Public Sector Bank (PSU)Salaried Employeesunsecured

Canara Budget Personal Loan

केनरा बजट पर्सनल लोन

Canara Bank personal loan for confirmed salaried employees up to ₹10 Lakhs with low processing fee.

Max Loan Amount

₹50,000 to ₹10,00,000 (up to 15x gross monthly salary)

Interest Rate

11.75% - 14.75% p.a. (floating RLLR-linked)

Tenure

12 to 60 months

Processing Fee

0.50% of loan amount + GST (Min ₹1,000, Max ₹5,000 + GST)

✦ What It Is: Product Architecture & Regulatory Scope

Canara Budget Loan is Canara Bank's primary retail credit scheme designed for employees of Central/State Government, PSUs, joint-stock companies, and reputed private corporate organizations maintaining salary accounts with Canara Bank.

What is Missing: Honest MITC Policy Gaps, Hidden Clauses & Extra Charges

Eligo consumer protection notice: Bank brochures, DSA telecallers, and comparison portals rarely disclose these conditions. Read carefully before signing.

• Strict employer undertaking letter required committing to remit salary or deduct loan instalments. • Minimum net take-home salary after loan EMI must not fall below 25% to 40% depending on income slab. • Prepayment penalty of 2% applies if closed within the first 12 months.

✦ Key Benefits & Features

• Low processing fee capped at a reasonable ₹5,000 + GST • Repayment tenure up to 5 years (60 months) • Loan amount up to 15 times gross salary • Concessional rates for corporate salary package account holders.

✦ Prepayment, Part-Payment & Foreclosure Rules

2% prepayment penalty if pre-closed within 12 months; NIL thereafter from own sources.

✦ Eligibility Requirements

Confirmed permanent salaried employees with at least 1 year confirmed service in Govt/PSU or 2 years in private firms. Min Age: 21, Max Age: 60. Min Net Monthly Salary: ₹15,000. Min CIBIL: 700.

Min Age21 Years

Max Age60 Years

Min Monthly Income₹15,000

Min CIBIL Score700+

✦ Documents Required

• Identity & Address: PAN, Aadhaar, Passport • Employment Proof: Company ID Card, confirmation letter • Financial Proof: Last 3 months salary slips, latest Form 16 • Bank Statement: Last 6 months salary bank statement • Undertaking: Employer DDO check-off mandate.

✦ Exact How-To-Apply Process (3 Pathways)

Depending on your current relationship with the bank, select the corresponding application journey:

Pathway A

Existing / Pre-Approved Customers

1. Log into Canara ai1 Mobile Banking app > Loans > Canara Budget. 2. Submit salary details and choose tenure. 3. Digital in-principle sanction generated.

Pathway B

New Online Applicant (Fresh Digital)

1. Visit canarabank.com > Retail Loans > Canara Budget. 2. Fill online application form and upload payslips. 3. Branch representative coordinates verification.

Pathway C

Branch Walk-In Application

1. Visit your home Canara Bank branch. 2. Submit Application Form with last 3 months payslips, Form 16, and bank statements. 3. Provide employer check-off agreement letter signed by drawing officer.

Official Sourcing & MITC Verification

180-Day Re-Verification SLA · Last Verified: 2026-09-28

Eligo does not collect personal loan applications, sell user data to DSA telecallers, or receive affiliate commissions. All terms shown are extracted directly from official bank circulars, Most Important Terms and Conditions (MITC), and Key Fact Statements (KFS) under RBI guidelines.

Visit Official Lender Portal (Canara Bank Official Portal)View Official MITC / Schedule of Charges RBI Key Fact Statement (KFS) Reference

Frequently Asked Questions on Canara Budget Personal Loan

What is the maximum loan limit for Canara Budget Loan?

Up to ₹10 Lakhs or 15 times gross monthly salary, whichever is lower.

Is an employer undertaking compulsory?

Yes, Canara Bank requires an irrevocable mandate from the employer's DDO or a registered standing instruction on salary account.

What is the processing fee?

0.50% of the loan amount subject to a minimum of ₹1,000 and maximum of ₹5,000 plus GST.