Canara Bank Personal Loan

Canara Bank Personal Loan can provide you much-needed funds during a financial crisis. The bank offers Personal Loans to help you fulfil your personal requirements such as financing education, a wedding, meeting sudden medical expenses etc.

Mentioned below are three popular personal loans offered by Canara bank:

1. Canara Budget Personal Loan: Canara budget, a simple personal loan scheme, exclusively offered to corporate employees and government employees to meet genuine personal financing needs.
2. Canara Teachers Personal Loan: This loan enables teachers to meet their personal financial needs. However, this loan can be availed by both teaching and non – teaching staff working in a school or college.
3. Canara Consumer Personal Loan: This loan can be availed by salaried persons, businessmen and other professionals.

Under Canara banks personal finance schemes, you can get personal finance for home improvements, medical expenses and many other such genuine needs.

Features of Canara Bank Personal Loans

Canara bank offers personal loans to meet your various personal financial needs. The bank also ensures that the maximum amount of loan is offered to each applicant based on their documentation, requirement, repayment history and CIBIL score. Money borrowed from Canara bank under personal loan schemes can be used as per individual needs. Canara bank personal loans come with the following attractive features:

• Canara bank offers personal loans for long tenures. You can get loans up to a maximum of 60 months.
• The bank offers convenient loan repayment options. You can repay loans in monthly instalments based on your convenience.
• The bank charges nominal pre-enclosure fees.
• Canara Bank charges low processing fees.
• You can apply for a Canara Bank personal loan online. Also, online tracking of your application status is available.
• The bank provides 24/7 customer support to its customers. It helps customers get their queries and doubts resolved online.

Canara Bank Home Improvement Loan

Are you wondering how to enhance your home sweet home? In case you are comparing different financing options, you could check out Canara Bank Home Improvement Loan. You can use this loan to furnish your abode with useful objects or items. Whether you want to buy a fridge, an air conditioner, or a wardrobe set, you can use this loan to equip your house with vital electronic or non-electronic objects. You will need to hypothecate the items bought with this loan to Canara Bank. The maximum loan amount under this scheme is Rs.2 lakh.

Canara Bank Loan for Senior Citizen Scheme

Are you a senior citizen and are you looking for a reliable personal loan? Why don’t you check out the Canara Bank Loan for Senior Citizen Scheme? You can apply for this loan if you are a central government pensioner, state government pensioner, Canara Bank pensioner, public sector unit pensioner, or a family pensioner. While applying for this loan, your net take-home salary will need to be at least 40%. This loan requires a guarantee and this can be in the form of a co-obligation.

Canara Bank Cash Loan (Shares)

If you have a share, bond, debenture, or any other form of security, you can use this to apply for a personal loan from Canara Bank. With this loan, you can receive cash immediately. This loan is given to both salaried and non-salaried applicants. What’s more, you do not have to liquidate your investments while applying for this loan from the bank. The interest rate for this loan is 14.9% p.a. If you have shares and debentures, the bank will give you up to 50% of the market value of these securities.

Canara Bank Teachers Loan

If you are a teacher and if you are looking for an economical personal loan, you can apply for Canara Bank Teachers Loan. This loan is given to teaching or non-teaching staff working at a school or college whose salary accounts are maintained with Canara Bank. The maximum loan amount is Rs.2 lakh or gross salary of 10 months. The maximum tenure for this loan product is 48 months. You will need to pay 1% of your loan amount as a processing fee to the bank.

Canara Bank Loan against Property

Have any personal or business financial needs? You can handle these needs if you have an unencumbered property in your name by applying for the Canara Bank Loan against Property. This loan is given in specific cities by the bank. The minimum age requirement is 18 years and the maximum age requirement is 60 years. This product can be availed as a demand loan, an overdraft facility, or a term loan. The maximum loan amount is Rs.10 crore. You will be asked to pay 0.5% of your loan amount as a processing fee.

Canara Bank Mortgage Loan

Are you looking for ways to mortgage your valuable property to get additional money? You can apply for the Canara Bank Mortgage Loan to handle emergency financial needs. This loan is offered only for personal purposes. In order to apply for this loan, you should be a customer of Canara Bank and you should have a good credit report. You can repay this loan within 84 months. The processing fee for this loan is 1% of your loan amount. The rate of interest for this loan product is 12.50% p.a. You can get up to 50% of your property’s value under this scheme

Eligibility criteria for the Canara Budget personal loan:

• This plan is for employed persons.
• If you are a confirmed employee of a reputed PSU or joint stock company.
• If you are a confirmed central or state government official.
• College lecturers, assistant professors, professors, universities and research institutions are also eligible for Canara Bank personal loans.
• Your salary account has to be with Canara Bank.
• If you are a salaried employee, your minimum average net take-home salary should not be less than 40% after paying the monthly EMI.

Similarly the eligibility criteria for the Teachers Loan is as follows:

• You need to be a confirmed teacher or non-teaching staff working in a school or college.
• You should hold your salary account with Canara bank.
• Your monthly take home salary needs to be minimum 30% of the gross salary after EMI deduction, or Rs.10,000 (whichever is greater).

Canara Banks eligibility criterion for Canara Consumer loan include:

• Professionals, businessmen and salaried people “ they all can avail this loan.
• A salaried individuals monthly take home salary needs to be 40% of their gross salary or Rs.6,000 after deducting the EMI for the loan (whichever is higher).
• In case of professionals and other non-salaried persons, they need to have a minimum yearly net income of Rs.1,50,000 supported by Income Tax Assessment Order (ITAO) or Income Tax Return (ITR).
• In certain cases, the income of spouse can also be shown to fulfill the Canara Bank Personal Loan Eligibility criteria.
• For the salaried class, salary needs to be credited with Canara Bank.