Canara Budget Loan Scheme

Whenever it comes to personal loan, then every individual with a regular source of income are eligible to apply. According to standard norms and regulations, if you are applying for a personal finance scheme, then either you should be salaried with any reputed organization or should be self-employed.

Canara bank, which is counted among the reputed financial institutions, came up with another unique financial solution that can be availed to meet personal and urgent requirements. This specific product is known as Canara budget loan that is a simple and kind of personal loan scheme that can be availed at affordable rates.
It is exclusively designed suitable for both categories including salaried individuals as well as self-employed individuals. This special type of personal loan scheme is designed in order to meet the genuine personal needs of an individual other than speculative purpose.

If we talk about eligibility, then, confirmed employees of reputed PSUs and joint stock companies, confirmed central or state government officials can apply for this loan. Lecturers, asst. professors or professors of colleges, lecturers of research institutions and universities are also considered to be eligible to apply under this canara bank personal loan scheme.

For this specific financial solution, non-salaried individuals like businessmen or self-employed individuals can also apply. These eligible loan applicants who are in the business or profession must have spent minimum period of 3 year with satisfactory dealings with the branch for at least 1 year. And, the most important part, eligible employee’s salary account has to be maintained with the branch of canara bank.

When it comes to personal loan repayment, then, a salaried individual will be allowed repay the loan in convenient equated monthly installments (EMIs) up to 60 months. A non-salaried will be allowed in convenient EMIs of personal loan up to 36 months.