Canara Bank offers Personal Loan to borrowers for catering to their various requirements like vacation, travel, medical expenses, education and a lot more. Different kinds of personal expenses can be covered with the help of this loan. However, every loan applicator has to be eligible for obtaining a Canara Bank Personal Loan. People who are eligible include:
- Retired employees of Canara Bank
- Pensioners who draw pension from Canara Bank
- Salaried employees
- Individuals who have a high net worth
- Staff of Canara Bank
Canara Bank Personal Loan Charges
The charges levied on borrowers for Canara Bank Personal Loan are minimal. The rate of interest for a personal loan varies in the range of 13.99% to 16.99%. Apart from the processing fee that is minimal, there are no other charges for availing Canara Bank personal loan.
Personal loan pre-closure charges for Canara Bank
It has been commonly seen that many people tend to pay off their personal loans much before the deadline as they are able to arrange for the money and want to do away with the debt as soon as possible. However, if the loan is taken from a bank, there will be some kind of pre-closure charges that the bank levies on the borrower. The percentage of the same varies from one bank to another.
Since Canara Bank offers personal loans to borrowers, there is a facility available for loan pre-closure. Interestingly, Canara Bank does not have any kind of personal loan pre-closure charges and the borrowers do not need to make any kind of payment for making prepayments against the personal loan. However, there is only one thing which has to be kept in mind and that is it is only possible to go for pre-closure of the loan after the 1st EMI is paid.
Different options to pre-close the loan with Canara Bank
Canara Bank offers excellent facilities for pre-closing a personal loan. There are no hassles involved in the process with no pre-closure charges. Just a single EMI has to be paid and cleared to avail the pre-closure facility. There are two other options available as well:
- Minimizing the EMI amount within the same tenure – In this particular option, the monthly EMI that you need to pay gets reduced. However, the loan repayment can be done within full tenure.
- The EMI remains intact, but the loan tenure is reduced – In this option, the loan can be closed earlier than due time. Savings on interest can be done in this option.
If you have taken a personal loan from Canara Bank and want to pre-close the same, you can do it in a hassle free manner. No pre-closure charges are needed for the same. Just payment of one EMI has to be done for the process of personal loan pre-closure for Canara Bank.