Does Karnataka Bank offer only one type of Personal Loan?
No, Karnataka Bank offers personal loans of multiple types which are designed to cater to specific requirements. While the KBL Salaried person loan is meant for meeting the Personal expenses of salaried individuals, KBL Insta cash loan can be availed by anyone for their personal requirements against securities held by applicants. KBL Suvidha OD scheme is an overdraft scheme of personal loans which is granted as an overdraft facility for meeting personal expenses.
What is the minimum and maximum quantum of loan over the range of personal loan schemes offered by the bank?
If we compare the loan quantum of all the personal loan schemes together, the range of minimum and maximum value of loan would be from Rs.10, 000 to a maximum of Rs.500 lakhs. Most loan schemes under the Personal Loan criteria also offer Karnataka Bank Personal loans linked to the income earing capacity of the borrower subject to a pre-defined maximum limit.
What are the different interest rates on the different types of loans offered under the personal loan category?
The various interest rates on the respective personal loan schemes are listed below:
KBL Salaried Persons Loan charges an interest rate of 13.95%
KBL Insta Cash has an interest incidence of 11.45%
KBL Suvidha OD charges a rate of interest of 13.95%
What is the loan repayment tenure for Karnataka Bank Personal Loan granted under the personal loan?
The loan tenure of the various schemes of personal loans offered by Karnataka Bank ranges from 24 months for overdraft facilities to 60 months for loans issued as term loans with fixed loan tenure.
Is any security required when the applicants apply for a Karnataka Bank personal loan?
Yes, Karnataka Bank offers personal loans with the requirement of pledging a security for the loan to be sanctioned. The security can be a mortgage of the property, either residential or commercial owned by the applicant, pledge of Government securities held like NSCs or KVPs, third party guarantee from a person who is solvent enough to provide a guarantee or a guarantee from the applicant’s spouse.
To what use can the loan be put?
The various types of loan schemes discussed above are all meant for personal usage of the customer and can be used for meeting any expenses of personal nature.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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