Canara Bank offers a personal loan up to Rs. 3 Lakhs at interest rates starting from 11.25% p.a. to salaried individuals. The loan is offered to all confirmed employees of central/ state government, reputed PSUs/ Joint Stock Companies/ corporates/ public limited companies/ private institutions, lecturers/ assistant professors/ professors of colleges, research institutes & universities, and IT/ BT companies.
The bank offers various types of Personal Loans, depending on the nature of employment. The eligibility criteria for the various loans are different and are as given below:
|Type of Loan||Eligibility|
|Canara Pension-General Public|
|Canara Consumer Loan|
The features of the different types of personal loans under the Canara Bank personal scheme are as given below:
The following are the benefits of Canara Bank Personal Loan:
The Canara Bank Personal Loan Documents required are mentioned below:
There are various parameters considered to determine the eligibility of the applicant for the personal loan. Some of the major factors affecting the eligibility for the Personal Loan are:
The credit score of a person is determined by the credit history created based on the repayment history, the number of existing loans, the length of credit history, and the types of credit availed. If you have been repaying the existing loans promptly well within time, your score will be good. A combination of secured and unsecured loans is also considered good. Only availing unsecured loans indicates that you are a compulsive borrower who depends on the credit for expenses which will bring down your score.
If you have a good score you will be considered as a low-risk borrower and you will be the most welcome candidate for the Personal Loan. The risk involved in Personal Loans are higher as there will be no security for the loan and in the event of the loan going bad, the banks do not have any recourse for recovery. This is the reason the banks will look for the creditworthiness of the applicant while providing a Personal Loan.
There are certain aspects that you will have to work on if you have to improve your personal loan eligibility and spare yourself from the embarrassment of loan rejection.
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Before applying for a Personal Loan you should do a comparison of the rates and offers available and choose the one ideal for your budget. You should check for the eligibility criteria and choose a lender with easily manageable eligibility criteria. You should also check the credit score. If the score is good then there is nothing to worry or else you should wait till the score improves to match the levels stipulated before applying for the loan.
The following are the factors that affect the credit score:
The net take-home salary for Canara Budget should be 25% of the gross income or Rs 10,000, whichever is higher. The net take-home salary for Teachers Loan should be 30% of the gross income or Rs 10,000, whichever is higher. The net pension should be 40% of the gross pension for Canara Pension. For Consumer Loan the net take-home salary of salaried individuals should be 40% of the gross income or Rs 6,000, whichever is higher.
The maximum repayment period for Canara Budget is 60 months, 48 months for Teacher's Loan, 72 months for Canara Pension of the pensioner is within 65 years of age and 60 months if the pensioner is above 65 years of age and 36 months for Canara Consumer loan.
The credit score required to be eligible for Canara Bank Personal Loan is 750 and above.
The processing charges collected are different for different purposes. The charges are collected at 0.50% of the loan amount with a minimum of Rs 1,000 and a maximum of Rs 5,000 for Canara Budget. The processing charges are waived for Canara Pension loan. The charges are collected at 1% of the loan amount with a minimum of Rs 50 for Teachers Loan and a minimum of Rs 250 for Canara Consumer Loan.
To apply for the Canara Bank Personal Loan the following criteria has to be complied with: