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  • Canara Budget Loan

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  • Canara Budget is a loan product offered by Canara Bank to meet the personal financial needs of a customer, other than for speculative purposes. The interest rate on the loan ranges between 11% and 13%. For salaried applicants, the maximum loan amount is the lower of Rs. 3 lakh or 6 months’ gross salary. Loan tenure can go up to 60 months. 

    Loan Details 

    Interest Rate 
    • With salary tie-up – 13% 
    • Without salary tie-up – 14% 
    • For BSNL employees – 11% 
    Loan Tenure  60 months through EMI for salaried 
    Maximum Loan Amount  For salaried – Lesser amount between gross salary of 6 months or Rs.3 lakh* 
    Processing Fee  0.5% of the loan amount** 

    *Higher loan amount will be considered selectively 

    *Subject to a minimum fee of Rs.1,000 and maximum of Rs.5,000 

    Eligibility Criteria

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

    • Applicants should be confirmed employees of Joint Stock Companies or reputed PSUs. 
    • Confirmed Central and state government employees can also apply for the loan. 
    • The loan is available to lecturers, professors, and assistant professors in colleges, universities, and research institutions. 
    • Employees of IT/BT companies can also avail the loan. 
    • The salary account of the employee should be maintained in Canara Bank. 
    • 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: 

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

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