Canara bank Ltd offers personal loan under varied heads to customers who meet Canara Bank Personal Loan eligibility criteria, at an easy and competitive Canara Bank Personal Loan interest rate. We at money superbazaar will provide you detailed information about various loan schemes and factors that you should bear in mind while applying for loan. These maybe Canara Bank Personal Loan rate which is levied on it, repayment tenure available, and Canara Bank Personal Loan eligibility norms as stated on bank’s website and various Canara Bank Personal Loan review by market experts. Various loan heads under Canara Bank Personal Loan
are:

a)    Canara Pension: offered to pensioners drawing their pension though bank

b)    Canara Rent: against rents that are receivable for building owned

c)    Canara Site: to borrowers for acquisition of housing sites

d)    Canara Teachers: available to teachers for their personal needs

e)    Canara Doctors: to practicing and qualified doctors

f)     Canara Cash: offered against shares held by borrowers.

g)    Canara Budget: loan scheme to both salaried and non-salaried class

h)    Canara Swarna: offered against gold jewellery owned by borrower

Canara Bank Personal Loan Interest Rate: 

Loans are offered at varied Canara Bank Personal Loan interest rate that differs according to different schemes, as stated on bank’s website and Canara Bank Personal Loan review:

a)    Canara Pension: base rate + 3.25% per annum

b)    Canara Rent: base rate + 4.50% per annum

c)    Canara Site: base rate + 6% per annum

d)    Canara Teachers: base rate + 6% per annum

e)    Canara Doctors: base rate + 3% per annum

f)     Canara Cash: base rate + 6% per annum.

g)    Canara Budget: base rate + 6% per annum

h)    Canara Swarna: base rate + 4.25% per annum

For above purposes of calculating Canara Bank Personal Loan interest rate, base rate stands at 9.50% per annum.

Canara Bank Personal Loan Eligibility Norms:

As stated on bank’s official website and other Canara Bank Personal Loan review available on internet, loans are offered at Canara Bank Personal Loan rate to those who meet Canara Bank Personal Loan eligibility norms:

a)    Canara Pension:

i)  pensioners of government organizations (state/central), PSUs, corporate concerns, bank itself

ii)  above who draw their pension though bank

b)    Canara Rent: loan is available to:

i)  existing customers of bank who have had satisfactory handling of their account

ii)  new customers who have been introduced by an acceptable source and with creditworthiness

iii)  property let out on rent should be to PSUs, reputed corporate, other financial institutions, insurance companies etc

c)    Canara Site:

i)  salaried borrowers with a minimum take home pay of at least 40% of gross total pay

ii)  non-salaried borrowers, such as businessmen and professionals, whose net annual income stands at a minimum of Rs.1lac

d)    Canara Teachers: available to teachers as well as non-teaching staff of reputed educational institutions and drawing salary through bank

e)    Canara Doctors: to qualified medical practitioners who have had a practice of at least 3 years.  

f)     Canara Cash: to both old and new customers of bank.

g)    Canara Budget: to confirmed employees of government (state/central), PSUs, educational institutions, as well as to self-employed and professionals

Salaried borrowers should have their salary account with bank.

h)    Canara Swarna: offered to savings account holders who are creditworthy or new ones who have been introduced well.

Quantum Of Canara Bank Personal Loan: 

a)    Canara Pension: up to 10 times of net monthly pension amount, subject to maximum of Rs.1lac

b)    Canara Rent: up to 75% of rent that is receivable during the lease period that is unexpired, excluding TDS and amount of advance rent

c)    Canara Site: up to 3 times of gross total salary, subject to maximum of Rs.15lac (for metros) and Rs10lacs (other than metros).

Further a margin of at least 20% on project of construction is also considered.

d)    Canara Teachers: up to 6 times of gross salary, subject to maximum of Rs.1lac

e)    Canara Doctors: subject to maximum of Rs.10lacs

f)     Canara Cash: subject to maximum of Rs.20lacs, if borrower has a DP account with bank; Rs.5lacs in all other cases

g)    Canara Budget: up to 6 times of gross monthly salary or up to 50% of gross annual income of last 3 years, subject to maximum of Rs.1lac

h)    Canara Swarna: subject to maximum of Rs.2lacs

Procedure To Be Followed While Applying For Canara Bank Personal Loan:

As per Canara Bank Personal Loan review, procedure for loan application contains:

a)    Canara Pension: security is required by spouse or any other third party as acceptable to bank

b)    Canara Rent: security is to be submitted in the form of:

i)  mortgage of property that is let out, that has a value of at least 100% of loan amount.

ii)  rentals through lease should be assigned in favour of bank

iii)  guarantee by a person who has a net worth that is acceptable to bank

Documents required are:

i)  lease deed papers.

ii)  income proof

iii)  title deed papers, copy of latest tax paid

iv)  approved plan of building

v)  annual financial statements of previous 2 years

A minimum processing fee at 0.5% of loan amount is also levied.

c)    Canara Site: maybe availed of against mortgage of housing site under consideration. No other kind of personal guarantee is required.

A minimum processing fee at 0.5% of loan amount is also levied.

Canara Teachers: available against security by bank-approved third party. A minimum processing fee at 1% of loan amount is also levied.

d)    Canara Doctors: to practicing and qualified doctors

Canara Cash: copy of papers of securities held. A minimum processing fee at 0.1% of loan amount is also levied.

Canara Budget: security is required by borrower in the form of guarantee by fellow employee or any other third party as deemed fit by bank. A minimum processing fee at 0.1% of loan amount is also levied.

e)    Canara Swarna: along with other documents as proof of age, income and residence, certificate by jeweler also required.

Tenure Of Canara Bank Personal Loan:

a)    Canara Pension: in a maximum period of 3 years.

b)    Canara Rent: repayment tenure stands at 5 years.

c)    Canara Site: in a maximum period of 5 years

d)    Canara Teachers: in a maximum period of 5 years.

e)    Canara Doctors: tenure stands at a maximum of 7 years.

f)     Canara Cash: in a maximum of 5 years.

g)    Canara Budget: in 5 years for salaried borrowers and 3 years for non-salaried ones.

h)    Canara Swarna: in at least 2 years

Barring a few loan schemes, all others have Canara Bank Personal Loan rate fixed.

Repayment Of Canara Bank Personal Loan:

a)    Canara Pension: pensioners have to repay entire loan amount to them in a maximum of 36 equated monthly installments

b)    Canara Rent: borrowers should ensure that entire loan amount is repaid in a maximum of 60 equated monthly installments that includes interest at Canara Bank Personal Loan rate. If bank decides, tenure may also be extended so as to have loan repaid in 84 EMIs.

c)    Canara Site: borrowers are required to repay entire loan amount in a maximum of 60 equated monthly installments.

d)    Canara Teachers: loan amount should be repaid in 60 equated monthly installments.

e)    Canara Doctors: to be repaid in a maximum of 36 EMI and overdraft limit stands at 1 year maximum.

f)     Canara Cash: repayment has to be in a maximum of 60 equated monthly installments.

g)    Canara Budget: borrowers should ensure that entire loan amount is repaid in a maximum 60 equated monthly installments.

h)    Canara Swarna: salaried borrowers should repay loan in 60 EMIs and others in 36..

Product page URL:    all loan schemes enlisted above maybe found at http://www.canarabank.com/english/scripts/personalbankingloans.aspx

Branch office address (in table)

City	Branch	Address	Phone number
Delhi	KAMLANAGAR	3/F, KAMALANAGAR,DELHI 110007	011- 2384 2498
Mumbai	CHEMBUR MAIN	P.B.NO. 7249, 70-A, MAHARSHI, DAYANANDSARASWATHI MARG,, CHEMBUR, MUMBAI - 400071	022 - 25280554
Kolkata	CHOWRINGHEE	NO;7,KYD STREET CALCUTTA, CALCUTTA 700016	033 - 22291743
Chennai	KELLYS CORNER	P.B.NO.3007,, 207 PURUSAWALKAM HIGH ROAD, CHENNAI 600007	044 - 26426004