Canara Bank personal loan

Canara bank is one of the key players in the public sector landscape with a phenomenal lending background that goes back to a century. The financial institution offers Canara bank personal loan rates starting at just over 13% for non-government applicants. Further, the financial institution offers affordable Canara bank personal loan rates for the applicants along with easy loan processing. The financial institution offers Canara bank personal loan for the people to relieve their medical exigencies or to take care of their urgent financial needs.

The processing fees charged by the financial institution for personal loans are as low as 0.5% of the total loan amount (minimum amount of 1,000 rupees and a maximum of 5,000 rupees). As for the Canara bank teachers’ loan, the processing fees are charged at 1% of the loan amount (subject to the minimum amount of 50 rupees).

The various advantages of opting for a Canara bank personal loan are here as follows:

The maximum loan amount that can be availed by the applicants is 3 lakh rupees; however, the candidates can obtain higher loan amount, as long as, they fulfill the required Canara bank eligibility criteria.

The Canara bank personal loan amount can be used by you to pay off your credit card bills, purchase of goods and services (as long as they are legal), home renovation expenses, wedding expenses, etc.

The bank offers flexible repayment options in the form of EMIs for you; thus, you can easily repay your loan amount within 60 months (for salaried applicants) and 48 months (for teachers’ loans). Further, you can even calculate your Canara bank personal loan rates by making use of an EMI calculator.

Further, the bank offers you easy loan approval and disbursal facilities.

The Canara bank personal loan rates for applicants range from 13.5% to 15.5% (however, this data is based on the respective year’s MCLR, thus it is better to confirm with the bank). Further, the financial institution also offers attractive interest rates starting for BSNL employees at just 10.75%.

The Canara bank personal loan eligibility criteria for availing financial assistance are here as follows:

The minimum age to apply for Canara bank personal loan is 21 years and the maximum age is 55 years; further, remember that you need to be an Indian citizen.

Also, remember that you need to have at least a minimum income of 10,000 rupees to apply for a Canara bank personal loan.

The financial institution also checks your financial stability and income source to gauge your repayment capability. Thus, ensure that you have spent at least a minimum of 2 years at your current place of employment.

Further, the financial institutions also scrutinize your credit score and history; thus, ensure that you have repaid all of your previous and current repayments in time (without defaulting on any of your payments).

The different set of Canara bank Personal loan documents that you need are as follows:

2 passport sized photographs along with a duly filled application form.

Proof of residence which can be your electricity bill, aadhaar card, etc.

You also need to produce your driving license, aadhaar card as your proof of residence.

Form 16 and income tax returns.

Proof of income such as your last 3 month’s salary slips and past 3 months’ bank statements.