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Canara Bank Personal Loan for Senior Citizens

Canara Bank Personal Loan for Senior Citizens

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Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

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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.

We all have sudden financial issues! When we are adults we can easily handle it. But, as we grow older, money matters become more critical. Canara Bank’s Personal Loan for Senior Citizens is like a financial friend for retirees. It helps with things like medical bills or personal needs, making life easier. Applying is easy, and they’ve made it hassle-free for seniors. Since it’s about making it easy, Urban Money has made a comprehensive guide for you to navigate through the loan without much fuss.

Canara Bank Personal Loan for Senior Citizens – Highlights

Below states are the key highlights of Canara Bank:

Features	Description
Who Are Eligible?	Pensioners
Maximum Loan Amount	15 Lakhs
Loan Tenure	36-84 months
Margin	N/A
Upfront Fee	N/A
Collateral/Security	Non

Compare Canara Bank Senior Citizens Loan From Other Banks

The following comparison between Canara Bank Personal Loan for Senior Citizens with other lenders can help ease your process.

Bank/NBFCs	Interest Rate
Union Cash	EBLR+2.10%
Bajaj Finance	11%
IIFL Finance	11.75%
BOB	10.00% onwards

Remember, you can always use Urban Money’s Canara Bank Personal Loan for Senior Citizens calculator to assess your monthly EMI.

Canara Bank Personal Loan for Senior Citizens – Fees and Charges

Apart from the Canara Bank Personal Loan for Senior Citizens rate, borrowers are also required to pay:

Processing Fee: 100 % waived.
Foreclosure Charges: N/A
Late Payment Charges: N/A

Canara Bank Personal Loan for Senior Citizens – Documents Required

If you’re considering a personal loan with Canara Bank as a senior citizen, here’s a quick overview:

Complete the stipulated loan application form with accurate details.
Attach two recent passport-size photos of the applicant or co-applicant.
Submit KYC documents for both the applicant and co-applicant.
Provide valid proof of residence such as a Driver’s License, Voter ID, Passport, Aadhar Card, Electricity Bill, Telephone Bill, etc.
Depending on specific circumstances, additional documents may be required.

Canara Bank Personal Loan for Senior Citizens – Eligibility Criteria

Eligibility criteria include:

Being 60 years or above
Pensioners of government, private or any other respective organization.
A stable financial health or a co-applicant with the same.