Karnataka Bank Personal Loan Details

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Karnataka Bank Personal Loan is up to Rs. 5 lakhs and offered to salaried individuals. This is an unsecured loan offered at starting rate of 12%. You can also take an instant cash loan against securities. Here, the loan is offered as a term loan or overdraft. All you have to do is submit a duly filled and signed loan application form with your KYC documents, and income proof to get the loan. The processing fee is minimal, and the loan processing is quick.

In this post, we will discuss Karnataka Bank personal loan types and their features, eligibility criteria, loan amount, tenure, interest rates, documents required, and frequently asked questions.

Features and Types of Karnataka Bank Personal Loans

Here are the Karnataka Bank Personal Loan features:

1. KBL Xpress Cash Loan

You can take this loan to fulfil your expenses. These include the marriage of self or dependents, self or children's education, tourism, obsequies expenses, medical cost for self or dependents, repair of own house, etc.

• The loan amount is up to Rs. 5 lakhs
• The tenure is up to 60 months
• The interest rate is between 12% and 17%
• Eligible applicants are private and public sector employees
• The applicant needs to be a resident of India and a salaried individual
• Employment tenure must be at least for 6 months
• The entry age is 21 years, and 60 years is the age limit till the maturity of the loan
• There should be no existing unsecured personal loan from the Karnataka Bank

2. KBL Insta Cash Loan

This is an instant loan against NSC/Post Office Time Deposit/Kisan Vikas Patra, etc. Any person who is over 18 years of age can apply. Other eligible applicants are joint borrowers, Hindu Undivided Family business, and partnership firms.

• The bank maintains a 10% to 40% margin on the security, subject to a maximum of Rs. 50 lakhs loan amount
• The minimum loan amount is Rs. 10,000
• Interest has to be liquidated every month
• The tenure is up to 60 months for fixed loans
• The tenure is up to 24 months for the overdraft facility
• You have to repay the loan as monthly/quarterly/half-yearly/yearly instalments
• You can also repay the loan in lump-sum

Karnataka Bank Personal Loan Interest Rates

Karnataka Bank personal loan interest rate details are as follows:

• The KBL salaried person loan carries an interest rate of 12.75%
• The KBL Insta Cash interest rate is 11.41%
• The rates are linked to EBLR (External Benchmark-based Lending Rate) loans less than Rs. 500.00 lakhs
• The current base rate is 8.70%
• The one-year MCLR rate is 8.80%, 8.50% for 6 months, 8.35% for 3 months, 8.15% for one month, and 8.05% for overnight

Documents Required for Karnataka Bank Personal Loan

Here are the documents you will need for your personal loan application:

• KYC Documents: Identity proof (Voters ID Card/PAN Card/Driving Licence/Passport), Address proof (Electricity bill/Passport/Lease or sale agreement of residential property/Ration Card/Telephone bill), PAN Card copy, and latest 2 copies of passport-size photographs of the borrower
• Loan Application Form: Duly completed and signed loan application form
• Income Proof: Form 16/ITR of the last 2 years, last 3 months salary slips/latest salary certificate/last 6 months salary account statement