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    About Karnataka Bank Personal Loan

    A personal loan received from Karnataka Bank can be your real savior during the time of your financial crisis. The Karnataka Bank Personal Loan can be availed by both salaried and self-employed individuals. For salaried individuals, the bank offers KBL Salaried Persons Loan which is a type of personal loan to finance salaried individuals. For non-salaried individuals, the bank offers K-POWER. However, K-POWER can also be availed by salaried individuals. The amount received as personal loan form Karnataka Bank can be used for paying medical bills, funding a wedding, paying education fees, arranging pleasures trip and accomplish many more things.

    Karnataka Bank Personal Loan Interest Rates

    Karnataka Bank offers attractive rates of interest on personal loans to help you meet your genuine personal needs. Karnataka Bank may take into consideration certain factors such as your repayment capacity, total number of assets, and your relationship with the bank while determining interest rate on your personal loan. The bank offers personal loans for different tenures.

    Karnataka Bank Personal Loan Interest Rates Table

    Interest rates BR (10.50) + 6.50% = 17.00%.
    Loan amount

    KBL Salaried Persons Loan offers personal loan up to Rs. 5 lakh.

    K-POWER offers loan up to Rs. 25,000.

    Loan tenure

    5 years for KBL Salaried Persons Loan

    12 months for K-POWER.

    EMI per lakh (based on lowest interest rate)

    Click here to check the EMI on your personal loan

    Rs. 2,485
    Processing fees 0.50% of the total loan amount and subject to a minimum of Rs. 250.
    Base Rate 10.50% w.e.f. 01.06.2015

    How to calculate interest/ EMIs on Karnataka Bank Personal Loan Interest Rate

    The best way to calculate your Karnataka Bank Personal Loan interest rate is to use an online EMI Calculator and enter a few details concerning your personal loan such as your loan tenure, interest rate, processing fees and the principal amount of your loan. Once, you put these specific details in the calculator, you will immediately get to know your monthly EMIs. The same calculation will also reveal your Karnataka Bank Personal Loan amortization table that encompasses a detailed break up of your loan repayment procedure.

    Example: You are salaried person and you have taken a personal loan from Karnataka Bank at 17.00% for 5 years. The amount taken by you is Rs.1 lakh and the processing fees charged by the bank is 0.50%. As revealed by the loan amortization table, you will be paying the below mentioned amounts towards your principal and interest repayment per year: Year Principal paid (Rs.) Interest paid (Rs.) Balance amount (Rs.) Year 1 5,497 6,931 94, 504 Year 2 14,881 14,941 79, 622 Year 3 17,618 12, 204 62, 003 Year 4 20, 859 8,965 41, 145 Year 5 24, 693 5, 130 16, 451

    Factors affecting Karnataka Bank Personal Loan Interest Rate

    While applying for a personal loan in 2015 with Karnataka Bank, you need to be aware of certain factors so that you can receive the best rate of interest on your personal loan. Listed below are the major factors that may help you get reduced rates of interest on Karnataka Bank personal loans in 2015:

    • Employee information: Being a permanent employee of a reputed company will help you receive lower rate of interest on your personal loan. If you are a salaried professional, Karnataka Bank may check your employee details and ask for the number of assets you have before it offers you a personal loan. For non- salaried individuals, Karnataka Bank has different schemes of personal loan and separate parameters of calculating interest rates.
    • Relationship with Karnataka Bank: Banks normally offer preferential interest rates on personal loans for their high-valued customers. Besides, you have a good relationship with Karnataka Bank, it may receive lower rates of interest on your personal loan.
    • Repayment capacity: There is a possibility that if Karnataka Bank thinks you are capable of repaying your debt on time without defaulting, the bank may offer discounted rates of interest on your personal loan.
    • Loan tenure: Karnataka Bank may charge reduced rates of interest on a personal loan taken for a longer tenure.
    • Age: Your age may be a factor for the bank to decide its interest on personal loan. If you are a senior citizen, you might receive reduced rate of interest compared to young salaried individuals.

    How CIBIL Score affects your Karnataka Bank Personal Loan Interest Rates

    One of the major factors that has a great bearing on personal loan interest rate is your CIBIL score. The ideal CIBIL score to apply for a personal loan and expect some discounts on your interest rate is 750. Having a CIBIL score of 750 or above can be an added benefit for you when you apply for a personal loan with Karnataka Bank in 2015. Therefore, check your credit report at regular intervals to know your credit score and uphold a good credit history by paying your debts without defaulting.

    Key things you should know about Karnataka Bank Personal Loan Interest Rates

    It’s important you know certain key things pertaining to personal loan interest rates before you opt for personal loan in 2015 offered by Karnataka Bank. Listed below are the major things you need to be familiar with:

    • A clear understanding of fixed and floating rate of interest rates is important to choose an interest rate as per your suitability. Fixed rates are static and your need to pay the same interest amount for the whole tenure, if you choose fixed rate for your personal loan. On the other hand, floating or variable rates of interest change as per the market fluctuations.
    • Try to know whether the bank ask for any collateral or security against your personal loan.
    • Know your credit/CIBIL score and try to maintain a good credit history so that your credit score does not go down.
    • Know how to calculate your Karnataka Bank Personal Loan interest rates by using a Personal Loan EMI Calculator.
    • Any changes in Karnataka Bank’s repo rate may affect your personal loan interest rate, in case you opt for a floating rate of interest.
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