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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
I had taken a Personal loan with Canara bank and i would say they were good in services. I never had any complaint with the services. When i had submitted the application, it was processed on time. There was no delay and overall i carried a good experience. The loan has been closed.
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1
SADASIVAM DAMODHARAN
, chennai
Reviewed on Dec 19, 2018
Before 2 years I took loan with Canara Bank, I have to visit to the bank twice or thrice. When directly going to the bank to take long time finally they taken 1.5 month to disburse the loan, The interest rate is low compared to Citi, but getting guaranteer is difficult. They were charging all the processing fee too.
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3
KISHOREKUMAR K TALEKAR
, bangalore
Reviewed on Dec 05, 2018
I do have Canara bank personal loan , its my nodel bank I have working in debt recovery. The bank gave me best interest rate, the loan process was also quick it went very smoothly. Everything completed within half working day and disbursed the loan with 2 days.
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3
SINGIRAPPAGARI RAGHUNATH
, bangalore
Reviewed on Nov 30, 2018
I took personal loan based on the saving account, they gave me the interest around 7.5% for the loan amount Rs. 4 lakhs, the bank staff are cooperative and helpful with me. They processed my application within 24 hours they disbursed the loan amount.
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4
KUMARA KUMARA
, bangalore
Reviewed on Nov 14, 2018
My personal loan was taken with CANARA BANK , they offered 12.99% interest rate and it is nominal in the market . There is no processing fee with this bank . The process and services was too smooth i receive my loan on time . Loan amount is 200000 and it is satisfactory .
I have taken a personal loan with Canara bank and my experience was good, the loan amount was for Rs 2 lacs with nominal interest rate when compared to other banks. Customer service was good and they responded on time; The tenure period for this loan is 3 years.
The experience i had with this personal loan had not been that great. The process has taken almost 15 days, the loan amount which they had provided had been okay. The interest rate with them has been good when compared with the other banks, their customer support and their staff responses also had been good as well.
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4
VIKRAM KRISHNAPPA
, chennai
Reviewed on Sep 14, 2018
Canara Bank is doing good in the loan process as well. I have taken a personal loan. The interest rate and processing charges is normal. The customer services and response is good and the process to provide the loan was smooth. The after loan services are good too.
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1
NARSAIAH REGULA
, hyderabad
Reviewed on Aug 27, 2018
The process in getting the loan had been a little slow and had taken some more time than usual. The loan amount had been satisfactory and the interest rate which they had been charging had been nominal when compared with the market rate. Their customer support and the customer support also had been good and their staff responses had been prompt as well.
It has been a very good service which they had provided so far. The process in getting this loan had been very good and the loan amount which they had provided had been satisfactory as well. After applying the loan has been disbursed immediately, and there hasn't been any hassle faced with the banking services.
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5
SIVASANKAR CHOKALINGAM
, chennai
Reviewed on Jul 18, 2018
I have taken personal loan from Canara bank as they have provided nominal rate of interest with zero processing fees . They instantly approved with 1-2 days . They gave the tenure period of 10 years .Payments get auto debited from my salary .
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0
VENKATASARADA KOSURI
, hyderabad
Reviewed on Jul 10, 2018
I took a personal loan from the Canara bank for 3.5 lacs, I got the loan amount with in 10 days. Some personals willing to help and sometimes some staff will not respond properly. On some instances I the experience was good but some clerks are not willing to help.
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2
ELIKA VENKATARAMANA
, chennai
Reviewed on Jun 21, 2018
My personal loan was taken with CANARA BANK which was taken 5 years back. The loan amount was 4,.5 lakhs and the interest rate 11% which is average , The tenure period was4 years . The customer service and responses was always good . I have not faced any issues here and they have sanctioned the loan with the committed time. There is no per closure charges also.
My personal loan was taken with CANARA Bank 1 year back. The loan amount was 3 lakhs and the interest rate was 17% which is very high . The tenure period was 2,5 years . The whole process was very smooth and hassle free . They have sanctioned the loan with the committed time. My experience was really good.
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0
AKASHDEEP DEBBARMA
, bangalore
Reviewed on Apr 12, 2018
My experience was very good. I am satisfied with the services.
I would like to visit again in case I want to learn about other services. Thank you canara bank for the services. My experience was good and I am satisfied with the services. Would visit again if required.
The customer support is not up to the mark with the CANARA BANK, they have promised that they will disburse the personal loan within 5 working days but they took more 20 days of time. The rate of interest and the charges are average with the CANARA BANK .
The customer support and the response part is excellent with the canara bank. They have disbursed my personal loan amount within 10days of time. The requested loan amount has been given and I am satisfied with it. The rate of interest and the charges are nominal with the canara bank.
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2
MADANADAS DAS
, bangalore
Reviewed on Feb 05, 2018
My salary account is through Canara bank so the process was very easy and smooth. They took only two days to process the loan and the response is immediate also the interest rate is fine. It is a excellent experience with Canara bank personal loan department.
I cleared my Canara bank personal loan, they gave me 9.5% of interest because I am an existing customer of the bank. The documentation process was easy, KYC verification on time. They gave me part payment and fore closure option. Hence I done preclosure but some charges applicable with them.
I took a Personal Loan of Rs.50000 at the 13% interest rate, which I feel is a little high percentage. Process was short. Documentation required aren't that much with them. The manager was known who did make things happen quickly. The repayment option was good with it.
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7
DHURIYA DHRUV PRAKASH
, ahmedabad
Reviewed on Dec 21, 2017
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
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Personal Loan
