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Friday, January 22, 2021

Best way to apply for Canara Bank Personal Loan

Canara Bank offers various types of loans to the users, where a personal loan is one that is offered up to Rs. 3 lakh under Canara Budget, Canara pension, Canara Home Improvement, and Canara Teachers loan schemes. The interest rate is availed at interest rates starting at 12.05% p.a. with a nominal processing fee. The loan repayment tenure is up to 5 years for repayment of the loan.

Short description of Canara Bank personal loan

Interest Rate 

12.05% p.a. onwards  

Loan Amount  

Up to Rs.3 lakh for a personal loan

Loan Tenure  

Starting from 3 months to 18 months

Processing Fee  

0.5% to 1% of loan amount 

Features

        This loan is easy to access for various reasons like marriage, home renovation, higher education, medical emergencies, etc.

        Easily affordable interest rates and other charges.

        Minimal documentation required.

 

Types of Canara Bank personal loans

      Canara Budget

If the applicant must be salaried individuals and professionals for applying for Canara Budget scheme. Some key features of Canara Budget scheme are as follows:

        The bank offers Canara Budget scheme loan amount up to Rs. 3 lakhs.

        The loan repayment must be 60 months.

        Interest rate is starting from 11.25% up to 13.30% p.a.

 

      Canara Pension

The Canara Pension scheme offers loan to the general public as well as retired ex-Canara Bank employees details of which are listed below:

        Canara Bank offers a pension loan  to the pensioners to help them and meet their medical expenses as well as other personal needs.

        If the user is an ex-employees of Canara Bank can also apply for the loan to pay a premium of IBA Group Mediclaim Insurance Policy.

        Canara Pension scheme offers the loan amount up to Rs. 10 lakh.

        The loan repayment tenure can go up to 84 months.

        The interest rate for the Canara Pension loan starts at 10.20% p.a.

      Canara Home Improvement

The Canara Home Improvement scheme offers personal loan only to the individuals who own their existing flat or house. The key features of this loan include as follows:

        The loan is used for the specific purpose of purchasing home furnishing and appliances like air conditioners, refrigerators, and more.

        The Canara Home Improvement scheme offers a loan amount up to Rs. 2 lakh.

        The tenure of the Canara Home Improvement Scheme can go up to 60 months.

        The interest rate for this loan starts at 9.40% p.a.

      Canara Teachers Loan

Canara Teachers loan is offered to teachers to fulfil the personal loan/domestic needs but not for any other purposes. Listed below are the key features of this Canara Bank personal loan:

        Loan amount of up to Rs. 3 lakh

        The loan repayment tenure of up to 48 months

        The interest rate for the loan is starting at 10.90% p.a. up to 12.95% p.a. depending on the user’s profile.

Eligibility criteria of Canara Bank personal loan

Canara Bank provides personal loan to the user with certain eligibility criterion for various category of personal loan scheme which are listed below:

         Canara Budget

      Interest rate is starting from 12.40% p.a. up to 14.45% p.a.

      The loan amount is a maximum of Rs. 3 lakh

      The user will get benefit from minimal documentation.

      The user must be a confirmed employee of reputed PSU (Public Sector Unit) /joint-stock company, Central/State Government, professors of college/ Research Institutions and Universities, Reputed Corporate/Public Limited Company/ Private institution or IT.

        Canara Teachers Loan

      The user must be a teaching/ non-teaching staff working in a school/college.

      The user must have a salary through disbursing authority at District/Block level not to shift the salary account without NOC from the branch of the bank.

      The user must have a salary of at least 30% of the gross salary after meeting the proposed EMI or Rs. 10,000 (whichever is high).

        Canara Home Improvement loan

      The user should be a salaried individual/ self-employed/ individual engaged in business/ professional/ NRI owning a house or flat for applying for a loan.

      The user must have at least a monthly salary of 25% of their gross salary of Rs. 2,000 after meeting the loan installments for the proposed loan.

      The user must be professionals and other non-salaried persons must have a minimum annual income of Rs. 50,000 (evidenced by Income Tax assessment order)

        Canara Pension

      The user must be a pensioner of the State Government.

      The user must be central government pensioners such as Central, Civil, Railways, Defence, Armed Forces, Defence Civilians, and Freedom Fighters, etc.

      Pensioner must be Government Department Undertakings.

      The user must be a pensioner of all Public Sector Undertakings/Corporate Pensioners.

      The user must be family pensioners of all the above categories.

      The user must be a retired Canara Bank staff pensioner and the family pensioner of retired Canara Bank staff can also apply for this loan.

Documents required for Canara Bank personal loan

Canara Bank personal loan offers the users based on various types of Canara Bank personal loan with some essential documents required. Some common documents that are required for each category which are listed below:

        Identity proof: Submit Aadhaar Card, Passport, PAN, Voter Identity Card, and driving license.

        Address proof: Submit ration card, Bank account statement, Electricity bill, telephone bill, passport, sale deed/ property purchase agreement, Aadhaar Card, and more.

        Income proof: Submit bank account statement, Form 16, salary slips, ITR.

Canara Bank Personal loan verification process  

        After applying for Canara Bank personal loan application to the bank, the bank’s representative will call you for verification and schedule a document pickup.

        Once you have submitted all the necessary documents, the bank representative will verify the details.

        After the verification process is completed, the bank calls you again with confirmation regarding the final offer from the bank that includes the loan amount, interest rate, and tenure.

        Then, you agree to the terms of the loan and sign the loan agreement, the amount gets disbursed to your account.

Conclusion

The above information of Canara Bank helps you to get the personal loan  approval. The user will get instant approval of the Canara Bank personal loan while having the documents required, verification process, eligibility criteria, attractive interest rates, checking loan process, etc. If you want to get more details then visit the official site or contact the customer support. 

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