The bank has different types of lending products to assist clients who require financing for various purposes. The personal loan products available from the bank are designed to provide instant relief from a person’s domestic needs. Money obtained from a Canara Bank personal loan could be used for anything from financing the renovation of your home to paying an unexpected medical expense. The bank’s personal loan starts with a 13% interest rate for non-government employees.
Eligibility for Canara Bank personal loans
The eligibility criteria of the two lending products offered by Canara Bank are slightly different from each other. They are put together as follows:
- This facility is available to employees of business corporations and public sector units.
- This loan can also be requested by various public servants.
- The applicant should have at least Rs 10,000 per month or 25% of his net salary (whichever is higher) after paying the loan payments.
- The loan facility is only available to those with their payday account at Canara Bank.
Factors influencing personal loan eligibility include:
- Monthly income: You may apply for the loan if you earn at least INR 10,000 a month. But the disbursement of the loan will depend on the proposed EMI as well. If this is more than 60% of your net monthly income, the amount of disbursed may decline.
- Age: Candidates over the age of 21 are eligible to borrow money from the Canara Bank. And your retirement age is the maximum term your loan will last.
- Monthly expenses: The applicant’s monthly expenses are taken into account in the calculation of the applicant’s eligibility for the borrowed amount. If you have high expenses, this can affect your EMI or interest rate.
- 3 passport size photographs
- Latest salary slip
- Form 16 or ITR for the previous three years.
- Co-obligation document
- Promote or promote covering letter
Get In touch with Dialabank (9878981166) to know more about Canara Bank’s personal loans.