Documents Required for Canara Bank Personal Loan
A personal Loan is an unsecured loan that is given to an eligible person to fulfill his/her monetary needs. A personal loan does not require any collateral but many requirements are looked upon before availing a personal loan to a person such as monthly income, age of the person, employment status, and documentation. All the personal loan criteria vary based on the loan type and also from bank to bank.
Features of Canara Bank Personal Loan
All the personal loan features vary from each other based on the type of loan availed. Also, there are different criteria for personal loans eligibility, loan period, amount of the loan, rate of interest, security, processing fees, pre-payment charges, documentation required, and so on.
So some of the common features of the Canara Bank personal loan are below:
| Principal Amount | The principal loan amount that is offered by Canara Bank under the different personal loan schemes goes up to 5 lakh. |
| Flexible Loan Period | The period of loan repayment depends on the type of personal loan availed and it varies from 34 months to 60 months to 120 months. |
| Multiple options | The bank offers a number of loan schemes which are designed for different individuals. These schemes include Canara Budget, Canara Pension, Canara Teachers Loan, Canara Rent loan and many more. |
| Online application | The personal loan can be applied online from the comfort of home or even from office. It also ensures less documentation and a quick disbursal of the principal loan amount |
| Purpose of Loan | The proceeds of a personal loan provide financial assistance to meet personal needs No end-use certificate required. |
| Eligibility | Any salaried, self-employed or pensioner is eligible to avail the loan. |
| Processing Fees | It is charged at a rate of 0.50%. |
Documents Required for Canara Bank Personal Loan
Documents Required for Salaried Individuals
| Proof of identification |
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| Address proof |
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| Proof of income depending on type of employment |
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| Residence ownership proof |
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| Tax Payment |
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| Proof of job Stability |
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| Experience certificate (including previous job certificate or appointment and relieving letter) |
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Documents Required for Self-employed Individuals
| Proof of identification |
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| Address proof |
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| Residence ownership proof |
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| Office address and ownership |
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| Proof of business presence |
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| Proof of Income |
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| Bank statement | Latest 1 year bank statement for both savings and current account |
| Photograph | Passport size, colored photograph |
| Investment proof | Fixed deposit, fixed assets, and shares. |
| Existing loans | In case of an existing loan one needs to submit sanction letter, payment track record report. |
Documents Required for Pensioners or Senior Citizens
This loan is available for senior citizens and pensioners to fulfill their financial needs. The rate of interest for the loan amounts 3% over the base rate. This is a bit different with the retired employees of the bank where the loan rate is 1.50% over the base rate.
| Proof of identification |
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| Address proof |
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| Bank statement | Latest 1 year bank statement for both savings and current account |
| Photograph | Passport size, colored photograph |
| Application Form | Duly Filled Loan Application form with 2 copies of passport size photographs |
| Security | Co-obligation (unless waived) |
| Proof | Delivery letter to DPN Letter to Pension Disbursing Authority (In case of Pensioners) |
Documents Required for Non-Residential Indians (NRIs)
The personal Loan for NRIs is offered with the following criteria for eligibility:
- All non-residential Indians need to have a valid Indian passport or persons of Indian origin have a foreign passport.
- The age to avail of the loan ranges from 21 years to 60 years.
- The applicant must have an NRI status for a minimum of 3 years.
- Needs to have a valid work permit or job contract for at least 2 years.
| Proof of Identity | Copy of first four pages of passport and page with visa stamp or IC/PIO card. |
| Application | Stipulated Loan Application with 2 passport size photographs. |
| Employment Status |
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| Financial Status | Statement of bank account or passbook for the last 6 months. Account statement of overseas bank showing salary and savings details. |
| Proof of Address | Proof of residence (driving license or utility bills) |
| Other Documents | A copy of Continuous Discharge Certificate (CDC) for applicants' job in the merchant navy. Details on nature of business, year of establishment and type of organization (for self-employed) |
FAQs
There is no collateral required when it comes to Canara Bank personal loans. The loan is approved with a third-party guarantee.
Prepayment is applicable for personal loans in Canara Bank and it is allowed at Nil charges.
The loan applicant must be of age between 21 years to 60 years to avail a personal loan under any scheme.
Yes, a Sale deed and agreement for sale is mandatory to avail a personal loan at Canara Bank.
Apart from the must-have documents one needs:
- Application for Swarna loan
- A certificate by the Jewel Appraiser (it will be arranged by the bank)
- Salary certificate and income proof
13% is the lowest interest rate for Canara Bank personal loans.
A photocopy of the first four pages of the passport and a page with a visa stamp or IC/PIO card and a valid work permit serves as identity proof for the NRIs.
Apart from the must-have documents one also needs the following:
- A loan application with 2 passport-sized colored photographs.
- The latest salary certificate or the income proof IT return.
- Financial Statements for the last 2 years (For non-salaried applicants)
- A Guarantee or a co-obligation in case it is necessary.
- A statement of holding of scripts, which is issued by DP.
The maximum loan repayment tenure for personal loans at Canara Bank is 60 months.