Canara Bank Personal Loan: Are you looking for a personal loan and have not yet found the correct one to fulfil your financial needs? Then don’t worry; as per the tagline of Canara Bank, “Together We Can“, they are always at your service in your financial needs.
Any individual, whether salaried or self-employed, can apply for a Canara Bank Personal Loan. This loan allows you to choose a loan amount according to your needs, which can be paid over a 5-year tenure.
Interestingly, there is no processing fee, an additional benefit usually offered by no one. Lower interest rates from the other competitors and a reduced balance interest rate are some of the key features of the Canara Bank Instant Loan.
Within hours of submitting your application, a bank representative may quickly process your request and disburse the loan to your bank account.
You can pay this loan in EMIs that are suitable for you, and if you want to foreclose the loan account, the bank won’t charge you any extra fee. With such benefits, I don’t think anyone dares to thumbs down this loan. To know more about the loan, read the information shared below.
Benefits of Canara Bank Personal Loan
There are many benefits of Canara Bank personal loans, which are irresistible. Understanding these may help you decide whether to go for this loan or not.
Loan Amounts: It doesn’t matter whether your need is less or more. Because the bank offers a wide range of loans up to 30 lakhs, you can opt for any number you need.
Loan Tenure: Loan tenure shall not become a hindrance for the borrower. That’s why the bank offers a maximum tenure of 60 months.
Easy Repayment: You can repay the loan on EMI as suitable to you, which is a huge advantage for the borrower.
No Foreclosure charges: In future, you can easily pre-pay the loan amount without any extra charges.
No Collateral: Unlike other Canara banks, they didn’t ask for any security from the borrower. For them, your credibility and credit score are the main security.
Minimum Documentation: To streamline the loan application process, Canara Bank didn’t ask for many documents except basic ones to confirm eligibility.
Support Service: Customer service is the key to success for any loan lender, and Canara Bank is always there to clear all your queries anytime.
To help you compare and choose the best fit, let’s delve deeper into the specifics of each loan:
Canara Bank Instant vs Standard Loan
| Feature | Standard Personal Loan | Canara Cash (Instant Loan) |
|---|---|---|
| Loan Amount | Up to ₹30 lakh (Prime) or ₹20 lakh (Delight) | Up to ₹85,000 |
| Interest Rates | Competitive and Flexible | Higher than standard loan, specific rate not publicly available |
| Repayment Tenure | Minimum 12 and Maximum 60 Months | 30 days |
| Eligibility | Salaried/Self-employed with minimum income and 21-60 years old | Indian citizen 21-60 years old |
| Document Requirements | KYC documents | Aadhaar and PAN only |
Eligibility Criteria Canara Bank Loan
Eligibility is not a big criterion if you fulfil the basic needs of the bank, as given below.
- Any individual, Central and State Govt. employee, self-employed, or Defence Personnel are eligible to apply.
- Applicants must have a minimum of 1 year of confirmed service.
- The age of the applicant shall be 21 to 60 years.
Canara Bank Personal Loan Interest Rate
Generally, the interest rate may vary as per the loan amount, tenure, and EMI. It may vary for each individual. However, the minimum loan interest that starts from is 10.65% and goes all the way to 15.65%. However, the rate can differ, so borrowers may contact the bank representative, and the final interest rate will be calculated based on your requirements.
Application Process for Canara Bank Instant Loan
Anyone with eligibility conditions may apply for the Canara Bank personal loan online by following the steps.
- Visit the Website: Applicants may apply for the loan online from the bank’s official website.
- Loan Section: On the website home page, applicants may navigate to the loan section.
- Personal Loan: You may find the personal loan tab under the given section.
- Required Tab: Now here, you need to select the Canara Budget
- Apply Online: Select the “Apply Online” tab, where you must choose from 1 lakh or more than one lakh loan options per your need.
- Enter Details: To start the procedure, enter your name, DOB, PAN number, and Account Number.
- Fill out the form: After submitting the details, you must fill out the application form, or the bank representative may call you.
- Documents: Upload the documents in the given manner
- Wait: Finally, submit the application form for approval.
Required Documents
Not much, but yes, the borrower needs to present some of their documents to complete the loan procedure like:
- PAN Card
- Two latest Photograph
- Aadhaar Card
- Mobile Number
- ITR Details
- Bank Account Details
- Salary Slip
- Residence Proof
Canara Bank Loan Disbursement and Repayment
The loan disbursement procedure depends on the details and documents submitted by the borrower. If the bank representative finds them correct and verification is done on time, then within 24 to 48 hrs, the bank will disburse your loan.
However, in case of any mismatch or document discrepancy, it can take longer than usual. Loan repayment can be made as per the EMI selected during the application submission or generated per your loan amount and tenure. However, if one forecloses their loan account, the bank will not charge them any extra fee.
What is the maximum tenure of Canara Bank Personal Loan?
Applicants can opt for the maximum tenure of 60 months.
Can I foreclose my Loan account?
Yes! You can foreclose your loan account anytime with no additional charges.
How can I apply for the Canara Bank Instant Loan?
The bank accepts its application online and offline.
Who is eligible for a Canara Bank Personal Loan?
Any Indian Citizen, whether he/she is salaried or self-employed, is eligible, but their age should be between 21 and 60 years.
Do I need to submit any security?
No! This loan is collateral, and applicants don’t need to give any security.
What should be the minimum Cibil Score for the Canara Bank Loan Application?
Nothing was disclosed about the credit score on the bank website. However, applicants with good credit have an advantage in quicker loan approval.
What is the maximum loan amount I Can avail of under the Canara bank budget loan?
Under this, an applicant can avail of a loan of 30 Lakh under the Prime category and up to 20 Lakh under Delight.