Canara Bank Flexi Loan

In today’s fast-paced world, unexpected expenses can often arise. Whether you need to cover a medical emergency, fund home renovations, or want to achieve your future goals, a personal loan can be a helpful solution. However, with traditional term loans, you’re locked into a fixed repayment schedule, which can be inconvenient if your financial situation changes.

This is where the Canara Flexi Loan comes in. 

Canara Flexi Loan is a multi-purpose, unsecured loan that provides borrowers with a pre-approved credit line. This means you have access to a pool of funds that you can draw from as needed, making it ideal for unexpected expenses or ongoing financial needs.

This innovative loan product offers the flexibility you need when it comes to managing your finances. Let’s delve into the features, benefits, and eligibility criteria of this loan, so you can decide if it’s the right choice for you.

Features and Benefits of Canara Flexi Personal Loans

Below we have listed down the features and benefits of flexi personal loans from Canara Bank.

• Flexibility: Draw down funds only when you need them, and repay the borrowed amount along with interest charges. You can also repay partially or fully at your convenience.
• Repayment Tenure – Up to 84 months. 
• Competitive Interest Rates: Enjoy lower interest rates compared to other personal loans due to the flexible repayment options.
• No Prepayment Penalty: Prepay your loan at any time without incurring any additional charges.
• Minimal Documentation: Apply online with minimal documentation for faster processing.
• Income – The minimum income should be at least 10,000 per month or not be less than 25%. Please note that higher quantum can be considered individually. 

Canara Interest Rate for Flexi Personal Loan

The floating interest rate for the Canara Flexi Loan starts from 10.65%- 15.65% p.a. (depending on the loan type) per annum, depending on your credit score, loan amount, and tenure.

Eligibility Criteria for Canara Bank Flexi Personal Loan

The following criteria determine the Canara Bank Flexi loan eligibility:

• Salaried individuals between 21 and 60 years of age.
• Minimum monthly income of Rs. 15,000.
• Minimum work experience of 1 year.
• Good credit score.

Documents Required for a Canara Flexi Personal Loan

Canara Bank Flexi Loan Document requirement is as follows:

• Identity proof (PAN card, Aadhaar card, etc.)
• Address proof (electricity bill, rental agreement, etc.)
• Salary slip for the last 3 months
• Bank statement for the last 6 months
• Income Tax Returns for the last 2 years

Difference Between Term Loan and Flexi Loan

Let’s take a quick look at the table to understand the difference between Term Loans and Flexi Loans: 

How to Apply for a Canara Flexi Personal Loan Online at Urbanmoney?

Applying for a Canara Bank Flexi Personal Loan online at Urban Money is quick and easy. Follow these steps:  

1. Visit Urbanmoney’s website and select the Canara Flexi Loan product.
2. Fill in your basic details and loan requirements.
3. Upload the necessary documents.
4. Get instant approval and loan disbursement within a few days.

Urban Money will process your application and help you get the best possible deal on your Yes Bank Flexi Personal Loan. Simply visit www.urbanmoney.com or contact us at 1800 208 3344 for expert assistance within minutes.