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 on|
|Loan Amount||Maximum Rs. 3 lakhs|
|Loan Tenure||5 Years|
|Interest Rate||1 Year MCLR + 4.30% = 13.60% per annum|
The following key points will help you understand the features and benefits of the personal loans:
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.
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.
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:
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.
Below provided are important questions about personal loan Canara Bank.
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.
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
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.
I stand by with Canara Bank for the personal loan in Mumbai. My experience was nice. Verification process was also done in time and I received the amount within a short time.
Personal loan in Pune was approved by Canara bank at a great interest rate! I was able to secure the loan for a desirable tenure.
As I was holding a savings account with Canara bank they gave me personal loan for which the entire documentation process was very less. It was a quick disbursement procedure.
Taking personal loan in Gujrat by Canara bank through online portal of loanbaba was after all not a bad idea. This way I could communicate with the Canara without having to come over to their branch. All by documentation was sorted and I got the loan in decent time.