Canara Bank Housewife Personal Loan

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Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

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’s Housewife Personal Loan is going to be a specialised financial product crafted to meet the unique needs of women who are homemakers. It provides an opportunity for housewives to access funds for various purposes, whether it be pursuing further education, starting a small business, meeting family obligations, or simply fulfilling personal aspirations.

Canara Bank Housewife Personal Loan – Highlights

Take a look at the highlights of the Canara Bank Personal Loan for Housewives:

1.	Higher loan quantum.
2.	Comparatively lower processing charges.
3.	Competitive Rate of Interest.
4.	No pre-payment penalty.
5.	Reducing Balance Interest Rate.
6.	Quick loan approval & disbursement.

Values cannot be added as the product is yet to be formally launched.

Canara Bank Housewife Personal Loan – Comparison with Other Banks

As the product is novel and in the pipeline, a comparison with other similar products is expected to be available in due course.

Canara Bank Housewife Personal Loan – Fees & Charges

Processing Fee: Vary from 0.50% to 2% of the loan amount plus GST.
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 Housewife Personal Loan – Documents Required

Necessary documents typically include:

Identity proof
Address proof
Loan application with 2 passport-size photos of the applicant/co-applicant or guarantor
KYC documents of applicant/co-applicant or guarantor
Post-dated cheques or irrevocable debit mandate
ITR, if any

Canara Bank Housewife Personal Loan – Eligibility Criteria

The applicant must be a full-time or part-time homemaker.
Age criteria may apply.
The applicant’s spouse or family member must have a stable income source to back up the loan repayment.

Frequently Asked Question (FAQs)

What are the highlights of the expected Canara Bank Housewife Personal Loan?

Purpose

The loan is intended for meeting the borrower’s personal or domestic needs, and should not be utilised for speculative purposes.

Processing charges

100 % waived during the initial launch period in cases with high CIBIL ratings.

Repayment Tenure

In convenient Equated Monthly Instalments up to 84 months for Term Loan.
Renewal in 2 years in Overdraft.

Security

Co-obligation of spouse/ legal heir of the borrower.

How long does it take for Canara Bank to approve a personal loan?

If one’s credit score meets the eligibility criteria, the loan can be approved within 2 working days of submission of the required documents.

Are there any hidden charges in Canara Bank's personal loan agreements?

No, there are no hidden charges in Canara Bank’s personal loan agreements. The bank discloses all the costs upfront, which can be checked on Canara Bank’s website.