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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)
Canara Budget 0 0.50% on loan amount six months of gross salary or Rs 3,00,000 (whichever is lesser) up to 60 months
Details
Documents Required

  • Duly filled in the application form
  • Recent 2 passport sized photographs
  • Latest salary certificate of the applicant
  • Form 16
  • Income Tax Returns for the last 3 years
  • Co-obligation
  • Pronote or pronote covering letter
Benefits

  • Attractive interest rates
  • Get a loan to meet genuine personal or domestic needs
  • Higher quantum of the loan amount is also considered selectively
  • The repayment tenure is spread over a long period of 5 years
Eligibility

  • The applicant should be a confirmed employee of a reputed joint stock companies and PSUs
  • The applicants can be either from a Central or State government organizations
  • Employees of Information Technology or Bio-Technology Companies
  • Applicants can either be lecturers or assistant professors or professors of colleges or research institutes and universities
  • The salary account of the employees should be maintained with the Canara Bank
  • The minimum salary of the applicants (take home salary) should not be less than 25% or Rs 10000 per month (whichever is higher) after paying EMI
Other Details

  • The repayment tenure is spread over 60 months for salaried employees
  • Co-obligation is required as security for securing the loan amount
  • Processing charges are 0.5% of the loan amount (minimum of Rs 1000 and a maximum of Rs 5000)
  • In case of salaried employees, the quantum of the loan amount is either six months of gross salary or Rs 3,00,000 (whichever is lesser)
Interest Rates for CANARA BUDGET Loan Description Rate of Interest Present Interest Rates  
  With Salary tie-up One Year MCLR + 4.30%          13.00%  
  Without Salary tie-up One Year MCLR + 5.30%          14.00%  
  For BSNL Employees One Year MCLR + 2.30%          11.00%  

FAQs 

Q: What are the types of personal loan in Canara bank?

A: The various types of personal loan offered by Canara Bank are:

1.

Canara Budget personal Loan For Employed individuals

2. Teachers Loan

3. Senior Citizen personal Loan scheme

4. Canara Consumer Loan

Q: Is there any chance to get a discount in interest rates for Canara bank personal loans?

A: No, The interest rates for personal loans offered by Canara Bank are fixed. It is not possible to get a discount on these interest rates for any reason. Special interest rates are provided only for BSNL employees.

Q: What are the features of Canara bank budget personal loan?

A: 1. Canara bank budget personal loan is designed to fulfil the urgent financial requirements of employees (corporate, public sector undertaking and government employees e.t.c).

2. To avail, the budget personal loan the employee's should maintain their salary account with Canara Bank.

3. The minimum net salary of the employee should be at least 25% higher or Rs. 10000 post deduction of the loan EMI amount.

4. The maximum loan amount that could be sanctioned is Rs. 3 lakhs or 6 times the gross salary whichever is lesser.

5. The processing fee is 0.5% of loan amount (min. Rs 1000 or maximum Rs. 5000)

Canara Bank may require co-obligation equal to the loan amount in general.

Q: What are the documents required to avail personal loan from Canara Bank?

A: If you are applying for a personal loan from Canara Bank, you need to submit the following documents:

  • Identity proof and address proof
  • Recent Photographs.
  • Latest salary slips from last 3 months
  • Form 16 or Income tax returns for the last 3 years.
  • Co-obligation document.

Q: Why should the applicant provide co-obligation for getting this Canara bank personal loan?

A: In this case of unsecured personal loans, there is no collateral with which the bank can recover the loan amount in case of a default. This is the reason why the personal loans offered by Canara Bank require co-obligation. This co-obligation must be provided by a suitable individual and it should be equivalent to the loan amount.


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