Please Note: Karnataka Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Karnataka Bank Personal Loan Highlights – 2022 | |
| Interest Rate | 11.32% p.a. onwards |
| Loan Amount | Up to Rs. 500 lakh |
| Loan Tenure | Up to 60 months |
| Processing Fee | 0.50% of the advance (subject to a minimum of Rs. 250) |
| Types of Karnataka Bank Personal Loans | Insta Cash Loan, Ravi Kiran Loan and Xpress Cash Loan |
Karnataka Bank Personal Loan can be availed for both personal as well as business purposes. Karnataka Bank offers various personal loans including Ravi Kiran Loan, Insta Cash Loan and Xpress Cash Loan to cater to the varying needs of different borrowers. Currently, the bank offers unsecured personal loans up to Rs. 5 lakh and secured personal loans up to Rs. 500 lakh with repayment tenure extending up to 60 months. The following are details regarding personal loans offered by Karnataka Bank.
Features of Karnataka Bank Personal Loan
- Loan amount: Karnataka Bank offers various types of personal loans to cater to the diverse needs of different categories of applicants. However, the loan amount offered to an individual varies with the personal loan scheme opted for:
| Personal Loan Type | Maximum Loan Amount |
| Xpress Cash | Rs. 5 lakh |
| Insta Cash | Rs. 500 lakh |
| Ravi Kiran Loan | Rs. 10 lakh |
- Flexible tenure: The personal loans offered by Karnataka Bank can be repaid within a convenient tenure starting at 12 months and extending up to 60 months.
- Diverse loan schemes: Karnataka Bank offers three personal loan schemes to fulfill various personal and professional needs of different individuals.
- Easy application process: You can easily apply for a Karnataka Bank personal loan online from the comfort of your home/office by submitting a few basic documents.
Karnataka Personal Loan Interest Rates
The different Karnataka Bank personal loan interest rates are given below:
| Type of Personal Loan | Interest Rate |
| Ravi Kiran Loan | 11.67% p.a. onwards |
| Insta Cash Loan | 11.32% p.a. onwards |
| Xpress Cash Loan | 12% p.a. onwards |
Comparison of Karnataka Bank Personal Loan vs. Other Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 11.00% onwards | Apply Now |
| SBI | 10.30%-15.10% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% - 25.00% | Apply Now |
| Bajaj Finserv | 13.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Also Check – Current interest rate available on personal loans of all Banks/NBFCs
Eligibility for Karnataka Bank Personal Loan
The following key criteria need to be fulfilled to be eligible for different Karnataka Bank personal loans:
Eligibility for Xpress Cash Loan
- Age: 21 Years or above
- Applicant Type: Private and Government sector employees having a tenure of at least 6 months
- Existing Loan: Must not have an existing unsecured personal loan from Karnataka Bank
Eligibility for Insta Cash Loan
- Applicant Type: Individuals, joint borrowers, partnership firms or Hindu undivided family business
- Age: 18 Years or above
- Existing Loan: As per bank’s criteria
Ravi Kiran Loan
- Applicant Type: Individuals/ Farmers/ HUF/ Traders/ Proprietorship concerns/ Businessmen/ Professionals/ Salaried persons/Institutions etc.
- Age: Depending on applicant type
- Existing Loan: As per bank’s criteria
Types of Karnataka Bank Personal Loan
To cater to the varying requirements of different categories of borrowers, Karnataka Bank currently offers three personal loan variants including: 1. Xpress Cash Loan KBL Xpress Cash Loan offers you instant funds to meet any personal financial requirement including medical expenses, education, wedding, travel, etc. related expenses. The loan can be easily availed online and requires minimal documentation. Some key features of KBL Xpress Cash Loan are as follows:
- Interest rate starts as low as 12% p.a.
- Offers loan amount up to Rs. 5 lakh
- Disbursed within 10 minutes of loan approval
- Offers a flexible repayment tenure ranging upto 60 months
2. Insta Cash Loan KBL Insta Cash Loan offers finance for consumption purposes. It is an ideal option to deal with personal as well as business-related financial situations. It is a secured personal loan offered using Post Office Time Deposits/ NSCs / KVPs as colllateral. Some key features of KBL Insta Cash Loan are:
- Interest rate starts at 11.32% p.a.
- Offers loan amount ranging between Rs. 10,000 to Rs. 500 lakh
- The maximum repayment period for fixed loans is 60 months and 24 months for overdraft facility
- Can be repaid on the due date as lump sum or monthly / quarterly / half yearly / yearly instalments
3. Ravi Kiran Loan KBL Ravi Kiran Loan can be secured for the installation of solar lighting system, solar lantern, solar water heating system, etc. The application process is simple and involves minimal documentation. Some key features of KBL Ravi Kiran Loan are:
- Interest rate starts as low as 11.67% p.a.
- Offers loan amount up to Rs. 10 lakh
- Comes with a flexible repayment tenure ranging upto 60 months
- Can be repaid in equal/ equated monthly/ quarterly/ half yearly/ yearly installments
- Requires hypothecation of solar energy products with accessories installed and third party solvent co-obligation/guarantee as security
Documents Required for Loan Application
The basic documents required to avail Karnataka Bank personal loan are as follows:
- Proof of Identity: Passport/ PAN Card/ Aadhaar card/ Voter’s ID/ Driving License, etc. (any one)
- Proof of Residence: Utility Bill/ Passport / Rent Agreement, etc. (any one)
- Bank Statement for the last 3 months with income details
- Salary slip for the last 3 months (for salaried applicants)
- 2-3 Passport size photographs
Note: Depending upon the type of personal loan you avail, you might be asked to submit some additional documents by the bank.
Fees and Other Charges
Some of the key fees and charges associated with Karnataka Bank personal loan are given below:
| Processing fee | 0.50% of the advance subject to a minimum of Rs. 250 |
| Stamp Duty and other Statutory Charges | As per applicable laws |
| Pre-payment charges | NA |
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Karnataka Bank Customer care
You can get in touch with Karnataka Bank’s customer care using any of the following means given below:
- By Phone: You can call on 1800-425-1444 or 080-220-215-07/08/09
- Email: You can send an email to info@ktkbank.com
Read more on: Karnataka Bank Personal Loan Customer Care Number
Important Aspects
Given below are a few important aspects that you must keep in mind when applying for a personal loan with Karnataka Bank:
- Consider the complete cost of the loan. With the interest cost other charges such as processing fee, late payment fee, foreclosure charges, etc. must also be taken into account before finalizing upon a particular personal loan.
- Before applying for a personal loan, try and compare different personal loan interest rates and charges online to get the best deal.
- It is a good practice to check your credit score before applying for a personal loan. A low credit score may result in the rejection of your personal loan application or an increase in the interest rate charged by the lender.
- Refrain from applying for a personal loan with multiple lenders simultaneously. It portrays you as credit hungry as well as results in an increase in the number of hard inquiries for your credit report which may adversely affect the chances of your loan approval.
- Avoid borrowing more than what you really need. Borrow according to your requirement and repayment ability.
