It is common that we often find ourselves in a situation where our finances are low. But do you know what to do? If not, let us tell you. If you are in an urgent need of a lump sum and your savings doesn’t meet the need, in such a situation you should apply for a Canara Bank Personal Loan. Because using the loan amount first the requirements will be met and second the interest rates are very affordable, so it won’t impact your monthly budget. Let's read this article and know more about the Canara Bank Personal Loan and its features and benefits.
When Canara Bank Personal Loan Will be Helpful to You? There is no specific situation to borrow a Canara Bank Personal Loan, as it is a multi purpose loan which can be used for various needs such as wedding expenses, home renovation, education fees, travel expenses, medical bills, etc. You just need to ensure that you borrow an accurate amount from Canara Bank as per your need. Because borrowing a high loan doesn’t make sense when your requirement could be met with a lower amount. What is the Canara Bank Personal Loan Interest Rate Now? If you apply for a Canara Bank Personal Loan today, you will get an interest rate from 11.25-13.30% per annum. And for your information the Canara Bank Personal Loan interest rate is fixed, which means they won’t change during the repayment period. So if you get an interest rate of 11.25%, it means this would be the same during the repayment period even if the repo linked lending rate changes. Currently the Canara Bank repo linked lending rate is 6.90%. How to Repay Canara Bank Personal Loan? You can repay the Canara Bank Personal Loan in equated monthly installments, but first you need to select a tenure for it. Canara Bank has provided you the option of 12-60 months for the repayment of the personal loan, so make sure you decide the suitable tenure for your Canara Bank Personal Loan as per your monthly income and current obligations. Am I Eligible for Canara Bank Personal Loan? Yes, you are a confirmed employee of the Central or State Government, Reputed PSUs or Joint Stock Companies, Corporates Companies, Public Limited Companies, Private Institutions, Lecturer, Asst. Professors, Professor of a College, Research Institute and University, employee of an IT/BT Company. Is there any Overdraft Facility? Yes, you can use the Canara Bank Personal Loan Overdraft facility up to INR 3 lakh. This Canara Bank overdraft facility is subject to renewal once in two year. But the renewal period may be extended to the top executives in the cadre of secretary, additional or joint secretaries and above in central governments or secretaries to State Government and top executives of big corporate or public sector undertakings such as Chairmans, MDs EDs or such equivalent post only. So apply for Canara Bank personal loan today and meet all your financial needs in a minute. To apply, visit any of the nearby canara bank branches or its official website. After submitting your kyc and income proof along with your loan application form, you will get your loan amount instantly in your bank account.
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Anika Sharma
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