About Karnataka Bank Personal Loan
A personal loan is a financial aid provided by commercial banks and NBFCs to its customers. Karnataka Bank offers one of the best interest rates in the market. Also, a personal loan in comparison to other loans has very competitive interest rates. It is an instant finance option, you get the funds in no time at all. It is an unsecured loan, so you don’t have to pledge any asset of yours to the bank. It has many easy repayment offers, the borrower is free to choose any of it according to his convenience.
Karnataka Bank Personal Loan Eligibility
There are some eligibility criteria of the banks to provide Karnataka Bank Personal Loan. You have to qualify the eligibility criteria to get the finances for your requirements. Check your eligibility in a minute. Apply online and get Karnataka Bank Personal Loan instantly. Generally, two categories of applicants are there.
Criteria for both the categories is different. Let us look at them in detail.
- Firstly, the age of the applicant is required to be more than 21 years and maximum of 60 years.
- Secondly, that monthly income should be Rs.18,000 at least.
- After that, the applicant should have the work experience of minimum 3 years .
- The applicant should be getting the salary in his/her bank account.
- The credit history of the applicant should be good (more than 700).
Click here to know more – Salaried Applicant
- If the applicant is self-employed then his/her age should be 25 years at least and maximum of 65 years.
- The customer should be filing ITR for last three years at least.
- His/her CIBIL score should be good (more than 700).
Click here to know more – Self-employed Applicant
Karnataka Bank Personal Loan Documentation
- One Identity Proof (Aadhar Card/ PAN Card/ Driving License/ Voter ID Card/Passport)
- One Residence Proof (Aadhar Card/ PAN Card/ Driving License/ Voter ID Card/Passport)
- Income Proof (Salary Slips of last three month or online bank statement of last 6 months)
- Two Passport size photographs.
Self Employed People
Last 3 months salary slips & last 6 months bank statement
ITR of minimum 2.5 lakhs for last 3 years
Identity Proof: Aadhar Card/Pan Card/Voter Id/ Driving License/ Passport
Address Proof: Aadhar Card/Pan Card/Voter Id /Passport/Driver License and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address
Two colored photographs
PAN Card photocopy
Karnataka Bank Personal Loan Interest Rates
Every bank has different interest rates. Karnataka Bank Interest Rates vary between 10.75 % – 18% per annum. The interest rates of the bank depend on certain factors like, the customer’s profile, CIBIL score of the applicant, monthly income, debt history, capability to pay back the loan, etc.
Click to know more about Interest Rates on Personal Loan
Karnataka Bank Personal Loan Advantages
- Easy Loan Tenure: Pay off your Karnataka Bank Personal Loan at your ease. The bank provides loan amount from Rs 50,000 to Rs 25,00,000 and you can repay it easily by opting for tenures ranging from 12 months to 60 months. Generally, loan amount varies according to the income of the applicant.
- Balance transfer option: There is no need to pay a higher interest rate on your already running personal loan. You have the option of transferring your loan to Karnataka Bank at the low-interest rates. You also have the option of getting an additional loan, as per your eligibility when you transfer your existing loan from any other bank to Karnataka Bank.
- Existing customer advantage: The bank provides extra benefit to its existing customers. Existing customers can avail the Karnataka Bank Personal Loan without providing income papers and also at best interest rates.
- Easy documentation: Here you can avoid multiple documentation processes. At Karnataka Bank, it is easy to apply for Karnataka Bank Personal Loan, as the documentation process is simple and hassle free.
- Quick approval process: You don’t have to wait too long to get a personal loan anymore. At Karnataka Bank, we are prepared to meet your urgent financial needs. You will get the money when you need it the most. It will take maximum 12 hours to get the loan disbursed, once your documentation is verified and completed.
Karnataka Bank Personal Loan Service Charge
The charges at Karnataka bank are very minimal, Only 1% is taken as the service charge.
How to Apply for Karnataka Bank Personal Loan?
- First of all, visit www.dialabank.com.
- After that, fill the online application form.
- Enter your contact number and other details.
- We will contact you in no time at all and guide you forward.
Why choose Dialabank for Personal Loan?
- We are always there to help you at any time of the day.
- Dialabank is one stop destination where you can get all the information of different banks and schemes.
- It is a financial platform where you can check and compare different loan rates across different banks.
- You get guidance from our experts 24*7.
Q: What is the maximum amount of Personal loan that can be approved?
A: Loan amount offered is up to Rs 20 Lakh.
Q: Are there any foreclosure charges for Personal Loan?
A: Yes, there are foreclosure charges in Karnataka Bank.
Q: How is EMI on a personal loan calculated?
A: EMI Formula
E = P*R (1+r) n/ ((1+r) n-1))
E is EMI
P is Principal Loan Amount
R is the Rate of Interest calculated every month.
Q: How much time it takes for the approval of Personal Loan?
A: It takes 72 hours to get personal loan approval in Karnataka Bank.
Q: Does Karnataka Bank provides top up on existing loans?
A: Yes the Bank provides top-up facility on existing loans.
Q: What is the Interest Rate offered by the Karnataka Bank for the Personal Loan?
A: The current Personal Loan status is that it varies from 10.75% to 16.00% per annum; it depends on the Applicant’s profile, CIBIL score, and financial history.
Q: How much CIBIL score is required for a personal loan?
A: The minimum CIBIL score required for a personal loan is generally 700. This would mean that the applicant is creditworthy and the applications are processed without hassle. In general credit scores range from 300 – 900; 300 being on the lower end of the range and 900 on the higher end.
Q: What is the Loan Repayment Tenure?
A: Personal Loan has a tenure of 1-5 years. The applicant is free to choose the loan tenure
Q: How can you repay a Personal Loan?
A: You can repay the Loan in the form of EMIs.
Q: How is the interest on a personal loan calculated?
A: To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.
Q: How to use personal loan calculator?
A: You just have to visit Personal Loan EMI Calculator. After that enter the amount, tenure and rate of interest.
The Current Personal Loan Status of Interest Rates
Table of Contents
- 1 About Karnataka Bank Personal Loan
- 1.1 Karnataka Bank Personal Loan Eligibility
- 1.2 Salaried Applicant
- 1.3 Click here to know more – Salaried Applicant
- 1.4 Self-employed Applicant
- 1.5 Karnataka Bank Personal Loan Documentation
- 1.6 Karnataka Bank Personal Loan Interest Rates
- 1.7 Karnataka Bank Personal Loan Advantages
- 1.8 Karnataka Bank Personal Loan Service Charge
- 1.9 How to Apply for Karnataka Bank Personal Loan?
- 1.10 Why choose Dialabank for Personal Loan?
- 1.11 FAQs
- 1.11.1 Q: What is the maximum amount of Personal loan that can be approved?
- 1.11.2 Q: Are there any foreclosure charges for Personal Loan?
- 1.11.3 Q: How is EMI on a personal loan calculated?
- 1.11.4 Q: How much time it takes for the approval of Personal Loan?
- 1.11.5 Q: Does Karnataka Bank provides top up on existing loans?
- 1.11.6 Q: What is the Interest Rate offered by the Karnataka Bank for the Personal Loan?
- 1.11.7 Q: How much CIBIL score is required for a personal loan?
- 1.11.8 Q: What is the Loan Repayment Tenure?
- 1.11.9 Q: How can you repay a Personal Loan?
- 1.11.10 Q: How is the interest on a personal loan calculated?
- 1.11.11 Q: How to use personal loan calculator?
- 1.12 The Current Personal Loan Status of Interest Rates