Teachers Loan | Personal Loan for teachers | Teachers Loan Interest Rate

Purpose
To meet any personal/domestic needs of the proposed borrower and not for speculative purpose.
Quantum
- 6 months gross salary subject to a maximum of Rs 2 lacs by branch in charge of small, medium & large branches as well as Credit Managers/Senior Managers in VLBs/ELBs.
- 10 months gross salary subject to a maximum of Rs 3 lakhs by CM/VLB, AGM/ELB, DM/AGM-RO-CAC, DM-CO-CAC/AGM-CO-CAC and above authorities.
Processing charges
Minimal processing charges of 1% of the loan amount with a minimum of Rs 50/-.
Repayment Tenure
In convenient Equated Monthly Instalments upto 48 months.
Security:
Suitable co-obligation acceptable to bank.

All confirmed teaching / non-teaching staff working in a school / college - drawing salary through our branches, with an undertaking letter from salary disbursing authority at District/Block level not to shift the salary account without NOC from the branch.
Net take home after meeting the proposed EMI should be minimum 30% of the gross salary Or Rs. 10,000/- whichever is higher.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicant or guarantor.
KYC documents of applicant/Co-applicant or guarantor.
Proof of Residence (Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
Latest 6 months’ salary slips/Salary Certificate (including Co-applicants) and Form No.16 & ITR if any.
Irrevocable Salary Mandate from Employer (wherever applicable).

Canara Home Loan Plus