Canara Bank Cash Loan (Shares)
Canara Cash is a state owned bank in India which is headquartered in Bangalore, Karnataka. The bank is one of the oldest in the country and has managed to establish branches in London, Hong Kong, Moscow, Doha, Dubai, New York and Shanghai over the years. The bank is well known for its wide range of unique and efficient financial products and services.
Canara Bank Cash (Shares) is a type of personal loan plan offered by Canara Bank. This unique personal loan plan offers personal loan amount against shares, debentures, bonds and units. This plan offers instant cash.
Purpose of Canara Bank Cash
This personal loan plan grants instant cash against shares, debentures, bonds and units. The main purpose of this loan plan is to allow the customers to earn on their investments while keep them intact. There is no need to liquidate the investments.
Eligibility criteria for Canara Bank Cash
Listed below is the eligibility criteria for Canara Cash (shares)
- Individuals- Existing customers with satisfactory dealings
- New customers- credit worthy individuals
- Available for salaried and non-salaried individuals
Features and benefits of Canara Bank Cash (Shares)
Listed below are the features and benefits of Canara Cash (Shares)
- Offers instant personal personal loan against shares, debentures, bonds or units owned by the customer
- There is no need to liquidate the investments
- Offers up to 50% of market value for shares and debentures
- Offers 70% of the market value for PSU bonds
- 50% of NAV or market value for Units of UTI and CBMF
- The plan is available for individual and existing customers
- The loan provides maximum loan amount up to Rs.20 lakh
- Securities can be replaced / substituted during the currency of the loan upto 10 times. Nominal charges for substitution of securities.
- The bank charges a rate of interest of 14.9% on the loan
- Uniform Margin- 50% shall be applicable on all advances against pledge of approved shares for subscribing to IPO/CDB/LCDB/issue of guarantees for capital market operations including loans/advances against pledge of shares to staff
- Hassle free application process
- Instant approval
- Minimum documentation
Documents required for Canara Bank Cash
Given below is a list of documents required to apply for Canara Bank Cash (Shares)
- Stipulated loan application along with two passport sized photographs
- Guarantee if applicable
- Statement of holdings issued by DP
- Latest salary certificate or income proof
- Financial statement of the last two years if the applicant is a non-salaried individual
