Karnataka Bank Personal Loan

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.

Why Choose Karnataka Bank Personal 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.

Karnataka Bank Personal Loan Eligibility:

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.

Karnataka Bank Personal Loan Interest Rate:

The interest rate for Karnataka Bank personal loan is normally BR (base rate) +6.50%.

Karnataka Bank Personal Loan FAQs:

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.

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