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    Karnataka Bank Personal Loan Reviews

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    Personal Loan BYTES FROM OUR KITCHEN

    Karnataka Bank Limited is a private sector banking institution based in the coastal city of Mangalore in Karnataka, India. As a premier bank, we have developed comprehensive range of customized products & services suitable for every kind of market, trade or perceived need - Business or Personal. They include, borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions. The products we offer to you are honest in intent and quality in content. It offers you the individuality with respect to your needs and to your earnings. And most of all, it comes with understanding you and your special individual needs.Karnataka bank provide you Personal loan to any individual having SB/CA. He could be a salaried employee, a professional or even someone receiving regular income from rent, pension etc.To know more, follow some simple steps given below to get best interest rates.


    You’re probably eligible for an Karnataka Bank Personal Loan if you are

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    Karnataka Bank Personal Loan Minimum Age

    At least 21 years old

    Karnataka Bank Personal Loan Maximum Age

    Less than 60 years old

    Karnataka Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Karnataka Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Karnataka Bank Personal Loan amount eligibility is based on these factors

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    Karnataka Bank Personal Loan Minimum Salary

    Salaried with Regular Income

    Karnataka Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 5 lakhs

    Karnataka Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Karnataka Bank Personal Loan amount by these steps

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    Karnataka Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Karnataka

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an Karnataka Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Karnataka Bank Personal Loan Interest RatesUpdated on 25 Sep 2016

    Karnataka Bank Personal Loan Details
    Interest Rate (Floating) 13.95%
    Loan Tenure 60 months
    Guarantor Requirement Guarantor required
    Processing Fee 0.50% with a minimum of Rs 250.00

    About Karnataka Bank Personal Loan:

    A personal loan can be a real life-saver during a financial crisis. Besides, it helps you to fulfill your various dreams. With Karnataka Bank, you can enjoy personal banking, professional banking, online trading, online shopping and a lot more services. It is one of the major private banks in Karnataka, located at Mangalore. The bank has a national presence with a network of almost 628 branches spread across to 21 states and two union territories in India. Karnataka Bank is ranked as “A Class Scheduled Commercial Bank” for the quality service it provides to its clients. The bank has been operative in India over 88 years. Like all other banks in India, Karnataka Bank also understands the importance of Personal Loan in your life, and hence offers personal finance for various purposes.

    Karnataka Bank Personal Loan Features:

    Both salaried and self-employed individuals can apply for Karnataka Bank personal loan. The bank offers two types of personal loans:

    KBL Salaried Persons Loan which is a scheme to finance salaried individuals

    K-POWER which is a personal loan scheme to finance both salaried and self-employed individuals.

    Karnataka Bank personal loan comes with a lot of attractive features which include:

    • Both salaried and non-salaried employees can avail Karnataka Bank personal loan.
    • Best quality customer service with 24/7 customer support available.
    • You can apply online.
    • You can get loan amounts varying up to Rs. 5 lakhs.
    • ATM withdrawal of funds held in the personal loan account is available.
    • KBL Salaried Persons Loan can be availed for up to 5 years.
    • With K-POWER, you can draw up to Rs.25,000.
    • Karnataka Bank offers floating rate of interest for personal loans.
    • The bank charges 0.50% processing fee for personal loans subject to a minimum of Rs. 250.
    • You can avail K-POWER for 12 months. Also it is subject to renewal.
    • You need to provide security for KBL Salaried Persons Loan.

    Choosing Karnataka Bank’s personal loan can help you to fulfill your various requirements. The bank offers low interest rate and charges minimum processing fee. You can use this loan amount to perform various tasks such as buying household objects, educational needs of children, wedding, medical expense of self and dependents, house repairing etc.

    A lifesaver during emergencies, Karnataka Bank Personal Loan can offer a great solution to those in a financial crunch. These personal loans can be used for various reasons. MCLR and Base Rate decides the interest on these loans.

    Karnataka Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    New loans sanctioned with the new Marginal Cost of Funds Based Lending Rate, will be comparatively cheaper than loans sanctioned with the traditional base rate regime in certain sectors like housing. Loans availed from April 1st, 2016, will have interest rate computed according to MCLR.

    Current operating costs are taken into account. Realistic interest option is offered to borrowers this way. The table below highlights the current rates:

    Type of MCLR Rate (%)
    Overnight MCLR 8.95
    One month MCLR 9.05
    Three months MCLR 9.10
    Six months MCLR 9.15
    One year MCLR 9.20

    Personal loan interest rates (MCLR)

    Karnataka Bank offers rates depending on the tenure, loan quantum and purpose. Chances are that the bank will add certain percentage points to the MCLR benchmark so that the final interest is higher than the current MCLR.

    Base and Prime Lending Rates (For existing borrowers)

    The table below indicates Karnataka Bank’s Base and Prime Lending Rates:

    Base Rate Current Base Rate: 10.25% per annum, effective October 5th, 2015.
    Prime Lending Rate 20.60% per annum, effective 3rd August 2011

    Karnataka Bank personal loan interest rate (Based on base rate)

    Those who availed a loan before MCLR benchmarks came into force can either migrate to MCLR or continue paying interest as per the base rate. 10.25% is the base rate that the bank is currently using to compute interest rates.

    Note: All rates mentioned above are applicable as of June 14, 2016. Karnataka Bank can change these rates at its own discretion. Borrowers are advised to check prevailing rates while applying for a loan.

    Salaried, professionals and any individual earning regular income from pension, rent etc. are eligible for Karnataka Bank personal loan. The eligibility conditions for KBL Salaried Persons Loan include:

    • You need to be a permanent employee of listed companies, colleges, schools, and universities.
    • Your maximum age should not be more than 55 years.
    • Your minimum age should be 21 years.
    • You should have minimum 3 years’ service period left from the time of taking the loan.

    The eligibility criteria for K-POWER includes:

    • Any person with SB or CA is eligible for Karnataka Bank personal loan
    • Salaried individual, professional and any individual receiving income from rent, pension any other sources can apply for this loan.

    Not only you can apply for Karnataka Bank Personal Loan at BankBazaar, but you can also Calculate your Personal Loan EMIs at BankBazaar. The company has a perfect tool by using which you can get your exact monthly EMI rates. It is simple and faster. In order to know your monthly EMI rates, you need to put a few things in the tool:

    • The amount you are going to take.
    • The tenure of your personal loan.
    • Processing fee (if there is any).
    • The rate of interest applicable for that particular loan.

    The moment, you put this information in the EMI calculator tool of BankBazaar, the calculator will immediately calculate the amount and display it on the page. Once you know your monthly EMIs for your personal loan, it becomes easier for you to plan your budget as well as other financial goals.

    1. What are the benefits of opting for a personal loan?

      A personal loan comes with many added benefits. In fact, such a loan can help you fulfill all your dreams and aspirations. You can use the amount received as personal loan for various requirements such as home renovation/repairing, education, wedding, travel and many more purposes based on your requirements. A personal loan can act as a real savior at the time of financial shortage.

    2. How do I know if I am eligible for Karnataka Bank personal loan or not?

      Both salaried and self-employed individuals are eligible for Karnataka Bank personal loan. However, KBL Salaried Persons Loan can be availed by only salaried individuals while K-POWER can be availed by salaried people, professional and self-employed having income from various sources like rent, pension etc.

    3. What is the maximum loan amount I am eligible for, if I am a salaried employee?

      You can get up to Rs.5 lakhs as personal loan from Karnataka Bank, if you are a salaried employee of a listed company, college, school or university.

    4. Am I eligible for Karnataka Bank personal loan, if I am a non-salaried individual?

      Yes, you are eligible for K-POWER, a personal loan scheme offered by Karnataka Bank for non-salaried individuals. However, a salaried individual is also eligible to take this loan.

    5. What are the purposes for which Karnataka Bank offers personal loan?

      Karnataka Bank offers personal loan for a variety of requirements that you may have. You can use your Karnataka Bank personal loan amount to accomplish tasks such as children’s education, wedding planning, home repairing etc.

    6. How much processing fee does Karnataka Bank charge for personal loan?

      Karnataka Bank charges a nominal amount as processing fee. It charges 0.50% processing fee for personal loans.

    7. What is the rate of interest for Karnataka Bank personal loan?

      The rate of interest for Karnataka Bank personal loan scheme is base rate+6.50% . For consumer durable personal loans, interest rate is base rate + 5.00%. The current base rate offered by Karnataka bank is 10.75% per annum, effective form 10.11.2012.

    8. How can I check my Karnataka Bank personal loan status?

      You can check your personal loan status by contacting the relevant official at the bank.

    9. Can I withdraw my Karnataka Bank personal loan amount through an ATM?

      Yes, you can withdraw your personal loan amount offered by Karnataka Bank via an ATM.

    10. Can I download my Karnataka Bank personal loan statement online?

      Loan statements can be requested for by contacting the bank.

    11. What is a K-POWER personal loan available at Karnataka Bank?

      K-POWER personal loan from Karnataka Bank which is available to both salaried and self-employed individuals.

    12. How much can one draw from the K-POWER personal loan from Karnataka Bank?

      An individual who has availed the loans can draw Rs. 25,000 from the K-POWER personal loan.

    13. What is the tenure of payment for K-Power personal loan?

      The person can take 12 months for payment of the loaned amount but has to renew the scheme if they wish to continue any longer.

    14. Do I have the option to withdraw money from my Karnataka Bank personal loan from an ATM?

      Yes, it is possible to withdraw your personal loan amount through an ATM.

    15. How much does Karnataka Bank charge as processing fees for the personal loans?

      Karnataka Bank charges only 0.5% as the processing fees for their personal loans.

    16. How is the interest rate calculated for the Karnataka Bank personal loan?

      The rate of interest for Karnataka Bank Personal loan scheme is base rate+6.50%. For consumer durable personal loans, interest rate is base rate + 5.00%. The current base rate offered by Karnataka bank is 10.75% per annum, effective form 10.11.2012.

    17. What are the advantages of taking a personal loan from Karnataka Bank?

      This personal loan comes with many added advantages. In fact, such a loan can help you fulfill all your dreams and aspirations. You can use the amount received as personal loan for various requirements such as home renovation/repairing, education, wedding, travel and many more purposes based on your requirements. A personal loan can act as a real saviour at the time of financial shortage.

    18. What is the eligibility criteria for Karnataka Bank personal loans?

      Both salaried and self-employed individuals are eligible for Karnataka Bank personal loan. However, KBL Salaried Persons Loan can be availed by only salaried individuals while K-POWER can be availed by salaried people, professional and self-employed having income from various sources like rent, pension etc.

    News About Karnataka Bank Personal Loan

    • Online retail web portal launched by Karnataka Bank

      Karnataka Bank has started an online retail web portal ‘KBL Loan Junction’ to provide a platform to loan seekers where they can find out details of the loan. The portal allows applicants to check loan eligibility, apply for retail loans online, check the status of loan applications, use credit proposal tracking system, and get other updates related to a loan. Loan applicants can avail the facility of loan application via email and SMS. The facility was launched by the Managing Director, P Jayarama Bhat, in Mangaluru. He said that KBL Loan Junction is compatible with desktops, tablets, laptops, and mobile phones.

      20th September 2016

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