Canara Bank Personal Loan 2024: Canara Bank offers unsecured personal loans, meaning they do not require any collateral. These loans are considered high risk for the bank, and as a result, they come with a higher interest rate. The bank charges this higher interest rate to compensate for the assumption of high risk. The approval of these loans is based on the applicant’s ability to repay, which is assessed through their credibility. An individual’s credibility can be determined by their credit score, with a score of 750 generally being considered sufficient for the extension of a Canara Bank Personal Loan 2024.
Personal loans typically have shorter tenures compared to other types of loans due to their higher-risk nature. They are also known as signature loans or multi-purpose loans, as they can be used for various needs. If a borrower requires funds for multiple purposes, it is advisable to consider availing of a Canara Bank Personal Loan 2024.
How Canara Bank Personal Loan 2024 can help someone?
- The functioning of a personal loan involves the provision of a lump sum amount to the borrower.
- The borrower is then required to repay this loan through equated monthly installments (EMI) over a specified period.
- The duration of the loan and the applicable interest rates are predetermined during the loan approval process.
- Each EMI payment consists of both the principal amount and the interest.
- The interest rate is influenced by the borrower’s credit score, with a higher credit score resulting in a lower interest rate.
Eligibility criteria for Canara Bank Personal Loan 2024
- Salaried individuals must have a minimum monthly net salary of 40% of their gross salary or Rs. 6,000/-, whichever is higher, after meeting the installment for the proposed loan.
- Professionals and other non-salaried persons should have a minimum annual net income of Rs. 1,50,000/- as evidenced by the Income Tax Assessment Order (ITAO) / Income Tax Return (ITR).
- For salaried individuals, the salary should be credited to the operating account of the applicant at our branch. Alternatively, a mandate can be lodged with the employer to facilitate easy recovery of installments.
- In addition to the applicant’s income, the income of the spouse is also considered for satisfying the eligibility criteria mentioned above.
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How can you apply for the Canara Bank Personal Loan 2024?
You can apply for a personal loan from Canara Bank through both online and offline mediums. The process of applying online is as follows:
Step 1: First, you need to visit its official website.
Step 2: After reaching the website, you need to click on the option for personal loans.
Step 3: Here, you will see various types of personal loans.
Step 4: To apply for a Canara Bank Personal Loan 2024, you need to click on the respective loan.
Step 5: After that, you need to click on the option for applying a loan from canara bank. Then, a form will appear in front of you.
Step 6: Fill in all the requested information in this form carefully. Then, click on the submit option.
Step 7: After that, the bank will contact you and provide information about the further loan process.
Canara Bank EMI calculator and benefits
- By using Canara Bank’s EMI calculator, customers can find out how much EMI they will have to pay on the loan they are taking, as well as how much the EMI amount will change based on the loan amount, interest rate, and tenure.
- This bank offers attractive interest rates and provides personal loans with a minimum EMI of 3,348 lakh rupees and a repayment period.
- Customers can calculate the EMI for their loan through the EMI calculator available on the bank’s official website.
- Through Canara Bank’s EMI calculator, customers can obtain the accurate EMI value and apply for a loan.
- This table serves as a detailed description where you can find the detailed breakdown of the principal amount and interest charges paid each month until the end of the schedule.
- This way, you can plan your monthly budget.
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Loan Amount Calculation for Different Categories of Applicants
- For Salaried Persons: The loan amount extended to salaried persons will be 75% of the invoice value or 15 months of their net salary or Rs.1,00,000/-, whichever is lower.
- For Professionals and other non-salaried individuals: The loan amount extended to professionals and other non-salaried individuals will be 75% of the invoice value or 50% of their annual net income in the immediate previous year or Rs.1,00,000/-, whichever is lower.
Interest Rate and Processing Charges for Personal Loans by Canara Bank
Interest rate on personal loan or consumer loan by Canara Bank:
– Canara Consumer Loan: The interest rate is One Year MCLR + 4.45%, which is currently 13.15%.
Processing charges on consumer loan:
– The processing charges for a consumer loan are 1% of the loan amount with a minimum of Rs. 250/-
Other features:
– If you have an existing loan, you can also apply for a second loan, as long as you meet the overall eligibility criteria and have no overdue payments on your previous loan.
– Insurance is waived for these loans.
