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CANARA BANK PERSONAL LOAN

ABOUT CANARA BANK PERSONAL LOAN :

Canara bank is one of the largest and oldest public sector banks owned by the government of india. It’s headquarters in Bengaluru and established in 1906. Canara bank offers various loan schemes like Canara Budget, Canara Pension, Canara teachers loan etc.It is used for purposes such as :

  • Wedding expenses

  • Medical expenses

  • Vacation expenses

  • Education expenses

  • Home renovation expenses

BENEFITS OF CANARA BANK PERSONAL LOAN :

1. Flexible tenure  :

The flexible tenure of Canara bank personal loan is 1 years to 5 years 

2. Less documentation :

Canara bank provides less and minimal documentation for the customers. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and fast.

3. Best interest rate :

The interest rate of Canara bank personal loans starts from 12.05% onwards. It offered the best  and attractive interest rate for the existing customers of Canara bank.

4.  Easy to apply online :

Canara bank personal loan is very easy to apply online. You don't need to go to the bank for this process. You applied online from the comfort of your home or office Once your application form is submitted online your loan is approved immediately.

5. Quick payment of loan amount :

The payment of loan amount done by Canara bank is very fast. The minimum loan amount of Canara bank personal loan is Rs.1 lakh and maximum loan amount is Rs 3 lakh

 

DIFFERENT SCHEMES OF CANARA BANK PERSONAL LOAN :

Canara Bank offers various loans schemes like :

1. Canara Budget : This loan is offered to meet the personal financial needs of a customer. Features are :

  • Maximum loan upto Rs. 3 lakh

  • Loan repayment tenure upto 5 years

  • Interest rates start from 12.40% to 14.45% p.a. 

2. Canara Pension : This loan is offers for retired persons 

  • Loan amount available is upto Rs. 5 lakh

  • Loan repayment tenure of 

    • Tenure upto 6 years for applicant ( Age less than 65) 

    • Tenure upto 5 years (age over 65 years)

  • Interest rates start at 11.35%.

3. Canara Teachers Loan : This loan scheme is offered for the teachers so that they can fulfill personal needs. Features are:

  • Loan amount of up to Rs. 3 lakh

  • Repayment tenure of up to 4 years 

  • Interest rates start from 12.05% to 14.10% p.a. 

 

FEES AND CHARGES OF CANARA BANK PERSONAL LOAN :

TYPE 

    CHARGES

Processing Fees

 

Canara Budget : 0.5% of the loan amount (Minimum of Rs.1000/- and Maximum of Rs.5000/-

Canara teachers loan : 1% of loan amount  (Minimum Rs. 50)

Pre payment Charges

   No charges apply 

 

ELIGIBILITY CRITERIA OF CANARA BANK PERSONAL LOAN :

ELIGIBLE 

 Salaried

AGE

 21 years to 70 years at the time of loan maturity

INCOME

 Min. 15,000 INR

 

DOCUMENTS REQUIRED FOR CANARA BANK PERSONAL LOAN :

TYPE

 

DOCUMENTS

ID proof

  Aadhar card, Voter id, pan card, driving license, passport, etc

Address prooof

  Aadhar card,rental agreement, registry, and utility bills 

Income proof

  Last 3-month salary slip, last 3 months bank statement, 2 years Form 16

 

 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%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

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

 

HOW TO APPLY ONLINE FOR CANARA BANK PERSONAL LOAN :

  • Browse to Canara bank official portal

  • 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

 

HOW TO CALCULATE EMI FOR CANARA BANK PERSONAL LOAN :

EMI Is calculated using the following formula:


EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
 

Where;

P is the principal amount

R is the interest rate on a monthly basis, 

N is the number of installments.
(This formula does not take into account the prepayments that you make towards the loan).

 

FREQUENTLY ASKED QUESTIONS :

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

The minimum and maximum tenure period of Canara bank personal loan is 1 to 5 years.

2. How much loan amount should be offered by Canara bank personal loan?

The maximum loan amount is upto Rs. 3 lakh should be offered by Canara bank personal loan.

3. What age is required for Canara bank personal loan?

The age should be at least 21 years to the time of loan approval and 70 years

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

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

5. What is the interest rate charged by Canara bank personal loan?

The interest rate charged by Canara bank personal loan starts upto 12.05% onwards.

6. What charges apply in Canara bank personal loan?

There is nil charges are apply in Canara bank personal loan

Last Updated on : 07/Aug/2020

Know More About

Canera Bank Personal Loan

You're eligible for a Canera 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

Canera Bank Personal Loan Interest Rates

Updated on 25 Nov 2017

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

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

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1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959