Canara Bank Personal Loans

As a blessing in disguise, personal loan is basically meant to cater to an individual’s need during any requirement, urgent or otherwise. Be it the purchase of a television or refrigerator, paying off your credit card dues, wedding of your children, etc. you can use it for anything you want. The major advantage of taking a personal loan is [large]
Unlike other Banks Canara bank also offers Personal Loans. Some of the silent features for the approval personal loans are:

  • Loans are available from Rs. 10000 to Rs. 20 lakh for any purpose depending on your requirement
  • No End Use restriction – the person can utilize the money in the way he wants to
  • Flexible repayment options, ranging from 12 to 84 months
  • Hassle-free loans – No security/guarantor/collateral required
  • Simple procedure, minimal documentation, & quick approval.

Based on your profile, the lender sanctions you a certain amount at a certain rate. The different factors considered while sanctioning a loan are:

  • Your monthly earning
  • Your place of employment and stability of employment
  • How much are you already paying as EMI to another loan
  • Your repayment track record in a previously taken loan
  • Your age – how long will you be earning to effectively service the loan
  • Your residence and number of years you have been staying there.
  • Salaried or Self employed status.

Both the personal loan rate and the amount sanctioned are totally dependable on your profile and the papers that you provide as proof.

Once the loan is sanctioned, based on the above documents – you can decide on whether you want to take it from a particular provider. After signing the loan documents. A cheque or draft would be made in your name. And you will need to provide Post Dated Cheques (PDCs) for the repayment period.

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The PDCs would be banked at a certain date every month for repayment. Post the repayment period, you will be issued a certificate intimating the end of the loan.

The most important factor, as always, is the rate of interest being charged. Many times, banks might look like giving cheaper interest rates but might cover-up the costs under the heads of precessing fee and other charges. Hence, one should always look at the effective rate of interest.

Documentation:

1. PROOF OF IDENTITY (any one)

  • Passport, Driving License, Voter’s ID, PAN Card.

2. PROOF OF AGE
3. PROOF OF SIGNATURE

  • Ration Card, Utility Bill, LIC Policy Receipt.

4. PROOF OF INCOME (Salaried)

  • Proof of Continuity of Current Profession, Bank Statement from Operating Account, Income Tax Returns with Computation of Income/Certified Financials

5. Proof of Highest Qualification Degree for Doctors.
6. SECURITY.