A Simple Guide With Canara Bank Personal Loan Details

Canara Bank is one of India’s most well-known public sector banks. The bank offers a variety of loan solutions to assist clients who want funds for various reasons. The bank’s personal loan solutions are meant to give immediate help for a person’s necessities. 

 

Canara Bank Personal Loan Details

Carana bank provides personal loans with an interest rate starting from 12.05% per annum. A person can get a loan amount up to Rs. 3 lakh by availing a personal loan from Canara bank with a loan tenure of 3 to 18 months, depending upon the loan amount. Apart from this, the processing fee that needs to be paid would be 0.5% to 1% of the total loan amount.

 

For What Intents Can A Person Take A Personal Loan From Canara Bank?

A person can apply for a Canara Bank personal loan, if he is in urgent need of money, for marriage, to pay the school or tuition fees, travel, pay rent, and build or repair a house.

 

What Are The Eligibility Criteria For Availing Canara Bank Personal Loan?

For getting a personal loan from Canara Bank, the person should have a salaried job. It may include government sector employees, doctors, public and private limited companies employees, etc. Second, their age should be between 21 to 60 years. Third, they should have worked for at least 2 years, and lastly, the person should earn at least Rs. 15,000 per month.

 

Which Documents Are Required For Getting A Personal Loan From Canara Bank?

The following documents would be required to apply for the personal loan through Canara Bank: 

  1. Proof Of Identification (Photocopy of Aadhar/ Voter ID/ PAN card/ Driving license)
  2. Proof of Address (Photocopy of Voter ID/ Passport/ Aadhar/ Electricity Bill)
  3. Bank statement of last three months or statement of Pass Book for last 6 months. 
  4. Latest Pay Slip

 

How to apply for Canara Bank Personal Loan?

The process to get an online personal loan from Canara Bank is mentioned below:

  1. Visit the Canara Bank official website.
  2. Look out for online applications for personal loans.
  3. Now, fill in the personal, professional and financial details required and submit the application form.
  4. After submitting the application form, Canara Bank will check your eligibility and provide you with information about the eligible amount you can avail of.
  5. If you agree to process the application further, you will be required to submit the required documents, and you have to upload all the documents in the specified extension on the website.
  6. Finally, your documents will be processed by Canara Bank, and on successful approval of the loan, the funds will be instantly sent to your Canara Bank account.

You can also apply for a Canara Bank personal loan by visiting their branch or calling their customer care centre. The procedure for the offline application you need to follow is:

  1. Visit the nearest Canara Bank branch and fill out the application form with the required loan amount, your personal details, business information, contact number, and other data mentioned in the form.
  2. You can ask the Canara Bank representative for the loan eligibility and loan rates, terms and conditions, processing fee, prepayment, and foreclosure clause.
  3. If you are ready to get the loan, then you would need to submit all the related documents along with the application form. 
  4. After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Canara Bank personal loan application.
  5. On successful verification, the loan amount will be disbursed immediately after loan approval and the signing of the agreement.