Canara Bank Personal Loan

Can you tell me about the eligibility required to apply for personal Loan in Canara Bank as I want to check if I am eligible for it or not? Also tell me about the features of the Loan?

[Kiran Chandar]

Canara Bank is an Indian state-owned bank having a network of 4600 branches and more than 5500 ATM's spread across India.

It offer simple Personal Loan Scheme for the benefit of employees of Corporate, PSUs, Government Departments, Institutions, etc., and also non salaried class like professional/ self employed.

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 Teacher’s Personal Loan:
It enables teachers to meet their personal financial needs. However, it can be availed by teaching and non - teaching staff working in a school or college.

3. Canara Consumer Personal Loan:
It can be availed by salaried persons, businessmen and other professionals.

Eligibility criteria for the Canara Budget personal loan:
• It is for employed persons.

• One must be a confirmed employee of a reputed PSU or joint stock company.

• One must be a confirmed central or state government official.

• College lecturers, assistant professors, professors, universities and research institutions are also eligible for Canara Bank personal loans.

• One’s salary account has to be with Canara Bank.

• If one is a salaried employee, minimum average net take-home salary should not be less than 40% after paying the monthly EMI.

Features of Canara Bank Personal Loans
It offers personal loans to meet your various personal financial needs.

It also ensures that the maximum amount of loan is offered to each applicant based on their documentation, requirement, repayment history and CIBIL score.

Money rented 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. One gets loans up to a maximum of 60 months.

• It offers convenient loan repayment options. One repays loans in monthly installments based on convenience.

• It charges nominal pre-enclosure fees.

• It charges low processing fees.

• One can apply for a Canara Bank personal loan online. Also, online tracking of application status is available.

• It provides 24/7 customer support to its customers. It helps customers get their queries and doubts resolved online.