Online application for Personal Loan (Canara Budget) and Pension Loan (Canara Pension)

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Click here to view Canara Budget Product Features

Click here to view Canara Pension Product Features
01. Lending Service Providers (LSP): In-house
Details of the activities:
LSP facilitates Customer Journey with the below process:
  • Applying online in Digital platform
  • Customer information validation
  • Run Business Rule Engine
  • Credit Underwriting
  • Integrated with LMS
02. CANARA PENSION PRODUCT FEATURES:
PURPOSE To meet the cost of medical expenses and other genuine personal needs of the Pensioners
ELIGIBILITY The following types of pensioners who are drawing their pension through our branches are eligible for financial assistance under the scheme:
Ø  All Central Government pensioners (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians and Freedom Fighters etc.)
Ø  All State Government pensioners.
Ø  Pensioners of all Government Department Undertakings.
Ø  Pensioners of all Public Sector Undertakings / Corporate pensioners.
Ø  Family pensioners of all the above categories.
Ø  Pensioners and Family Pensioners of the Bank.
MARGIN NIL
QUANTUM a) Retired Employees /Family Pensioners of Retired Employees of our Bank: 20 months’ pension amount or Rs.10,00,000/- whichever is less.
b) General Public pensioners /family pensioners / Defence Pensioners:
Age at the time of Loan sanction Max Loan Amt (24 months’ pension or Rs.)
Below 60 years 15 lakhs
60 - 70 years 10 lakhs
70 - 75 years 5 lakhs
RATE OF INTEREST Category RLLR Variance Effective ROI
General Public 9.25% 2.50% 11.75%
Our Bank Retired employees and their family pensioners 9.25% 2.00% 11.25%
NATURE OF LOAN Term Loan
REPAYMENT PERIOD a) Retired Employees /Family Pensioners of Retired Employees of our Bank:
i) To be repaid in 72 EMIs if the pensioner is below the age of 65 years.
ii) To be repaid in 60 EMIs if the pensioner is above the age of 65 years.

b) General Public pensioner’s/family pensioners /Defence Pensioner:
Age at the time of Loan sanction Repayment Period Maximum Age at the time of full Repayment
Below 60 years 84 months 67 years
60 - 70 years 60 months 75 years
70 - 75 years 36 months 78 years
SECURITY 1. In case of Loan to Pensioners:
Co-obligation of the spouse (wherever there is a provision for family pension) or any other person/pensioner good for the amount, if necessary, may be stipulated by the sanctioning authority.
2. In case of Loan to Family Pensioners:
Third party guarantee/co-obligation good for the amount should be obtained invariably.
NTH (a) Retired Employees /Family Pensioners of Retired Employees of our Bank:
NTH of 25% of Gross after deducting the proposed EMI.
(b) General Customers & their Family members:
NTH of 40% of Gross after deducting the proposed EMI
PROCESSING CHARGES & OTHER CHARGES Waived
03. Click on below links to know more:
https://sachet.rbi.org.in/
https://canarabank.net.in/cpgrs/login.aspx
04. Nodal Grievance redressal officer details:
Name: Smt K B GEETHA
Designation: General Manager
Contact No. 080-22533864
E-mail: gmcss@canarabank.com
Toll Free No.(24x7)
1800 1030