Canara Bank India - Personal Loans
Overview
Canara Bank offers personal loans to meet various financial needs of individuals. These loans come with attractive interest rates and flexible repayment options.
Eligibility Criteria
- Minimum age of 21 years
- Maximum age of 60 years
- Salaried individuals with a minimum monthly income
- Self-employed individuals with a steady source of income
- Good credit history
Loan Amount
Canara Bank offers personal loans ranging from Rs. 50,000 to Rs. 5,00,000 depending on the borrower's eligibility.
Interest Rate
The interest rates on Canara Bank personal loans start from 10.65% onwards. The actual rate will depend on the borrower's credit score and other factors.
Repayment Options
Borrowers can choose repayment periods ranging from 12 to 60 months. The EMIs can be paid through post-dated cheques or through ECS mandate.
Documentation
- Application form
- Identity proof
- Address proof
- Income proof
- Bank statements
- Passport-size photographs
How to Apply
Interested individuals can visit their nearest Canara Bank branch and meet with a loan officer to discuss their requirements and submit the necessary documents. Alternatively, applications can be submitted online through the bank's website.
Frequently Asked Questions about Canara Bank Personal Loans
1. What are the eligibility criteria for a personal loan from Canara Bank?
To be eligible for a personal loan from Canara Bank, you must be a salaried individual or a self-employed professional between the ages of 21 and 60 years with a stable source of income.
2. How much can I borrow through a personal loan from Canara Bank?
Canara Bank offers personal loans ranging from Rs. 1 lakh to Rs. 10 lakhs, depending on your eligibility and creditworthiness.
3. What is the interest rate charged on Canara Bank personal loans?
The interest rate on Canara Bank personal loans varies based on factors such as your credit score, loan amount, and repayment tenure. It is advisable to check with the bank for the current interest rates.
4. How long does it take for a personal loan application to be processed by Canara Bank?
Once you submit all the required documents and meet the eligibility criteria, Canara Bank typically processes personal loan applications within 2-5 working days.
5. Are there any prepayment charges for Canara Bank personal loans?
Canara Bank does not charge any prepayment penalties on personal loans, allowing you to repay the loan amount ahead of schedule without incurring any additional charges.
