Canara Bank Personal Loans | Interest Rates | Documents | Eligibility

Get Instant quotes on Canara Bank personal loans. Find best Interest rates on Canara Personal loans 2014. A simple Personal Loan Scheme for the benefit of salaried class / businessmen / professionals.
Purpose:
Loan scheme to individuals for purchase of brand new durable utility articles, home appliances including furniture, computers / Laptops, electronic gadgets especially to the staff of corporate bodies and others.

Eligibility:

  • All individuals (including professionals, businessmen and salaried class)
  • Salaried individuals with minimum monthly net salary of 40 % of their gross salary or Rs. 6,000/- after meeting the installment for the proposed loan, whichever is higher.
  • Professionals and other non-salaried persons should have a minimum annual net income of Rs. 1,50,000/- evidenced by Income Tax Assessment Order (ITAO) / Income Tax Return (ITR).
  • In the case of salaried class, salary should be credited to the operating account of the applicant at our branch. Alternatively, a mandate to be lodged with employer to facilitate easy recovery of instalments.
  • Apart from income of applicant, income of spouse is reckoned for satisfying eligibility criteria in II and III above.








  • Compare Personal Loan Rates – Eligibility – Process of Top 10 Banks.

    Professional Details
    Loan Amount:

    Occupation:

    Annual Income:

    City:

    Quantum of Loan:


    Salaried Persons 75% of the invoice value or 15 months of net salary or Rs.1,00,000/-, whichever is less.
    Professionals and other non-salaried individuals 75% of the invoice value or to the extent of 50% of their annual net income in the immediate previous year or Rs.1,00,000/- whichever is less.

    Rate of Interest on Personal loan of Canara Bank

    Please visit our interest rate page for Base Rate / current rates

    Repayment:

    • Repayable in 36 months by equated monthly instalments.
    • Repayment will commence from the month following the month in which loan is disbursed.
    • No prepayment penalty charged.

    Security:

    1. Hypothecation of the articles purchased out of the Bank loan.
    2. Suitable personal guarantee / co-obligation
    3. However, the next higher authority may waive such personal guarantee / co-obligation depending upon merits of each case.

    Processing Charges: 1 % of the loan amount with a minimum of Rs. 250/-

    Other features:
    During the pendency of first loan, second loan also considered subject, within the overall eligibility, subject to there being no overdues in earlier loan.

    Insurance is waived

    Documents to be submitted:

    • Prescribed Loan Application with 2 copies of passport size photographs
    • Latest Salary Certificate and Form No.16 / ITR/ITAO for last 3 years.
    • Proforma Invoice of the article proposed to be purchased
    • Arrange for a suitable Co-obligant / guarantor acceptable to the Bank

    For more details, please visit our nearest branch or call toll free no. 1800 425 0018.

     

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    Disclaimer: This information is sourced from Bank's Website to help customers to gain information on Banks product.
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