Get Lowest Personal Loan Interest Rate ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

If you wish to meet financial obligations, both personally and pertaining to business, you can opt for a Karnataka Bank personal loan. Of the many forms of loans that the bank offers, some include the Insta Cash Loan, the Ravi Kiran Loan, and the Xpress Cash Loan – to cater to the varying needs of different borrowers. If you wish to opt for a secured KBL personal loan, you can avail of as much as Rs.500 Lakhs, and if you opt for an unsecured KBL personal loan, you can avail of as much as Rs.5 Lakhs. The repayment tenure for both these forms of loans varies up to a period of 60 months. Read on to learn more about the Karnataka Bank personal loan.

**Disclaimer: Karnataka Bank is not a Bajaj Markets partner. Offers would be from partner Banks/NBFCs only.

Karnataka Bank Personal Loan Interest Rate

If you wish to opt for a Karnataka Bank personal loan, you must be well-versed with the Karnataka Bank personal loan interest rates. They are as follows:

Type of Personal Loan

Rate of Interest

Xpress Cash Loan

12% per annum onwards

Insta Cash Loan

11.32% per annum onwards

Ravi Kiran Loan

11.67% per annum onwards

Karnataka Bank Personal Loan Features & Benefits

Before applying for a personal loan, it is important for you to be aware of the Karnataka Bank personal loan details. The features and benefits of the same are as follows:

  • Amount: Based on the personal loan variant that you choose, the amount offered can vary. For example, if you opt for an Insta Cash Loan, you can avail of as much as Rs.500 Lakhs. Likewise, with a Ravi Kiran Loan, you can avail of as much as Rs.10 Lakhs, and on an Xpress Cash Loan, you can avail of a maximum amount of Rs.5 Lakhs.

  • Flexible Tenure of Repayment: When you opt for a Karnataka Bank personal loan, you can repay the same by choosing a flexible tenure. This can range from 12 months to 60 months.

  • Wide Range of Schemes: With a wide range of personal loan policies, you can meet your personal and business needs.

  • Seamless and Hassle-Free Application Process: If you wish to apply for a Karnataka Bank personal loan, you can do so from the comfort of your home by submitting your application online.

Karnataka Bank Personal Loan Eligibility Criteria

To be eligible for a Karnataka Bank personal loan, you must meet the following criteria:

1. Xpress Cash Loan

  • You must be at least 21 years of age.

  • You must be either a government or private service employee, having worked for at least six months.

  • You must not have a pre-existing loan from Karnataka Bank.

2. Insta Cash Loan

  • You must be at least 18 years of age.

  • Individual, joint borrower, partnership firm, or a Hindu undivided family business can apply.

3. Ravi Kiran Loan

  • Age criterion depends on your applicant type.

  • You can apply if you are an individual, farmer, trader, Hindu undivided family business, salaried person, businessman, or institution.

Karnataka Bank Personal Loan EMI Calculator 

When you opt for a KBL personal loan, you will have to pay an EMI every month. By making use of the EMI Calculator, you can compute how much you will have to pay every month, helping you manage your finances better. The EMI Calculator will factor in your loan amount, the rate of interest applicable, and the tenure of the loan.

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

Calculate Personal Loan EMI

Let us elucidate how to calculate a personal loan EMI via an example. Let assume that X opts for a KBL personal loan of Rs.3 Lakhs, at an interest rate of 12.50% for five years. The table below will showcase the EMI, Total Repayment Amount, and the Interest Amount.

Amount of Loan

Rate of Interest

Tenure

Monthly Instalment

Total Interest Amount

Total Amount

₹ 3,00,000

12.50%

1

₹ 26,725

₹ 20,698

₹ 3,20,698

₹ 3,00,000

12.50%

2

₹ 14,192

₹ 40,613

₹ 3,40,613

₹ 3,00,000

12.50%

3

₹ 10,036

₹ 61,299

₹ 3,61,299

₹ 3,00,000

12.50%

4

₹ 7974

₹ 82,752

₹ 3,82,752

₹ 3,00,000

12.50%

5

₹ 6749

₹ 1,04,963

₹ 4,04,963

How is Karnataka Bank Personal Loan EMI Calculated?

When you opt for a KBL personal loan, the EMI is calculated by making use of the following formula:

E=P.R.(1+R) ^ N/((1+R) ^ (N-1)

Here, E stands for EMI, P stands for the principal loan amount, R stands for the rate of interest, and N stands for the monthly loan tenure.

How to Apply for Karnataka Bank Personal Loan

To apply for a KBL personal loan, follow the steps mentioned below:

  • Step 1: Start by visiting the official Karnataka Bank website, and under the ‘Loan’ tab, click on the ‘Personal Loan’ section.

  • Step 2: Next, click on ‘Apply Now’. If you are an existing customer, login using your credentials, and enter the OTP, you receive.

  • Step 3: If you are a new customer, enter personal details such as name, email id, and mobile number.

  • Step 4: Once you create your profile and enter the requisite details, you must submit the application form and necessary documents, so as to proceed to apply for a personal loan.

  • Step 5: Once the bank reviews your documents and approves of the same, your loan will be disbursed.

You can also apply for a KBL personal loan offline, by visiting the nearest Karnataka Bank branch, and filling out the application form.

Documents Required for Karnataka Bank Personal Loan

To avail of a KBL personal loan, you must furnish the following documents:

  • Proof of Identity such as Passport, Voter ID card, AADHAR card, or Driving Licence

  • Proof of Residence such as Passport, Utility Bill, or Rental Agreement

  • Bank Statement of the last 3 months

  • Last 3 month’s salary slip

  • 2 passport size photographs

FAQs on Karnataka Bank Personal Loan

  • ✔️What is the maximum Personal Loan amount that can be sanctioned by Karnataka Bank?

    The maximum personal loan offered by Karnataka Bank is Rs.500 Lakhs, under the Insta Cash Loan.

  • ✔️Is there an age limit to apply for Karnataka Bank Personal Loan?

    Yes, you must be at least 18 years of age.

  • ✔️How much time is taken for the Karnataka Bank Personal Loan to be approved?

    An Xpress Cash Loan is approved by the bank within 10 minutes of applying.

  • ✔️How can I calculate Karnataka Bank Personal Loan EMI?

    You can calculate the Karnataka Bank Personal Loan EMI by using the EMI Calculator, or using the formula: E=P.R.(1+R) ^ N/((1+R) ^ (N-1)

  • ✔️How can I get in touch with Karnataka Bank customer care?

    You can contact the Karnataka Bank customer care number at 1800 425 1444.