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Who is eligible for a personal loan from Karnataka Bank?

Karnataka Bank Personal Loan Eligibility

The bank has set various eligibility criteria for the personal loan of the bank for each of the variants offered to its customers. The rate of interest, as well as the repayment period, differ based on the type of personal loan. The eligibility set by the bank for personal loans is detailed below,

Eligibility for KBL Xpress Cash Loan

The KBL Xpress Cash Loan is specifically for salaried individuals. Karnataka Bank allows quick disbursal of this loan provided all the documents and application for the loan is in order and the eligibility set by the bank is met. The eligibility criteria for this loan are based on the age of the applicant as well as on the work experience of the applicant.

The details of the same are,

Eligible applicants

The eligible applicants for this loan are the employees of the following entities,

  • Central Government
  • State Government
  • Private Sector employees 

Age of applicants

The minimum age to be eligible for the KBL Xpress Cash Loan is 21 years of age. The bank does not specify any maximum age of the applicant to be eligible for the loan. Applicants can contact the bank to get the details of the same.

Other conditions

Apart from the above conditions, the bank specifies that the applicant should not have any other unsecured personal loans from the bank to be eligible to apply for the KBL Xpress Cash Loan.

Karnataka Bank Personal Loan

The personal loan of the bank also has a specific set of eligibility criteria set by the bank for the applicants to apply for the loan. The eligibility for this loan depends on the following factors,

Age of the applicant

The bank requires the applicant to be a minimum of 21 years of age for the personal loan of Karnataka Bank. There is no maximum eligible age for the personal loans of the bank.

Residential Status of the applicant

Another important condition is the residential status of the applicant. The bank provides personal loans to only residents of the country.

The income of the applicant

The income of the applicant is an important aspect needed to determine the eligibility of the personal loan.

The income criterion of the bank is dependent on the type of applicant. The details of the same are provided below,

  • For salaried persons – Minimum Gross Monthly Salary Rs. 10,000
  • For retired persons – Availability of disposable income other than pension received per month.
  • For others – Minimum Annual Gross Income to be Rs. 1,20,000

What are the documents required for personal loans of Karnataka Bank?

The applicants have to submit a set of documents that are part of the application process. Non-submission of these documents will make the application incomplete and not eligible for further processing. The list of documents needed includes the basic KYC documents along with the income proof to validate eligibility and viability of the loan given to the borrower.

The documents needed are mentioned below,

Identity Proof

The applicant can submit any of the following documents as part of identity proof required for personal loans.

Address Proof

The applicant can submit any of the following documents as part of address proof required for personal loans.

Income Proof

The documents related to income proof of the applicant depending on the category of the applicant. The details of the same are provided below.

For salaried applicants

The applicants need to provide the following documents as income proof while applying for a personal loan,

  • Last 3 months’ salary slip
  • Form 16

For self-employed professionals

The applicants need to provide the following documents as income proof for a personal loan,

  • ITR for last 2 years
  • Computation of Income for the past 2 years
  • Balance Sheet for the past 2 years 
  • Profit and Loss Account for the past 2 years

Recent passport size photograph

What is a Personal Loan?

Personal Loan is a general-purpose loan that can be sanctioned to the eligible applicants to meet any of their personal needs like wedding expenses, medical expenses, repairs of the house, vacation, gadget purchases, etc. This loan can be applied by the residents of the country. The applicant can apply for the loan through online or offline modes and will have to submit relevant documents along with the duly filled application form to complete the application for further processing.

Overview of Personal Loans from Karnataka Bank

Eligible applicants can apply for personal loans from the bank. These personal loans are available in two forms, namely the KBL Xpress Cash Loans and Karnataka Bank Personal Loan. Personal loans from Karnataka Bank come with a repayment period of up to a maximum of 5 years. You can find all about the eligibility of personal loans from Karnataka Bank on this page.

What are the features of the personal Loans of Karnataka Bank?

The personal loans of the bank are available with many attractive features that make it a preferred option for the borrowers in this segment. The various features of the personal loans of the bank are highlighted below.

Categories

KBL Xpress Cash Loan

Personal Loan

Quantum of Finance

Maximum Rs. 5,00,000

Minimum loan amount – Rs. 1,00,000

Maximum loan amount – 

Lower of,

  • 2 times average annual income for the past 2 years
  • 24 times of latest take-home salary 
  • Rs. 25,00,000

Rate of Interest

12% to 17% per annum

As per Bank Guidelines

Tenure

60 months (5 years)

Maximum 24 months (2 years)

Repayment as per OD rules (On-Demand)

Processing Fees

Loan amount Up to Rs. 1,00,000 – Rs. 2,500

Loan amount above Rs. 1,00,000 – 2% of the loan amount (Minimum Rs. 2,500, maximum Rs. 8,500)

As per Bank Guidelines

What is a Personal Loan Eligibility Calculator?

Personal Loan Eligibility Calculator is a tool available on the website of most banks. This tool helps the applicant to get an estimate of the personal loan that can be sanctioned by the bank. This feature of the bank can also be used to calculate the potential EMI (Equated Monthly Installment) that has to be paid by the applicant to repay the loan taken.

The parameters generally required to calculate the Personal loan eligibility for the personal loans of the Karnataka Bank are mentioned below,

  • Loan Amount
  • Rate of Interest
  • Loan Tenure
  • Age of the applicant
  • Present Monthly Income 
  • Present Monthly Obligations

Overview of Karnataka Bank

Karnataka Bank is a private sector bank in India with its headquarters in Mangalore, in the state of Karnataka. The bank has grown from its humble roots since the pre-independence era to becoming one of the largest private sector banks in the country. The loans products of the bank are available at competitive rates of interest.

FAQs – Personal loan Eligibility – Karnataka Bank

1. What is the maximum personal loan amount offered by the KBL Xpress Cash Loan?

The maximum loan amount that the applicants can avail of under the KBL Xpress Cash Loan is Rs. 5,00,000.

2. What is the eligible rate of interest for KBL Xpress Cash Loan?

A. The eligible rate of interest for KBL Xpress Cash Loan ranges from 12% per annum to 17% per annum.

3. For what purposes can you use the KBL Xpress Cash Loan?

A. Applicants can apply for the KBL Xpress Cash Loan for any of the following eligible purposes,

  • The educational expense for Self or children
  • Obsequies expenses
  • Marriage expense for self or dependents
  • Repairs for own house
  • Medical expenses of self or dependants
  • Tourism

4. What is the eligible tenure for KBL Xpress Cash Loan?

A. The eligible repayment period for the KBL Xpress Cash Loan is 60 months or 5 years.

5. What are the factors that influence the eligibility of an applicant for a personal loan from Karnataka Bank?

A. There are many factors that influence a person’s eligibility for the personal loan of the bank. These factors depend on the applicant’s profile to the loan details. Here are the major factors that influence your personal loan application eligibility:

Credit Profile of the applicant

The credit profile of the applicant is a crucial deciding factor that influences the eligibility for a personal loan. A good credit score ensures that the applicants get the loan at lower interest rates and with much ease without any hassles.

Relationship with the Bank

Most banks provide personal loans to their existing customers or account holders. The minimum duration expected by the applicants to have a relationship with the bank is 6 months usually.

The income of the Applicant

The income of the applicant determines the loan amount that can be sanctioned to the applicant. The bank requires that the applicant meet the minimum income requirement set by the bank for eligibility. This ensures that the loan provided by the bank does not turn into an NPA.

Loan amount required

The loan amount is also a contributing factor to decide the loan eligibility of the applicant. The loan amount that can be sanctioned by the bank is usually defined for each category of applicants like salaried, self-employed, pensioner, professional, etc.

Age of the applicant

Banks usually have strict age guidelines for the applicants to be eligible for their personal loan. The age restrictions ensure that the loan is not provided to a person who is not capable of repaying the loan taken.

Work experience

Most banks also insist on the applicants having some minimum work experience to be eligible for the loan. This condition is especially found in case of self-employed applicants or in case of applicants that do not have an account with the bank.

Security/Guarantee

While strictly not necessary, some banks require applicants to provide a security or guarantee for personal loans. Additional security may be required if the loan amount needed is higher or the applicant has a lower credit score and is considered a high-risk candidate for a personal loan.

6. Can a person with a lower credit score get a personal loan from Karnataka Bank?

A. Yes. A person having a low credit score can get a personal loan from Karnataka Bank provided they meet the guidelines of the bank with respect to eligibility and if the application submitted is approved.

7. What is the customer care number of Karnataka Bank for personal loans?

A. The customer care number of Karnataka Bank for personal loans is 1800 425 1444.

8. When can eligible applicants expect disbursal of a personal loan?

A. Karnataka Bank provides the personal loan under KBL Xpress Cash Loan within 10 minutes of approval.

9. Who is eligible for KBL Xpress Cash Loan?

A. KBL Xpress Cash Loan can be availed by government employees as well as private-sector employees.

10. What are the documents needed for a personal loan from Karnataka Bank?

A. The applicants need to provide basic KYC documents to support eligibility for the personal loans of the bank. These documents include,

  • Identity Proof
  • Address Proof
  • Income Proof
  • Bank Statement

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