Disadvantages Of Personal Loans

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Canara Bank is a public sector bank that enjoys a strong reputation and a loyal customer base. The bank offers a wide range of financial solutions for both retail customers as well as business users. Among its many products are savings products, current accounts, fixed deposits, SME loans, home loans, car loans, education loans and personal loans, among others.

The bank offers personal loans for a variety of end-customers. These loans can be availed at low-interest rates and can be paid back through EMIs over a period of time. The personal loans from the bank, just like other providers, can be used for multiple purposes such as education, medical expenses, weddings, travel, etc. Canara Bank has classified its personal loans and broadly categorised them as Canara Budget, Canara Pension (senior citizen’s loan), Teachers Loan, Canara Cash and Canara Consumer Loan. The applicant can go for the loan best suited for their needs based on their eligibility criteria.

Canara Bank Loan: Types of Personal Loans

• Canara Budget Loan: This loan is primarily aimed at corporate and government sector employees. The loans are meant for their urgent needs. It must be noted that the salary account of the employee should be with the bank.

• Teacher’s Loan: This is meant for teachers working in schools and colleges. Non-teaching staff working in these institutions can also apply for this loan.

• Canara Pension (Senior Citizen Loan): This loan can be availed by senior citizens for meeting

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