होम  »  बैंकिंग  »  Loans  »  Personal Loan  »  Canara Bank Personal Loan

Canara Bank Personal Loan

Loan Name Interest Rate Processing Fee Loan Amount Tenure
Canara Consumer Loan 13.15%, Floating 1% of loan amount 1,00,000 36 months
Details
Documents Required

  • Duly filled in application form along with 2 passport size photographs (recent ones)
  • Latest salary certificate for 3 months
  • Proforma invoice of the article proposed to be purchased
  • Form 16 or Income Tax Returns or ITAO for previous 3 years
Benefits

  • The applicant can avail loan at floating interest rates.
  • Repayment is spread over a period of 36 months (3 years).
  • No Prepayment charges will be levied.
  • Avail the second loan during the pendency of the first one.
Eligibility

For Salaried Employees:

  • The net take-home salary of the applicant should be 40% of the gross salary after meeting the proposed loan instalment amount or Rs 6,000 (whichever is higher).
  • Salary should be credited to the operating account of the applicant at any of the branches of Canara Bank (for easy recovery of equated instalment amount)
  • The applicant can even include the income of spouse in order to satisfy the eligibility criteria.

For Self – Employed Individuals:

  • The net annual take-home salary of applicants should be Rs 1,50,000 (post-tax) as evidenced by the ITAO or ITR.
  • The applicant can even include the income of spouse in order to satisfy the eligibility criteria.
Other Details

  • The maximum amount of loan availed for salaried individuals is either 75% of the invoice value or Rs 1,00,000 or 15 months net salary (whichever is less).
  • The maximum amount of loan availed for self-employed is either 75% of the invoice value or Rs 1,00,000 or 50% of net annual income in the immediately previous year (whichever is less)
  • Prepayment Penalty charges will not be levied
  • The loan amount has to be repaid within a period of 36 months by equated monthly instalments (EMI).
  • Processing charges are 1% of loan amount (minimum of Rs 250)
Canara Budget 0 0.50% on loan amount six months of gross salary or Rs 3,00,000 (whichever is lesser) up to 60 months
Details
Documents Required

  • Duly filled in the application form
  • Recent 2 passport sized photographs
  • Latest salary certificate of the applicant
  • Form 16
  • Income Tax Returns for the last 3 years
  • Co-obligation
  • Pronote or pronote covering letter
Benefits

  • Attractive interest rates
  • Get a loan to meet genuine personal or domestic needs
  • Higher quantum of the loan amount is also considered selectively
  • The repayment tenure is spread over a long period of 5 years
Eligibility

  • The applicant should be a confirmed employee of a reputed joint stock companies and PSUs
  • The applicants can be either from a Central or State government organizations
  • Employees of Information Technology or Bio-Technology Companies
  • Applicants can either be lecturers or assistant professors or professors of colleges or research institutes and universities
  • The salary account of the employees should be maintained with the Canara Bank
  • The minimum salary of the applicants (take home salary) should not be less than 25% or Rs 10000 per month (whichever is higher) after paying EMI
Other Details

  • The repayment tenure is spread over 60 months for salaried employees
  • Co-obligation is required as security for securing the loan amount
  • Processing charges are 0.5% of the loan amount (minimum of Rs 1000 and a maximum of Rs 5000)
  • In case of salaried employees, the quantum of the loan amount is either six months of gross salary or Rs 3,00,000 (whichever is lesser)
Interest Rates for CANARA BUDGET Loan Description Rate of Interest Present Interest Rates  
  With Salary tie-up One Year MCLR + 4.30%          13.00%  
  Without Salary tie-up One Year MCLR + 5.30%          14.00%  
  For BSNL Employees One Year MCLR + 2.30%          11.00%  
Canara Pension (Canara Bank Ex-employees) 11.70% (One Year MCLR + 3.20%) 0 up to Rs 5,00,000 maximum of up to 72 months
Details
Documents Required

  • Letter addressed to Pension Disbursing Authority.
  • An NF.965 – Loan application relating to retail lending.
  • An NF.991 – Take the Delivery letter to DPN.
  • Production of Bills/Vouchers is not mandatory.
  • Irrevocable mandate as per the APPENDIX – 19 of Manual of Instruction of Retail Lending Schemes updated till June 30, 2009.
  • Particulars of loans granted should be noted invariably in the Pension Register/PPO maintained with the Pensioner and SB master in the system of the particular borrower to ensure prompt recovery of the loan through instalments. The fact of sanction of pension loan should be informed to the Pension Payment Authority.
Benefits

  • No Processing Fee will be charged.
  • Get a repayment tenure of 72 equated monthly instalments if the pensioner is below 65 years of age at the time of loan sanction.
  • Get a repayment tenure of 60 equated monthly instalments if the pensioner is above 65 years of age at the time of loan sanction.
Eligibility

  • Applicants should be retired employees of Canara Bank or family pensioners of retired employees of the bank.
  • The loan seekers should be the existing pensioners of Canara Bank.
  • Loan seekers can also be Family pensioners of Canara Bank.
Other Details

  • The maximum quantum of loan amount should be
    - Amount of annual premium payable for the year
    - Rs 40000
    - Maximum eligible loan amount as per Canara Pension Loan Scheme (currently maximum loan amount is Rs 5,00,000) minus existing liabilities, if any.
  • Maximum loan liability at the time of sanction and disbursement should not exceed 20 months pension amount or Rs 5,00,000 (whichever is lower).
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