Karnataka Bank Personal Loan of Rs. 5 Lakh

Karnataka Bank offers a variety of personal loans, including a 5 Lakh loan, designed to meet different financial requirements. The Karnataka Bank’s 5 Lakh Personal Loan comes with attractive interest rates, flexible repayment options, and minimal paperwork, making it an easy and accessible choice for customers seeking financial support.

Eligibility for ₹5 Lakh Karnataka Bank Personal Loan

You must meet specific criteria to qualify for a ₹5 lakh personal loan from Karnataka Bank. Applicants must be citizens of India, aged between 18 and 60 years. Salaried employees are required to have a minimum net monthly salary of ₹20,000 for the past seven months. Additionally, applicants should not have any existing unsecured personal loans from Karnataka Bank.

Required Documents

Applicants need to provide the following documents:

• Identity Proof
• Salary proof, such as the last seven months’ bank statement (original ePDF or scanned PDF), is required.
• Address proof.

Interest Rates and Fees

The maximum loan amount available is up to ₹5 lakh, with an interest rate starting at 12% per annum. The loan tenure can extend up to 60 months.

Repayment Options for Karnataka Bank ₹5 Lakh Personal Loan

Karnataka Bank offers flexible repayment options to suit various financial needs. Here are the key features of the repayment options available for a ₹5 lakh personal loan:

• Loan Tenure: Choose from a range of loan tenures up to 60 months, allowing you to select a repayment period that fits your financial situation.
• Monthly EMIs: Equated Monthly Installments (EMIs) are calculated based on the loan amount, interest rate, and selected tenure. The EMI amount will be lower for longer and higher for shorter tenures.
• Prepayment: You may have the option to make prepayments or foreclose the loan before the end of the tenure, subject to certain conditions and possible prepayment charges.
• Auto-Debit: Set up an auto-debit facility from your Karnataka Bank savings account to ensure timely EMI payments without manual intervention.
• Online Access: Manage your loan account online through Karnataka Bank’s internet banking portal, where you can view your repayment schedule, track payments, and make additional repayments if desired.

What is the EMI for a ₹5 Lakh Personal Loan?

Below is the EMI calculation table for a ₹5 lakh loan at an interest rate starting at 12% per annum for different tenures:

Applying for the Karnataka Bank ₹5 Lakh Loan

To apply for the Karnataka Bank ₹5 lakh loan, follow these steps:

• Visit Urban Money Website: On the Urban Money website, navigate to the ‘Personal Loans’ section, choose ‘Karnataka Bank Personal Loan’ from the list and fill in your personal details, including name, address, and employment information.
• Submit and Wait: Provide your phone number, submit the application form, and wait for a call back from a representative.
• Follow-up: Follow the representative’s instructions to complete the loan application process, including submitting the required documents.

Following these steps, you can easily apply for a ₹5 lakh personal loan from Karnataka Bank through the Urban Money website.

Alternatives to Consider for ₹5 Lakh Loan

When considering a ₹5 lakh personal loan, it’s wise to compare different banks and financial institutions to find the best terms. Here are some alternatives:

HDFC Bank Personal Loan

• Interest Rate: Starting at 10.75% p.a.
• Loan Tenure: Up to 60 months
• Processing Fee: Up to 2.5% of the loan amount

ICICI Bank Personal Loan

• Interest Rate: Starting at 11.25% p.a.
• Loan Tenure: Up to 60 months
• Processing Fee: Up to 2.50% of the loan amount + GST

SBI Personal Loan

• Interest Rate: Starting at 10.30% p.a.
• Loan Tenure: Up to 72 months
• Processing Fee: 1.50% of the loan amount + GST

Axis Bank Personal Loan

• Interest Rate: Starting at 12% p.a.
• Loan Tenure: Up to 60 months
• Processing Fee: Up to 2% of the loan amount

Bajaj Finserv Personal Loan

• Interest Rate: Starting at 13% p.a.
• Loan Tenure: Up to 60 months
• Processing Fee: Up to 4.13% of the loan amount