What Are The Types, Charger & Features Of Canara Bank Personal Loan?

Posted by Shrikant Kumar on September 9th, 2019

To meet the urgent financial needs of individuals who are short on funds, Canara Bank provides personal loans at competitive interest rates. With the Canara Bank Personal Loan, one can borrow up to Rs.5 lakh for any personal needs like funding a college education, meeting wedding expenses or a sudden medical expense that was not insured. Times of distress could knock your door at an unimagined time and it is not always that individuals have liquid funds. 

Types of Canara Bank Personal Loan

Canara Bank offers customised personal loan products with varying interest rates and benefits for special category of borrowers including borrowers working in reputed companies, banks or government employees etc. Canara Bank offers the following types of personal loans to different individuals to meet their specific needs.

• Canara Budget

• Canara Pension

• Canara Teachers Loan

• Canara Rent

• Canara Loan Top up

Other Charges

• Processing Fees: This loan has a nominal processing fee of 0.50%.

• Pre-closure charges: Borrowers are allowed foreclose their loan without any fee.

• Part payment charges: Allowed at

• Other Charges: In case of late EMI payment, EMI bounce case and loan cancellation, the terms are disclosed by the bank at the time of signing the loan agreement.

Documentation:

• Identity Proof: Passport, Pan Card, Aadhaar Card, Voter ID, etc.

• Address Proof: Ration Card, Passport, Driving Licence, Electric Bills, etc.

• Income Proof: Salary Slip, Bank Account Statement, Income Tax File Return Copy, etc.

Eligibility Criteria:

• The personage minimum must be 23 years for salaried and self-employed. 

• The maximum age should be 70 years to apply for Canara personal loan.

• A person's citizenship should be Indian by nationality.

• A good CIBIL Score or Credit Report.

• The persons minimum salary should be Rs. 20,000 per month.

Features of Canara Bank Personal Loan

1. Multi-purpose Loan: Canara Bank personal loans can be utilized for any personal needs of the loan borrower and it is not necessary to mention the purpose of borrowing. 
2. Easy Approval: Loan borrowers at the time of applying are in dire need of the amount and Canara Bank understands this very well. Documents needed are minimal and specified clearly. Once the loan application is filled and documents are submitted along with it, bank representatives instantly run eligibility checks after which your loan procedure is underway.
3. Flexible tenure: Canara Bank personal loans have flexible tenures varying from 36 months up to 120 months. According to the type of loan and weighing the repayment terms, loan applicants can choose the loan tenure most suited to them.
4. There is a 24/7 customer service for the convenience of the customers. Thus, you can ask your queries and doubts at any time of the day.
5. The bank imposes very less processing fee on loan.
6. A Pre-closure charges for personal loan applied are pretty nominal.
7. The processing fee is 0.5 percent of the personal loan amount which bank have approved for you.
8. Online loan: One need not go to the bank branch to apply for a Canara Bank Personal loan as there is an online application form facility and other documents can be scanned online as well.