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Amir Azam
by on June 29, 2021
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You've arrived at the right place if you're looking for information on Canara Bank's personal loan interest rates. The lender is providing personal loans to anyone at a cheap interest rate, allowing you to reduce your interest and EMI payments. Simply read the page below to be informed about Canara Bank personal loan interest rates.

Eligibility Criteria of Canara Bank Personal Loan

Here are the following points that are eligible for Canara Bank Personal Loan applicants:

  • Age of the applicant: Canara Bank personal loans have a minimum age requirement of 21 years and a maximum age requirement of 60 years. If you are under the age of 21, you are considered an ineligible borrower since you may not meet the loan's income requirements.
  • Net Monthly Income: Your eligibility is decided by your net monthly income, which is important to understand so that your loan EMIs do not negatively impact your level of living. Canara Bank requires a monthly net income of Rs. 15,000 to qualify for a personal loan.
  • FOIR (Fixed Obligation to Income Ratio): The FOIR (Fixed Obligation to Income Ratio) is a critical factor in determining your Canara Bank personal loan eligibility criteria. When calculating your eligibility, Canara Bank considers all of your fixed obligations (such as your rent or current EMIs). For a personal loan from Canara Bank, a minimum FOIR of 0.45 is necessary.
  • Credit Score: Canara Bank will review your comprehensive credit report, including all prior running loans and your payment track record on loans and credit cards while determining your eligibility for a personal loan. Canara Bank will be more likely to approve your loan application if you have a higher credit score. A low CIBIL score, on the other hand, lowers your chances of getting a personal loan.
  • Job stability and profession: Having a stable job is vital for obtaining a personal loan from Canara Bank. To measure your employment stability and profession, your overall work history and present work experience are evaluated. Canara Bank looking for people with a total of 36 months of experience and who have been in their current employment for a minimum of 12 months.
  • Residence location and stability: Banks are quite picky about where you live. Canara Bank has a pre-determined list of places in which it will lend money. The bank also maintains a negative list of areas where it will not lend based on the credit conduct of borrowers from those areas in the past. Canara Bank also assesses your home stability by looking at the number of years you've lived in your current address. You have a better chance of securing a loan from Canara Bank if you live in your own home. The bank will evaluate your residential stability if you have been there for at least 12 months.
  • Industry type: Canara Bank maintains a negative list of professions and types of industries that they will not lend to, described as customer or industry sectors to which they would not lend. As a result, you can secure a loan approval are also influenced by your career and sector.
  • Salary mode: Canara Bank regards pay sent to a bank account as a solid and reliable source of income with sufficient proof of income. The bank will not issue you a loan if you are earning well but receive your income in cash or by check since the bank requires solid documentation of your salary to support your loan amount. If you apply for a job with Canara Bank, the salary transfer is the preferred method of payment.

Documents Required for Canara Bank Personal Loan

  • Submit passport, PAN, Voter Identity Card, Driving License, Aadhaar Card are all acceptable forms of identification.
  • Submit ration card, bank account statement, passport, driving license, the electric bill, telephone bill, sale deed/property purchase agreement (for owned properties), Aadhaar card are all acceptable forms of proof of address.
  • Submit bank account statements, salary slips, Form 16, and ITRs are all examples of income proof.

Canara Bank Personal Loan Interest Rates 2021

If you're considering a balance transfer because your current personal loan has higher interest rates, it's safe to state that transferring it to Canara Bank will give you lower personal loan interest rates and more manageable EMIs.

How to check Canara Bank Personal Loan Eligibility?

Here are the following steps that help to check Canara Bank Personal Loan eligibility:

  • First, you need to visit the Canara Bank website and log in.
  • Then, visit Canara Bank for a personal loan.
  • Now, use the Personal Loan Eligibility Calculator to assess your eligibility. Fill in the required information, such as your name, loan requirements, salary, age, and so on.

Conclusion

Canara Bank provides eligible customers with a variety of personal loan products and offers at competitive interest rates. Canara Bank is a bank based in India. Age, earnings, occupation, and CIBIL score are all used to determine personal loan eligibility. Even if you are salaried or self-employed, you can get a personal loan from Canara Bank. The  for self-employed people are different, on the other hand, maybe slightly different. For more details, you can also contact Afinoz.com.

Posted in: business, Loan
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