When we start looking for a personal loan as a borrower, there are two things comes at top. A lender giving long tenure with low charges in interest rate and quick processing. This is why Canara Bank personal loan 2021 presents you a favourable choice.
To understand what it has to offer, whether it will be good for you or not, read the blog. we will explore the details in deep to help you in taking a decision.
Canara Bank Personal Loan 2021
The Canara Bank personal loan 2021 comes with a competitive interest rate. The other charges are minimal as well to make sure a borrower could get the loan easily.
- The loan amount is granted up to Rs 10 lakhs or 6 to 10 times of gross salary.
- The lowest interest rate is 9.40% per annum.
- The processing fee is up to 1% of the loan amount.
- The loan tenure is up to 7 years.
Types of Canara Bank Personal Loan 2021
Currently, the Canara Bank personal loan 2021 comes with five types of loan.
- Canara Budget Personal loan
- If you have an emergency personal need, this loan is perfect. It offers loan amount up to Rs 3 lakhs with tenure up to 5 years. The Interest rate is from 1-year MCLR 2.30% to 4.30%. The processing fee is 0.5% of the loan amount.
- Canara Pension personal loan for General public
- This pension loan is available for the general public. One could avail loan amount up to Rs 5 lakhs for personal or medical needs. The loan tenure is up to 6 years. There is no processing fee and the interest rate starts at 1-year MCLR+3.20%.
- Canara pension loan for ex-employee
- If you are an ex-employee of Canara bank, this loan is for you to meet the urgent financial requirement. The interest rate begins at 1-year MCLR+ 3.20%. The processing fee is zero.
- Canara personal loan for teachers
- This scheme is specialty created for teachers who are looking for a quick loan. They can borrower up to Rs 3 lakhs with loan term stretching to 4 years. The interest rate starts at 1-year MCLR + 3.95%.
- Canara Bank personal loan consumer goods
- If you are looking to buy cons
umer durables, this is a good choice. The loan amount will vary. The interest rate is 1-year MCLR + 4.45%, processing fee up to 1% of the loan amount.
Canara Bank Personal Loan Eligibility Criteria 2021
The personal loan eligibility criteria will differ from person to person. However, here is a general notion for Canara Bank personal loan eligibility criteria 2021.
- For Canara pension loan, the salary should be at least Rs 10,000.
- The applicant should have an account with Canara Bank.
- The pensioner must be from central or state government.
- For a teacher, the salary should be routed via Canara Bank.
- The age should be minimum 18 years.
- The person should be a salaried individual or self-employed professional.
Required Documents for Canara Bank Personal Loan 2021
- Identity proof – Passport, PAN Card, voter ID card, Aadhar card, Driving license
- Address proof – Utility bill, ration bill, electricity bill, telephone bill
- Income proof - Bank account statement, form 16, salary slips and ITR
How to apply?
There are two easy way to apply. First you could visit the branch to do it. The second way is to do it online via Afiniz.com. On the website, sign up on it to start the process.
Conclusion
The Canara Bank personal loan 2021 comes with easy personal loan eligibility criteria. You could get it without any issue. However, the loan amount should be based on the requirement not what the borrower has to offer.
