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:
| 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 |
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 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 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 |
|
| 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 |
COMPARE OTHERS BANK PERSONAL LOAN INTEREST RATE
| BANKS | INTEREST RATES |
| 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 |
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.
| CRITERIA | DETAILS |
| Minimum Age | 21 Years |
| Maximum Age | 70 Years |
| Minimum Income | Rs. 15,000 per month |
| Nationality | Indian |
| Employment type | Salaried |
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 |
|
| Address Proof |
|
| Income Proof | For Salaried
|
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
(This formula does not take into account the prepayments that you make towards the loan).
1800-425-0018
FAQs On Canara Bank Personal Loan
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.
No, currently only salaried individuals can apply for a Canara Budget loan.
The minimum and maximum tenure period of Canara bank personal loan is up to 84 months.
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/2021Know More About
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
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