Karnataka Bank Personal Loan @ 11.67% | Highlights, Interest Rates, Features, Eligibility Criteria and Documents Required

Karnataka Bank Personal Loan: The Karnataka Bank offers personal loans to individuals to overcome their economic needs. The Karnataka Bank Personal Loan Interest Rates are highly attractive and appeal to various customers. One can use the Karnataka Bank Personal Loan EMI Calculator to calculate the interest which applies to one’s personal loan.

The Karnataka Bank offers a number of loans such as educational loans, holiday loans, wedding loans, car loans, home loans and many more to meet the financial needs of an individual according to the situation.

In this writing, we talk about the Karnataka Bank Personal Loan Interest rate 2020, which will help you anticipate interest on the amount of loan that you’ve taken. We also discuss the advantages, methods of applying, eligibility criteria, features and many more factors of the personal loan at Karnataka bank.

Want to compare Karnataka Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.

Karnataka Bank

About Personal Loans at Karnataka Bank

Personal loans from the Karnataka Bank could be used for both domestic and commercial customers.

Instant Cash Loan, Ravi Kiran Loan, and Xpress Cash Loan are some of the personal loans offered at Karnataka Bank to fulfil the challenges of various borrowers.

The bank now offers unsecured personal loans up to Rs. 5,00,000 and secured personal loans up to Rs. Five hundred lakhs with a 60-month loan term. The information below relates to personal loans offered by Karnataka Bank.

Karnataka Bank Personal Loan Highlights

In the table given below, we discuss in brief the key features of a personal loan at the Karnataka Bank.

Rate of Interest 11.32% p.a. onwards
Amount of Loan Up to Rs. 500 lakhs
Tenure of Loan Up to 60 months
Fee for Processing 0.50% of advance (subjected to a minimum of Rs. 250)
Karnataka Bank Personal Loans Types Ravi Kiran Loan, Insta Cash Loan, and Xpress Cash Loan

Karnataka Bank Personal Loan Interest Rates

The following are the different Karnataka Bank personal loan interest rates:

Personal Loan Types Rate of Interest
Ravi Kiran Loan 11.67% p.a. onwards
Insta Cash Loan 11.32% p.a. onwards
Xpress Cash Loan 12% p.a. onwards

Karnataka Bank Personal Loan Features

Loan Amount: The Karnataka Bank offers a variety of personal loans to meet the needs of a number of applicants. However, depending on the personal loan chosen, the loan amount offered to a person varies.

Flexible Tenure: Karnataka Bank’s personal loans include a flexible loan term that ranges from 12 to 60 months.

Different loan plans: Karnataka Bank offers three different personal loan initiatives to meet the demands of different individuals.

Simple application process: By submitting a few basic papers online, you can simply apply for a Karnataka Bank loan from the comfort of your own home or office.

Type of Personal Loan Maximum Loan Amount
Xpress Cash Rs. 5 lakhs
Insta Cash Rs. 500 lakhs
Ravi Kiran Loan Rs. 10 lakhs

Karnataka Bank Personal Loan Eligibility Criteria

The following main criteria must be fulfilled to be eligible for availing the various Karnataka Bank personal loans:

Particulars of the Applicant Xpress Cash Loan Instant Cash Loan Ravi Kiran Loan
Type of Applicant Government and private sector individuals having a tenure of minimum of 6 months Individuals, partnership firms, joint borrowers, or Hindu undivided family business Individuals or Farmers or HUF or Traders or Proprietorship concerns or Businessmen or Professionals or Salaried persons or Institutions etc.
Age 21 Years or above 18 Years or above Depending on the type of applicant
Existing Loan Should not have an existing personal loan (unsecured) from Karnataka Bank As per the bank’s criteria As per the bank’s criteria

Personal Loans from Karnataka Bank Types

Karnataka Bank now offers three personal loan alternatives to meet the varying requirements of different groups of borrowers, including.

Xpress Cash Loan

The KBL Xpress Cash Loan provides customers with immediate loans to cover any individual economic need, such as wedding expenses, medical expenditures, education, travel expenses, and so on. The loan is simple to implement and requires little documentation. The following are some of the key features of the KBL Xpress Cash Loan:

  • Interest rates as low as 12% p.a. are offered.
  • Loans up to Rs. 5 lakhs are provided.
  • Within 10 minutes of loan approval, funds are disbursed.
  • It has a flexible repayment schedule of up to 60 months.

Insta Cash Loans

KBL Insta Cash Loan provides funds for personal expenditures. It’s a fantastic way to deal with both personal and business-related financial troubles. It’s a secured personal loan that uses Post Office Time Deposits, National Savings Certificate, and KVPs as security. The following are some of the essential features of the KBL Insta Cash Loan:

  • The interest rate begins at 11.32 per cent per annum.
  • Loans ranging from Rs. 10,000 to Rs. 500 lakhs are available.
  • Fixed loans have maximum payback duration of 60 months, while overdrafts have a maximum repayment schedule of 24 months.
  • Can be paid in whole on the due date or in monthly, quarterly, half-yearly, or yearly installments.

Ravi Kiran Loan

Solar lighting systems, solar lanterns, solar water heating systems, and other solar-related projects can be financed with a KBL Ravi Kiran Loan. The application process is straightforward and requires little documentation. The following are some of the important aspects of the KBL Ravi Kiran Loan:

  • The interest rate begins at 11.67 per cent per annum.
  • Loan amounts up to Rs. 10,00,000 are available.
  • It has a flexible repayment tenure of up to 60 months.
  • Monthly/ quarterly/ half-yearly/ yearly instalments can be repaid in equal/ equivalent amounts.
  • As security, hypothecation of solar energy with accessories fitted is needed, as well as a third-party solvent co-obligation/guarantee.

Documents Needed for Applying for a Personal Loan at Karnataka Bank

The following are the basic documents necessary to acquire a personal loan with Karnataka Bank:

  • Identity Proof: Passport or PAN Card or Aadhaar Card or Voter’s ID or Driving License, etc. are examples of proof of identity (anyone)
  • Residency Proof: Utility bills, passports, rent agreements, and other proofs of residence are acceptable (anyone)
  • Income details from last three months’ bank statement.
  • Payslip for the previous three months (for salaried employees)
  • 2 or 3 passport-size photos of the borrower

Note: Depending on the type of personal loan you ask for, the bank may need you to submit extra papers.

How can I access the Karnataka Bank Portal?

Simply follow the instructions described below to access Karnataka Bank’s internet banking portal:

  • Visit the website of Karnataka Bank.
  • Select ‘Personal Net Banking’ under the option ‘Internet Banking.’
  • Use your User ID and the captcha code for logging in.

Personal Loan Statement from Karnataka Bank

Your Karnataka Bank personal loan bank statement is available both online and offline mode:

  • By entering your loan account on the bank’s website or mobile app, you can view and/or download your personal loan statement.
  • You can request a statement of your loan account by calling or emailing Karnataka Bank customer support.
  • A physical copy of one’s personal loan statement can also be acquired by visiting a Karnataka bank branch.

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