Canara Consumer loan is provided by Canara Bank to customers for the purchase of brand-new home appliances and other utility articles. The current interest rate for the loan is 13.15%. The loan tenure can go up to 36 months. The processing fee is 1% of the loan amount, subject to a minimum fee of Rs.250.
All Canara Bank branches can sanction the loan. The loan has a floating rate of interest.
The eligibility conditions to be fulfilled by applicants for the Canara Consumer loan are as follows:
The quantum of loan available under the Canara Consumer scheme is as follows:
|Salaried individuals||Lowest among:
|Non-salaried individuals and professionals||Lowest among:
It should be noted that during the pendency of the first loan, the borrower may also take a second loan as long as there are no overdues in the former loan and the eligibility conditions are met.
The following documents need to be submitted when applying for the Canara Consumer loan:
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