Canara Bank Small Personal Loan

Small Personal Loans by Canara Bank are short-term financial assistance to cover immediate monetary needs. A borrower does not always require hefty amounts of money. Oftentimes, smaller and quickly available loans can get the job done. A Canara Bank Small Personal Loan offers exactly that.

Small loans can be seen like tiny financial favours from a friend, only with the reliability and trust of a bank. Friendly, as they offer considerable flexibility and freedom, and reliable, as their smooth processes ensure quick disbursals. Canara Bank is among India’s most trusted lenders. Take a comprehensive look at their short-term loans here. 

Features of Canara Bank Small Personal Loans

Canara Bank instant small loans offer the following benefits:

1. High Loan Amounts: Borrowers can apply for small loans up to Rs. 30 lakhs from Canara Bank.
2. Flexible Repayment Period: Small loans from Canara Bank can be repaid in as many as 7 years.
3. No Collateral: Small loans are unsecured loans which do not require any collateral. However, the bank may require a co-application from the borrower’s spouse or legal heir.
4. Fixed EMIs: Canara Bank allows its borrowers to set a fixed EMI amount throughout the loan’s tenure, ensuring comfortable repayment.
5. No End Use Restrictions: Loan amounts can be used for a wide range of purposes, such as car repairs, medical expenses, etc, without any restrictions. 

Interest Rates of Canara Bank Small Personal Loans

Short-term loans from Canara Bank start at an interest rate of 9.25% p.a. Depending upon the repayment potential, the bank offers different interest rates to different borrowers. Further, applicants are advised to maintain high credit ratings before applying for the loan to get the lowest possible rates. 

Canara Bank Small Personal Loan Eligibility

Borrowers satisfying the following criteria are eligible for Canara Bank’s short-term loans:

• Eligible Applicants: Salaried Individuals/ Govt. Employees
• Minimum Work Experience: 1 year
• A salary account with Canara Bank (optional)
• High credit score
• Other criteria specified by the bank

Canara Bank Small Personal Loan Document

The following documents must be submitted while applying for a Canara Bank small credit loan.

• Duly filled loan application with 2 passport size photographs
• ID Proof: Aadhar Card/ Voter’s ID/ Driver’s Licence
• Residence Proof: Utility Bills/ Aadhar Card/ Voter’s ID
• Income Proof: Last 6 month’s salary receipts/ Form No.16 & ITR
• Irrevocable Salary Mandate given by employer

Why Choose Canara Bank Small Personal Loans?

Canara Bank mini personal loans bring along the following advantages with them:

• No Processing Charges
• No Prepayment Charges
• Online Applications
• Reducing Balance Interest Calculation
• Quick Loan Approvals
• Co-Applications

How to Apply For Canara Bank Small Personal Loans Online?

Urban Money offers ready assistance in submitting the Canara Bank’s small loan application. Our experts help you apply for eligible amounts to ensure the fastest approvals at best rates. Simply visit us at www.urbanmoney.com or call us at 1800 208 3344.