Canara Bank is one of India’s biggest banks in the public sector, headquartered in Bangalore. The bank has a network of 6089 branches located across India and more than 10519 ATMs. It supplies its clients with a wide variety of banking products and financial services.
Canara Bank Personal Loan Required Documents
Important papers to be presented for personal loans before applying for
- Completed loan application
- 3 Passport size photographs
- Bank Account Statement/ Pass Book for the last six months
- Proof of residency (photocopies of the latest energy bill/telephone bills)
- Evidence of identity (Voter ID/ Passport/ Driving License/ IT PAN card photocopies)
- IT returns for self-employed professionals for three years
Factors Impacting the application of Canara Bank Personal Loan
- Location: In your loan application, the position where you stay plays an important role. For you to be eligible for a personal loan, this sets the minimum wage level. The minimum wage is higher in the cities and more so in the case of metropolitan cities like Mumbai.
- Income: The higher the income, the greater the amount of credit you get. It further illustrates that the potential for repayment is outstanding.
- Living situation: Whether you are living in your own house or renting property also plays a role in deciding the amount of your loan. This is how it decreases discretionary income by living in a rented home, which ensures that the repayable ability is limited.
- Employment business: Working with a respectable company for almost a year will mean to the lender that you are in a secure job, the higher the rating of the company, the better the interest rate of the personal loan can be negotiated.
- Current credit: If you already have another loan or credit card debt, the calculation of your loan amount and interest rate will play a significant role.
- Credit history: Your credit history based on which your credit score is determined is very significant. It is a key factor on which the amount of the loan, interest rate, and tenure is contingent. If there is a difference in your financial records, your loan is likely to be refused outright.
Get in touch With Dialabank (9878981166) to avail of Canara Bank Personal Loan, with low documents and hassle-free process.