Canara Bank Personal Loan Eligibility

Canara Bank has a number of personal loan schemes, each with its own eligibility criteria:

• Canara Pension-General Public personal loan scheme: To be eligible for the Canara Pension-General Public personal loan scheme, the applicant has to be an employee or a pensioner of the State or Central Government, or family of the pensioner who was an ex-employee in the State or Central Government.
• Canara Budget: To be eligible for the Canara Budget scheme, the applicant should be a salaried employee and should not earn less than Rs.10,000 per month after payment of installments or the EMI should be a maximum of 25% of their take home salary. The applicant should have a salary account with Canara Bank.
• Teachers Loan: To meet the eligibility criteria of the Teachers Loan, the applicant should firstly be a teaches in a reputed institution and should not earn less than Rs.10,000 per month after payment of installments or the EMI should be a maximum of 30% of their take home salary.
• Canara Pension: To be eligible for this personal loan scheme, the applicant should be an ex-employee and a Canara Bank pensioner.
• Canara Consumer Loan: To be eligible for this loan, the applicant should earn a monthly salary of Rs.6,000 after payment of installments or the loan amount should be a maximum of 40% of their take home salary.

Canara Pension-General Public Personal Loan Eligibility Criteria

Canara Budget Personal Loan Eligibility Criteria

Canara Bank Teachers Loan Eligibility Criteria

Canara Pension Loan Eligibility Criteria

Canara Consumer Loan Eligibility Criteria

Factors that affect the Canara Bank Personal Loan Eligibility

• Type of employment: The applicant will be eligible for a Canara Bank personal loan based on his/her type of employment and the type of company, or institution he/she works for.
• Income of the individual: To be eligible for a Canara Bank personal loan, the applicant has to meet the minimum income requirement of the personal loan scheme. If not, the application will be rejected.
• Relationship with the bank: If the applicant has a relationship with Canara Bank by having a salary account with them or is an employee, he/she has a better chance of the loan being approved.
• Loan amount: The applicant has to have the financial ability to repay the loan amount he/she wishes to avail. If the applicant does not earn a high income, he/she should choose a reasonably lower loan amount to be eligible for the scheme.
• Repayment status of past loans: If the applicant has not cleared his/her past loan dues and has a poor credit score, then his/her eligibility will be affected, and chances are that the application will be rejected.

How to improve chances of Canara Bank personal loan eligibility?

• Clear your loan dues: If you’ve got loan dues with any other financial institution, ensure that they are cleared prior to applying for a Canara Bank personal loan. Clearing your loans will improve your credit score as well.
• Check your eligibility before applying: Use an eligibility calculator to check if you are eligible for the loan amount that you’d wish to avail. The eligibility calculator will take into consideration your income, age, tenure and the loan amount that you wish to avail.
• Choose the tenure wisely: If your income is low, choose a longer tenure to improve your chances of being eligible for the Canara Bank personal loan.
• Ensure you have all the required documents: Make sure that you have all the required documents such as income proof, salary slips, identity and address proof to submit for verification.

FAQs

1. Does Canara Bank have an online facility to apply for a personal loan?

No, you will have to visit the nearest branch of Canara Bank to make a personal loan application.

2. What income proof documents are required when applying for a personal loan?

Salary slips, bank statements, IT return certificate, Form 16, etc.

3. Can I buy anything I was through the consumer loan of Canara Bank?

Yes, you can buy gadgets, appliances, etc., up to Rs.1 lakh.

4. How will I know if my personal loan application is approved?

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.

5. Are Non-resident Indians eligible to apply for a Canara Bank personal loan?

No, only resident Indians are eligible.