Multiple banks. Different interest rates. Call it a "conflict of interest".
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.
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.
Teaching/non-teaching staff (confirmed) in a college/school receiving their salary via branches of Canara Bank
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.
Customers should provide suitable co-obligation, wherever applicable
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.
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).
The maximum repayment period for Teachers Loan offered by Canara Bank is 48 months.
Customers can apply and track the status of their loan application online at the official website of Canara Bank.
Canara Bank charges 1 % of the loan amount as processing fees under the Teachers Loan scheme.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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