Important Aspects of Canara Bank Personal Loan | 2021
Canara Bank Personal Loan is a leading credit product in India which funding up to Rs. 3 lakhs under the Canara Budget and Canara Teachers Loan schemes. The loans can be taken out at rates of interest starting at just 12.05% p.a. with minimal processing fee.
Moreover, the lender offers flexible repayment tenure of up to 5 years. Let’s take a look at the important aspects of Canara Bank Personal Loan!
Canara Bank Personal Loan – Highlights
| Interest Rate | 12.05% p.a. onwards |
| Loan Amount | Up to Rs. 3 lakhs or 6 to 10 times of gross salary |
| Loan Tenure | 3 months – 18 months |
| Processing Fee | 0.5% to 1% of loan amount |
Features of Canara Bank Personal Loan
If you consider taking out a personal loan from the Canara Bank, the following are the features that you will enjoy on availing of the same. Take a look at the following to perceive them:
- Easy to access the loans for multiple purposes such as wedding, home renovation, higher education, etc.
- Easy to afford interest rates and other charges.
- Nominal documentation procedure
Eligibility Requirements for Canara Bank Personal Loan
The eligibility criteria for both the Canara Bank Personal Loan Products vary slightly from each other. The standard eligibility for personal loan to avail from Canara Bank are given below:
Canara Budget
- This personal loan facility can be availed if you are a salaried employee of joint stock companies as well as public sector units.
- If you are a government official, then also you can apply for this loan.
- You must have a minimum of Rs. 10,000 / month or 25% of your take-home salary (whichever stands out to be higher) post paying the loan EMIs.
- The loan facility can be availed only by those who possess their salary accounts in the Canara Bank.
Canara Teachers Loan
- This personal loan facility is structured exclusively for the teaching and non-teaching staff functioning in a school or college.
- This loan facility can be availed only by the teachers who have their salary accounts in Canara Bank.
- You also must have a minimum of Rs. 10,000 / month or 30% of your monthly take-home salary post meeting the monthly EMI obligations.
Factors Affecting Canara Bank Personal Loan Eligibility
Following are the fundamental factors that may affect your personal loan eligibility in the Canara Bank. Take a look at the following to perceive them seamlessly:
- Monthly income
- Age
- Monthly expenses
- Any other loan
- Credit History
- Job Stability
- Relationship with the Bank
- Category of Your Employer
Document Requirements for Canara Bank Personal Loan
Following are the fundamental documents that you will need to attach along with your personal loan application in the Canara Bank. Have a look at them to understand seamlessly:
- 3 passport size photographs
- Latest salary slip
- Form 16 or ITR for the last 3 years
- Co-obligation document
- Promissory note or promissory note covering letter
The Final Stroke
To conclude, Canara Bank is one of the leading commercial banks in India when it comes to offering personal loans in India. The bank is known for offering great deals on loan products right from submitting the loan application to the disbursal of the loan amount.
Yet, if you have any sort of further queries, you can also make a call on the Canara Bank Personal Loan Customer Care Number.
