Karnataka Bank Personal Loan

 

About Karnataka Bank Personal Loan

A private sector banking institution, Karnataka Bank Ltd is based in Mangaluru, Karnataka, and as privately owned by more than 146,000 shareholders. The bank has 1374 ATMs and 811 branches that serve its customer base of 9.65 million people all over India. The bank was founded in 1924 and has come a long way in becoming the reputed commercial banking institution that it is today. Karnataka Bank offers an exclusive personal loan product for salaried individuals called ‘KBL Salaried Persons Scheme’. Self-employed professionals can avail their ‘KBL Insta Cash’ offer and avail a maximum loan amount of INR 500 lakh. The bank has earned various accolades for its quality services and constantly lives up to its tagline of ‘Your Family Bank Across India’. It was awarded the Sun and NDTV Green IT Award in 2008 and the Best Bank Award for ‘Managing IT Risk’ by IDRBT (Institute for Development and Research in Banking Technology) in 2010-11. Following are more details on the Karnataka Bank personal loan eligibility criteria, features and charges.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

Karnataka Bank personal loan for salaried people can be availed by employees of universities, colleges, schools and listed companies who are minimum 21 years old and have at least three years of remaining service. Their Insta Cash facility can be used by anyone who is 18 years or above. The latter (Insta Cash) is offered against the security deposit of Post Office Time Deposits / Kisan Vikas Patra / National Saving Certificates. Following are the exact eligibility criteria for the Karnataka Bank personal loan.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Karnataka Bank Personal Loan Features / Details

The amount of personal loan you can have sanctioned if you are a salaried individual can be a maximum 10 times of your gross monthly salary, but no more than INR 5 lakh. It should be repaid in equal monthly instalments spanning over a maximum of 60 months. While for personal loans of up to INR 3 lakh, you require a co-applicant who is a solvent party or a co-employee who should be permanently employed in reputed university, college, school or company, for loan amounts higher than INR 3 lakh, you’d also be required to deposit a liquid security (in the form of NSC, LIC policy etc.) amounting to 25% of the limit.
In case of Insta Cash loan, you can avail a loan amount ranging from INR 10,000 to INR 500 lakh. The maximum repayment period is 60 months in case of a term loan and 24 months if you opt for an overdraft facility. Repayment can be done on monthly, quarterly, half yearly or yearly basis. The applicable rate of interest in both the personal loan products is decided based on the prevailing lending rates. Please refer to the below-provided details for the updated and most recent Karnataka Bank personal loan features.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Karnataka Bank Personal Loan Fees / Charges

All Karnataka Bank personal loan applications involve a processing fee of 0.5% of the loan amount (a minimum of INR 250). There are no prepayment charges involved if you choose to repay your loan ahead of time. Following are the exact details of the applicable Karnataka Bank personal loan fees/charges.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees