Karnataka Bank Personal Loan

About Karnataka Bank Personal Loan

Whenever you are in urgent need of funds,  with Karnataka Bank nothing to worry.  Yes, this commerical institution based in Karnataka, India leaves no stone unturned to make you super happy. This renowned bank with its wide presence is here to offer you best of services and products. And, one such product offered by this lender is personal loan. You can avail this loan with easy repayament options, attractive interest rates and less charges, hence can make fulfill all your personal needs.

Be it medical emergency, daughter’s wedding, credit card debt or travel, all your needs can instantly be fulfilled by Karnataka Bank Personal Loan. So, if you are also looking for a loan that can be used to meet multiple requirements, this article is for you. Take a look below and get deep insights of this product.

Personal Loan

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    Almost done, few more details required.

    Karnataka Bank Personal Loan Details:

    ParticlularsDescription
    Interest Rates12.70%
    Loan Amount₹5 Lakhs
    Tenure5 Years
    Processing Fees0.50% of the loan amount
    Pre-payment ChargesNil

    Eligibility Criteria 

    • Age: 21-60 years.
    • Employment: The applicant must have at least 2 years of work experience, with a minimum of 1 year in current organization.
    • Earning: Minimum income: ₹12,000/- per month net income ₹15,000/- in Mumbai, Delhi, Bangalore, Chennai, Calcutta, Ahmedabad, cochin)

    Check Your Eligibility for Karnataka Bank Personal Loan :

    Now that you know about Karnataka Bank Personal Loan, it is also vital for you to understand loan amount eligibility. So, to make you better understand this thing, let’s pay attention on the example below.

    Suppose, Rashmi Gupta, a Senior SEO Manager working in a reputed organization is getting an attractive monthly income of ₹60,000. Now, let us assume she spends half of her salary on her monthly expenses and thus manages to saves only 50% of what she gets every month. If that is the case, she saves 50% of her monthly income i.e.₹30,000 each month.,

    However, if we look at the another side of the coin, this amount would be more than enough for lenders to repay a loan, if she avails any. Thus, if she buys a loan, she can easily repay the same without any hassle, according to lednders. Now, let us throw some light on her EMIs, interest outgo and total amount payable. What would be her loan amount eligibility? This is a big question for her. Well, to give you more clarity on the same, let’s take a look below.

    Amount- ₹1 Lakh
    Loan Tenure-5 years
    Rate of Interest-13.95% p.a.
    Your monthly EMI will be- ₹2,324

    So your personal loan calculation would be:
    ₹1 lakh x 30000/2324=₹12.90 Lakhs

    Karnataka Bank Personal Loan EMI Calculator:

    Now that you know the concept of loan amount eligibility, it would be easier for you to understand how EMI Calculator works. This smart and effective tool calculates the EMI in a very quick and hassle-free manner. But, before going there,let’s understand what actually EMI is all about. Your Equated Monthly Installments (EMIs) are a amalgamtion of interest and principal that you pay each month in order to repay a loan.

    Now, let’s understand how an EMI Calculator calculates your EMIs instantly. You just need to feed in few details in the calculator i.e. loan amount, interest rate and tenure. The moment you are done with the same, the device begins its magic and gives you the results in few seconds. To have a better understanding on the same, take a look at an example below.

    For Example: Neha Gupta, a SMO Manager wants to avail a personal loan of ₹2,00,000 from  Karnataka Bank for 5 years. Thus, while offering the same, the bank is charging an interest rate of 14%p.a. Now, she is worried about the EMIs, interest outgo and total amount payable from her pocket. Well, nothing to worry as an EMI Calculator takes the pain for you and gives you the output instantly.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00014%1₹ 17,957₹ 15,489₹ 2,15,489
    ₹ 2,00,00014%2₹ 9603₹ 30,462₹ 2,30,462
    ₹ 2,00,00014%3₹ 6836₹ 46,079₹ 2,46,079
    ₹ 2,00,00014%4₹ 5465₹ 62,334₹ 2,62,334
    ₹ 2,00,00014%5₹ 4654₹ 79,219₹ 2,79,219

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 29,701₹ 26,142₹ 1,70,298
    2₹ 34,137₹ 21,706₹ 1,36,160
    3₹ 39,235₹ 16,608₹ 96,925
    4₹ 45,095₹ 10,749₹ 51,829
    5₹ 51,883₹ 4014₹ 0

    Documents Required 

    SalariedSelf-employed
    Signed application form with photographSigned application form with photograph
    Copy of passport/voter ID card/driving licenseCopy of passport/voter ID card/driving license
    Processing fee cheque Processing fee cheque
    Last 3 months bank statement/6 months bank passbookLast 3 months bank statement/6 months bank passbook
    Latest salary slipLatest Bank statement
    Current dated salary certificate with the latest Form 16 Latest ITR or Form 16

    Features & Benefits 

    •  Efficient Processing
    • Attractive Interest Rates
    • Less Documentation
    • Doorstep Service
    • Hassle-Free Loan Journey
    • Flexible Loan Tenures

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