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  • Karnataka Bank Personal Loan Eligibility Calculator is Rated as "Blown Away!" by 9 Users

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    Karnataka Bank Personal Loan Eligibility Calculator

    About Karnataka Bank Personal Loan

    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.

    Perfect Personal Loan Deals for you

    • 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    • Maximum withdrawal amount of loan- Rs.25,000 can be withdrawn at once.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.

    Personal Loan Reviews

    • Karnataka Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I'm a salaried account holder with KARNATAKA BANK. They provide me a personal loan as I'm a long time customer to them. I have accepted and taken that personal loan from them. But they offered me the personal loan with 14% as rate of interest which is high compared to other banks and processing fees is Rs. 2500 is also high. 3 years ago I started this personal loan and it's still active.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
    • Karnataka Bank Personal Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      Karnataka bank has been good in their services. I have taken a personal loan on two occasions. And they process was very easy. I got the loan within a day. The rate of interest is normal. The processing charges was normal too. On both occasions the process was very good and quick.
      Was this review helpful? 3
      , chennai
      Reviewed on Mar 11, 2016
    • Karnataka Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      It is very easy to get the personal loan with Karnataka bank as i have account with them . Rate of interest is 15.25% and there is no processing fee. They just need the pay slip and Adhaar card as the documents. Pre closure can be done any time but the interest rate will be fixed throughout the tenure.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 07, 2016
    • Karnataka Bank Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Karnataka Bank. The bank is very customer friendly. They have a pre closure option. And there are no charges taken. They also have a part payment option. The rate of interest was normal. Overall a very good experience.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 05, 2016
    • Karnataka Bank Personal Loan
      "Supportive Bank..."
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken from Karnataka bank. I got an very good support from manager end. Last 2 years back I was taken this loan with 14.5% interest. Required documents are very simple like 3 months salary slip and bank statement. They disbursed within 3 to 4 working days.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 18, 2015
    • Karnataka Bank Personal Loan
      "Exellent"
      0.5 5.0/5 "Blown Away!"
      I hold a account with KARNATAKA Bank. personal loan process is good.They took 1 day to process the loan.I applied for 1 Lack and 80000 they approved.Interest rate 16.5.processing Fees 650.I didn't give much documents loan was processed.Overall there was a good response from bank though It was a new branch
      Was this review helpful? 4
      , hosur
      Reviewed on Jul 09, 2015
    • Karnataka Bank Personal Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      Karnataka Bank personal loan process is fine, they precess the request very slowly. They took around 25 days of time to provide this loan. This loan was taken through one of my friend and its fine. They have to work on their technology as they are way behind. The most exciting part of this loan is the interest rate which is 15% and it is the least as well.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jun 03, 2015
    • Karnataka Bank Personal Loan
      "Good Service Overall"
      0.5 4.0/5 "Great!"
      Karnataka Bank Saving Account, i am using from past 2 months only, the account opening process was very easy and simple, staffs are very co operative for any issues, i got my welcome kit instantly, ATM facility is good, overall i am satisfied with service.
      Was this review helpful? 10
      , bangalore
      Reviewed on Jul 15, 2014
    • Karnataka Bank Personal Loan
      "Blown away services from Karnatanka Bank!!!!!"
      0.5 4.0/5 "Great!"
      I dropped the plan of taking a personal loan through other bank due to some hidden cost and later I contacted Karnataka Bank for the home loan the customer service is good , I am really happy with their interest rate processing fee and their overall service is splendid.
      Was this review helpful? 12
      , hyderabad
      Reviewed on Jun 03, 2014
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