Canara Bank Government Employees Personal Loan

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.