Want to Apply for Canara Bank Personal Loan? Read These Factors

Really want to avail a personal loan but don’t know which lender offers the best deal? Well, if that is the case with you all you need to know about Canara Bank Personal Loan. Yes, being a leading lender, there is no denying the fact that it offers best of the products and services to one and all. And, that is why, this lender always rules the roost and best known for fulfilling the varied needs of one and all. So, if you are someone who wants to know more about the same, all you need to do is just read the article below:

Interest Rates

The first and foremost thing before starting any loan journey is to know the interest rates first. After all, rates play an important role in the financial lifecycle of an applicant. Currently, this lender offers the loan to the applicant at the Canara Bank Personal Loan Interest Rates of 11%-14% per annum. With this range, it is easy for an applicant to enjoy a hassle-free journey. Talking about rates, there is no denying the fact that these rates allow you to live a tension-free life as they not only lower your EMI burden but reduce your Interest Outgo as well. This is the reason why many borrowers always pay attention to the personal loan interest rates before signing the dotted line.

Moreover, these rates not only make the EMIs affordable but also help in reducing your overall burden, hence allow you to save more. That  is why people always pay attention to the rates as they play an integral role in the financial journey of an individual.

EMI

Talking about an EMI, it would not be wrong to say that this equated monthly installment play a significant part in the overall journey of an applicant. Talking more about the same, make sure that your EMIs should be affordable so that you can easily repay the loan in the future. And, in order to be doubly sure about your monthly installments, you can use a personal loan EMI Calculator online. Yes, this smart device lets you know the exact calculation of not only your EMI but Interest Outgo as well so that you can take a calculative decision ahead.

Eligibility Criteria

When a lender offers a loan to the applicant, the first and foremost thing that a lender does is to check the personal loan eligibility. Yes, with the help of checking the same, it is easy for a lender to decide whether an applicant is eligible for a loan or not. Wanna know more about the same, just read the points below:

• Employees of PSUs and joint stock companies
• Central and state government employees
• Lecturers / Asst. Professors / Professors of Colleges / Research Institutions and Universities
• Employees salary account has to be maintained with the branch
• Minimum Net Take Home Salary should not be less than 25% or ₹10,000/- per month whichever is higher after meeting the proposed loan installments

Documents Required

Both salaried, as well as self-employed individuals, can apply for Canara Bank personal loan while keeping all the documents ready.

Talking about documentation, one should always keep 2 passport size photographs, copy of passport/voter’s ID/driving license, processing fee cheque, last 3 months bank statement/6 months bank passbook, latest salary slip, latest Bank statement, loan application, latest ITR or form 16, Current dated salary certificate with the latest Form 16.