Canara Bank Personal Loan of 5 Lakh

You can apply for instant loans and high-quantum loans from Canara Bank with flexible repayment options ranging from 12 to 84 months. For an instant loan of Rs. 5 Lakh, the interest rate starts at just 10.95% per annum. The bank also offers easy, hassle-free online loan processing and speedy loan disbursal. To apply for a Canara Bank 5 Lakh personal loan, individuals can visit their nearest branch or apply online through the bank’s website.

Personal Loan Options for 5 Lakh in Canara Bank

Canara Bank offers several types of personal loans.

• Canara Budget Prime and Canara Budget Delight – Instant 5 Lakh loan from Canara Bank for personal needs.
• Canara Pension – Personal loan option for pensioners of government and corporate undertakings.
• Teachers Loan – Exclusive loan offers forteaching and non-teaching staff.
• Canara Cash – Secured personal loans issued against collateral of Shares, Debentures, Bonds and Units.

Features of Canara Bank 5 Lakh Personal Loan 

Here are some of the features of Canara Bank’s personal loan of 5 Lakh,which make it an attractive choice.

• Options of fixed or variable EMI.
• No processing charges on Canara Budget 5 Lakh or greater personal loan EMI plan.
• High quantumloans starting from 5 Lakh personal loans with instant approval
• Maximum up to 84 months repayment tenure.

Can I get 5 Lakh personal loan instantly from Canara Bank? 

It is possible to get an instant 5 Lakh loan from Canara Bank with a pre-approved offer.Canara Bank usually approves loan requests within 2-7 working days. Customers who present all required documents upon loan application or have a high credit score above 750 may receive instant approval.

What is the EMI for 5 Lakh loan? 

Here are a few projections of different EMI plans for a 5 Lakh loan at an interest rate of 10.95%.

Canara Bank personal loan of 5 Lakh EMI plan with a repayment tenure of 5 years.

Canara Bank personal loan of 5 Lakh EMI plan with a repayment tenure of 10 years.

Eligibility Criteria 5 Lakh loan in Canara Bank

Here are the important criteria for 5 Lakh personal loan eligibility of Canara Bank.

• Salaried applicants must have proven 1 year of work experience in their current company.
• Government/Corporate employee.
• Self-employed applicants with a high credit score.
• Applicant must have a co-signer for co-obligation.
• Applicants with a Canara Bank salary account.

Documents Required 5 Lakh Canara Bank Loan

Here is a list of the necessary 5 Lakh personal loan documents byCanara Bank.

• Identity and address proof (passport/PAN card /Voter ID card/driving license/Aadhaar)
• Last 6 months’ salary slip for salaried.
• Form-16 for the last 3 years.
• Income Tax Returns for the last 3years.
• Delivery letter to DPN (Only for Canara Pension Personal Loan)

How to Apply for 5 Lakh Personal loan From Urban Money?

Applying for a Canara Bank personal loan of 5 Lakh from Urban Money is easy. 

• Head to the personal loans section on Urban Money. 
• Select Canara Bank to enter query details.
• Enter the Loan Amount, Monthly Net Salary, Estimated EMIs and Tenure
• Send your request and wait for approval.