Canara Bank Consolidation Loans

As one of the larger public sector banks in India and with a commanding presence in South India, Canara Bank offers a range of financial products to different segments of its customer base.
The bank offers different debt repayment loans or consolidation loans for its business and retail customers. You can choose from a range of loans that are specifically suited to your different needs.

Canara Bank Consolidation Loans

The bank understands that its customers can sometimes cross their spending limits because of various reasons ranging from financial emergencies to emotional spending sprees and end up with a substantial amount of debt. It may spread across credit cards, personal loans, travel loans, education loans and so on and range from a few extra thousand rupees to lakhs.

Canara Bank offers consolidation loans to help people deal with these debts effectively. These loans help Canara Bank customers and pay off all their debts by using a single loan, known as a consolidation loan. This loan can be an unsecured loan like a personal loan or a secured loan like a loan against property, gold or securities. Consolidation loans help you pare down your debt and live a stress-free life.

Like most Indian banks, Canara Bank does not brand a specific loan scheme as a consolidation loan. However, there are quite a few loans that can be used to consolidate your debt. For instance, they include:

1. Canara Cash (Shares) Loan
2. Canara Budget Loan
3. Canara Pension (Canara Bank Ex-employees) Loan
4. Canara Pension – General Public Loan
5. Canara Bank Teachers Loan
6. Canara Swarna Loan (Gold Loan)
7. Canara Mortgage Loan
8. Canara Jeevan Loan
9. Canara Home Loan Plus

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.

Please note that in some cases information is less or simply not available. In such instances, we have not been able to create a page on that loan as yet, but we may do so in the future if information becomes available.

Canara Bank Cash (Shares)

This loan helps borrowers get access to funds by pledging their securities such as shares, debentures, bonds, etc. to the bank. While the main purpose of this loan is to help the borrower to meet any contingencies and personal needs such as a wedding, overseas travel and so on, it can easily be repurposed to consolidate the borrower’s high-interest debts thereby acting as a consolidation loan.

Features of Canara Cash (Shares) – Loan Against Shares, Debentures, Bonds and Units

Why this Loan?

• The Canara Cash (Shares) is meant for borrowers who want to avail financial assistance by pledging shares, debentures, bonds, units, etc. for financial exigencies
• Being a secured loan, borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, hence consolidating their debts
• Existing Canara Bank customers as well as new customers are eligible for this loan

Canara Bank – Canara Budget

This loan helps borrowers get financial assistance to meet their urgent financial needs. Most people use personal loans to meet urgent expenses such as wedding expenses, travel expenses, medical expenses and so on, however, it can also be used to consolidate debts. Borrowers can avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts.

Features of Canara Bank Personal Loan

Why this Loan?

• The Canara Budget (Personal Loan) is meant for borrowers who need financial assistance to meet urgent personal needs
• This loan is specifically designed for salaried employees of public sector units and reputed private sector companies who are maintaining salary account with the bank
• This is an unsecured loan

Canara Bank Pension Loan for Canara Bank Ex-Employees

This loan helps Canara Bank pensioners and family pensioners get access to funds to meet their personal needs. While this secured loan can be used to meet expenses for overseas travel, medical exigencies and so on, it can also be used to consolidate high-interest debts. This loan cannot be availed for speculative purposes.

Features of Canara Pension (Canara Ex-Employees) Loan Scheme

Why this Loan?

• The Canara Bank (Canara Ex-Employees) Loan Scheme is designed to help retired employees of Canara Bank and family pensioners of retired employees of Canara Bank who want to avail financial assistance for personal needs. Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
• The maximum loan amount sanctioned by the bank under this loan depends on the monthly pension drawn by the borrower

Canara Bank Pension Loan for General Public

This loan helps pensioners and family pensioners other than Canara Bank ex-employees (and their family pensioners) to get access to funds to meet their personal needs. While this secured loan can be used to meet expenses for overseas travel, medical exigencies and so on, it can also be used to consolidate high-interest debts by pensioners. This loan cannot be availed for speculative purposes.

Features of Canara Pension (General Public) Loan Scheme

Why this Loan?

• The Canara Pension (General Public) Loan Scheme is designed to help regular and family pensioners drawing pension from Canara Bank who want to avail financial assistance for personal needs. Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
• Canara Bank ex-employees and family pensioners are not eligible for this loan since Canara Bank has a separate loan scheme for them
• The maximum loan amount sanctioned by the bank under this loan depends on the monthly pension drawn by the borrower as well as the age of the borrower

Canara Bank Teachers Loan Scheme

This loan helps teachers and non-teaching staff working in schools and colleges get funds for personal needs including wedding expenses, medical expenses, education expenses, travel expenses, purchase of consumer durables, etc. They can also avail this scheme to pay off their high-interest credit card debts and loans to consolidate their debts. This loan cannot be availed for speculative reasons.

Features of Canara Teachers Loan

Why this Loan?

• The Canara Teachers Loan is meant for teachers and non-teaching staff working in schools and colleges who need financial assistance to meet their personal needs
• This loan can also be availed as a consolidation loan to pay off credit card debt and other high-interest loans by the borrower
• This is a collateral-free loan

Canara Bank Mortgage Loan Scheme

This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs other than business or speculative purposes. While a mortgage loan can be used to meet financial expenses such as a wedding, foreign travel, higher education and so on, it can also be used to consolidate your debts. The bank offers this loan to salaried applicants with a minimum continuous service of three years and self-employed professionals who have experience or practice of at least three years.

Features of Canara Mortgage Loan

Why this Loan?

• The Canara Bank Mortgage Loan is meant for borrowers who need assistance to meet financial needs other than for business or speculative purposes
• Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
• It can be availed by NRIs where resident close relatives are co-borrowers can also avail this loan

Canara Bank Jeevan (Reverse Mortgage Loan for Senior Citizens)

This loan helps senior citizens get access to funds by mortgaging their self-occupied residential property and convert it into liquid cash flows to meet their living expenses. This loan can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts.

Features of Canara Jeevan

Why this Loan?

• The Canara Bank Reverse Mortgage Loan is meant for senior citizens who need assistance to generate liquid cash flow to meet their living expenses
• Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts

Canara Bank Home Loan Plus

This loan helps housing loan borrowers pay off their existing home loan from another bank or other purposes. The residual period for the housing loan must be less than 5 years to be eligible for a takeover under this scheme.

Features of Canara Home Loan Plus

Why this Loan?

• The Canara Bank Home Loan Plus is meant for housing loan borrowers who want to transfer their home loan to Canara Bank
• This is a secured loan

Important Note: Canara Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for Canara Bank Consolidation Loans

• The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR)/Repo Linked Lending Rate (RLLR) and Credit Risk Premium

Documents Needed for Individuals (Salaried and Self-employed)

• Loan Application Form duly filled and signed by the applicant and co-applicant, if any
• Two Passport Size Photographs of applicant and co-applicant
• Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
• Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
• Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
• Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
• Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.