1. Who can apply for Canara Ready Cash?

Canara Ready Cash is available to existing customers (Canara SB Premium Payroll Customers) of our Bank who meet the bank's eligibility criteria, including the minimum salary credit requirements and the prescribed credit score.

2. What is the Canara Ready Cash personal loan?

Canara Ready Cash is a fully digital personal loan that enables eligible customers to meet their genuine personal financial needs through instant processing and quick disbursement via digital banking channels.

3. What can I use this personal loan for?

The loan can be used to meet genuine personal financial requirements such as medical expenses, education, travel, or household expenses, excluding speculative purposes.

4. How much personal loan can I get under Canara Ready Cash?

Eligible customers can avail a personal loan ranging from ₹50,000 to ₹10 lakh, subject to their income, credit profile, and repayment capacity.

5. Do I need to provide collateral for this personal loan?

No. Canara Ready Cash is an unsecured personal loan and does not require any collateral or security.

6. What is the repayment tenure for Canara Ready Cash?

The loan under this Canara Ready Cash scheme should be repaid within a maximum period of 60 months.

7. What are the processing charges for the loan?

The Processing charges are 0.50% of the loan amount, subject to a minimum of ₹500 and a maximum of ₹2,500, plus applicable taxes.

8. Is it necessary to visit the bank branch to apply?

No, Canara Ready Cash offers a completely end-to end digital journey. The entire loan application is processed through Straight-through-Processing (STP) on the Digital Lending Platform, enabling eligible customers to apply and avail the loan without visiting a branch.

9. How quickly is the personal loan disbursed?

Upon approval, the loan amount is instantly credited to the borrower's salary account through Straight Through Processing (STP).

10. Through which platforms can I apply for Canara Ready Cash?

Customers can apply through the Canara ai1 Mobile App, Internet Banking/ Bank's Corporate website.

11. What credit score is required to apply?

Applicants should have a minimum credit score of 700 to be eligible under the scheme.

12. What is the minimum salary requirement?

Applicants should have a minimum monthly salary credit of ₹50,000 in their salary account.

13. What is the age eligibility for Canara Ready Cash?

Applicants should be 21 years or above, with a maximum entry age of 55 years.

14. How is the loan amount credited?

Upon approval, the loan amount is directly credited to the borrower's salary account through digital channels.

15. Why choose Canara Ready Cash for a personal loan?

Canara Ready Cash offers 24×7 digital access, instant approval, collateral-free financing, flexible repayment options, and minimal processing charges, making it a convenient financing solution for eligible salaried customers.