Canara Bank Personal Loan Eligibility | Canara Bank Personal Loan

Canara Bank Personal Loan Eligibility Criteria

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are

Age	Minimum 21 years
Age	Maximum 65 years
Nationality	Indian
Employment Type	Salaried or Self-employed
Employment status	Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business
Minimum Income	Rs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities)
Maximum Loan Amount	Rs.70 lakhs (Based on your repayment capability)
Tenure	Minimum – 6 months
Tenure	Maximum – 60 months
Credit Score	Preferred 750

These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.

Documents Required for Canara Bank Personal Loan

Important documents to be submitted while applying for personal loans

Completed loan application
3 Passport size photographs
Statement of Bank Account/ Pass Book for last six months
Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
IT returns for the three years for self-employed professionals
Form 16/IT returns for the last two financial years for salaried employees

Factors Affecting Canara Bank Personal Loan Application

Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are

Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.

Canara Bank Personal Loan

Canara Bank is one of the largest public-sector bank in India, headquartered in Bangalore. The bank has a network of 6089 branches and more than 10519 ATMs spread across India. It provides a wide range of banking products and financial services to its customers.

Canara Bank personal loan eligibility criteria for salaried and self-employed person

Age limit: Minimum – 21, Maximum – 60

Minimum Loan Amount for Canara Bank Personal Loan:

Canara Bank provides personal loans starting from Rs.1 Lakh

Maximum Loan Amount for Canara Bank Personal Loan:

Canara Bank provides loans to a maximum of Rs.3 Lakhs

Minimum Salary Requirement for Canara Bank Personal Loan: Minimum net income required for Canara Bank personal loan is Rs.15000 per month

Work experience Required for Canara Bank Personal Loan

Number of years in current company: 6 months

Total work experience: Minimum 2 years

Canara Bank Personal Loan Tenure: Canara Bank offers loans for a tenure with maximum of 60 months

Canara Bank Personal Loan Interest Rate: The interest rate for Canara Bank personal loan is 13.99% to 16.99%

Canara Bank Personal Loan Charges

Loan processing charges: Up to 0.50% of the loan amount

Foreclosure charges: NIL

How can I get Canara Bank Personal loan?

Personal loan Application Process for Existing Customers

Existing customers can apply for a Canara Bank Personal online or visit a nearby Canara Bank branch for the application. You can also download the home loan application form from the Canara Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.

Personal loan Application Process for New Customers

The process to apply for Canara Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.

You can also check your eligibility for a personal loan through CreditMantri and apply for it.

Canara Bank Personal Loan Customer Care

In case of any queries regarding Canara Bank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through State Bank of India Personal Loan Customer Care toll-free number 1800-425-0018