Canara Bank Loan:Know Various Products Offered by the Lender

Looking for a lender that can offer you a loan so as to meet your varied needs. Well, if that is the case with you, all you need to know about Canara Bank loan. Talking about the same, this lender comes with many loan options like home loan, personal loan, car loan to choose from. However, if you are someone who wants to explore more about the same, all you need to do is just go through this article below:

So, let’s just get into the detail and talk more about it below:

Home Loan

As far as a home loan is concerned, currently this lender offers the loan to the applicant at an interest rate of 8.75%-8.95% per annum. With this range, it is easy for an applicant to enjoy a hassle-free journey as the same rates allow you to enjoy the pocket-friendly EMIs. Yes, the lower rates you have, the better it is going to be for you as it ensures that your journey will be easy and reliable.

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The amount being offered by the bank totally depends on your income and repayment capability, which comes for a tenure of 30 years along with a processing fee of 0.50% of the loan amount. Not only this but there are also prepayment charges that an applicant needs to bear while pre-closing the loan.

Personal Loan

When it comes to offering the personal loan, there is no denying the fact that the same lender offers the loan to the applicant at an interest rate of 11%-14% per annum. The attractive rates being offered by the bank allows you to enjoy the best of the journey as there are affordable EMIs that you need to have.

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The maximum loan amount being offered by the bank goes up to Rs.3 lakh and the loan can easily be repaid in 5 years with a one-time processing fee of 0.5% of the loan amount.

Now that we have talked about these two important loan products, it is crucial that we also need to go further and discuss other factors like-EMI and Eligibility.

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EMI

Before availing the loan, it is important that you need to pay attention to the EMIs. Yes, your equated monthly installments pay a significant role in the overall journey. Ensure that your EMIs are affordable so that you can easily repay your loan in the future. And, in order to know more about your EMIs, you can either use a personal loan or home loan EMI calculator that lets you know whether your monthly installments are going to be affordable or not.

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Eligibility Criteria

Take a look at the Canara Bank loan eligibility criteria, before saying yes to the lender.

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  • Confirmed employees of reputed PSUs and Joint Stock Companies
  • Confirmed Central and State Government officials
  • Minimum net take home salary should not be less than 25% or Rs.10,000 per month (in case of a personal loan)
  • An applicant should have at least 3 years of service or business stability

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