Karnataka Bank offers personal loans at very attractive rates to its customers. You can avail a personal loan from the lender provided you meet the eligibility criteria. The period of loan can range from 1 year to 5 years depending on the personal loan scheme availed by you.
Documentation needed to apply for a Karnataka Bank Personal Loan
1. Signed application form with photograph
2.Copy of passport/voter ID card/driving license
3. Last 3 months bank statement/6 months bank passbook
4. Documentation for salaried applicants:
Latest salary slip
Current dated salary certificate with the latest Form 16
Purpose for which you can avail the KBL Xpress Cash Loan
For marriage of self or dependent
For funding the education of your children or anyone dependent on you
House repairing
Funding the cost of your vacation
To meet the medical expenses
Cost of funeral
Karnataka Bank Personal Loan Features
Only salaried individuals can apply for Karnataka Bank personal loan.
The bank offers only one Personal Loan scheme to its customers called KBL Xpress Cash Loan. Some of the features of this personal loan scheme are:
No paperwork required. The whole process is digital
Quick disbursal of the loan amount to your bank account
You can avail a loan amount of up to Rs.5 lakh
Karnataka Bank Xpress Cash Loan eligibility criteria
You must be a government or a private sector employee with a minimum work experience of 6 months.
The minimum age of eligibility is 21 years
Minimum monthly salary must be Rs.15,000
You should not have an existing unsecured personal loan from Karnataka Bank
How to apply for a Personal Loan from Karnataka Bank
There are multiple ways through which you can apply for a personal loan from Karnataka Bank:
Online
Given below is the process you will have to follow if you wish to apply for a personal loan from Karnataka Bank:
Visit the official website of Karnataka Bank
Under the ‘Loan’ section click on ‘Personal Loan’. You will be directed to a new page
Click on ‘Apply Online’
If you are an existing customer, you can log in to the portal by either entering your customer ID, through net banking, or by entering the details of your PAN Card followed by entering a One-Time Password which you will receive on your registered mobile number. Enter the OTP and enter the portal.
You can then apply for a loan under the ‘Menu’ section and submit the necessary documents. The bank will review the documents submitted by you and if you meet the eligibility criteria, the bank will disburse the amount to your bank account.
If you are a new user, click on ‘Apply Online’. When you are directed to a new page, you can enter your mobile number, and authorise the bank to contact you.
You will have to create a profile by entering the necessary documents. Once your profile is created, you can use your credentials to enter the portal and apply for a new personal loan
You can also use the Karnataka Bank mobile app to apply for a personal loan. You will have to enter your credentials to apply for a personal loan from Karnataka Bank
Offline
You can visit the nearest branch of Karnataka Bank along with the necessary documents where a representative from the bank will help you with the process of applying for a personal loan.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
Karnataka Bank brought down its marginal cost of funds-based lending rate (MCLR) by 10 basis points. This new MCLR will be effective from November 1, 2017. This alteration in the rate will affect all tenures.
The 1-year MCLR of Karnataka Bank is now 8.75% p.a. Meanwhile, the 6-month MCLR is 8.40% p.a., and the overnight MCLR is 8.25% p.a. On the other hand, the 3-month MCLR of the bank is now 8.35% p.a.
6 November 2017
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.
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I have availed personal loan directly through Karnataka Bank.The rate of interest was very less ,I have got the loan amount on time and it was sufficient as well .I have submitted the required documents and there was no difficulties faced so far.I am satisfied with the service so far .
I have taken the consumer loan which is similar to the personal loan and i have to renovate my home. he documentation process was simple and i got the loan within few days and with quick process. The rate of interest was 9% since i am an staff in this bank.
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14
VARAPRASAD RAO MENA
, bangalore
Reviewed on Mar 13, 2019
I have applied for the personal loan With the KARNATAKA BANK and the documentation process was simple and quick sine i am an staff in that bank i get the rate of interest with this bank it is 9% and also i get the loan on time. The loan amount is good with this loan.
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8
VARAPRASAD RAO MENA
, bangalore
Reviewed on Mar 13, 2019
I had my personal loan with Karnataka Bank. The process to get the loan is good. The documentation is normal too. I have taken a loan and it was a convenient process. The interest rate and processing charges is minimal and the bank has been quick too
I have taken a personal loan with Karnataka bank and my experience was good, the loan amount was for Rs 10 lakhs with nominal interest rate when compared to other banks. Customer service was good and they responded on time. The tenure period for this loan is 5 years.
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16
ARAMAKALAHALLI SRINIVASA
, bangalore
Reviewed on Jul 31, 2018
I am having the personal loan with the Karnataka bank and the interest rate is around 12% per annum. I would like to say that the customer service is very good one with the Karnataka bank and I have not faced any issues with them till now.
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11
GOPI KRISHNA VADDI
, bangalore
Reviewed on Nov 23, 2017
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.
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15
NAVEEN KRISHNA
, bangalore
Reviewed on Oct 14, 2017
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.
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7
MAHAVEERJAIN JAIN
, chennai
Reviewed on Mar 11, 2016
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.
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8
PURUSHOTTAMA THONDAGERE LINGADEVARU
, bangalore
Reviewed on Mar 07, 2016
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.
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13
MALLIKARJUN NAIDU
, bangalore
Reviewed on Feb 05, 2016
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.
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
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11
SOCRATES MAHALINGAM
, hosur
Reviewed on Jul 09, 2015
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.
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16
GOVINDRAJ KIRAN
, bangalore
Reviewed on Jun 03, 2015
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.
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.
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24
SMRUTI RANJAN SABAT
, hyderabad
Reviewed on Jun 03, 2014
