Canara Bank Teachers Loan

Canara Bank was founded in 1906 and nationalised in 1969. Over the years, Canara Bank has scaled new heights to become a major financial conglomerate in India. Canara Bank currently has around nine joint ventures, 9132 ATMs, 147 hi-tech E-lounges and 5727 branches. Canara Bank has launched various products and services such as platinum rupay cards, EMV chip cards and digital life certificates besides an enquiry portal for social security schemes among others across various domains such as personal banking services, priority banking, NRI banking, corporate banking and SME banking. Canara Bank also offers a teachers loan scheme.

What can this loan be used for?

Teacher’s loan offered by Canara Bank may be used to fulfil any personal financial requirements. The Teachers loan may not be used for speculative purposes.

Who can avail of the teacher’s loan offered by Canara Bank?

Teaching/non-teaching staff (confirmed) in a college/school receiving their salary via branches of Canara Bank

What is the minimum salary required to be eligible for Teachers Loan?

The net take home salary of customers (excluding the monthly instalments) should be Rs.10,000 or a minimum of 30% of their gross salary, whichever is higher.

What are the terms associated with this loan?

Customers should provide suitable co-obligation, wherever applicable

What is the maximum loan amount which can be availed under the Teachers Loan scheme?

The maximum loan amount offered by Canara Bank for its teacher’s loan scheme is Rs.2,00,000 or 10 months' gross salary, whichever is less.

What is the interest rate charged by Canara Bank for its teacher’s loan scheme?

The interest rate for all retail lending/loan schemes offered by Canara Bank is based on its base rate. The interest rate charged for the home improvement loan scheme is base rate + 3.75%. The base rate of Canara Bank is 9.65% (as of October 2015).

What is the repayment period for this loan?

The maximum repayment period for Teachers Loan offered by Canara Bank is 48 months.

What are the documents required for availing of Teacher’s loan by Canara Bank?

• Filled-in loan application
• Two passport size photographs
• Salary certificate
• Form No.16
• Promote Covering Letter
• Co-obligation

How can one apply for this loan?

Customers can apply and track the status of their loan application online at the official website of Canara Bank.

What are the proceeding charges under the Teachers Loan scheme offered by Canara Bank?

Canara Bank charges 1 % of the loan amount as processing fees under the Teachers Loan scheme.