Canara Bank
Canara Bank

Canara Bank

Canara Bank is an Indian state-owned bank with its headquarters in Bangalore. Established in Mangalore in 1906, Canara Bank banking services is one of the oldest of India. It was nationalized by the government in 1969. As of November 2015, the bank had a network of 5784 branches and more than 9153 ATMs spread across the country. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, Bahrain, South Africa, Dubai, and New York. Founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, Canara Bank has risen to immense popularity and success for its customer centricity.

About Canara Bank

Ever since it came into being, the bank has undergone myriad phases of its growth trajectory, and post-nationalization, it has attained the status of a national level player as far as geographical expansion and clientele segments are concerned. It was especially in the eighties when the bank had major business diversification. Marked by an eventful journey with several memorable milestones, Canara Bank financial services has, today, come to occupy a premier position in the comity of Indian banks. Canara Bank services has several firsts to its credit, including launching of inter-city ATM network, obtaining ISO certification for a branch, commissioning of exclusive Mahila Banking Branch, launching of exclusive subsidiary for IT consultancy, issuing credit card for farmers, and so on.

Vision and Mission

The bank wishes to emerge as a ‘preferred bank’ by pursuing global benchmarks in profitability, operational efficiency, asset quality, risk management, and expansion of its global reach. Canara Bank also seeks to provide quality banking services with good customer care, create value for all stakeholders and continue as a responsive corporate social citizen.

Canara Bank Loans:

  1. Canara Bank Home Loan: The key purposes of this loan include- purchase of a readymade house/flat, purchase of  site/plot and construction of a house thereon, or for undertaking repairs, renovation, upgradation, creation of additional amenities, etc. According to Canara Bank Loan details, this loan may also be used for acquiring a second house/flat. Canara Bank Home Loan eligibility has it that salaried individuals with a confirmed service of minimum 3 years can apply for this loan. The eligibility criteria also apply to individuals engaged in business/professionals and self-employed persons. The age of the borrower should not exceed 55 years at the time of availing the loan. However, given that certain conditions are met, persons above the age of 55 years can be considered for the loan. The bank finances up to 4 years of gross salary to salaried individuals, and 4 years’ gross annual income to individuals engaged in business or self-employed. The applicant is entitled to a maximum of Rs. 15 lacs for repairs/renovations. 

Canara Bank Home Loan advantage is that it provides financial assistance for furnishing houses/flats at unbelievable low interest rates. The main purpose of this type of loan is the purchase of household furniture items, refrigerator, fans, air conditioners, to put up wardrobes or any other household items.

Further, according to Canara Home Loan Plus, this covers existing housing loan borrowers belonging to the age bracket of 18 and 65 years, who have a satisfactory repayment track record for at least one year. 

Canara Bank also has a separate scheme for home loan for NRIs, whose eligibility criterion lays down that any Non Resident Indian having valid passport and persons of Indian origin having foreign passport can apply for this loan. The applicant should be minimum 21 years of age, while the maximum age limit is 60 years. The maximum loan amount sanctioned under this category is 4 times the annual gross income with NTH of 40% after proposed EMI and margin requirements. The borrower should have a steady income source with a minimum employment period of 2 years abroad and a valid job contract/work permit. 

Spouses and close relatives of NRIs can also be joint applicants.

What’s more, the bank has also initiated a special housing loan for agriculturists, and persons engaged in allied activities like dairy, poultry, planters, horticulturists, etc. All agriculturists who own and cultivate agricultural land of more than 5 acres of irrigated/10 acres of dry land can apply for this loan. This is a major Canara Bank loan advantage.

According to the scheme of Canara Bank’s housing loan to senior citizens, all pensioners, salaried persons, professionals, and self-employed persons aged above 60 years and not above 70 years can get a loan. The bank offers this loan jointly with surviving spouse or with earning legal heir aged below 55 years subject to satisfactory maintenance of their pension/salary/business/personal account with the bank for one year. 

  1. Canara Bank Personal Loan: the Canara Consumer Loan is a simple personal loan scheme designed for the benefit of salaried individuals/businessmen/professionals. The purpose of this loan is multifarious, and might encompass the purchase of brand new durable utility articles, home appliances including furniture, computers/laptops, electronic gadgets, etc. Canara Bank Loan details says that the quantum of loan for salaried applicants is 75% of the invoice value/15 months of net salary/Rs. 1,00,000, whichever is less. For professionals and other non-salaried individuals, it is 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. The repayment period is of 36 months, payable in equated monthly installments.
  2. Canara Bank Business Loan : Term Loan is offered  by Canara Bank for both industrial and non-industrial borrowers, i.e. both for projects/ activities associated with manufacture/processing/repairing and business/trading activities, etc. The project needs to meet the predetermined conditions of technical feasibility and economic viability. Repayment schedule for such loans is stipulated on the basis of different factors, such as nature of the project, quantum of loan, risk taking, repayment period and structure of the debt.

Canara Bank Loan Against Property : This particular loan allows customers to realize the value of their own property, whereby they are offered up to 50%  of the property’s value as security as per the valuation report on the bank’s panel-valuer with a maximum of Rs. 10 crores. Loan Against Property from Canara Bank can be availed to meet urgent personal and medical needs, or any other unforeseen expenses. Any individual with satisfactory dealings with the bank is eligible for this loan. new customers well-introduced and credit worthy with satisfactory banker’s/market reports on them are also eligible for this loan. The repayment period is up to 84 months by way of EMI.

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