Karnataka Bank Personal Loan can be availed for both that is personal as well as business purposes. This loan is categorized into 3 categories, namely,Salary Loan, Insta Loan and Ravi Kiran Loan (Solar Energy). The loan ensures to fulfill various requirements of rural as well as urban population with less formalities and quick procedure.
Karnataka Bank Personal Loan - Features and Benefits
- Loan amount: The loan amount for Karnataka Bank Personal Loan varies as per the category- Salary Loan(Upto Rs. 5 lakh), Insta Cash Loan(Upto Rs. 500 lakh) and Ravi Kiran Loan for Solar Energy(Upto Rs. 10 lakh)
- Flexible tenure: The personal loans offered by Karnataka Bank can be repaid maximum by 60 months. The bank offers complete flexibility when it comes to choosing the tenure
- Loan schemes: Karnataka Bank offers three personal loan schemes to fulfill various personal and professional needs of individuals
- Easy application: Karnataka Bank personal loan can be applied online by submitting minimum documents from the comfort of your home
Karnataka Bank Personal Loan - Interest Rate, Fees and Charges
|Interest Rates||Salaried loan||Insta Cash||Ravi Kiran Loan (Solar Energy)|
|Starting from 13.15%||Starting from 11.60%||Starting from 11.85%|
|Processing fee||0.50% of the advance subject to a minimum of Rs. 250|
|Stamp Duty and other Statutory Charges||As per applicable laws|
Karnataka Bank Salary Loan
You can avail Karnataka Bank Salary Loan to deal with financial situations like higher education, purchase of household articles/consumer durables, marriage, medical expenses, home renovation, etc. The loan amount goes up to Rs. 5 lakh.
Karnataka Bank Salary Loan – Eligibility Criteria
- You should be a permanent employee of listed companies, colleges or universities, schools
- You should have at least 3 years of residual service
- Your minimum age should be at least 21 years
Karnataka Bank Salary Loan – Security
- Upto Rs. 3 lakh:Co-obligation ofsolvent party / co-employee who should be a permanent employee of reputed companies, schools, colleges or universities
- Above Rs. 3 lakh:Co-obligation of solvent party / co-employee who should be a permanent employee of reputed companies, schools, colleges or universities and Liquid security of LIC policies(SV), NSC, deposits to the extent of 25% of the limit
Karnataka Bank Insta Cash
Karnataka Bank Insta Cash is an ideal option to deal with business related financial situations. The loan amount offered under Insta Cash category varies from Rs. 10.000 to Rs. 500 lakh.
Karnataka Bank Insta Cash – Eligibility Criteria
Any individual who is at least 18 years, joint borrowers or partnership firms or Hindu undivided family business are eligible for this loan
Karnataka Bank Insta Cash – Security
Pledge NSCs/ Post Office Time Deposits/ Kisan Vikas Patras
Karnataka Bank Insta Cash – Repayment
- The maximum repayment period for fixed loan is 60 months and over draft facility is 24 months
- The loan must be repaid on the due dates as a lump sum or monthly/ quarterly/ half yearly/ yearly installments
Karnataka Bank Ravi Kiran Loan (Solar Energy)
Ravi Kiran Loan (Solar Energy) can be applied for the installation of solar lighting system, solar lantern, solar water heating system, etc. The maximum loan amount that can be availed goes up to Rs. 10 lakh.
Karnataka Bank Ravi Kiran Loan (Solar Energy)- Eligibility Criteria
Individuals/ HUF/Farmers /Traders /Businessmen /Proprietorship concerns /Professionals /Salaried persons /Institution, etc.
Karnataka Bank Ravi Kiran Loan (Solar Energy)- Security
- Hypothecation of solar energy products with accessories installed
- Third party solvent co-obligation/guarantee
Karnataka Bank Personal Loan - Documents Required
The basic documents required to avail Karnataka Bank personal loan are as follows:
- Proof of Identity like Passport/ PAN Card, Aadhar card, Voter’s ID, Driving License
- Proof of Residence like Utility Bill, Passport or Lease and License Agreement
- Bank Statement for the last 3 months with income details
- Salary slip for the last 3 months
- 2-3 Passport Size photographs
Note: As per the type of personal loan you avail, you might be asked to submit some additional documents by the bank.
Karnataka Bank Personal Loan - EMI Calculator
It is more convenient to use Paisabazaar’s personal loan EMI calculator in order to estimate your monthly EMI payouts of Karnataka Bank personal loan rather than calculating it manually. As, the EMI calculator saves your time and tells you the EMI within seconds.
- Go to the Personal Loan EMI calculator
- Scroll the sliders to loan principal amount, the applicable interest rate and the required loan tenure
- Get instant results
Compare Karnataka Bank Personal Loan VS Other Lenders
|Particulars||Karnataka Bank||SBI||Axis Bank||HDFC Bank||Citi Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||Starting from 11.60%||Starting from 11%||15.75% to 24%||11.25% to 21.50%||Starting from 10.99%||11.50% to 19.25%||Starting from 12.99%|
|Tenure||Upto 60 months||6 to 71 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Varies from customer to customer||Upto Rs. 20 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||0.50% of the advance subject to a minimum of Rs. 250||Upto 2% of loan amount plus GST||Upto 2% of loan amount plus GST||Upto 2.50% of the loan amount plus GST||Upto 3% of the loan amount plus GST||Upto 2.25% of loan amount plus GST||Up to 3.99% of the loan amount plus GST|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now|
What is the minimum and maximum quantum of loan over the range of personal loan schemes offered by the bank?
The range of minimum and maximum value of loan would be from Rs.10, 000 to a maximum of Rs.500 lakhs
Is any security required when the applicants apply for a Karnataka Bank personal loan?
Yes, Karnataka Bank offers personal loans with the requirement of pledging a security for the loan to be sanctioned. The security can be a mortgage of the property, either residential or commercial owned by the applicant, pledge of Government securities held like NSCs or KVPs, third party guarantee from a person who is solvent enough to provide a guarantee or a guarantee from the applicant’s spouse.