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Canara Bank Government Employees Personal Loan

Canara Bank Government Employees Personal Loan

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Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Canara Bank Government Employee Personal Loan is a financial product designed for government employees to offer them quick and convenient access to funds for various personal needs. The loan aims to provide financial assistance efficiently with competitive interest rates, flexible repayment options, and minimal documentation requirements.

Eligible applicants can use the state employee personal loan for medical expenses, travel, education, and other personal requirements. Canara Bank, a reputable public sector bank, ensures a hassle-free application process and strives to meet the financial needs of government employees with this tailored personal loan product.

Canara Bank Government Employees Personal Loan – Highlights

Take a look at the highlights of the Canara Bank personal loan for government employees.

Loan Amount	Upto 10 lakhs
Government Employee Personal Loan Interest	10.65% to 18.00%
Type of Interest Rate	Reducing balance
Minimum Salary	15000 per month
Processing Fee	Upto 3.50% of the loan amount + GST

Canara Bank Government Employees Personal Loan – Comparison with Other Banks

Here is a comparison between the Canara Bank personal loan for government employees and other banks.

Lender	Rate of Interest (p.a.)	Processing Fee
Canara Bank	10.25% onwards	3.50% of the loan amount
State Bank of India	10.30% onwards	Upto 1.50%
Kotak Mahindra	10.99% onwards	Upto 3.00%
ICICI	10.75% onwards	Upto 2.50%
HDFC	11.00% onwards	Upto 2.50%

Canara Bank Government Employees Personal Loan – Fees and Charges

Following are the fees & charges required for a Canara Bank personal loan for government employees.

Processing Fee: Vary from 1% to 3.50% of the loan amount plus GST. Government employees with a pension account at the Canara Bank enjoy zero processing fees.
Goods and Services Tax (GST): A standard 18% GST applies to all loan-related services.
Penal Interest: A 2% penalty is charged on the outstanding loan amount.
Other Charges: Additional fees such as stamp duty, verification charges, and similar fees may be applicable.

Canara Bank Government Employees Personal Loan – Documents Required

The list of documents required to apply for the government staff personal loan from Canara Bank is as follows:

Duly filled application form
2 passport-size photographs
Recent salary certificate and Form 16
Co-obligation wherever required

Canara Bank Government Employees Personal Loan – Eligibility Criteria

Following are the criteria for personal loan eligibility for government employees.

Age Eligibility: Individuals aged between 21 to 60 years.
Credit Score: The minimum credit score should be 650.
Professional Experience: 3 to 5 years of experience as a working professional.
Income Tax Assessment: Assessed under Income Tax for at least the last 2 years.
Consistent Income: Salary proof of the last 2 years.

Frequently Asked Question (FAQs)

What are the federal government employee personal loan interest rates from Canara Bank?

Based on your salary certificate and credit score, the interest rate may vary between 10.25% and 15.00%. You need to contact your local Canara Bank branch to determine the interest rate for your loan application.

What is the maximum repayment tenure for a government employee personal loan?

The maximum repayment tenure for a government employee personal loan is 5 years.

How can I check the status of my personal loan application?

The status of your personal loan application can be checked online or in person at the branch. Use your application number to know your loan application status.