Personal Loans India : Personal Loan from Canara Bank
A personal loan is a kind of obligation or debt that is generally made for family or domestic purposes. It is not meant for business, or for long duration mortgage use. The financer lends money to the borrower, and the borrower needs to return the full amount to the lender, but not necessarily on a regular basis. It is an interest-based debenture loan. It could be both a secured as well as an unsecured loan. If it is a secured loan, the lender asks for collateral, whereas in the case of an unsecured loan, there is no demand for any guarantors or added assets.
However, though lenders may not require guarantors, a few banks do ask for them, along with collateral in the form of added assets. So, apparently, there is no standard form of rules. Variations are inevitable in case of terms and conditions as well as the eligibility criteria, depending on the fundamental principles of lenders. You need to scrutinize these in advance to avoid future complications.Information about Personal loan from Canara Bank is given here
Personal Loan from Canara Bank
A simple Personal Loan Scheme exclusively for the benefit of employees of Corporates, PSUs, Government Departments, Institutions, etc.,Purpose:
To meet genuine personal needs. No-questions-asked loans.Eligibility:
* Confirmed employees of reputed PSUs and Joint Stock Companies
* Confirmed Central / State Government officials
* Lecturers / Asst. Professors / Professors of Colleges / Research Institutions and Universities
* Employees salary account has to be maintained with our branch
* Net take home salary – 40% of the gross salary. Selectively upto 25% of gross salary is also permitted.Quantum :
Six months’ gross salary or Rs.1 lac whichever is less.
Higher quantum also considered selectively.Rate of Interest:
CanBudget Loan Scheme (Simple Personal Loan)
w.e.f 17.10.2007
Floating Rate – 13.25% p.a.Repayment:
In convenient Equated Monthly Instalments upto 60 months.Security
Normally, Co-obligation is required for loans above Rs.50,000/-. Waivers considered selectively.Processing Charges:
0.5% of the loan amount subject to a minimum of Rs.100/- and maximum of Rs.500/-.Documents / Formalities
*Stipulated Loan Application with 2 copies of passport size photographs
*Latest Salary Certificate and Form No.16
*Co-obligation (unless waived)Sources : http://www.canbankindia.com/