Apply Personal Loan 20197651 views
Table of Contents
- 1 About Canara Bank Personal Loan
- 2 Canara Bank Personal Loan Interest Rates
- 3 Canara Bank Personal Loan EMI Calculator
- 3.1 Eligibility Criteria
- 3.2 Documents Required
- 3.3 How to Apply
- 3.4 Canara Bank Personal Loan Online Apply
- 3.5 Canara Bank Personal Loan Application Form
- 3.6 Fees and Charges
- 3.7 Canara Bank Customer Care Helpline
- 3.8 Features and Benefits
About Canara Bank Personal Loan
Established in 1906, Canara Bank is one of the oldest Indian banks. It was nationalized in 1969, by the Indian government. It has a wide network of 5,784 branches and more than 9,153 ATMs spread across India.
People can take loan up to amount of ₹3 lac or six months gross salary, whichever is lower. The repayment has to be made in equal installments, within 60 months. The bank aids the people in need of funds by providing personal loans. All salaried individuals can seriously think, with an open mind, to apply for the personal loan.
The processing fee of 0.5% of the loan amount subject to a minimum of₹1000 and maximum of ₹5000 is charged.
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Canara Bank Personal Loan Interest Rates
|Interest Rate||11.00% - 14.00%|
|Loan Amount||Six months gross salary subject to max. Of ₹3lac|
|Repayment||Equated installments up to 60 months|
|Processing fee||0.5% of the loan amount|
Canara Bank Personal Loan EMI Calculator
EMI is an Equated Monthly Installment paid by the borrower to the lender against the loan taken by him. It is the sum of the principal and interest payable on the specific date of each month over a specified number of years.
The EMI calculator, calculates the amount of EMI, using the principal amount, rate of interest and the tenure of the loan.
For example, if you take up a loan of₹3,00,000 for a period of 5 years at 10.75% interest rate, then the EMI per month for 5 years will be₹6,980.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 3,00,000 10.75% 1 ₹ 26,480 ₹ 17,754 ₹ 3,17,754 ₹ 3,00,000 10.75% 2 ₹ 13,948 ₹ 34,741 ₹ 3,34,741 ₹ 3,00,000 10.75% 3 ₹ 9786 ₹ 52,301 ₹ 3,52,301 ₹ 3,00,000 10.75% 4 ₹ 7717 ₹ 70,430 ₹ 3,70,430 ₹ 3,00,000 10.75% 5 ₹ 6485 ₹ 89,123 ₹ 3,89,123 Year Principal Interest Balance Amount 1 ₹ 47,888 ₹ 29,936 ₹ 2,52,111 2 ₹ 53,297 ₹ 24,527 ₹ 1,98,813 3 ₹ 59,318 ₹ 18,506 ₹ 1,39,495 4 ₹ 66,018 ₹ 11,806 ₹ 73,476 5 ₹ 73,533 ₹ 4348 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Check your eligibility before applying. The following candidates are eligible to apply for personal loan:
- Confirmed employees of reputed PSUs and Joint Stock Companies
- Confirmed Central / State Government officials
- Lecturers / Asst. Professors / Professors of Colleges / Research Institutions and Universities
- Employees salary account has to be maintained with the branch
- Minimum Net Take Home Salary should not be less than 25% or ₹10,000/- per month whichever is higher after meeting the proposed loan installments
|For Salaried||For Self- Employed|
|Stipulated loan application||Stipulated loan application|
|2 Passport size photographs||2 Passport size photographs|
|Copy of passport/voter ID card/driving license||Copy of passport/voter ID card/driving license|
|Processing fee cheque||Processing fee cheque|
|Last 3 months bank statement/6 months bank passbook||Last 3 months bank statement/6 months bank passbook|
|Latest salary slip||Latest Bank statement|
|Current dated salary certificate with the latest Form 16||Latest ITR or Form 16|
How to Apply
If you are eligible for taking up the loan, then you can apply for the same at the nearest branch office. Also, for the convenience of the customer bank provides the application form online.
Canara Bank Personal Loan Online Apply
When it comes to applying online for a personal loan in Canara Bank, need not to worry as the process is simply easy and quick. You just need to visit online at the bank’s website and fill all the required details and click on the submit button. It is that quick and hassle-free. You can anytime apply online as per your comfort and convenience without visiting any bank branch.
Factors Affecting Personal Loan Eligibility
The factors that affect Personal loan eligibility are:
- Monthly Income
- Monthly Expenses
- Any Other Loan
- Credit History
- Job Stability
- Relationship with the Bank
- Category of Your Employer
Canara Bank Personal Loan Application Form
To avail the loan facility one has to fill in the application form. The application form is available at all the bank branches. You can apply for the loan online as well.
You need to fill in the following details-
- Personal Details along with the photograph
- Details of Co-obligant/Guarantor along with recent photograph
- Profession Details
- Income Details
- Details of Assets and Liabilities
- Purpose of taking the loan
- Repayment Details
Fees and Charges
The bank charges 0.5% processing fee on the loan subject to the minimum amount of₹1,000 and the maximum amount of₹5,000.
Canara Bank Customer Care Helpline
You can always clear your doubts regarding the loan and its repayment by calling on the customer care. You can get in touch with the customer executives on the toll free number 1800 425 0018. Feel free to ask your queries.
Features and Benefits
- Flexible tenure up to 60 months
- Floating rate of interest
- Easy procedure
- Simplified documentation