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Canara Bank provides a wide range of bank loans for its retail customers. Different types of loans available with Canara Bank include housing loan, home improvement loan, canara cash, canara vehicle, canara site loan, canara budget, Teachers loan, swarn Loan, Canara pension, Canara Mortgage, Housing-Cum-Solar loan, Housing loan scheme to senior citizens, Canara consumer loan, premium housing loan to high net worth individuals, housing loan to agriculturists, Canara vehicle loan to agriculturists, Combo loan scheme, and the Pradhan mantra awas yojna. Each of these loans is granted to the eligible persons within a short period of time after submission of all the required documents. Applying for the loans is simple and convenient. The application can be submitted at any of the Canara Bank branch or online.
To apply for a loan online, select loans and products section under personal banking. Select the type of loan of choice and proceed to apply for the loan.
Select the type of the loan you wish to apply from the drop-down.
Click on the apply loan button. The customer is asked whether to continue with an existing online application or would like to apply for a new loan. When the applicant chooses to apply for a new loan, an application form requesting for the personal details opens. Enter the required details and click on the submit button.
After submitting the loan application the status of the application can also be known by providing the appropriate reference number.
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Canara Bank Types of Loans
The Canara Budget loan is a type of personal loan that is provided for the customers to meet their personal needs. The personal loan is granted for salaried employees working in well-known PSUs and Joint Stock Companies, central and state government organizations, Lecturers, Professors of Colleges, assistant professors, and professors working in research institutes, and universities. Only individuals with a salary account with Canara Bank are sanctioned the personal loan. The minimum take home salary per month has to be a minimum of Rs.2,500 after paying for the monthly loan installments. The repayment period for Canara Budget loan is 60 months. The amount can be paid in monthly installments. If you want to know about your loan status then Canara Bank Net Bnking helps you with out visiting the bank. In the case of salaried employees, a co-obligation equivalent to the loan amount has to be provided. The processing fee for the personal loan is 0.5% of the loan amount and will be in the range of Rs.1000 to Rs.5000. The documents to be provided at the time of applying for the loan are loan request form along with 2 passport size photographs, salary certificate, Form 16 for the last 3 years, co-obligation worth the loan amount, and a promote.
The Canara Bank housing loan is provided for customers who wish to own a house, a flat, or construct a house amidst of tight financial status. The loan can be used to purchase a ready to occupy house or a flat, construction of a house or flat, own a site and construct a house, to renovate the house, and for purchasing a second house. It should be noted that loan cannot be availed for purchasing of the land alone. The maximum amount of loan that can be obtained for home renovation is limited to Rs.15 lakhs. The housing loan is provided for salaried employees who have been working for the past three years, self-employed and business personnel who have been in the business for the past three years, and to a guardian on behalf of a minor by providing the date of birth of the minor. The housing loan is provided for customers below the age of 55 years without any special obligations. Individuals above 55 years are granted the housing loan under certain conditions. The loan amount can be up to 4 years of gross salary in the case of salaried employees and 4 years of gross income in the case of professionals and business personnel. If you have any doubts about loans you can contact Canara Bank Customer Care for help. In specific conditions, a loan amount equal to the gross amount of five years of income is also provided. The customer is also expected to contribute to the financing of the house. The contribution of the applicant is about 10% for a new flat in the case of loans valued Rs. 30 lakhs, 20% for a new flat in the case of loans valued Rs. 30 lakhs to Rs.75 lakhs, and 25% for a new flat in the case of loans valued above Rs.75 lakhs. The customer contribution for an old house is slightly high in the range of 20% for loans valued Rs.30 lakhs. The house or the flat being purchased or another house or flat valued the loan amount should be put for a mortgage. The loan amount can be repaid in monthly installments for a period of 30 years. The processing fee for the home loans is 0.5% of the loan amount which is the range of Rs.1500 to Rs.10,000. The repayment of the loan can be done at the convenience of the customer without having to pay any penalty in the case of housing loans with floating rate of interest. The documents to be provided for applying for a housing loan are the loan application along with 2 photographs, sale deed, agreement of sale, copy of the approved plan of the house, detailed account of the cost estimation of the house, allotment letter in the case of house or plot being purchased from a housing society, apartment owner’s association, housing board or a NOC from the society, legal security report, salary certificate along with form 16, IT returns submitted for the past two years or three years, a short description of the business, type of organization and year of establishment in the case of self-employed personnel, balance sheet and P and I account in the case of self-employed.
Canara vehicle loan is provided for individuals who wish to own a four-wheeler. The car loan is granted for individuals, professionals, reputed firms, and companies. However, car loans are granted for Hindu undivided families. To avail the vehicle loan, the salary of the applicant has to be Rs.3 lakhs per annum and the minimum take home salary after the payment of EMI should be a minimum of Rs.12,000. In the case of business and self-employed individuals, the income has to be Rs.3 lakhs per annum for the past three years and not less than Rs.2.50 lakhs and the minimum take home per month after payment of installments should Rs.12,000. You can also use the Canara Bank Mobile App to know about your Loans. The contribution of the borrower for the vehicle loan should be about 15% of the cost of the vehicle for loans valued Rs.10 lakhs to 25 lakhs and 20% of the cost of the vehicle for loans valued Rs.25 lakhs. The loan amount ranges from 80% to 90% of the on road price of the vehicle. The vehicle loan is also granted for used cars that are not older than 5 years. The loan amount for used vehicles is 75% of the value of the vehicle. The tenure for the vehicle loans is about 84 months for the new cars and 60 months for used cars. The processing charge for the car loan is about 0.25% of the loan and will be in the range of Rs.1000 to Rs.5000.
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Canara Bank Interest Rate & Emi Calculator
The personal loan interest rate is in the range of 12.7 to 13.7 percent which is similar to banks such as IDBI and Allahabad banks. The interest rates for Canara home loans is 8.5% to 9.15%. The housing loan interest rates for agriculturists are low in the range of 8.5%. The interest rates for housing loan CRE is high in the range of 9.15%. The interest rate for home improvement loans is high compared to that of the home loans. The home improvement loans are available at interest rates ranging from 10.85% to 11.70%. The housing loan interest rates are on par with other banks such as the Citi Bank Loans, SCB Loans, and the ICICI Bank Loans except with a small change. The interest rates for Canara vehicle loans are in the range of 8.7% to 11.85% which varies with the category of the borrower – salaried government employees, women borrowers, and other borrowers.
A loan EMI calculator can be used to know the annual interest rate and the monthly EMI amount to be paid. The EMI calculator allows the user to choose the loan amount, the loan tenure, and the rate of interest that is as per the existing bank norms. Depending on the provided information, the customer will obtain information regarding the monthly EMI to be paid, total interest, and the final payable amount.
Canara Bank Loans Customer Care
For any loan related queries, customers can call the customer care on toll-free number – 18004250018. The customer care service is available 24/7 even on Sundays except on 3 national holidays.You can contact Canara Bank Customer Care at any time to resolve your issues.
FAQ’s Related to Canara Bank Loans
- What is the quantum of housing loan?
2. Is the income of the family taken into account while calculating the quantum for a home loan?
3. Is agricultural income also taken into consideration while determining the loan quantum?
4. How is the margin of contribution from the applicant determined?
5. By when should the customer complete his contribution?
6. In the case of loans that are sanctioned on site for construction of house when should, the construction begin to continue availing the loan?
7. What happens if the applicant fails to begin the construction within 12 months from the date of disbursement of the loan?
8. What are the terms for repayment of the housing loan?
9. What are the different types of vehicles for which the Canara vehicle loan is disbursed?
10. What is the security that is to be provided for car loans?
11. What is the penalty for pre-closure of the car loan?
12. Is it possible to obtain Canara vehicle loan for two-wheelers?
13. What is the loan amount that is granted for two-wheelers?