Documents Required for Personal Loans
- Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
- Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Latest 3 months Bank Statement (where salary/income is credited).
Also to know is, can I get a loan without salary slip?
If you are self-employed, a freelancer, earning in cash, or working on contract, you may seek to get a personal loan with no salary slip. In such cases, you need to produce other financial documents to validate your income. This may take the form of an income certificate, bank account statements, ITR or Form 16.
Furthermore, how many types of loans are there in Canara Bank?
Fees & Charges
|Types of Personal Loan||Processing Fees|
|Canara Budget||0.5% of the loan amount subject to a minimum of Rs. 1000 and maximum of Rs. 5000|
|Canara Pension||Processing charges are waived in respect of the loans under this scheme|
|Canara Teachers Loan||1% of the loan amount with a minimum of Rs. 50|
How much home loan can I get on 40000 salary?
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
Banks such as SBI and Indian Overseas Bank provide personal loans to individuals who have lower income of Rs. 5000 per month. But the loan amount might be lower than you expected.
|Bank||Minimum Monthly Income Required|
|Punjab National Bank||Rs. 10,000|
|HDFC Bank||Rs. 15,000|
|ICICI Bank||Rs. 17,500|
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
With a salary of ₹ 24,000, the maximum amount he is eligible for is ₹ 5.89 Lakh. The interest he has to pay for this amount for 72 months is 9.60%.
Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).
On the other hand, if you are wondering – how much personal loan can I get on a 40,000 salary, the loan sanction amount will be close to Rs. 10.80 lakhs.
|Salary||Expected Personal Loan Amount|
|Rs. 40,000||Rs. 10.80 lakhs|
|Rs. 50,000||Rs. 13.50 lakhs|
|Rs. 60,000||Rs. 16.20 lakhs|
Here are the commonly used eligibility criteria for Canara bank personal loan: Age between 21 and 60 years. A good credit score – 750 is an ideal credit score accepted by Canara Bank for processing personal loan applications. The minimum score should be 650.
Canara Consumer Loan Eligibility Criteria
|Income||Minimum of Rs.6,000 after payment of installments or EMI should be a maximum of 40% of the gross salary for salaried individuals Non-salaried individuals should have a minimum income of Rs.1.5 lakh per annum as ITR form|
EMIs on a 20 lakh home loan for 30 years
|Loan Amount||Interest rate||EMI|
How is EMI calculated? The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
How to Apply for Canara Bank Personal Loan?
- Visit the official website of Canara Bank Or contact your nearest Canara Bank branch.
- Now, fill personal, professional and financial details as required by the lender and submit the form.