Karnataka bank has a national presence with about 678 branches and 1000 ATMs spread across 21 states all over the country. The bank offers a variety of financial products and services including deposits, loans, insurance service, cards and various other financial products. Karnataka Bank offers two kinds of loans to cater to different needs of its customers.
- K Salaried persons loan (Personal loan for salaried individuals)
- K power loan (Personal loan for salaried individuals and others)
Karnataka Bank Personal Loan eligibility criteria
Listed below is the eligibility criteria for an individual to avail Karnataka Bank personal loan. The applicant should fulfil the eligibility criteria in order to be eligible for the personal loan.
Eligibility criteria for K Salaried persons loan
Listed below is the eligibility criteria for K salaried persons loan.
- Eligibility- Permanent employees of listed companies, schools, colleges and universities.
- Maximum age-55 years
- Maximum amount of loan- Rs.5 lakh
- Tenure period- Up to 5 years.
Eligibility criteria for K power loan
Listed below is the eligibility criteria for K power loan.
- Eligibility-Any applicant having SB/CA. Salaried individuals, professionals, self employed individuals and pensioners are also eligible.
- Maximum age- 55 years
- Maximum withdrawal amount of loan- Rs.25,000 can be withdrawn at once.
- Tenure period- 12 months(subject to renewal)
Factors affecting Karnataka Bank personal loan eligibility
Listed below are the factors that affect your Karnataka Bank personal loan eligibility.
- Age-You have to be of a certain age in order to be eligible for Karnataka Bank personal loan. If you are above 55 years, you won’t be eligible for the loan.
- Relationship with the bank-Your relationship with the bank plays a very huge role in determining if you are eligible for Karnataka Bank personal loan. You’ll get approved for the personal loan quicker with minimal documentation.
- CIBIL score-CIBIL score acts as a deciding factor in your Karnataka Bank personal loan eligibility. If the applicant has a poor CIBIL score, the application will be rejected wight away without any consideration.
- Income-The applicant should earn a minimum income in order to be eligible for the loan. The income determines the repayment capacity of the applicant and hence, plays a very crucial role.
- Existing debt-Lesser the debt, higher the chance of getting approved for a personal loan with the bank. Existing debts will only lower your eligibility criteria.
How CIBIL score affects your Karnataka Bank personal loan eligibility?
CIBIL score or credit score is a numerical representation of your credit history. Every loan and credit card you own will be recorded in here and if you have ever defaulted on a loan or a credit card, even that will be recorded. The bank or lender look at your CIBIL score to assess your repayment capacity and commitment to the loan taken up. You might lose out on getting a loan if you have a poor CIBIL score even if you fulfill the eligibility criteria required by the bank. Making payments on time, not opting for too many loans and credit cards, not closing your credit cards are some of the ways through which one can maintain a good CIBIL score.
How to Increase Karnataka Bank personal loan eligibility?
There are a few steps that will help increase your Karnataka Bank personal loan eligibility.
- Borrowing less-Borrowing less will increase your eligibility criteria. Banks will be lenient with your eligibility if you are borrowing less. Also, borrowing less will help you pay off the loan easily and quickly.
- Keeping a clean record-Keeping a clean financial record will make you more eligible for a loan. You have to ensure that you make payments on time and do not have too much debt if you intend to keep a clean financial record.
- Earning a stable income-Your eligibility will take a hit if you don’t earn a stable income. A stable income will determine your repayment capacity. Having a stable job and earning a stable income every month will definitely increase your eligibility.
- A good CIBIL score-A good CIBIL score can do wonders for your Karnataka Bank personal loan eligibility. A good CIBIL score not only speaks of your repayment capacity for the loan but it also acts as a guarantor when it comes to your commitment to the loan.
FAQs on Karnataka Bank personal loan eligibility
Are pensioners eligible for Karnataka Bank personal loan?
Pensioners are eligible under K power loan(personal loan) offered by Karnataka Bank
How can I make withdrawals for a K power loan?
You can make the withdrawal through an ATM.
Can a student avail Karnataka Bank personal loan?
No. Students aren’t eligible for Karnataka Bank personal loan.