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Canara Bank Personal Loan
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12.60%
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Canara Bank Personal Loans
Canara Bank is one of the largest public-sector bank in India, headquartered in Bangalore. The bank has a network of 6089 branches and more than 10519 ATMs spread across India. It provides a wide range of banking products and financial services to its customers.
How to Apply for Canara Bank Personal Loan
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to Canara Bank Personal Loans
Canara Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Canara Bank.
Advantages of Canara Bank
- Low interest rate
- No security needed
- Less paperwork
- Long tenure
- Minimum income requirement
Documentation Required for Canara Bank Personal Loans
Important documents to be submitted while applying for personal loans with Canara Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
Canara Bank Personal Loans
Catering to the needs of various sections of people, tailor-made Canara Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
There are three types of Personal Loans offered by Canara Bank
- Canara Budget Loan
- Canara Teachers Loan
- Canara Pension Loan
- Canara Consumer Loan
Features of Canara Bank Budget Personal Loan
Objective:
The aim of the Canara Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Canara Bank personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to six months of gross salary or INR 3,00,000.
Loan Tenure:
Up to 5 years
Processing Charges:
0.5% of the loan amount subject to a minimum of INR 1000 and maximum of INR 5000
Convenient Borrowing:
You can apply online or visit nearby Canara Bank branches.
Eligibility Criteria:
Confirmed employees of reputed PSUs and Joint Stock Companies
Confirmed Central / State Government officials
Lecturers / Asst. Professors / Professors of Colleges / Research Institutions and Universities.
Employees salary account has to be maintained with our branch
Minimum Net Take Home Salary should not be less than 25% or INR10,000 per month whichever is higher after meeting the proposed loan instalments.
Features of Canara Teachers Personal Loan
Objective:
The aim of the Canara Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Canara Bank personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to 10 months of gross salary or INR 2,00,000.
Loan Tenure:
Up to 48 months
Processing Charges:
1% of the loan amount subject to a minimum of INR 50
Convenient Borrowing:
Convenient Borrowing: You can apply online or visit nearby Canara Bank branches.
Eligibility Criteria:
All confirmed teaching / non-teaching staff working in a school / college - drawing salary through our branches, with an undertaking letter from salary disbursing authority at District/Block level not to shift the salary account without NOC from the branch.
Net take home after meeting the proposed EMI should be minimum 30% of the gross salary Or INR 10,000/- whichever is higher
Features of Canara Bank Pension Loan
Objective:
The aim of the Canara Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Canara Bank personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get up to 15 months pension amount or INR 3,00,000, whichever is less, subject to Net Take Home of 40% after deducting the proposed EMI with a minimum of INR 7500. In respect of Retired Employees of our Bank/Family Pensioners of Retired Employees of our Bank- 20 months pension amount or INR 4,00,00, whichever is less, subject to Net take home of 40% after deducting the proposed EMI with a minimum of INR 7500
Loan Tenure:
up to 6 years if you are below 65 years and 5 years if you are above 65 years old.
Processing Charges:
No processing charges are levied.
Convenient Borrowing:
You can apply online or visit nearby Canara Bank branches.
Eligibility Criteria:
Pensioners of Central / State Governments / PSUs / Corporate Pensioners / Pensioners of Banks provided they all draw pension through our branches.
Features of Canara Bank Consumer Loan
Objective:
The aim of the Canara Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Canara Bank personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
For salaried employees – 75% of the invoice value or 15 months of net salary or INR 1,00,000 For self-employed- 75% of the invoice value or to the extent of 50% of their annual net income in the immediate previous year or INR 1,00,00
Loan Tenure:
Up to 36 months
Prepayment Charges:
No prepayment charges are applied.
Processing Charges:
1% of the loan amount, subject to a minimum of INR 250
Convenient Borrowing:
You can apply online or visit nearby Canara Bank branches.
Eligibility Criteria:
I. All individuals (including professionals, businessmen and salaried class)
II. Salaried individuals with minimum monthly net salary of 40 % of their gross salary or INR 6,000 after meeting the instalment for the proposed loan, whichever is higher.
III. Professionals and other non-salaried persons should have a minimum annual net income of
INR 1,50,000/- evidenced by Income Tax Assessment Order (ITAO) / Income Tax Return (ITR).
IV. In the case of salaried class, salary should be credited to the operating account of the applicant at our branch. Alternatively, a mandate to be lodged with employer to facilitate easy recovery of instalments.
V. Apart from income of applicant, income of spouse is reckoned for satisfying eligibility criteria in II and III above.
Interest Rate on Canara Bank Personal Loans
| Type of Loan | Interest Rate | Current Rate of Interest | |
|---|---|---|---|
| Canara Budget | With Salary tie-up | One Year MCLR + 4.30% | 12.60% |
| Without Salary tie-up | One Year MCLR + 5.30% | 13.60% | |
| For BSNL Employees | One Year MCLR + 2.30% | 10.60% | |
| Canara Teachers | One Year MCLR + 3.95% | 12.25% | |
| Canara Pension | One Year MCLR + 3.20% | 11.50% | |
| Canara Consumer | One Year MCLR + 4.45% | 12.75% | |
EMI Payment Methods
Your Canara Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Canara Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Canara Bank account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Canara Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Canara Bank account at your nearest Canara Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
Canara Bank Personal Loans Summary
Canara Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Canara Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Canara Bank personal loans do not impose much burden on the customers.
Canara Bank Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
7.How does Canara Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. Canara Bank offers personal loans at the cheapest rates of interest, with no security or collateral Canara Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an Canara Bank personal loan, you can choose between fixed rates of interest and floating interest rates.
8. How can I apply for the Canara Bank personal loan?
You can either apply online or visit the nearest Canara Bank loan centre for a personal loan.
