Canara Budget Loan

Canara Budget Loan Eligibility Criteria

The eligibility conditions for the Canara Budget loan are as follows:

1. Applicants should be confirmed employees of Joint Stock Companies or reputed PSUs.
2. Confirmed Central and state government employees can also apply for the loan.
3. The loan is available to lecturers, professors, and assistant professors in colleges, universities, and research institutions.
4. Employees of IT/BT companies can also avail the loan.
5. The salary account of the employee should be maintained in Canara Bank.
6. The minimum net take-home salary of the applicant should not be below Rs.10,000 per month or 25% (whichever is higher) after the loan installment is paid.

Security for Canara Budget Loan

In the case of salaried employees, co-obligation is usually required, and this should be equal to the loan amount.

Documents Required to Apply

Listed below are the documents needed to apply for Canara Budget loan:

1. Loan application form, duly updated
2. 2 passport-sized photographs of the applicant
3. Latest salary certificate
4. Form 16/ITR/ITAO for the preceding 3 years
5. Co-obligation details
6. Pronote or pronote covering letter

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