Karnataka Bank Personal Loan

The following are some important Karnataka Bank Personal Loan details:

• Rate of interest: Karnataka Bank personal loan interest rate starts at 12% p.a. and is charged at the Reducing Balance Method, which applies interest only on the outstanding loan amount. As you repay the loan, the principal amount reduces, and the interest for subsequent periods is calculated on this reduced balance.
• Loan amount: You can avail of up to Rs. 5 Lakhs under the Karnataka Bank loan for personal expenses.
• Tenure: KBL Xpress Cash Loan can be repaid within a maximum tenure of 60 months
• Processing fee: The bank charges a processing fee of Rs. 2,500 for loan amounts up to Rs. 1 Lakh and 2% of the loan amount (minimum Rs. 2,500 and maximum Rs. 8,500) for the loan amount above Rs. 1 Lakh.
• Net Monthly Income: To be eligible for Karnataka Bank com personal loan, the applicant must be a government employee or a salaried in any limited earning a minimum net monthly salary of Rs. 20,000 during each of the last 7 months.

• Loan amount: Up to Rs. 50 Lakhs.
• Tenure: Up to 60 months.
• Rate of interest: 12% p.a. onwards.
• Processing charges: Rs. 2,500 for the loan amount up to Rs. 1 Lakh and 2% of the loan amount (minimum Rs. 2,500 and maximum Rs. 8,500) for above Rs. 1 Lakh.
• Types: KBL Xpress Cash Loan, KBL Insta Cash Loan, and KBL Suvidha OD.

Karnataka Bank's personal loan interest rate varies according to the type of scheme applied for.

Karnataka Bank offers different types of personal loans for various needs and borrowers. The interest rate differs for each scheme and starts from 10.68% to 12%. For instance, Karnataka Bank Xpress Loan is offered to salaried individuals at special interest rates starting from 12% p.a.

Karnataka Bank offers a multiple loans scheme, you can choose the best loan as per your requirements and eligibility:

#1. KBL Xpress Cash Loan

• Loan amount: Up to Rs. 5 Lakhs.
• Rate of interest: 12% p.a. Onwards.
• Tenure: Up to 60 months.
• Processing fee: Up to 2% of the loan amount.
• Expert advice: The Karnataka Bank Express loan scheme is best suited for salaried employees for various purposes, such as education, marriage, medical expenses, home improvement, vacation, etc.

#2. KBL Insta Cash Loan

• Loan amount: Up to Rs. 50 Lakhs.
• Rate of interest: 12% p.a. onwards.
• Tenure: 24 to 60 months.
• Processing fee: 0.25% of the loan amount, minimum Rs. 250.
• Security: Pledge of NSCs/ Kisan Vikas Patras/ Post Office Time Deposits.
• Margin: 10% to 40%.
• Expert advice: This digital-first loan is a quick way for individuals, HUF businesses, joint borrowers, and partnership firms to get some cash for a personal emergency, a family event, or any sudden expense.

#3. KBL Suvidha OD

• Loan amount: Up to Rs. 25 Lakhs.
• Rate of interest: 11.68% p.a. onwards.
• Tenure: Up to 24 months. Repayment is to be done on demand, as per OD rules.
• Processing fee: 0.50% of the loan amount (minimum of Rs. 250).
• Security: Mortgage of residential properties/ commercial properties/ liquid securities.
• Margin: 33.33% of the value of the security.
• Expert advice: This Karnataka Bank salary loan is a perfect facility for salaried individuals, retirees with disposable income, and others meeting the bank’s income criteria.

#4. KBL Gold Loan

• Loan amount: Flexible.
• Rate of interest: 10.68% p.a. onwards.
• Tenure: 6 to 12 months.
• Expert advice: Karnataka Bank gold loan can be availed against the value of your gold for agricultural purposes, business expansion, or personal emergencies.

The following are the charges associated with the Karnataka Bank personal loan:

• KBL-Insta Cash processing fee: 0.25% of the loan amount, subject to a minimum of Rs. 250.
• KBL-Suvidha OD processing fee: 0.50% of the loan amount, subject to a minimum of Rs. 250.
• KBL-Xpress Cash Loan processing fee: Rs. 2,500 for the loan amount up to Rs. 1 Lakh and 2% of the loan amount (minimum Rs. 2,500 and maximum Rs. 8,500) for the loan amount above Rs. 1 Lakh.

Karnataka Bank's personal loan eligibility is mentioned below in detail:

• Indian residents who meet the personal loan eligibility criteria in Karnataka Bank.
• Individuals aged between 18 and 60 years.
• Salaried employees with a minimum net monthly salary of Rs. 20,000 during each of the latest 7 months.
• There should be no existing unsecured personal loan from Karnataka Bank.
• The applicant for www karnataka bank personal loan must be residing in Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Odisha, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, or West Bengal.
• If you meet the above eligibility criteria for a Karnataka Bank personal loan online on the official website of the bank.

If you are eligible for a KBL personal loan, apply online with the following documents.

Karnataka Bank personal loan documents required list:

• Signed and filled out the application form
• A soft copy of a passport-size photograph of the applicant
• PAN Card
• Aadhaar Card
• Internet banking login credentials of the salary account or the salary account bank statement of the last 7 months (original ePDF file/ scanned PDF file)
• Soft copy of the current as well as permanent address proof