- To avail a personal loan from Canara bank, a person has to be minimum 21 years of age
- The maximum age apply for a personal loan by Canara bank is 65 years
- An avail personal loan from Canara bank, an applicant must have valid documentations regular source of income, permanent address, along with KYC (Know Your Customer) documents.
The eligibility details further vary with different Canara Bank personal loan plans made available by the bank.
- Canara Budget Personal Loan:
Canara budget personal loan is a basic loan scheme to meet genuine personal financing needs. This Canara Bank Personal Loan scheme is exclusively offered to corporate employees as well as government employees.
Canara bank personal loan eligibility for the Canara Budget personal loan:
- Canara Budget personal loan can be availed only by employed professionals.
- The applicant has to be a confirmed employee of a central or state government or a reputed PSU or joint stock company.
- College lecturers, professors, and assistant professors also stand eligible for Canara Bank budget personal loans.
- To avail this personal loan from Canara Bank, an individual must hold salary account with Canara Bank.
- For salaried employee, the minimum average net take-home salary must not be less than 40% after paying the monthly home loan EMI.
- Canara Teacher’s Personal Loan:
Canara Teacher’s Personal Loan is another type of popular Canara bank personal loans. Canara Teacher’s Personal Loan is specially designed loan scheme for teachers to meet their personal financial needs. This Canara Teacher’s Personal Loan can be availed by teaching staff as well as non-teaching staff working in a school or college.
Canara Bank personal loan eligibility criteria for the Teacher’s Loan:
- To avail this Canara Bank personal loan, an applicant must be a confirmed teacher or a confirmed non-teaching staff employed in a school or college.
- The loan applicant must hold his salary account with Canara bank.
- Monthly take home salary of Canara Bank personal loan applicant needs to be:
- Minimum of 30% of the gross salary after EMI deduction
- Rs.10,000 after deducting the EMI for the loan (whichever is higher)
- Canara Consumer Personal Loan:
This is another type of Canara Bank personal loan which is for consumers who are either salaried persons, businessmen or other professionals. Canara Bank personal loan eligibility criteria for this type of personal loan are:
Eligibility of Canara bank personal loans: Canara Consumer Personal Loan
- This Canara Bank personal loan can be availed by professionals, businessmen and salaried professionals.
- Monthly take home salary of a salaried individual needs to be:
- 40% of his gross salary after deducting the EMI for the loan;
- Rs.6,000 after deducting the EMI for the loan (whichever is higher).
- To meet the requirement of Canara Bank personal loan eligibility, salaried professionals’ salary should be credited with Canara Bank.
- A minimum yearly net income of professionals and other non-salaried persons should be Rs.1,50,000 supported by Income Tax Assessment Order (ITAO) or Income Tax Return (ITR).
- In certain cases, the income of spouse can also be shown to fulfill the Canara Bank Personal Loan Eligibility requirement.