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Canara Bank has a number of personal loan schemes, each with its own eligibility criteria:
Criteria | Pensioner |
Age | As per the terms and conditions set by the bank |
Income | EMI should not cross 40% of the gross pension income |
Work Experience | As per the terms and conditions set by the bank |
CIBIL Score | 750+ |
Residential Status | Resident of India |
Interest Rate | As per the terms and conditions set by the bank |
Loan Amount | Maximum of Rs.5 lakh or 15 times the pension of the individual – whichever is lesser |
Loan Tenure |
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Criteria | Pensioner |
Age | As per the terms and conditions set by the bank |
Income | Minimum of Rs.10,000 after payment of installments or EMI should be 25% of the gross salary |
Work Experience | Should be a salaried individual working for the Government, Institution, from the bank, etc. |
CIBIL Score | 750+ |
Residential Status | Resident of India |
Interest Rate | 11% p.a. - 13% p.a. |
Loan Amount | Maximum of Rs. 3 lakh or 6 months’ salary – whichever is lesser |
Loan Tenure | Up to 60 months |
Criteria | Teacher |
Age | As per the terms and conditions set by the bank |
Income | Minimum of Rs.10,000 after payment installments or the EMI should be a maximum of 30% of the gross take home salary |
Work Experience | Should be a salaried individual in an educational institution |
CIBIL Score | 750+ |
Residential Status | Resident of India |
Interest Rate | 12.65% p.a. |
Loan Amount | Maximum of Rs. 3 lakh or 10 months’ gross salary – whichever is lesser |
Loan Tenure | Up to 48 months |
Criteria | Pensioner |
Age | As per the terms and conditions set by the bank |
Income | As per the terms and conditions set by the bank |
Work Experience | Should be a Canara Bank pensioner |
CIBIL Score | 750+ |
Residential Status | Resident of India |
Interest Rate | 11.90% p.a. |
Loan Amount | Maximum of Rs.5 lakh or 20 months pension – whichever is lesser |
Loan Tenure |
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Criteria | Salaried individual |
Age | As per the terms and conditions set by the bank |
Income |
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Work Experience | Should be a salaried or self-employed individual |
CIBIL Score | 750+ |
Residential Status | Resident of India |
Interest Rate | 13.15% p.a. |
Loan Amount | Maximum of Rs.1 lakh or 15 months gross salary or 75% of the consumable item, whichever is lesser |
Loan Tenure | Up to 36 months |
No, you will have to visit the nearest branch of Canara Bank to make a personal loan application.
Salary slips, bank statements, IT return certificate, Form 16, etc.
Yes, you can buy gadgets, appliances, etc., up to Rs.1 lakh.
You can call the customer care unit of Canara Bank to check the loan status or check the status of your personal loan through your Canara Bank net banking account.
No, only resident Indians are eligible.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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