Karnataka Bank Personal Loan of Rs. 10 Lakh

With interest rates starting from 10.93% per annum, the Karnataka Bank Rs 10 Lakhs personal loan offers an attractive loan scheme with a repayment tenure of up to 60 months. An applicant can make a downpayment on his dream home, purchase a new car, or manage his wedding expenses. These are only a few examples of what one can do with the Karnataka Bank Rs 10 lakh personal loan. The repayment tenure is very flexible, and the applicant can pay monthly, quarterly, half-yearly or yearly instalments, making EMIs more convenient. With wide eligibility, the applicant can avail of Rs 50 lakhs. Continue reading about eligibility and the documents required for this loan scheme.

Karnataka Bank Rs 10 Lakhs Personal Loan Eligibility

To be eligible for the Karnataka Bank Rs 10 lakhs personal loan, the applicant needs to be an Indian resident between the ages of 18 and 60. The loan scheme is Accessible to individuals, HUFs, joint borrowers, and firms. 

Karnataka Bank Rs 10 Lakhs Personal Loan Documents Required

The following documents are required if an applicant wants to avail of a Rs 10 lakhs personal loan from Karnataka Bank:

• Aadhaar card
• PAN card
• Digital or scanned copies of KYC documents
• Bank statements from the past 7 months
• Address proof copy
• Internet banking credentials for the salary account

Karnataka Bank Rs 10 Lakhs Personal Loan Interest Rate & Fees

The applicable interest rates and fees incurred on a Rs 10 lakh personal loan from Karnataka Bank are given below:

• Interest rates start at 10.93% per annum.
• Processing fee for loans up to ₹1 lakh: ₹2500.
• For loans over ₹2 lakhs, the processing fee is 2% of the loan amount, with a minimum of ₹2500 and a maximum of ₹8500.
• No prepayment charges.

Repayment Options For Karnataka Bank Rs 10 Lakhs Personal Loan

Following are the repayment options for Karnataka Bank Rs 10 lakhs personal loan:

• Flexible and convenient repayment through Equated Monthly Installments (EMIs).
• Set up a Standing Instruction for automatic deductions from your bank account.
• Make payments online using Internet Banking.
• Authorise ECS (Electronic Clearing Service) for automatic debits.
• Use the Mobile Banking App for easy and convenient payments (if available).

EMI On Rs 10 Lakhs Personal Loan

Let us calculate the EMI on different tenures on a Rs 10 lakh personal loan from Karnataka Bank at the starting interest rate of 10.93% per annum:

Loan Tenure: 1 year

• EMI Amount: ₹88,349
• Interest Payable: ₹60,188
• Total Amount Payable: ₹10,60,188

Loan Tenure: 2 years

• EMI Amount: ₹46,575
• Interest Payable: ₹1,17,808
• Total Amount Payable: ₹11,17,808

Loan Tenure: 3 years

• EMI Amount: ₹32,706
• Interest Payable: ₹1,77,401
• Total Amount Payable: ₹11,77,401

Loan Tenure: 4 years

• EMI Amount: ₹25,812
• Interest Payable: ₹2,38,954
• Total Amount Payable: ₹12,38,954

Loan Tenure: 5 years

• EMI Amount: ₹21,708
• Interest Payable: ₹3,02,452
• Total Amount Payable: ₹13,02,452

How To Apply For Karnataka Bank Rs 10 Lakhs Personal Loan

Follow these steps to apply for a Rs 10 lakhs personal loan from Karnataka Bank:

• Visit the official Urban Money website.
• Visit the “Loan” section and choose “Personal Loan.”
• You will be directed to a page with top lenders in India.
• Find the “Karnataka Bank” logo and click “Apply Now.”
• Fill out the online form with your name, mobile number, and city.
• Enter the 6-digit OTP sent to your phone and click “Submit.”
• An Urban Money loan specialist will soon contact you to guide you through the next steps.

Alternative Options To Consider For Rs 10 Lakhs Loan

If you wish to look for other alternatives to avail of a Rs 10 lakhs personal loan, you can consider the options below:

Personal Loans:

• ICICI Bank: Apply online for a ₹10 lakh personal loan with easy repayment terms. No collateral is required.
• Kotak Mahindra Bank: Offers personal loans up to ₹40 lakh with interest rates starting from 10.99%.

Instant Loan Apps:

• Consider using instant loan apps in India for quick and hassle-free financial solutions.

Alternative Investments:

• Invest a portion of your funds (around ₹2 to ₹4 lakh) in alternative assets like Peer-to-Peer (P2P) lending or lease finance for short-term goals.