Personal Loans with Canara Bank, Apply In Good Rates

Apply for Canara bank Personal loan Online at lower interest rates

Canara bank was founded by Shri Ammembal Subba Rao Pai in July 1906 at Managlore , Karnataka.Canara bank has 5784 branches, more than 9153 ATMs across India and branch offices in London, Dubai. This bank was nationalized in 1969 by the government.

Canara Bank offers personal loans to the salaried people to meet their genuine purposes like vacations, studying abroad for higher education, consolidating existing debts, purchasing consumer durables, not for the speculative investments where high degree of risk attached with loan amount.

Features

Eligibility for the Canara Bank Personal loan:

  • Canara bank gives Personal loan for the employees of corporate, PSUs, Government Departments and Government Institutions on the basis of personal income, profession, education and repayment capability.
  • Bank will have a thorough evaluation on past credit history, creditworthiness of the loan since the risk factor with loan is high.
  • Confirmed employees of reputed Public Sector undertaking companies and Joint stock companies
  • Confirmed central and state government officers
  • Lecturers, Assistant professors, professors of colleges, Research institutes and Universities
  • Employees those who maintain salary account with Canara bank
  • Minimum net take home should not be less than 25% or 10,000 per month whichever is higher after meeting proposed loan installments.

Quantum:

  • Salaried: Six month’s gross salary or 3.00 lakh whichever is less.
  • High quantum also considered selectively

Canara bank personal loan interest Rates:

  • Base rate +4.25% i.e 13.9%
  • Annual percentage rate is calculated using interest rate on the loan plus fees and other costs.

Repayment Options:

  • Flexible repayment options from 12 to 60 months

Security:

  • For the salaried employees, Co-obligation is required for the loan amount

Processing fees:

  • 0.5% of the loan amount subject to minimum of 1000 and maximum of Rs.5000

Documents

Documents required for the Personal loan:


  • Personal loan application with two passport size photographs
  • Latest salary certificates and form 16, ITR for the last three years
  • Co-obligation Security
  • Pronote, Pronote covering Letter

ID proof:


  • Passport, Voter ID, Driving license

Documents needed for the salaried people:

  • Last three months statements
  • Form 16

Income Proof:

  • Last three month pay slips and recent months bank statements
  • Latest pay slip

Documents required for self employed people:

  • Latest month bank statements
  • Latest Income Return

For more details on Canara bank personal loan, Get in touch.

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