Canara Bank Personal Loans

Being one among the biggest private banks in india, Canara bank is providing personal loans at very low interest rates upto 50 lakhs with less documentation. The Canara bank is offering personal loans for both the Indian Residents and NRI's

Persons who were aged above 21 years and earning an income of atleast 1.24 lakh Rupees per annum are eligible to apply personal loans from canara bank. People can avail the personal loan from a minimum amount of 50,000 Rupees and maximum of 50 Lakh Indian Rupees from canara bank.

The people can apply canara bank personal loans in a simple way by going to the nearest branch office, There at the canara branch office the people can fill and submit the personal loan application to canara bank.

The people can also apply the canara bank personal loans online in a hassle free way by going to the canara bank official website (www.canarabank.com), There at the canara bank website people can select the personal loan type that they want (secured or unsecured) and can apply it instantly.

Noramally the canara bank is reviewing the loan application and granting the personal loan amount in 2 days if the applicant all the required documents correctly while appling. The personal loan borrowers are also having the chance to repay the personal loan amout in 7 years to the canara bank.

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Canara Bank Hikes Auto Loan Rates by 0.5%

Canara Bank, the country's largest private sector lender, on Thursday, announced to initiate a hike of up to 0.5 per cent in its auto loan rates. In addition, the bank will discontinue its 8.25% home loan scheme from March 1. HDFC too has discontinued its 8.25% home loan offer.

"Auto loans rack rates have been raised by 0.25-0.5 per cent depending on segment and tenor with effect from March 5", an Canara Bank spokesperson revealed.

Similarly, Kotak Mahindra Bank has also reported to increase its interest rates on home loans by 50 bps, while Kotak Mahindra Prime has raised auto loans rates by 50 bps from tomorrow.

Kotak Mahindra Bank's prime spokesperson said, "Lending rates reflect the increase in borrowing cost observed over the last 6-8 weeks. While we had absorbed the increase in cost for the month of February, it now needs to be passed on".

Also, the RBI has hiked the cash reserve ratio or the amount banks have to keep with RBI for zero interest by 0.75 per cent to 5.75 per cent, absorbing Rs 3,600-crore from the system, aimed to absorb excess liquidity from the system.

Currently on home-loans, Axis is extending home-loans for up to Rs 30-lakh at 8.75 per cent, loans between Rs 30-lakh to Rs 50-lakh at 9 per cent and those above Rs 50-lakh, at 9.50 per cent.