A personal loan is provided with little to no documentation and without any security or collateral. The money from this loan can be put to any reasonable financial use. This can be paid in simple equivalent monthly instalments over a few months to a few years.
You are free to use the money you receive from a personal loan anyway you see fit—to pay for a vacation, purchase a gadget, cover medical expenses, renovate your home, finance a wedding, fund your kids’ education, and more.
The fastest way to obtain a personal loan is often through an online lender; some loans are accepted and funded in as little as one or two days. You can apply for a loan using the bank’s online loan app.Before applying for the loan, you may check if you are qualified for a loan and the rate and term. Compare loans from other lenders throughout the pre-qualification procedure without negatively impacting your credit history. It entails a soft credit check.
How to Get a Personal Loan from Canara Bank
Nowadays, an increasing number of people are seen requesting personal loans to cover their costs and other financial demands. It is very easy to obtain a personal loan from reputable banks such as Canara Bank. On applying for a loan online, you can receive the money in as little as 48 hours.
Features of Canara Bank Personal Loan
Loan amount: Canara Bank offers personal loans up to a maximum of Rs 10 lakh. This can assist you in meeting a variety of fund requirements.
Flexible tenure: The maximum loan term available varies depending on the type of personal loan arrangement selected. Usually, it is 84 months.
Options abound: Canara Bank provides a wide range of loan options to meet diverse personal needs. Canara Budget, Canara Pension, Canara Home Improvement, and Teachers Loan are some of its popular personal loan schemes.
Online application: You can apply for a personal loan from Canara Bank online. This guarantees little documentation and prompt loan disbursement.
Documentation Needed for a Personal Loan from Canara Bank
Similar to eligibility requirements, the documents needed for applying for different Canara Bank personal loans may vary based on the loan requested. Here’s a list of the common documents for most types of personal loans:
- Identity documents include the passport, PAN card, voter identification card, driver’s licence, and Aadhaar card.
- The ration card, bank account statement, passport, driver’s licence, electricity bill, phone bill, sales deed, or property purchase agreement (for owned properties), Aadhaar card are all acceptable forms of identification as proof of address.
- Income documentation includes a bank account statement, payslips, and Form 16.
Verification Procedure for Personal Loans fromCanara Bank
The process for verifying the personal loan application submitted to Canara Bank includes:
- Once you have submitted your personal loan application to the bank, a representative will get in touch with you for confirmation and to set up a time to pick up your documents.
- The bank will verifyyour submitted documents along with all the required paperwork.
- Following verification, the bank will contact you to confirm the terms of the loan,including the loan amount, interest rate, and tenure.
- The sum will be disbursed to your account after you sign the loan agreement and acknowledge your understanding of the rules.
Eligibility Requirements for Personal Loans from Canara Bank
Employment type: Your eligibility for a personal loan from Canara Bank depends on your employment status and the organisation or company you work for.
Income: You must fulfil the minimum income criterion of the personal loan scheme to be eligible for a Canara Bank personal loan.
Relationship with the bank: The likelihood that the loan will be accepted is higher if you already have an account with Canara Bank or if you work there.
Loan amount: You must be able to afford the repayment of the loan amount requested. If your income is insufficient, you will have to choose a lower loan amount to qualify for the loan.
Loan repayment history: Having failed to pay off previous debts and low credit score can affect your eligibility and increase the risk of rejection of your loan application.
Important Points To Remember Before Applying for a Personal Loan From Canara Bank
Credit score: Your credit score reflects your credit history and credit management skills. Your credit score is a key factor when evaluating your personal loan application. Therefore, having a solid credit score before applying for a personal loan is essential as it increases the likelihood of your loan being approved.
Repayment capacity: Borrow only what you can pay back. Utilise a personal loan EMI calculator online to assess your repayment capacity. Choose a loan amount, interest rate, and repayment period that suits your needs.
Fees and other charges:Besides the interest rate, a personal loan comes with additional fees and charges such as processing fees, late payment fees, foreclosure fees, part prepayment charges etc. Be aware of these fees before applying for a personal loan to help you prevent any unpleasant situations in the future.
Compare options: Compare interest rates and features of loans offered by different lenders to find a personal loan that suits your needs.
Conclusion
Nowadays, more people are requesting personal loans to cover costs and other financial demands. The fact that personal loans are unsecured loans and don’t need collateral makes them one of the best choices for meeting immediate financial needs. Additionally, these loans are approved faster if you use an online loan app.
It is very easy to get a personal loan from reputed banks such as Canara Bank. You can receive funds in your account in as little as 48 hours.
