|Loan Name||Interest Rate||Processing Fee||Loan Amount||Tenure|
|Canara Consumer Loan||13.15%, Floating||1% of loan amount||1,00,000||36 months|
For Salaried Employees:
For Self – Employed Individuals:
|Canara Budget||0||0.50% on loan amount||six months of gross salary or Rs 3,00,000 (whichever is lesser)||up to 60 months|
|Interest Rates for CANARA BUDGET Loan||Description||Rate of Interest||Present Interest Rates|
|With Salary tie-up||One Year MCLR + 4.30%||13.00%|
|Without Salary tie-up||One Year MCLR + 5.30%||14.00%|
|For BSNL Employees||One Year MCLR + 2.30%||11.00%|
Q: What are the types of personal loan in Canara bank?
A: The various types of personal loan offered by Canara Bank are:
1.Canara Budget personal Loan For Employed individuals
2. Teachers Loan
3. Senior Citizen personal Loan scheme
4. Canara Consumer Loan
Q: Is there any chance to get a discount in interest rates for Canara bank personal loans?
A: No, The interest rates for personal loans offered by Canara Bank are fixed. It is not possible to get a discount on these interest rates for any reason. Special interest rates are provided only for BSNL employees.
Q: What are the features of Canara bank budget personal loan?
A: 1. Canara bank budget personal loan is designed to fulfil the urgent financial requirements of employees (corporate, public sector undertaking and government employees e.t.c).
2. To avail, the budget personal loan the employee's should maintain their salary account with Canara Bank.
3. The minimum net salary of the employee should be at least 25% higher or Rs. 10000 post deduction of the loan EMI amount.
4. The maximum loan amount that could be sanctioned is Rs. 3 lakhs or 6 times the gross salary whichever is lesser.
5. The processing fee is 0.5% of loan amount (min. Rs 1000 or maximum Rs. 5000)
Canara Bank may require co-obligation equal to the loan amount in general.
Q: What are the documents required to avail personal loan from Canara Bank?
A: If you are applying for a personal loan from Canara Bank, you need to submit the following documents:
Q: Why should the applicant provide co-obligation for getting this Canara bank personal loan?
A: In this case of unsecured personal loans, there is no collateral with which the bank can recover the loan amount in case of a default. This is the reason why the personal loans offered by Canara Bank require co-obligation. This co-obligation must be provided by a suitable individual and it should be equivalent to the loan amount.