What personal loan schemes does Canara Bank offer?
There are different schemes of personal loans offered by Canara Bank. The major ones include Canara Budget, Teachers’ Loan, and Canara Consumer Loan. However, you can also get personal finance from Canara Bank for house renovation, wedding, education, medical expense etc.
Am I eligible for Canara Budget personal loan scheme?
If you are an employed individual, you can avail this loan i.e. if you are a confirmed employee of central or state government, reputed PSUs, corporate companies or a lecture or professor. Besides, your monthly take-home salary should not be less than 40% after EMI deduction.
When can I take Canara Budget personal loan?
You can take this loan when you have some genuine personal needs to be fulfilled.
What is the maximum amount of loan that I am eligible for under this Canara Budget plan?
You can get 6 months' gross salary or Rs.3 lakhs. The higher amount is considered.
What is the rate of interest for Canara Budget personal loan?
The rate of interest is BR (base rate) + 4.00% for the salaried individuals and BR+ 5.00% without salary obligation.
What is the processing fee for Canara Budget personal loan?
You need to pay 0.5% of the loan amount as processing fee. It comes to minimum Rs.1000/- and maximum of Rs.5000/-.
Who is eligible for Canara Teacher’s loan?
This is a personal loan Canara bank offers for the teaching and non-teaching staff of a college or a school.
What is the rate of interest for Teacher’s loan?
The rate of interest is 1% of the loan amount.
Can I apply for Canara bank personal loan online?
Yes, you can apply for this online and track your application status as well.
What is the purpose of Canara Consumer loan?
This is a personal loan Canara Bank offers to meet your real life personal needs.
Who can avail Canara Consumer loan?
This loan can be availed by salaried individuals, businessmen and other professionals.
What is the rate of interest for Canara Consumer loan?
The rate of interest for this loan is base rate + 4.00%.
Where do I get Canara bank personal loan application form, if I have to apply for a one?
You can get it downloaded from the bank’s web site or collect it from the nearest branch. However, instead of doing that if you apply through LoanMoney, the LoanMoney team will take care of it.
Can I download my Canara Bank personal loan statement online?
Yes, you can download your personal loan statement online.
Does Canara bank charge personal loan prepayment charges?
Yes, Canara Bank charges a nominal rate for pre-closing personal loans.
What is the main purpose of Canara Bank Personal Loan?
The main purpose of Canara Bank personal loan is to provide finance for personal expenditures such as a wedding, medical emergency, education, vacations and similar personal expenditures.
What are the types of personal loans offered by Canara Bank?
Canara Bank offers two types of personal loans. Given below are two types of personal loans offered by the bank.
Given below is the list of individuals who are eligible to apply for Canara Bank personal loan.
Individuals with high net worth
Pensioners who draw regular pension from the bank
Retired employees of the bank
What is the minimum and maximum amount one can avail with this personal loan?
The minimum and maximum loan amount granted for secured loan is Rs. 10,000 and Rs.5 lakh, while the minimum and maximum amount offered for unsecured loan is Rs.10,000 and Rs.10 lakh.
Can one apply for the personal loan online?
One can apply for the personal loan online through the official website of the bank or through a third party financial website.
Is there any restriction on the utilization of the personal loan amount?
There is no such restriction on the utilisation of the personal loan amount as long as the personal expenditure is of a bonafide nature and legal.
Does the bank offer Overdraft facility for the personal loan?
Yes, the bank offers overdraft facility for the personal loan amount. It offers an overdraft limit of maximum up to Rs.1 lakh to confirmed permanent employees of Central, State, Government, Reputed Corporate and PSUs.
Why should one choose Canara Bank personal loan?
There are various reasons as to why one should opt for Canara Bank Personal loan. One of the main reasons being the low rate of interest and flexible repayment period. The option of secured and unsecured loans is also one of the main reasons for choosing Canara Bank personal loan.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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