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 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.
|Interest rate||11.45% to 13.95% p.a.||11.45% to 13.95% p.a.|
|Loan Amount (Min-Max)||Rs.25,000 to Rs.5 lakhs||Rs.25,000 to Rs.5 lakhs|
|Loan Tenure (Min-Max)||1 to 5 years||1 to 5 years|
|Processing Fee||0.50% with a minimum of Rs.250||0.50% with a minimum of Rs.250|
|Age||21 to 55 years||21 to 55 years|
|Foreclosure Charges||1% of the outstanding balance for fixed rate of interest||1% of the outstanding balance for fixed rate of interest|
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
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:
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.
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: