Easy Ways to Check Canara Bank Personal Loan Interest Rate 2021
Canara Bank personal loan offers variety of programs to meet the financial needs of a wide range of people, including Canara Budget, Canara Pension, Canara Home Improvement, and Teachers Loan. Get up to Rs. 10 lakh in loans that can be used for weddings, house renovations, medical expenditures, vacations, and more. In this article, you can check Canara Bank Personal Loan Interest Rate, eligibility check, and repayment tenure before applying for the loan.
Canara Bank Personal Loan Highlights
Here is the list of Canara Bank Personal Loan highlights that helps you to check eligibility, interest rates, and more in the given table:
| Interest rate | 9.40% p.a. onwards |
| Loan Amount | Up to Rs. 10 Lakh |
| Loan Tenure | Up to 84 months |
| Processing Fees | Up to 1% of the loan amount |
| Types of Loans | Offered for Canara Home Improvement, Canara Pension, Teachers Loan, and Canara Budget |
Features of Canara Bank Personal Loan in India
Given below are some of the key features of Canara Bank Personal Loan in India is as follows:
- Loan amount: Canara Bank offers loans up to Rs. 10 lakh under various personal loan programs to meet a variety of personal needs.
- Flexible tenure: The duration is determined by the sort of personal loan program you select, with a maximum tenure of 84 months available.
- Various lending plans: Canara Bank offers a variety of loan schemes tailored to different types of applicants. Canara Budget, Canara Pension, Canara Home Improvement, and Teachers Loan are the four schemes.
- Online application process: Canara Bank Personal Loans can be applied for online from the convenience of your own home or workplace, resulting in less paperwork and faster loan disbursement.
Canara Bank Personal Loan Interest Rates
Listed below are the following Canara Bank Personal Loan schemes with different interest rates offered:
| Types of Personal Loan | Interest Rate (p.a.) |
| Canara Home Improvement Loan | 9.40% onwards |
| Canara Pension Loan | 10.20% onwards |
| Teachers Loan | 10.90% onwards |
| Canara Budget | 11.25% onwards |
| Canara Consumer | 12.40% onwards |
How to apply for Canara Bank Personal Loan via Afinoz?
When applying for a Canara Bank personal loan with Afinoz, take the following steps:
- Fill out the Afinoz.com online application form to receive offers from several lenders based on the likelihood of approval.
- If a loan offer from Canara Bank is available, choose it or contact Afinoz for more information.
- The next step is to complete another online form that requests extra information so that the personal loan application can be sent to the lender of your choice.
Eligibility Criteria of Canara Bank Personal Loan
The Canara Bank Personal Loan qualifying criteria differ depending on the type of personal loan you apply for. As a result, the following are the various eligibility criteria for various types of personal loans from Canara Bank:
Canara Budget
A confirmed employee of a reputable PSU (Public Sector Unit)/joint-stock company, Central/State Government, Lecturer / Asst. Professor / Professors of College / Research Institutions and Universities, Reputed Corporate/Public Limited Company/Private Institution, or IT / BT Company is required.
Canara Pension
This loan is available to the following retirees who get their pension from Canara Bank:
- Pensioners from the state government
- Pensioners from the Central Government (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians, and Freedom Fighters, etc.)
- Pensioners from all Government Departments/Corporate Pensioners from all Public Sector Undertakings/Corporate Pensioners from all Public Sector Undertakings/Corporate Pensioners from all Public Sector Undertakings/Corporate Pensioners from
- All of the above-mentioned kinds of family pensioners
- This loan is available to retired Canara Bank staff pensioners and family pensioners of retired Canara Bank staff.
Canara Teachers Loan
- You should be a member of a school/confirmed college’s teaching/non-teaching staff.
- You should be receiving your salary from Canara Bank.
- Letter from the pay disbursing authority at the District/Block level promising not to move the salary account without the branch’s permission.
- After meeting the recommended EMI of Rs. 10,000, you should have a net take-home wage of at least 30% of your gross salary (whichever is higher)
Canara Home Improvement Loan
- You must be a salaried employee, self-employed, business owner, professional, or NRI who owns a flat or house.
- After meeting the loan installments for the proposed loan, salaried employees must have a monthly net take-home salary of at least 25% of their gross salary, or Rs. 2000.
- Professionals and other non-salaried individuals must have a minimum yearly income of Rs. 50,000 as documented by an Income Tax assessment order or return.
Documents Required for Canara Bank Personal Loan
The documentation required to apply for various types of Canara Bank personal loans varies to some extent, much like the eligibility conditions. The following are some examples of common documents that may be requested for each category:
- Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card are all acceptable forms of identification.
- Ration card, bank account statement, passport, driving license, the electric bill, telephone bill, sale deed/property purchase agreement (for owned properties), Aadhaar card are all acceptable forms of proof of address.
- Bank account statements, salary slips, Form 16, and ITRs are all examples of income proof.
Conclusion
After reading this article, you can compare and select from the types of Canara Bank Personal Loan and get the best way to avail of the loan. It can be easy to check other details at Afinoz.com and apply for a personal loan easily.
