Canara bank offers three types of loans Canara bank Home Loan, Canara bank Pension Loan, and Canara bank Education Loan. The Canara Bank Loan is offered for the salaried employees, self-employed, professionals, and businessmen.
Canara Bank Home Loan
Canara bank loan is famous for its Home Loans. Canara bank home loans are given for construction of the residential house, for the purchase of flat or house for the residential use, for renovation or extension or repair of the existing house or flat.
Canara Bank Pension Loan (CanPension)
This bank offers Canara Bank Loan for the pensioners it’s known as CanPension Loan. This Canara bank loan is offered for the state government and central government pension holders. There is an age criterion for the Canara bank pension loan. The pensioner’s age must not exceed seventy years. The Canara bank pension loan is treated as the personal loan which can be availed without mentioning any specific reason.
Canara Bank Education Loan
The bank offers Canara bank loan for students known as Canara Bank Education Loan. This education loan is offered for the students who are doing their course such as Graduation Course, Post Graduation Course, Master Courses, Professional Courses, Graduation abroad and post graduation abroad. The fee payable at the college or institute, travel expenses, required study material, and equipment comes under the expenses considered for the education loan. The Canara bank loan for students must be repaid within a maximum period of seven years after the commencement of repayment.
The persons eligible for Canara Bank Loan are those who have a regular income source sufficient enough to clear the loan along with interest within the loan tenure. For some loans, the Canara bank needs security which is mandatory to be qualified for the loan. For student loans, the Canara bank checks the records of their parents and the student’s academic record. For CanPension loans the pensioner’s age must be less than 70 years.
Repayment The Canara bank offers easy repayment schemes to clear the Canara bank loan. The student loan has a repayment holiday period which is up to one year after the course completion. For home loans the Canara bank offers EMI.