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Canara Bank offers various loan schemes such as Canara Budget, Canara Pension, Canara Personal Improvement, Teachers Loan to fulfill the financial needs of the individuals.
The Personal Loan of Canara Bank can be utilised for various purposes such as:

Canara Bank Personal Loan Highlights 

Particulars Details
Interest Rate 9.40% per annum onwards
Loan Amount Up to 10 Lakhs
Loan Tenure Up To 84 Months
Processing Fee Up to 1% of Loan Amount
Types of Loans Canara Budget, Canara Pension, Canara Personal Improvement, Teachers Loan

Canara Bank Personal Loan Features & Benefits

1. Flexible Tenure : The repayment tenure of Canara Bank Personal Loan is flexible ranging from 1 Year to 7 Years.

2. Less Documentation : Canara Bank Personal Loan requires very less documentation from the customers, thus making the application process easy and a quick one.

3. Multiple Options : Canara Bank provides personal loans not only for one purpose, but many purposes according to the need of customers. These schemes are Canara Budget, Canara Pension, Canara Personal Improvement and Teachers Loan.

4. Online Application : Canara bank personal loan is very easy to apply online, as you don't need to go to the bank for this process. You can apply online from your Personal or office.
Once your application form is submitted online your loan is approved immediately.

Canara Bank Personal Loan Interest Rates 

Canara Bank Personal Loan Scheme Interest Rates
Canara Home Improvement 9.40% Onwards
Canara Budget 11.25% Onwards
Canara Pension 10.20% Onwards
Canara Teachers Loan 10.90% Onwards

Canara Bank Ltd. Personal Loan Schemes

Canara Personal Loan Types 

1. Canara Home Improvement Loan : Home Improvement Loan is offered by Canara Bank to fulfill basic needs of a House such as for the purpose of renovation, purchase of gadgets like fans, refrigerators, household furniture etc.

Eligibility Profiles Individuals who own an existing flat or house
Loan Amount Maximum Up to Rs. 2 Lakhs
Interest Rate 9.40% per annum
Loan Tenure Up to 60 Months

2. Canara Budget Loan : Canara Budget Loan is offered by Canara Bank to fulfill the financial needs of an individual, other than for speculative purpose

Eligibility Profiles Salaried individuals and professionals
Loan Amount Up to Rs. 3 Lakhs
Interest Rate 11.25% - 13.3.% per annum
Loan Tenure Up to 60 Months

3. Canara Pension Loan : Canara Bank Pension Loan is offered to senior citizens to fulfill a variety of financial needs such as medical expenses, debt consolidation, and many more.

Eligibility Profiles
  • General public 
  • Retired ex-Canara Bank employees
Loan Amount Up to Rs. 10 Lakhs
Interest Rate 10.20% per annum onwards
Loan Tenure Up to 84 Months

4. Canara Teachers Loan : Canara Teachers Loan is offered to teaching and non-teaching staff of school or college in order to help them fulfill their needs such as wedding expenses, medical expenses, education expenses, travel expenses, and much more.

Eligibility Profiles Teachers
Loan Amount Up to 3 Lakhs
Interest Rate 10.90% - 12.95% per annum
Loan Tenure Up to 48 Months

Fees and Charges

The following are the key fees and charges other than interest charges applicable to a personal loan from Canara Bank:

Types of Personal Loan Processing Fees
Canara Budget 0.5% of the loan amount subject to a minimum of Rs. 1000 and maximum of Rs. 5000
Canara Pension Rs. 0
Canara Teachers Loan 1% of the loan amount with a minimum of Rs. 50
Canara Home Improvement Loan 0.5% of the loan amount with a minimum of Rs. 1500


AXIS Bank Personal Loan 12% to 24%
SBI Personal Loan 11.30% to 16.40%
HDFC Bank Personal loan 10.75% to 21.50%
Kotak Mahindra Bank Personal Loan 10.50% to 16.99%
Yes Bank Personal Loan 20.00% to 22.00%
Citi Bank Personal Loan 10.50% to 17.99%
ICICI Bank Personal Loan 10.99% to 16.25%
Standard Chartered Bank Personal Loan 11.00% to 19.20%
IDBI Bank Personal Loan 12.00% to 14.00%
RBL Bank Personal Loan 14.00% to 23.00%
HSBC Bank Personal Loan 10.75% to 17.84%
IndusInd Bank Personal Loan 11.00% to 16.75%
Bank of Baroda Personal Loan 7.65% to 12.65%
Bank of India Personal Loan 12.15% to 14.15%
Canara Bank Personal Loan 12.05% onwards

Canara Bank Personal Loan Eligibility Criteria

In order to avail of the benefits of Canara Bank Personal Loan, an individual has to meet the list of eligibility criteria put up by the bank.

Minimum Age 21 Years 
Maximum Age 70 Years
Minimum Income Rs. 15,000 per month
Nationality Indian
Employment type Salaried

Canara Bank Personal Loan Documents Required

In order to avail of the benefits of Canara Bank Personal Loan, an individual has to meet the list of documents required put up by the bank.

ID Proof
  • Aadhar Card
  • PAN Card
  • Driving License
  • Voter’s ID Card
  • Employment ID
Address Proof
  • Aadhar Card
  • PAN Card
  • Driving License
  • Voter’s ID Card
  • Employment ID
  • Rental Agreement
Income Proof For Salaried
  • 3 months salary slips
  • Last 2 years ITR or FORM 16
  • Bank Statement for last 2 years

Canara Bank & Personal Loan EMI Calculator

A Personal loan calculator helps you to know the amount of EMIs that you need to pay towards your Personal Loan. 

As a Personal loan can go from 20 - 30 years, so you have to be aware of your monthly installments in advance. For that, you can use the EMI Calculator provided by BankSathi to calculate your monthly EMIs on your Personal Loan.

The formula for the same is:
[P x R x (1+R)^N]/[(1+R)^N-1], where

  • P stands for the ‘Principal Amount’.
  • R stands for the rate of interest set by the bank.
  • N is the number of years for which the loan has been taken.

(This formula does not take into account the prepayments that you make towards the loan).

How to Apply for Canara Bank Personal Loan Online?

  • Browse to Canara bank official website
  • Now go to “Personal Banking” section
  • Now click on “Loan products”
  • Choose loan according to your needs and demand
  • Complete the registration form and attached all required documents
  • After that submit your application form 

Canara Bank Personal Loan Customer Care


FAQs On Canara Bank Personal Loan

Q.1 What will happen if I miss an EMI?

If you miss a loan EMI of Canara Bank, you may have to pay a late payment fee, penal interest on the due principal amount.

Q.2 Can I apply for the Canara Budget if I am a self- employed professional?

No, currently only salaried individuals can apply for a Canara Budget loan.

Q.3 What is the minimum and maximum tenure of Canara bank personal loan?

The minimum and maximum tenure period of Canara bank personal loan is up to 84 months.

Q.4 Can only individuals who have availed housing finance from Canara Bank apply for the Home Improvement Loan?

No, having a home loan from Canara Bank is not mandatory to apply for the bank’s home improvement loan.

Last Updated on : 25/Mar/2021

Know More About

Canara Bank Personal Loan

You're eligible for a Canara Bank Personal Loan if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Canara Bank Personal Loan Interest Rates

Updated on 25 Nov 2017

Canara Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 12.05% - 0%
Processing Fees 0.50% - 1%
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount


Interest Rate


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Your Monthly Loan EMI