World number three Saina scraped past the seventh-ranked Spaniard 19-21 25-23 21-16 in a see-saw battle lasting an hour and 19 minutes to bag the title.
With the gruelling win, Saina maintained her 100 per cent win record against Carolina in three career meetings.
Third seeded Kashyap, meanwhile, stunned world number five Srikanth 23-21 23-21 to clinch the men's sigles title after a gruelling 52-minute contest.
Saina was surging ahead in the second game as well with a 10-6 lead before the 21-year-old Spaniard fought back to go 15-12 up. It was a neck and neck battle from thereon with the Indian saving a couple of match points. She eventually managed to level the match on her third game point.
The Hyderabadi did not repeat the mistakes of the first two games in the deciding third game, taking a 9-4 lead before wrapping up the match on her third match point.
In the opening game, Kashyap managed to take a lead on a couple of occasions but every time top seed Srikanth levlled the scores at some stage.
It was a hard-fought game from 16-16 to 21-21 before Kashyap reeled off two quick points when it mattered the most, to run away with the first game.
Second game also went on similar lines till 13-13 before world number 15 Kashyap won four points on a trot to open up a 17-13 lead and then further extended it to 19-15.
Tied once more on 21-21, Kashyap yet again kept his cool to earn the two most crucial points and seal the issue in his favour.
In mixed doubles, Indian pair of Manu Attri and K Maneesha went down to top seeded Indonesian combo of Riky Widianto and Puspita Richi Dili 17-21 17-21 to finish runners-up.
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