Canara Bank personal loan is offered to individuals with a stable monthly income and good CIBIL score. The loan amount can be used for any kind of personal requirement like a personal loan for education, marriage, travel etc. Canara Bank provides a lot of banking and financial services like education loans, Forex cards, inward and outward remittances etc. The bank offers personal loans at competitive interest rates and flexible repayment periods.
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Canara Bank Personal Loan: Major Features
Canara Bank personal loan offers a highly competitive loan product. The bank offers personal loans at zero processing charges, a lower interest rate, and a reduced balance interest rate structure. The bank ensures quick approval and disbursement, making funds available when needed most. You can also apply for Canara Bank Forex card to manage expenses abroad. Check some major features of Canara Bank personal loan below:
| Particulars | Details |
| Name of the loan product | Canara Ready Cash Personal Loan |
| Maximum loan amount | INR 10 lakh |
| Repayment Period | 12 months to 60 months |
| Interest Rate | 12% to 15% per annum |
| Foreclosure Charges | NIL |
| Processing Charges | 0.50% of the loan amount with a minimum of INR 500 and a maximum of INR 2500 (excluding applicable taxes) |
Also Read: Check here all the major details about Canara Bank International Money Transfer
How to Apply for a Canara Bank Personal Loan?
The best way to apply for a personal loan from Canara Bank is by visiting the nearest branch. However, you can also apply for a personal loan through the official website of the bank. Canara Bank loan application form is available on the website as well as at the branch. You just need to enter your personal details such as name, email address, phone number, address etc. Check the steps to apply for Canara Bank personal loan below:
- Visit the nearest branch of Canara
- Get a loan application form and fill it out properly
- Submit the personal loan application form along with the required documents
- Wait for the approval process
- After the verification, the bank will disburse the loan in your account
Eligibility Criteria
The eligibility criteria for Canara Bank personal loan is determined by the bank and the applicant must fulfil all of them. Some of the major factors considered by the bank are monthly income, credit score, debt-to-income ratio, age of the applicant etc. Check the essential eligibility criteria for Canara Bank personal loan below:
- Applicants need to be between 21 and 60 years of age. However, this may vary depending on the type of loan and applicant profile.
- Both salaried individuals and self-employed professionals can apply. The minimum monthly income shall be at least INR 50,000.
- A minimum income requirement usually varies based on factors such as loan amount and the applicant’s profile.
- The credit score of the applicant must be at least 700 in order to be eligible for the loan.
- For salaried employees, government employees, public sector undertaking (PSU) employees, and employees of reputed private companies are often preferred.
- The borrower’s minimum Net Take Home (NTH) salary should be at least 25% or INR 10,000 per month, whichever is higher, after accounting for instalments on all existing and proposed loans.
Also Read: Check here all about Canara Bank Education Loan to study abroad
Documents Required for Personal Loan from Canara Bank
Documents required for a personal loan from Canara Bank personal loan majorly include income and KYC documents. Check the details of the documents required for a personal loan below:
- Aadhaar Card
- PAN Card
- Employment papers
- Last 3 months’ salary slips
- Last 6 months’ bank statements
- ITR documents (for self-employed applicants)
- Passport sized photographs
Note: Digital documentation shall be initiated using an Aadhaar-enabled OTP for consent and acceptance, enabling e-stamping and e-signing following the sanction terms and conditions.
Canara Bank is one of the best banks for personal loans. It offers personal loans for education and other purposes at competitive interest rates. Check some FAQs on Canara Bank personal loans below:
FAQs
Canara Bank Ready Cash Personal Loan is a personal loan offering up to INR 10 lakh that can be used for various personal needs like education, travel, or marriage.
To apply for a Canara Bank personal loan, you can either visit a nearby Canara Bank branch or apply online via the bank’s official website.
Applicants must be between 21 and 60 years of age with a monthly income of at least INR 50,000, and a minimum credit score of 700. For salaried or self-employed individuals, net take-home salary must be at least 25% or INR 10,000 after all loan obligations.
Yes, the processing charge is 0.50% of the loan amount, with a minimum fee of INR 500 and a maximum of INR 2,500, excluding taxes.
The documents required for a personal loan from Canara Bank include an Aadhaar Card, PAN Card, recent salary slips, last six months’ bank statements, and ITR documents for self-employed applicants.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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