Home  »  Banking  »  Loans  »  Personal Loan  »  Canara Bank Personal Loan

Canara Bank Personal Loan

Loan Name Interest Rate Processing Fee Loan Amount Tenure
Canara Consumer Loan 13.15%, Floating 1% of loan amount 1,00,000 36 months
Details
Documents Required

  • Duly filled in application form along with 2 passport size photographs (recent ones)
  • Latest salary certificate for 3 months
  • Proforma invoice of the article proposed to be purchased
  • Form 16 or Income Tax Returns or ITAO for previous 3 years
Benefits

  • The applicant can avail loan at floating interest rates.
  • Repayment is spread over a period of 36 months (3 years).
  • No Prepayment charges will be levied.
  • Avail the second loan during the pendency of the first one.
Eligibility

For Salaried Employees:

  • The net take-home salary of the applicant should be 40% of the gross salary after meeting the proposed loan instalment amount or Rs 6,000 (whichever is higher).
  • Salary should be credited to the operating account of the applicant at any of the branches of Canara Bank (for easy recovery of equated instalment amount)
  • The applicant can even include the income of spouse in order to satisfy the eligibility criteria.

For Self – Employed Individuals:

  • The net annual take-home salary of applicants should be Rs 1,50,000 (post-tax) as evidenced by the ITAO or ITR.
  • The applicant can even include the income of spouse in order to satisfy the eligibility criteria.
Other Details

  • The maximum amount of loan availed for salaried individuals is either 75% of the invoice value or Rs 1,00,000 or 15 months net salary (whichever is less).
  • The maximum amount of loan availed for self-employed is either 75% of the invoice value or Rs 1,00,000 or 50% of net annual income in the immediately previous year (whichever is less)
  • Prepayment Penalty charges will not be levied
  • The loan amount has to be repaid within a period of 36 months by equated monthly instalments (EMI).
  • Processing charges are 1% of loan amount (minimum of Rs 250)

Find IFSC


More Headlines

Get Latest News alerts from Goodreturns

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more