Canara Bank Personal Loan

Canara Bank is an Indian state-owned bank head quartered in Bangalore, Karnataka. Bank has a network of 4600 branches and more than 5500 ATM's spread across India. Canara Bank offer simple Personal Loan Scheme exclusively for the benefit of employees of Corporates, PSUs, Government Departments, Institutions, etc., and also Non salaried class like professional/ self employed

Canara Bank Personal Loan

Headquartered in Bangalore, Canara bank is a state-owned bank. It is one of the oldest banks in India, established in 1906. The bank offers a wide range of products such as home loan, personal loan, business loan, loan against property, educational loan etc. Canara Bank Personal Loan can provide you much-needed funds during a financial crisis. The bank offers Personal Loans to help you fulfil your personal requirements such as financing education, a wedding, meeting sudden medical expenses etc.

Mentioned below are three popular personal loans offered by Canara bank:

1. Canara Budget Personal Loan: Canara budget, a simple personal loan scheme, exclusively offered to corporate employees and government employees to meet genuine personal financing needs.
2. Canara Teacher’s Personal Loan: This loan enables teachers to meet their personal financial needs. However, this loan can be availed by both teaching and non - teaching staff working in a school or college.
3. Canara Consumer Personal Loan: This loan can be availed by salaried persons, businessmen and other professionals.

Under Canara bank’s personal finance schemes, you can get personal finance for home improvements, medical expenses and many other such genuine needs.

Features of Canara Bank Personal Loans

Canara bank offers personal loans to meet your various personal financial needs. The bank also ensures that the maximum amount of loan is offered to each applicant based on their documentation, requirement, repayment history and CIBIL score. Money borrowed from Canara bank under personal loan schemes can be used as per individual needs. Canara bank personal loans come with the following attractive features:

• Canara bank offers personal loans for long tenures. You can get loans up to a maximum of 60 months.
• The bank offers convenient loan repayment options. You can repay loans in monthly instalments based on your convenience.
• The bank charges nominal pre-enclosure fees.
• Canara Bank charges low processing fees.
• You can apply for a Canara Bank personal loan online. Also, online tracking of your application status is available.
• The bank provides 24/7 customer support to its customers. It helps customers get their queries and doubts resolved online.

Why choose Canara Bank Personal Loan:

With Canara bank, you can get personal loans for varied requirements such as a wedding, to fund higher education, house renovations etc. The bank maintains an easy documentation process and offers personal loans at affordable rates. Besides, it charges low processing fees. All these benefits make Canara bank the preferred choice of many people to borrow money.

Canara Bank Personal Loan Eligibility

Personal Loan Eligibility differs from bank to bank and person to person. The basic thing that the banks looks for while sanctioning a personal loan is your repayment capacity. The minimum age requirement to get a personal loan from Canara Bank is 21 years and the maximum is 58 years. Both salaried and self-employed individuals can apply for Canara Bank personal loans up to Rs.3 lakhs. The bank has different eligibility criteria for different personal loan plans.

Eligibility criteria for the Canara Budget personal loan:

• This plan is for employed persons.
• If you are a confirmed employee of a reputed PSU or joint stock company.
• If you are a confirmed central or state government official.
• College lecturers, assistant professors, professors, universities and research institutions are also eligible for Canara Bank personal loans.
• Your salary account has to be with Canara Bank.
• If you are a salaried employee, your minimum average net take-home salary should not be less than 40% after paying the monthly EMI.

Similarly the eligibility criteria for the Teacher’s Loan is as follows:

• You need to be a confirmed teacher or non-teaching staff working in a school or college.
• You should hold your salary account with Canara bank.
• Your monthly take home salary needs to be minimum 30% of the gross salary after EMI deduction, or Rs.10,000 (whichever is greater).

Canara Bank’s eligibility criterion for Canara Consumer loan include:

• Professionals, businessmen and salaried people – they all can avail this loan.
• A salaried individual’s monthly take home salary needs to be 40% of their gross salary or Rs.6,000 after deducting the EMI for the loan (whichever is higher).
• In case of professionals and other non-salaried persons, they need to have a minimum yearly net income of Rs.1,50,000 supported by Income Tax Assessment Order (ITAO) or Income Tax Return (ITR).
• In certain cases, the income of spouse can also be shown to fulfill the eligibility criteria.
• For the salaried class, salary needs to be credited with Canara Bank.

Canara Bank Personal Loan Interest Rate:

Canara bank provides affordable interest rates for personal loans. However, the interest rates are different for different categories of personal loans. The interest rate for the aforesaid personal loans are:

Canara Budget Plan: The rate of interest is BR (base rate) + 4.00% for the salaried and BR+ 5.00% without salary mandate.

Teacher’s loan: The rate of interest is 1% of the loan amount.

Canara Consumer Loan: The rate of interest is 4% above base rate.

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