Canara Budget

CIBIL Score

• A CIBIL score of 730 or above is generally considered good for approving a personal loan.

Required Documents

• Stipulated Loan Application with 2 passport size photos of applicant / Co-applicant or guarantor.
• KYC documents of applicant/Co-applicant or guarantor.
• Proof of Residence (Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
• Latest 6 months’ salary slips/Salary Certificate (including Co-applicants) and Form No.16 & ITR if any.
• Irrevocable Salary Mandate from Employer (wherever applicable).

Nature of Employment

• All the confirmed employees of Central Government / State Government / Personnel from Defence and Paramilitary Forces / PSUs & Autonomous Bodies of Central & State Govt.
• Should have minimum 1 year of service & confirmed in the service.
• In case of loans sanctioned based on salary credit, salary for the last one year shall be credited in the salary account maintained with our Bank.
• All the confirmed employees of Reputed Corporates /MNCs / Public & Private Ltd. Companies/Private Institutions / Universities, Reputed Schools, Reputed Colleges, Reputed Hospitals & IT BT Companies.

Loan Processing Charges

• 1.50% in applicable processing charges (Applicable charges are 0.50% of Loan Amount, Minimum of Rs 1000/-+GST and Maximum of Rs 5000/-+GST) shall be collected till 30.06.2025.

Minimum Work Experience

• Should have minimum 1 year of service & confirmed in the service.

Features

• In convenient Equated Monthly Instalments upto 84 months for Term Loan.
• Renewal in 2 years in Overdraft.
• Option for keeping the EMI fixed during the entire loan period (Term Loan).
• The minimum Net Take Home Pay should not be less than 25% or Rs. 10,000/- per month whichever is higher after meeting the existing and proposed loan instalments.
• Canara Budget – Prime : 25 months’ gross salary subject to a maximum Rs. 30.00 Lakh. (Higher quantum also can be considered selectively).
• Canara Budget – Delight : 25 months’ gross salary subject to a maximum Rs. 20.00 Lakh. (Higher quantum also can be considered selectively).
• Higher personal loan quantum.
• NIL processing charges.
• Lower Rate of Interest.
• Reducing Balance Interest Rate.
• No pre-payment penalty.
• Quick personal loan approval & disbursement.