Canara Bank Personal Loan Eligibility Criteria 2022

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. 

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

 

• 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.