Canara Consumer Loan
- Loan scheme to individuals for purchase of brand new durable utility articles, home appliances including furniture, computers / Laptops, electronic gadgets especially to the staff of corporate bodies and others.
- I. All individuals (including professionals, businessmen and salaried class)
- II. Salaried individuals with minimum monthly net salary of 40 % of their gross salary or Rs. 6,000/- after meeting the installment for the proposed loan, whichever is higher.
- III. Professionals and other non-salaried persons should have a minimum annual net income of
- Rs. 1,50,000/- evidenced by Income Tax Assessment Order (ITAO) / Income Tax Return (ITR).
- IV. In the case of salaried class, salary should be credited to the operating account of the applicant at our branch. Alternatively, a mandate to be lodged with employer to facilitate easy recovery of instalments.
- V. Apart from income of applicant, income of spouse is reckoned for satisfying eligibility criteria in II and III above.
75% of the invoice value or 15 months of net salary or
Rs.1,00,000/-, whichever is less.
Professionals and other non-salaried individuals
75% of the invoice value or to the extent of 50% of their annual
net income in the immediate previous year or Rs.1,00,000/- whichever is less.
Rate of Interest
- Repayable in 36 months by equated monthly instalments.
- Repayment will commence from the month following the month in which loan is disbursed.
- No prepayment penalty charged.
- Hypothecation of the articles purchased out of the Bank loan.
- Suitable personal guarantee / co-obligation
- However, the next higher authority may waive such personal guarantee / co-obligation depending upon merits of each case.
- 1 % of the loan amount with a minimum of Rs. 250/- Other features:
- During the pendency of first loan, second loan also considered subject, within the overall eligibility, subject to there being no overdues in earlier loan.
- Insurance is waived
Prescribed Loan Application with 2 copies of passport size photographs
- •Latest Salary Certificate and Form No.16 / ITR/ITAO for last 3 years.
- • Proforma Invoice of the article proposed to be purchased Arrange for a suitable Co-obligant / guarantor acceptable to the Bank
For more details, please visit our nearest branch or call toll free no. 1800 425 0018.
FAQ ON CANARA CONSUMER LOAN:: ……………Read More