Description

Individuals looking for financial help to meet their urgent requirements can apply for a personal loan from Canara Bank.To get the loan, every applicant has to meet the eligibility criteria set by the bank. The bank offers a personal loan under multiple categories. Canara personal loan interest rate and eligibility criteria vary from scheme to scheme. 

Eligibility Criteria for Canara Budget Personal Loan

To get a personal loan under this category, you will need to meet the following eligibility criteria: 

Citizen

Resident of India

Age

21 to 60 years

Work experience

Employees of center and state government, PSUs and reputed private organization

CIBIL score

750+ 

Minimum monthly income

Rs. 10,000 post payment of installment or EMI should be 25% of the gross salary 

Loan tenure

Up to 60 months

Eligibility Criteria for Canara Pension (General public)

Citizen

Resident of India

Age

As per the bank’s guidelines

Work experience

All central and state government pensioners, pensioners of PSUs, corporate pensioners, family pensioner 

CIBIL score

750+ 

Loan amount

Up to Rs. 5 lakh or 15 times the pension you draw – whichever is lower

Loan tenure

Up to 60 months for individuals above 65 years

Up to 72 months for individuals less than 65 years

Eligibility Criteria for Canara Pension 

Ex-employees of Canara Bank can get a personal loan under this scheme:

Citizen

Resident of India

Age

As per the bank’s guidelines

Work experience

Retired employees of Canara Bank can apply for the loan 

CIBIL score

750+ 

Loan amount

Up to Rs. 5 lakh or equal to the pension of 20 months – whichever is lower 

Loan tenure

Up to 60 months for individuals above 65 years

Up to 72 months for individuals less than 65 years

Eligibility Criteria for Canara Bank Teachers Loan

All confirmed teachers and non-teaching staff taking salary from Canara Bank branches can apply for a personal loan.

Citizen

Resident of India

Age

As per the bank’s guidelines

Work experience

Salaried individuals employed in an educational institution 

CIBIL score

750+ 

Minimum income

Rs.10,000 post EMI payment or the EMI should not be more than 30% of the gross take home salary

Loan amount

Up to Rs. 3 lakh or 10 months’ gross salary – whichever is lower 

Loan tenure

Up to 48 months

Eligibility Criteria for Canara Consumer Loan

Citizen

Resident of India

Age

As per the bank’s guidelines

Work experience

Salaried employees and self-employed individuals alike 

CIBIL score

750+ 

Minimum income

For salaried: Rs. 6,000 post EMI payment or the EMI should not be more than 40% of the gross take home salary

For non-salaried: Minimum income of Rs. 1.5 lakh per annum as per ITR form

Loan amount

Up to Rs. 1 lakh or 15 months’ gross salary or 75% of the consumable item – whichever is lower 

Loan tenure

Up to 36 months

 

What are the factors that affect Canara Bank personal loan eligibility?

  • Employment type: While assessing an applicant’s eligibility for a personal loan, Canara Bank looks at his or her type of employment i.e. the company or organization they work for or business they run. Individuals working for government organizations and reputed private companies can easily qualify for a personal loan.
  • Relationship with the bank: If you have a relationship with Canara Bank through salary account, savings account, a credit card or loan, you have better chances of qualifying personal loan. In this case, the bank already knows about your credit behavior.
  •  Income of applicant: Canara Bank has different income criteria based on the loan scheme. Borrowers are required to meet the minimum eligibility requirements of the respective loan scheme set by the bank.   
  • Credit history: Credit history helps a lender to understand whether the applicant is creditworthy or not. If the applicant has not paid his credit card bills or loan EMI in the past, he would have a poor credit score. As a result, the loan application may get rejected. Whereas, individuals with a good credit score easily qualify for the loan. 
  • Loan amount: The loan amount should be in line with the income of an applicant. After paying all obligations including the EMI of this loan, the applicant should have more than 50% of his/her monthly income free. If the applicant’s monthly income is low, he/she should apply for lower loan amount to qualify for the scheme. 

FAQs

Q1How much personal loan can I get from Canara Bank?
Canara Bank offers personal loans under multiple categories and the loan amount depends on the respective scheme. The maximum loan amount will be based on your eligibility. You can use a personal loan eligibility calculator to know the right amount you qualify for.
Q2What are the documents required when applying for a personal loan?
You need to produce the following documents to get a personal loan from Canara Bank: 1. Loan Application with 2 copies of passport size photographs 2. Form 16/ ITR/ ITAO for the last 3 years and latest salary slips 3. Pronote covering letter
Q3How can I know the status of my personal loan application?
You can call the Canara Bank customer care number – 1800 425 0018 (Toll free). Alternatively, you can know about the status of your application through your Canara Bank net banking account.
Q4Can Non-resident Indians (NRIs) apply for a Canara Bank personal loan?
No, Canara Bank offers personal loans to resident Indians only.