Canara Bank Personal LoanApply Now
Canara Bank personal loan is an unsecured loan you can use to meet different expenses. Canara bank has its headquarters at Bangalore and is state-owned. It is one of the oldest banks in India and was founded in 1906. The bank offers numerous loans such as personal loan, home loan, business loan, educational loan, etc. among them; the personal loans at Canara Bank can be of much help during a sudden financial crisis. The bank offers loans to fulfil individual requirements such as weddings, education, medications, etc.
Our website, Loanbaba.com will provide you all the details about personal loan Canara Bank.
|Canara Bank Personal Loan Details Updated|
|Loan Amount||Maximum Rs. 3 lakhs|
|Loan Tenure||5 Years|
|Interest Rate||1 Year MCLR + 4.30% = 13.60% per annum|
Why Choose Canara Bank Personal Loan?
- The advantage of this loan is its same interest throughout the duration.
- Simple documentation is needed and the personal loan in Canara Bank then gets processed faster.
- The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- You can check out Canara Bank personal loan eligibility and Canara Bank Personal Loan EMI calculator at Loanbaba.com.
Features of Personal Loans at Canara Bank
The following key points will help you understand the features and benefits of the personal loans:
- The bank offers loans for very long tenures. One can avail a loan for up to 60 months.
- The bank offers easy repayment options. These loans can be paid on a monthly basis at your own convenience.
- Pre-closure charges applied are pretty nominal.
- The bank imposes very less processing fee on loan.
- The application for the loans can be made online. The same is easy to track and stay updated with the current status.
- There is a 24/7 customer service for the convenience of the customers. Thus, you can ask your queries and doubts at any time of the day.
Why Apply for Canara Bank Personal Loan?
Loanbaba provides comprehensive information about personal loan schemes by Canara Bank. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for Canara Bank Personal Loan online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
Canara Bank Personal Loan Interest Rates
Personal Loan Canara Bank interest rate is 12.75% floating, but varies as per individual profile. Keep a check on this page to note the updated Canara Bank personal loan interest rate for the current year. The rate of interest will vary from person to person depending on his/her repayment capacity, credit score, relationship with the bank, age, income, and other financial liabilities. For a suitable rate of interest, you must have good CIBIL score and low financial responsibilities. You can compare the personal loan schemes by the bank and select one for your requirement and that with best rate of interest.
Canara Bank Personal Loan Eligibility Calculator
Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost Canara Bank personal loan eligibility calculator at Loanbaba.com. The eligibility criteria for Canara Bank personal loan are discussed below:
- The applicant for personal loan Canara Bank needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan.
- He/she meet the requirement for credit score and should not be under too many debts.
Types of Canara Bank Personal Loans
Canara Bank has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
- Canara Budget Personal Loan
This is one of the simplest personal loan schemes where employees of corporate and government institutions can apply to meet their individual needs. It is for genuine financial needs and not for speculative purposes. If you are an employed professional, you can apply for this loan. You should be a confirmed employee to either state or central government or employed with a joint stock company or a PSU. Professors, assistant professors, and college lecturers can also apply for the loan. As a loan applicant, you must have a salary account in Canara Bank. The minimum average net monthly salary must be lower than 40 percent after managing the EMI.
- Canara Bank’s Consumer Personal Loan
This loan is exclusively for consumers who are salaried individuals, business people, and other professionals. Primary eligibility criteria are that the applicant’s monthly take home salary must be 40% minimum of his/her gross salary after deduction of the loan EMI or Rs. 6,000 after subtracting loan EMI, whichever is higher.
For salaried individual, the applicant must hold salary account within the bank. Non-salaried people and professionals must have a minimum yearly net income as Rs. 1, 50,000. The income must be supported by Income Tax Return or Income Tax Assessment Order. In some cases, spousal income can be added to complete the eligibility requirements for the loan.
- Canara Bank’s Consumer Personal Loan
This loan is offered to the teachers again to meet their personal expenses. Any teaching or non-teaching staff of a school or a college can avail the loan. To apply for this loan, you must be a confirmed employee as a teaching or non-teaching staff with a college or school. Your salary account must be in Canara Bank.
Your monthly net salary has to meet the criteria of the loan scheme or at least 30% of the gross salary after subtracting the EMI amount of Rs. 10,000 after deduction of the EMI, whichever is higher.
Canara Bank Personal Loan FAQs
Below provided are important questions about personal loan Canara Bank.
1. What are the eligibility criteria for Canara Bank personal loan?
The eligibility conditions individually vary from person to person.
The bank considers your repayment capacity to determine the same.
The age in which the loan can be applied is minimum 21 years and maximum 58 years. Both salaried as well as self-employed can avail the Canara Bank personal loans up to Rs 3 lakhs. However, the bank has different eligibility criteria for both the categories.
2. What are the documents required for personal loan Canara Bank?
The documents for Canara Bank personal loan are as follows:
1. Latest salary slip
2. Latest ITR or Form 16
3. Latest 6 months Bank statement
4. Current dated salary certificate and latest Form 16
5. Copy of passport/voter ID card/driving license
6. Processing fee cheque
3. What is the processing fee?
The processing fee is 0.5 percent of the loan amount. Minimum of Rs.1,000 or a maximum of Rs.5,000 is charged.
4. How much time it takes to disburse the funds?
Personal loans are one of the loans that are disbursed the quickest. This is possible because of lower legal and other checks. Since the loan is unsecured, there is no requirement and verification of collateral. This reduces the number of days taken otherwise to validate the assets, as like in a property or mortgage loan. Also, the documentation is less. No need of heavy paperwork. You have to only submit tax proof, income details and proof, KYC documents, and few other papers if demanded by the bank.
5. How the repayment process works?
Canara Bank has EMI facility for repayment. As a borrower, you have to pay a monthly instalment till the loan is amortized or till the end of the tenure. You will get amortization schedule from the bank to understand when the EMIs are due and how much you have to pay. The equated monthly instalment comprises of interest and principal amount, divided equally over months to end of tenure. It is advisable to never miss or delay payments, or otherwise your credit score will be negatively impacted and it will be difficult to get a new loan in the future.
6. What is Canara Bank Personal Loan Top Up?
If you need more funds on your personal loan, then you can take a top up personal loan from Canara Bank on the existing or running loan. Or you can even choose a balance transfer to this bank from a previous bank. If you gave a clean and regular repayment track record on the existing loan, then the bank readily offers a top up loan. The interest rate is usually the same as that of the running loan, but may differ by a few points. The current rate of interest starts at 13% to 13.60%..
7. What are the components of a personal loan application form?
To apply for a loan, you have to fill the loan application form either online on the official website of the bank, or offline at the nearest bank branch. The application form usually will ask for details such as personal information along with your recent passport-sized photographs.
It will also ask for profession and income details, information about guarantor (if any) or co-applicant, along with their recent passport-sized photograph. The form may even demand you to state the purpose of taking the loan, repayment information, details about liabilities and assets.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Canara Bank.