. 
  • Try to lower your total debt by foreclosing on some of your loans to less than 40% of your monthly income before taking out a personal loan.
  • Check whether a lender offers quick disbursement or hassle-free digital application processes. As a result, the Karnataka Bank offers quick, paperless personal loan disbursals to all customers. 
  • Watch your email and SMS messages for any holiday or seasonal promotions from your present lenders. 
  • You can negotiate for a lower personal loan interest rate by using the goodwill of your job or your professional standing.

FAQs About Karnataka Bank personal loan Interest Rate

What is the current interest rate of Karnataka Bank personal loan?

The current interest rate on a Karnataka Bank personal loan is 13.15% p.a.

How can I reduce my interest in Karnataka Bank personal loan?

To reduce interest on a Karnataka Bank personal loan, try making part-prepayments during the initial repayment tenure when the interest component is high.

Is Karnataka Bank personal loan a floating rate loan or a fixed-rate loan?

Karnataka Bank offers personal loans at fixed rates of interest.

Do Karnataka Banks demand collateral or security for personal loans?

Karnataka Bank offers a personal loan without collateral or security to cater to the versatile needs of the customer.

Can individuals pay off their Karnataka Bank loans EMI early?

Individuals get the option to pay off their Karnataka Bank loan EMI early. All you need to ensure is you make part prepayment only upon twice the EMI amount to avoid associated charges.

What is the EMI for 1 lakhs personal loan?

The EMI for a personal loan of Rs 1 lakh varies from one applicant to another, based on their credit profile. For instance, if you secure a Karnataka Bank personal loan of INR 1 lakh for five years at an interest rate of 13.15%, your monthly EMI will equate to INR 2,282.

What is the EMI for a 10 lakhs personal loan?

The EMI for a personal loan of Rs 10 lakh varies from one applicant to another, based on their credit profile. For instance, if you secure a Karnataka Bank personal loan of INR 10 lakh for five years at an interest rate of 13.15%, your monthly EMI will equate to INR 22,829. 

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