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 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
The eligibility conditions for the Canara Budget loan are as follows:
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.
Listed below are the documents needed to apply for Canara Budget loan:
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