About Canara Bank Personal Loan
Are you suffering from a financial crisis? Personal Loan is the best option for your problems. A personal loan helps you to achieve your financial goals. The best part of the personal loan is that we don’t need any collateral for availing the loan.
Canara Bank not only provides personal loan to government employees but also to the self-employed individuals. It is a state-owned bank which has its headquarter in Bangalore. Canara bank has nearly 5784 branches all over India. It was established in the beautiful city of Mangalore. Canara bank is considered to be one of the oldest and the best banks in the country which was established in July 1906. Later it was nationalized in 1969 by the Government of India.
Canara Bank Personal Loan Benefits
Canara Bank Personal Loan, also known as Canara Budget Personal Loan, is a multi-purpose loan. Canara bank provides loans to the borrower without keeping any asset. The loan can be availed for events like wedding, for going to your dream destination or for any other personal need.
The benefits of opting for a Canara Bank Personal Loan are listed below:
- A personal loan from the Canara Bank is accessible and easy to apply.
- The loan also provides many offers to government employees.
- You can get quick approval from the Canara bank personal loan if you are eligible for it.
- After the approval, your loan can be disbursed quickly, if all of your documents are accurate.
- The documentation process of the Canara bank personal loan is stress-free. You have to submit some necessary documents to the bank.
Canara Bank Personal Loan Interest Rate
- The rates of interest are rational and approachable in Canara Bank for personal loans.
- Canara Bank will provide you with a loan at 13.00% interest rate with the lowest EMI of Rs.2,683 per lakh.
- Pay your loan in a flexible time of minimum 12 months (1 year) to a maximum of 48 months (4 years).
- Canara Bank will charge a processing fee from you, i.e. 0.50% with applicable service tax.
Canara Personal Loan Eligibility
- One can only apply for the Canara bank personal loan if he/she is the citizen of India.
- The minimum age of the applicant for the Canara bank personal loan should be 21 years, and the maximum age of the applicant can be 58 years.
- The salary of the applicant needed in this process is at least Rs 18,000 per month if he/she is living in a metro city.
- The people from the smaller cities can also apply for the Canara bank personal loan with a salary of at least Rs.15,000/- per month.
- It is mandatory for the applicant that he should be working in the company from at least 6 months.
- Contact number is an essential element of this whole process. You have to mention your working phone number for availing the loan.
- If the applicant is getting his/her salary in hands and not in the bank, then they are not eligible for the Canara Bank personal loan.
Self Employed Applicant:
- The self-employed should be a citizen of India if she/he wants to apply for the Canara personal loan.
- The minimum age required for the loan is 25 years and the maximum is 65 years.
- ITR is must in the Canara Bank personal loan. He/She should have been paying the ITR of Rs 2.5 to 3 lakh per year.
- The applicant should be the owner of the house or a shop if he wants to apply for the Canara personal loan. If one does not have any property, he is not eligible for the loan.
- The applicant has to provide his working mobile number to the bank. It is mandatory.
- Business stability is needed in the Canara personal loan, and it should be running successfully from last 3 years or more.
Canara Bank Personal Loan Tenure
- The Canara personal loan tenure is from 1 year to 5 years maximum.
- The amount sanctioned by the bank is a maximum of Rs. 3 lakhs.
How to Apply for Canara Bank Personal Loan?
- It is easy to apply online for the Canara personal loan on the official website of Dialabank.
- Search on google.
- Then fill the online form of Canara personal loan.
- Fill all the details which are required in the online form of Canara personal loan.
- Lastly, submit your form.
Why only Dialabank for Canara Bank Personal Loan?
- As Dialabank is India’s first financial helpline, we have experience of many years.
- Our customers are satisfied with our services.
- We assure you that we will provide you with the most suitable loan offers.
- With the help of Dialabank, you can get a personal loan at a low rate of interest.
- Dialabank responses quickly to the customer’s query through our expert relationship managers.
- If you fill the above form, you can get the call from our side within 24 hours.
FAQs About Canara Bank Personal Loan
Q. What is Canara Bank Personal Loan?
If you are in urgent need of financial help but can not provide security in exchange for a loan then Canara Bank Personal Loan is just the right help you need. A Personal Loan can be availed without the need for submitting a security and loan amount can be used for any personal need.
Q. How does Canara Bank Personal Loan work?
Canara Bank Personal Loan works like any other loaning product except that you are not required to submit any security to avail Personal Loans. All you need is your KYC and income proof. Once approved and disbursed the loan amount can be used for a number of personal purposes.
Q. What is the Personal Loan rate of interest in Canara Bank?
Personal Loan rate of interest in Canara Bank starts at 13% per annum. You can visit Dialabank’s online portal to compare the rates of different banks and finance companies across India.
Q. How can I get Canara Bank Personal Loan?
To get a Personal Loan you will have to visit the nearest branch with basic documents(Aadhar Card, PAN Card) and income proof(salary slip, bank statement) and fill an application form. You can also contact Dialabank to avail of the best financial advice and get the personally curated deals and offers for all your financial needs.
Q. How to apply for Personal Loan in Canara Bank?
Apply for Personal Loan by visiting the nearest Canara Bank branch with all the requisite documents. You can also apply online with Dialabank and avail personalized assistance for all your financial needs.
Q. Why apply for Canara Bank Personal Loan?
Canara Bank Personal Loans can be used for any personal financial need. You do not have to provide any collateral security in exchange for your loan and the repayment can be done in monthly instalments, EMIs.
Q. How much EMI on Canara Bank Personal Loan?
Calculate your Canara Bank Personal Loan EMI using your loan tenure, loan amount, and rate of interest. Use Dialabank’s EMI calculator to calculate your estimated EMI and apply for all your Personal Loan needs with us.
Q. How much CIBIL score required for Canara Bank Personal Loan?
A CIBIL score above 750 is preferred by Canara Bank to disburse a Personal Loan. Being an unsecured loan your CIBIL score plays a big role in determining your loan eligibility as it calculates the risk of default for your lender.
Q. Minimum credit score needed for Canara Bank Personal Loan?
The credit score is a measurement and estimate of your creditworthiness. Canara Bank requires you to have a credit score of at least 700 to consider your loan application for approval.
Q. How to calculate Canara Bank Personal Loan EMI?
Use your loan amount, loan tenure, and rate of interest to calculate your Personal Loan EMI using the EMI calculator available on Dialabank’s website. You may also use the following formula, E = P x R x [((1+R)^N)/((1+R)^N)-1] where E is your EMI, P is your principal loan amount, R is the monthly rate of interest, and N is the loan tenure in months.
Q. What can I use Canara Bank Personal Loan for?
You can use your Canara Bank Personal Loan for a number of financial needs such as funding your marriage or that of a relative, pay all your big and small bills, correct your finances by doing away with other expensive loans, renovate or repair your home, and etc.
Q. Can I prepay Canara Bank Personal Loan?
If you have the required funds you can pre-close your loan by visiting the branch and asking your banker about the prepayment facilities. Any charges as shall be applied will have to be paid by you.
Q. How to prepay Canara Bank Personal Loan?
When you have the fund and feel the need to close your loan at once, just visit the nearest Canara Bank branch with your loan documents and apply for a foreclosure. You may be asked to pay a small foreclosure fee in addition to your outstanding loan amount.
Q. How to repay Canara Bank Personal Loan?
Repay your Personal Loan in easy burden-free EMIs that are automatically deducted from your bank account each month. Canara Bank’s Personal Loan can be repaid through post-dated cheques too.
Q. What documents are needed for Canara Bank Personal Loan?
Your KYC documents for identity and address verification and bank statement and salary slip as proof of income are needed for a Canara Bank Personal Loan. You can check the required documents in detail and also apply online for Personal Loan at Dialabank’s digital platform.
Q. How to check Canara Bank Personal Loan status?
Visit your loan branch or contact the customer care number of Canara Bank to know the status of your loan application and stay updated.
Table of Contents
- 1 About Canara Bank Personal Loan
- 2 Canara Bank Personal Loan Benefits
- 3 Canara Bank Personal Loan Interest Rate
- 4 Canara Personal Loan Eligibility
- 5 Canara Bank Personal Loan Tenure
- 6 How to Apply for Canara Bank Personal Loan?
- 7 Why only Dialabank for Canara Bank Personal Loan?
- 8 FAQs About Canara Bank Personal Loan
- 8.1 Q. What is Canara Bank Personal Loan?
- 8.2 Q. How does Canara Bank Personal Loan work?
- 8.3 Q. What is the Personal Loan rate of interest in Canara Bank?
- 8.4 Q. How can I get Canara Bank Personal Loan?
- 8.5 Q. How to apply for Personal Loan in Canara Bank?
- 8.6 Q. Why apply for Canara Bank Personal Loan?
- 8.7 Q. How much EMI on Canara Bank Personal Loan?
- 8.8 Q. How much CIBIL score required for Canara Bank Personal Loan?
- 8.9 Q. Minimum credit score needed for Canara Bank Personal Loan?
- 8.10 Q. How to calculate Canara Bank Personal Loan EMI?
- 8.11 Q. What can I use Canara Bank Personal Loan for?
- 8.12 Q. Can I prepay Canara Bank Personal Loan?
- 8.13 Q. How to prepay Canara Bank Personal Loan?
- 8.14 Q. How to repay Canara Bank Personal Loan?
- 8.15 Q. What documents are needed for Canara Bank Personal Loan?
- 8.16 Q. How to check Canara Bank Personal Loan status?