Canara Bank Self Employed Personal Loan

Canara Bank’s Self-Employed Personal Loan offers a compelling financial solution for entrepreneurs and self-employed individuals. Competitive interest rates ensure that borrowers can access funds at a cost-effective rate and minimize the financial burden associated with personal loans.

No maximum limit on the loan amount provides applicants with the freedom to secure financing for specific business needs. A reduced balance interest rate provides a more cost-effective repayment structure over the loan tenure. The elimination of prepayment penalties allows borrowers to settle outstanding amounts without additional charges. 

Canara Bank Self-Employed Personal Loan – Highlights

Let’s take a look at the highlights of Canara Bank’s self-employed personal loan.

Canara Bank Self-Employed Personal Loan – Comparison with Other Banks

Here is a comparison between Canara Bank’s personal loan for self-employed individuals and other banks.

Canara Bank Self-Employed Personal Loan – Fees and Charges

Let’s look at the following fees and charges required for a Canara Bank self-employed personal loan:

• Processing Fee: 0.50% of the loan amount, with a lower limit of INR 100 and a maximum of INR 500.
• Documentation Charges: Nominal charges of INR 100/- per lakh, with a minimum of INR 1000 and a maximum of INR 25000.

Canara Bank Self-Employed Personal Loan – Documents Required

Let’s take a look at the documents required to apply for the Canara Bank self-employed personal loan:

• A loan application that is stipulated and includes two passport-size pictures of the applicant, co-applicants, or guarantor, along with their KYC records
• Verification of Identity like Aadhar card, Voter ID, Driver’s license, Passport, PAN card, etc.
• Proof of residency documents such as a driver’s license, voter ID, passport, Aadhar card, phone bill, electricity bill, etc.
• Proof of business regarding GST and other documents
• Proof of age for the applicant and any co-applicants
• PAN card (photocopy)
• The last three assessment years’ profit and loss statements and balance sheets are included. For the previous three assessment years, ITR/ITAO filings
• A copy of the land records, if agricultural income is included in the ITR, as well as a bank account statement and
• A brief overview of the kind of business

Canara Bank Self-Employed Personal Loan – Eligibility Criteria

The following are the eligibility criteria for the Canara Bank self-employed personal loan:

• Age Eligibility: Existing housing loan borrowers in the age group of 18 to 75 years.
• Repayment Record: A satisfactory repayment track record is necessary, irrespective of the period run.