Table of Contents
- 1 About Canara Bank Personal Loan
- 1.1 Canara Bank Personal Loan Interest Rates August 2021
- 1.2 Canara Bank Personal Loan EMI Calculator
- 1.3 Eligibility Criteria
- 1.4 Factors Affecting Personal Loan Eligibility
- 1.5 Documents Required
- 1.6 How to Apply
- 1.7 Canara Bank Personal Loan Application Form
- 1.8 Fees and Charges
- 1.9 Canara Bank Customer Care Helpline
- 1.10 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 INR 3 lakh 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 INR 1000 and maximum of INR 5000 is charged.
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Canara Bank Personal Loan Interest Rates August 2021
|Interest Rate||11.25% - 13.30%|
|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 helps calculate 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 INR 3,00,000 for a period of 5 years at 10.75% interest rate, then the EMI per month for 5 years will be INR 6,980.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|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|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|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|
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 INR 10,000 per month whichever is higher after meeting the proposed loan installments
Factors Affecting Personal Loan Eligibility
The factors that affect Personal loan eligibility are:
- Monthly Income: You can apply for the loan if you are earning a minimum of INR 10,000 in a month. But the loan disbursal will also depend on what the proposed EMI is. If it is more than 60% of your net monthly income, the loan disbursal amount could reduce.
- Age: Applicants aged above 21 years are eligible to borrow funds from Canara Bank. And your retirement age is the maximum period for your loan maturity.
- Monthly Expenses: The monthly expenditure of the applicant is taken into account to calculate the eligibility of the applicant for the borrowed amount. If your expenses are high, it may affect your EMI or interest rate.
- Any Other Loan: If you have an existing loan then you are required to mention the EMI you are paying and the amount which is getting saved after the payment. Because the rest of your income is the source by which you pay for the Canara bank personal loan.
- Credit History: Your repayment history of previous loans or credit card bills plays a vital role. Because it showcases your credibility for the loan.
- Job Stability: Canara Bank approves personal loan applications of individuals with 2 to 3 years of work experience in the current organization
- Relationship with the Bank: Canara Bank disburses personal loans to salary account holders only. So, if you have a salary account with the bank for long, your personal loan application will most likely be approved by the state-owned lender.
- Category of Your Employer: Employees of reputed PSUs, Joint Stock Companies confirmed Central or State Government officials. Lecturers, Asst. Professors, Professors of Colleges and Research Institutions and Universities can get the loan. And individuals working in IT or BT Companies can also receive the loan.
|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.
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.
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 INR 1,000 and the maximum amount of INR 5,000.
Canara Bank Customer Care Helpline
- You can check your loan status by contacting the Canara Bank customer service.
- Check the loan balance by dialing the toll-free number from your registered mobile
- Know the latest offers Canara Bank provides on the personal loan
- Solve your repayment queries with Canara Bank efficient customer service
- If the loan application is rejected, you can ask the customer care executive to provide a reason for the same. In case the loan is delayed, you can get to know the reasons for the same too.
- Feel free to ask any loan related questions 24X7
Features and Benefits
- Flexible tenure up to 60 months: The borrower can pay the borrowed amount in easy installments over a maximum of 60 months. And with the help of Canara Bank EMI calculator, you can know the EMI before the payment starts.
- Floating rate of interest: The interest charged on your loan is floating in nature and that changes with the change in the lending rate of the bank.
- Easy procedure: You can apply for the loan easily online. You are required to pay a fee of 0.5% of your loan to process the loan application which is INR 1,000 to 5,000 based on your loan.
- Simplified documentation: Your income proofs like Salary Certificate, Form 16, ITR/ or TAO for the last 3 years are required. You also need to provide the 2 passport size photographs.