CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Snapshot of the Eligibility Criteria for Canara Bank Personal Loans
9.40% p.a. onwards
Up to Rs. 10 Lakhs
Up to 84 months
Up to 1% of the loan amount sanctioned
Categories of Loans
Canara Home Improvement, Canara Pension, Teachers Loan and Canara Budget
The eligibility criteria set by Canara Bank for its personal loan offerings can vary as per the category of personal loan applied for. Here, we have listed some of the common eligibility criteria as per the personal loan category:
1. Canara Budget - Applicants must show their employment status with a reputed PSU (Public Sector Unit)/joint-stock company, Central/State Government, Lecturer / Asst. Professor / Professors of College / Research Institutions and Universities, Reputed Corporate/Public Limited Company/Private Institution or IT / BT Company.
2. Canara Pension – Here is the list of pensioners who are eligible for this loan:
3. Canara Teachers Loan
4. Canara Home Improvement Loan -
Professionals and other non-salaried individuals must have a minimum yearly income of Rs. 50,000/- to be proven by furnishing Income Tax assessment order/return
A growing number of individuals today are seen to be applying for Personal Loans for meeting their expenses and financial needs. One of the main reasons for this sudden rise in the growing preference for Personal Loans is that these are unsecured loan and therefore do not require any collateral. These loans also have a very quick processing time. One can easily avail of a personal loan from reputed banks such as Canara Bank. With the availability of online services offered by most banks, an applicant can get the money within as little as 48 hours.
A personal loan is a form of unsecured credit that is offered by financial institutions depending on certain criteria such as, employment history, repayment capability, income, the profession of individual and credit history. A personal loan is also known as a consumer loan and can be used to meet and the individual’s immediate financial needs.
Here are some of the key details to know about Canara bank personal loan:
Loan amount: The personal loan amount offered by Canara Bank is a maximum of Rs. 10 lakhs. This can help loan seekers to fulfil various personal needs.
Flexible tenure: The loan tenure differs depending upon the type of personal loan scheme chosen and the maximum loan tenure offered is of 84 months.
Multiple options: Canara Bank offers various loans which are designed to meet different individual requirements. Some of the personal loan schemes are Canara Budget, Canara Pension, Canara Home Improvement and Teachers Loan.
Online application: Canara Bank personal loan is available for application online. This ensures limited documentation and immediate disbursal of the loan amount.
Similar to eligibility criteria, the documentation requirements for applying to various Canara Bank personal loans may also differ depending on the loan applied for. Some common documentation requirements that are required for each category are as mentioned below:
Identity proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card
Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card
Income proof: Bank Account Statement, Salary Slips, Form 16, ITR
Here are the steps followed in the verification process of Canara bank’s personal loan application:
Here is how your Canara bank personal loan eligibility can be measured using Income and FOIR:
Employment Type: An applicant is eligible for a Canara Bank personal loan depending on his/her type of employment and the company or institution he/she works for.
Income: To be eligible for a Canara Bank personal loan, the applicant has to meet the minimum income requirement of the personal loan scheme. If not, the application will be rejected.
Relationship with the bank: If the applicant has an existing relationship with Canara Bank by way of a salary account or is an employee of the bank, he/she has higher chances of the loan being approved.
Loan amount: The applicant must have the financial ability to repay the loan amount that he/she wants to avail. If the applicant does not have a sufficiently high income, he/she must opt for a reasonably lower loan amount for being eligible for the scheme.
Repayment status of previous loans: In case an applicant has not cleared his/her previous loan dues and thereby has a poor credit score then the eligibility will be affected and the application could also be rejected.
Here are some of the important aspects to remember before applying for a Canara bank personal loan:
Credit score: It reflects your ability to handle credit and your credit history. Credit score plays a crucial role during the evaluation of your personal loan application. Thus, it is essential to have a good credit score before applying for a personal loan else there are higher chances of your loan application being rejected.
Repayment ability: You should avoid borrowing beyond your repayment capacity. Try an evaluate your repayment capacity by using a personal loan EMI calculator that is easily available online. Opt for a loan amount, interest rate and loan tenure that fits your requirement.
Fees and charges: There are multiple fees and charges involved in a personal loan other than the interest rate. Some of these include processing fees, late payment fees, foreclosure fees, part prepayment charges, etc. It is important that you know such charges before applying for a personal loan and thereby, avoid any unpleasant experiences in the future.
Consider multiple options: Comparing interest rates and various other loan features from various lenders helps you to opt for a personal loan that exactly suits your specific requirements.
1. Does Canara Bank provide an online facility for personal loan application?
No. you will have to visit the nearest Canara Bank branch for making a personal loan application.
2. Which documents are accepted as income proof when applying for a personal loan?
You can use Salary slips, bank statements, IT return certificate, Form 16, etc.
3. Can I buy anything I want by using a personal loan from Canara Bank?
Yes, you can make use of a personal loan to buy gadgets, appliances, etc., up to Rs. 1 lakh.
4. How do I come to know if my personal loan application has been approved?
You can reach out to the customer care unit of Canara Bank for checking the personal loan application status or you can check the status of your personal loan by using Canara Bank net banking account.
5. Are Non-resident Indians eligible to apply for a Canara Bank personal loan?
No, as of now only resident Indians are eligible for Canara bank personal loan.
6. What are the Eligibility criteria for getting a personal loan from Canara Bank?
Here are the commonly used eligibility criteria for Canara bank personal loan:
7. Will Canara bank provide me with a personal loan if I have a low credit score?
A low credit score is an indication of poor or unstable credit history. Thus, the possibility of loan rejection is higher in such cases.
8. Is it essential to be an existing customer of Canara bank to avail personal loan?
Yes, existing account holders of Canara bank are eligible to avail of a personal loan.
9. How do I get Canara Bank Personal Loan immediately?
Once you have checked the eligibility criteria and arranged all required documents, the loan is quickly approved if all the eligibility requirements are met satisfactorily.
10. How soon does Canara Bank disburse a personal loan?
The disbursal time for a personal loan from Canara Bank can vary depending on the personal loan sought. Normally, approval for a personal loan is done within 2-3 working days post submission of the loan application.
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