Nowadays, money can be needed at any time and if you do not have money immediately, then a personal loan can be a great option. Often people turn to the bank for a personal loan when they need money quickly. Although the interest rates on personal loans are slightly higher than home loans or car loans, it is still an easy way to meet your financial needs.
If you want to take Canara Bank Personal Loan, then this blog is going to be very useful for you. Canara Bank provides personal loan up to ₹ 5 lakh to its customers on very easy terms. You can use this loan for marriage, medical emergency, education, business, or any other personal need.
Eligibility To Take Canara Bank Personal Loan
- Age: Between 21 and 60 years
- Bank Account: Applicant must have a savings or salary account with Canara Bank
- Available for both Salaried and Self-Employed
- Monthly Income: Minimum ₹15,000
- Credit Score (CIBIL Score): Must be at least 700 or above
Documents Required For Canara Bank Personal Loan
- Identity Proof: Aadhar Card, PAN Card, Passport, Voter ID
- Address Proof: Aadhar Card, Electricity Bill, Passport, Ration Card
Income Proof:
- For salaried – Salary Slip and Bank Statement (6 months)
- For Self-employed – ITR (Income Tax Return) and Business Proof
- Photo: Passport size photo
Canara Bank Personal Loan Interest Rate
Canara Bank charges interest rates on personal loans ranging from 11.45% to 15.45%. This means that if your credit score is good, you can get a lower interest rate. Usually, those with a good credit score can get an interest rate of 11.45%. If your credit score is slightly lower, you can get a higher interest rate.
The EMI of your loan depends on these interest rates and the loan tenure. So if you take a loan of Rs 5 lakh, then how much your EMI will be will depend on the loan tenure. Let’s know what will be your EMI according to the loan tenure.
Advantages And Disadvantages Of Personal Loan
The biggest advantage of a personal loan is that it can be taken for any purpose. Whether you need money suddenly, home repairs, wedding expenses or for any other reason, a personal loan can be a good option. Apart from this, personal loan approval is very quick and the process is also simple.
But, its biggest disadvantage is that the interest rates are high and it may take you a long time to repay the loan (Personal Loan). Therefore, before taking a loan, it is important to keep in mind whether you will be able to repay it or not.
How To Apply For Canara Bank Personal Loan?
Apply Online for Canara Bank Personal Loan
- Visit the official website of Canara Bank
- Go to the “Personal Loan” section and click on “Apply Now”
- Enter your basic details (name, mobile number, PAN card)
- Upload the required documents and submit the application
- Wait for the loan approval confirmation from the bank
- After loan approval, the amount will be transferred directly to your bank account
Apply Offline in Branch
- Visit the nearest Canara Bank branch
- Fill the personal loan application form
- Submit the required documents
- The bank officials will verify your details
- After loan approval, the amount will be transferred to your account
Conclusion
If you are thinking of taking a personal loan up to ₹5 lakh, then Canara Bank Personal Loan can be a great option. This loan can be available to you at a low interest rate, easy EMI, and without any guarantee. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
