Canara Bank Salaried Employee Personal loan

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Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
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Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

For many salaried employees, unexpected expenses or important life events can pop up, creating a need for urgent financial support. Whether it’s medical bills, education costs, home improvements, or consolidating debt, a personal loan becomes a go-to solution. 

In such instances, Canara Bank emerges as a reliable option. With a solid reputation, affordable interest rates, and flexible repayment plans, Canara Bank offers a friendly helping hand. 

Choosing Canara Bank is a wise decision for salaried employees who are dealing with various financial difficulties because it offers not only financial support but also a seamless and personalised experience.

Canara Bank Personal Loan for Salaried Employee – Highlights 

Check out the highlights of the personal loan offered by Canara Bank to salaried employees:

Interest Rate 10.95%- 15.95% p.a.
Loan Amount Up to Rs 10 lakh
Loan Tenure Up to 7 years
Processing Fees Up to 1% of the loan amount
Instant Personal Loan Up to Rs 1 lakh for the bank’s payroll account holder customers

Canara Bank Personal Loan for Salaried Employee – Comparison with Other Banks

Here is a table of comparison showcasing the difference between the Canara Bank personal loan for salaried employees and other banks:

Bank Name Rate of Interest Processing Fee
Canara Bank 10.95% – 15.95% Up to 1%
Axis Bank 10.49% – 22% Up to 2%
Kotak Mahindra Bank 10.99% – 36% Up to 3%
IDFC First Bank 10.75% – 36% Up to 3%
ICICI Bank 10.65% – 16% Up to 3%

Canara Bank Personal Loan for Salaried Employee – Fees and Charges

Here are the fees and charges required for the Canara Bank personal loan for salaried employees:

  • Processing Charges: 0.5% of the loan amount (Rs 1,000 to Rs 5,000).
  • Prepayment Charges: The bank does not impose any prepayment charges on its personal loan applicants. Additionally, there are no restrictions on the Canara Bank personal loan prepayment for salaried employees.

Canara Bank Personal Loan for Salaried Employee – Documents Required 

Here’s a listicle of documents required to apply for a personal loan specifically tailored for salaried employees:

  • Identity proof such as a Driving Licence (DL), Aadhaar Card, etc
  • Residential proof such as utility bills, a rental agreement, etc
  • Passport size photographs
  • PAN Card
  • Salary slips for the last three months
  • Bank statements for the previous three months
  • Form 16
  • Co-obligation document

Canara Bank Personal Loan for Salaried Employee – Eligibility Criteria

Here are the Canara Bank salaried employee personal loan eligibility criteria you need to meet to apply for the loan:

  • Age: between 21-60 years
  • CIBIL Score: 750 or higher
  • Work Experience: at least 12 months

Personal Loan By Banks

Frequently Asked Question (FAQs)

How quickly will Canara Bank's personal loans be disbursed?

When applying for a personal loan, most lenders (including Canara Bank) take 2 to 7 business days to process the application. On the other hand, Canara Bank allows its salary account customers to apply online for instant personal loans up to Rs 1 lakh.

What is the maximum amount I can get for a personal loan from Canara Bank?

Depending on the type of loan and your eligibility, you can receive a personal loan of up to ₹15 lakhs.

How do I calculate the Canara Bank Personal Loan EMI?

To calculate your Canara Bank personal loan EMI, you can use an online EMI calculator. Enter the loan amount, tenure, and interest rate to calculate your monthly payment and total interest cost.

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