Personal Loan

The Answer to all Your Search for the Best Personal Loan, Get to Know All About Canara Bank Personal Loan

Loans are one of the essentials in managing your personal and professional life. The loan products at Canara Bank offer long terms, flexible repayment options, and an unsecured form of credit that makes it easier for you to access funds. Canara Bank is one of the largest commercial banks in India. Having good customer service and a large customer base, this bank has been a long-time provider of loans to millions of people. 

Canara Bank, a major public sector lender offers personal loans of up to Rs.3 lakh under the Canara Budget and Canara Teachers Loan schemes. These loans are long-term unsecured loans disbursed normally in any branch of the bank. These loans can be availed to meet genuine/personal needs/domestic needs and not for speculative purposes. In simple language, Canara bank personal loan is designed to cater to your individual needs, rather than those of a business or partnership concern. This can be used for purposes such as education, marriage, children’s higher education, purchase of a house/flat, home renovation, and any other legitimate personal/domestic needs. Now let’s talk about the one thing that intrigues people the most when it comes to Personal Loans which is Interest Rates, along with that the other details that you need to know before applying for a Canara Bank Personal Loan.

Interest Rates: 12.05% p.a. onwards

Loan Amount: Up to Rs.3 lakh or 6 to 10 times of gross salary

Loan Tenure: 3 months to 18 months

Processing Fees: 0.5% to 1% of the loan amount

Pre-payment Charges: None

Benefits of Canara Bank Personal Loan

Flexible Repayment Tenure: The Canara Bank offers a long period of easy EMI loan repayment options ranging between 1-60 years. These loan repayment terms can be chosen by you depending on your convenience. The loan period is decided based on the outstanding balance and the maximum interest rate charged by the bank on the above-listed loans.

Floating Interest Rates: In comparison with fixed-rate or single-slab interest rates, floating interest rate loans are flexible tools. The interest rates on floating interest rate loans are determined based on the discount rate of the Reserve Bank of India (RBI).

Quick and Easy Approval: No one wants to wait in line at the bank and lose a couple of days just to get a personal loan. If you are worried that you don’t have enough money to get a loan, there is good news for you. The Canara Bank Personal Loans come with lesser eligibility factors which mean speedy approval. This means that you can qualify for this loan even if your income has not been consistent or rising.

Minimal Documentation: Yes, the most important factor leading to a quick personal loan application process is that the bank requires minimal paperwork to sanction the loan. If you have all the required documents handy with you, you can easily apply for a personal loan.

FAQs

No, the applicant won’t have to pay any foreclosure charges. 

The required documents to apply for Canara Bank Personal Loan are Proof of Identity, Proof of Address, and Salary Slips. 

The processing fees will be Up to 1% of the loan amount

No, the interest rates on the personal loan are fluctuating and can be changed at any time. 

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