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Canara Bank Salaried Employee Personal loan

Canara Bank Salaried Employee Personal loan

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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.

For many salaried employees, unexpected expenses or important life events can pop up, creating a need for urgent financial support. Whether it’s medical bills, education costs, home improvements, or consolidating debt, a personal loan becomes a go-to solution.

In such instances, Canara Bank emerges as a reliable option. With a solid reputation, affordable interest rates, and flexible repayment plans, Canara Bank offers a friendly helping hand.

Choosing Canara Bank is a wise decision for salaried employees who are dealing with various financial difficulties because it offers not only financial support but also a seamless and personalised experience.

Canara Bank Personal Loan for Salaried Employee – Highlights

Check out the highlights of the personal loan offered by Canara Bank to salaried employees:

Interest Rate	10.95%- 15.95% p.a.
Loan Amount	Up to Rs 10 lakh
Loan Tenure	Up to 7 years
Processing Fees	Up to 1% of the loan amount
Instant Personal Loan	Up to Rs 1 lakh for the bank’s payroll account holder customers

Canara Bank Personal Loan for Salaried Employee – Comparison with Other Banks

Here is a table of comparison showcasing the difference between the Canara Bank personal loan for salaried employees and other banks:

Bank Name	Rate of Interest	Processing Fee
Canara Bank	10.95% – 15.95%	Up to 1%
Axis Bank	10.49% – 22%	Up to 2%
Kotak Mahindra Bank	10.99% – 36%	Up to 3%
IDFC First Bank	10.75% – 36%	Up to 3%
ICICI Bank	10.65% – 16%	Up to 3%

Canara Bank Personal Loan for Salaried Employee – Fees and Charges

Here are the fees and charges required for the Canara Bank personal loan for salaried employees:

Processing Charges: 0.5% of the loan amount (Rs 1,000 to Rs 5,000).
Prepayment Charges: The bank does not impose any prepayment charges on its personal loan applicants. Additionally, there are no restrictions on the Canara Bank personal loan prepayment for salaried employees.

Canara Bank Personal Loan for Salaried Employee – Documents Required

Here’s a listicle of documents required to apply for a personal loan specifically tailored for salaried employees:

Identity proof such as a Driving Licence (DL), Aadhaar Card, etc
Residential proof such as utility bills, a rental agreement, etc
Passport size photographs
PAN Card
Salary slips for the last three months
Bank statements for the previous three months
Form 16
Co-obligation document

Canara Bank Personal Loan for Salaried Employee – Eligibility Criteria

Here are the Canara Bank salaried employee personal loan eligibility criteria you need to meet to apply for the loan:

Age: between 21-60 years
CIBIL Score: 750 or higher
Work Experience: at least 12 months

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Frequently Asked Question (FAQs)

How quickly will Canara Bank's personal loans be disbursed?

When applying for a personal loan, most lenders (including Canara Bank) take 2 to 7 business days to process the application. On the other hand, Canara Bank allows its salary account customers to apply online for instant personal loans up to Rs 1 lakh.

What is the maximum amount I can get for a personal loan from Canara Bank?

Depending on the type of loan and your eligibility, you can receive a personal loan of up to ₹15 lakhs.

How do I calculate the Canara Bank Personal Loan EMI?

To calculate your Canara Bank personal loan EMI, you can use an online EMI calculator. Enter the loan amount, tenure, and interest rate to calculate your monthly payment and total interest cost.