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Canara Bank personal loan with flexible repayment tenures and terms, low processing costs, and fast approval are among the best choices to fulfil your personal needs. So, whether planning a vacation, paying for your child’s college admission or organising a wedding, you can count on a personal loan from Canara Bank. Their easy application procedure and fast approval times make it easier to get funds for emergencies.
With a core vision to emerge as a global bank and be a responsive corporate social citizen, Canara Bank was founded in 1906. Headquartered in Mangalore, it has created a web of networks with over 9,734 branches spread across the country.
Canara Bank offers a diverse range of loan products customised for every individual. The cost-effective and zero-collateral personal loans provide financial assistance to salaried individuals at economic interest rates with extended repayment tenure and rapid disbursals.
Listed below are the features of Canara Bank Personal Loan.
Collateral is the borrower’s pledge of his property to avail of a loan. Canara Bank offers zero-collateral personal loans at competitive interest rates to its customers.
Interest rates have a significant impact on the EMIs payable. The bank will decide the interest rate after thoroughly evaluating your documents and financial background. Canara Bank offers affordable loans at nominal interest rates, ranging from 11.65% p.a.
Personal loans offer financial assistance for any unprecedented expenses. Canara Bank provides a maximum loan amount of up to INR 10 lakhs so that the borrower’s financial needs are under check.
The loan tenure is the time provided to the borrower to repay his outstanding loan. Canara Bank offers a tenure of up to 7 years that helps you repay your loan in your comfort.
Processing fees are non-refundable fees charged by the banks to process your loan application. Canara Bank charges a minimal fee of 0.5% to 1% on the outstanding loan amount to process your loan.
To avail of a personal loan at Canara Bank, you must meet specific eligibility criteria set by the bank.
| Canara Budget | Processing Fees
|
| Canara Teachers Loan | Processing Fees
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| Canara Pension | Processing charges are waived for pensioners |
Below mentioned are the documents required for the various Canara Bank Personal Loan products.
| Application form |
|
| Bank statements |
|
| Co-applicant | The details of the co-applicant (if applicable) |
| Other documents | Pronote/Pronote covering letter |
| Application form |
|
| Bank statements |
|
| Co-applicant | The details of the co-applicant (if applicable) |
| Other documents | Pronote/Pronote covering letter |
| Application form |
|
| Bank statements |
|
| Co-applicant | The details of the co-applicant (unless waived) |
| Other documents | Delivery letter to DNP |
Canara Bank offers custom-built personal loans to its customers. These loans are specially personalised to meet the financial prerequisites of every individual. The interest rates charged on personal loans vary from individual to individual according to their financial standing and creditworthiness.
| Credit Risk Grading | Rate of Interest |
| CRG: 1 | 11.65% p.a. |
| CRG: 2 | 11.70% p.a. |
| CRG: 3 | 12.20% p.a. |
| CRG: 4 | 13.70% p.a. |
| With Salary Tie-up | 11.70% p.a. |
| Without Salary Tie-up | 12.70% p.a. |
| Credit Risk Grading | Rate of Interest |
| CRG: 1 | 11.30% p.a. |
| CRG: 2 | 11.35% p.a. |
| CRG: 3 | 11.85% p.a. |
| CRG: 4 | 13.35% p.a. |
| Category | Rate of Interest |
| General Public | 10.60% p.a. |
| Retired Employees | 9.40% p.a. |
The financial institutions don’t offer the same interest rate to every borrower. The interest rates are determined by the borrower’s credit score and financial background. Check out the factors affecting your personal loan interest rate.
The credit score of an applicant reflects his credit history and repayment capacity. It is a three-digit numeric character ranging from 300 to 900. A score above 750 can fetch you lower interest rates and vice versa.
The applicant’s income plays a significant role in determining the interest rates. An individual with a stable income at a reputed organisation can avail of affordable personal loans at low-interest rates compared to an individual with an unstable job.
The loan tenure determines the EMIs and the interest payable on the loan. If the applicant opts for a longer-term, it gives the bank clarity of revenue for a longer tenure, thus enabling lower interest rates.
Canara Bank broadly categorised personal loans into Canara Budget, Canara Teacher’s Loan, and Canara Pension. Each one of these is customised for a particular section of individuals.
Canara Budget is a personal loan that assists borrowers in meeting urgent financial needs. The unsecured loan is customised for salaried individuals working in private limited companies and public sector undertakings with a salary account in Canara Bank.
Canara Bank offers overdraft facilities to top executives in central and state government, reputed private organisations and public sector undertakings. A maximum of INR 3 lakhs subject to renewal once in two years is offered.
| Maximum loan amount | Six months salary or INR 3 lakhs (whichever is less) |
| Loan tenure | 5 years |
| Overdraft | Renewal in 2 years |
The Canara Teachers Loan provides financial aid to the teachers and non-teaching staff working in schools and colleges. It is an unsecured loan that can be availed to meet any unforeseen personal expenses and credit card bills.
| Maximum loan amount |
|
| Tenure | 4 years |
Canara Bank offers tailor-made loans to pensioners to meet their medical and other personal expenses after retirement. An individual must have a bank account in Canara Bank to avail of this loan.
| Age on the date of loan sanction | Maximum Loan | Repayment Tenure | Age on the date of maturity |
| Below 75 years | Pension of 18 months or INR 10 lakhs | 5 years | 75 years |
| 70 – 75 years | Pension of 18 months or INR 5 lakhs | 3 years | 78 years |
| Age on the date of loan sanction | Maximum Loan | Repayment Tenure | Age on the date of maturity |
| Below 50 years | Pension of 24 months or INR 10 lakhs | 7 years | 57 years |
| 50 – 60 years | Pension of 24 months or INR 8 lakhs | 5 years | 65 years |
| 60 – 70 years | Pension of 24 months or INR 6 lakhs | 4 years | 74 years |
| 70 – 75 years | Pension of 24 months or INR 5 lakhs | 2 years | 77 years |
| Age on the date of loan sanction | Maximum loan | Repayment tenure | Age on the date of maturity |
| Below 75 years | Pension of 18 months or INR 5 lakhs | 5 years | 75 years |
| 70 – 75 years | Pension of 18 months or INR 3 lakhs | 3 years | 78 years |
| Canara Bank | 11.65% p.a. onwards |
| HDFC Bank | 10.75% to 21.50% p.a. |
| IndusInd Bank | 11.00% to 16.75% p.a. |
| Tata Capital | 11.25% to 14.49% p.a. |
| Fullerton | 11.99% to 25.00% p.a. |
| Kotak Mahindra Bank | 10.50% to 16.99% p.a. |
| Citibank | 10.50% to 17.99% p.a. |
| Yes Bank | 20.00% to 22.00% p.a. |
The Canara Bank Personal Loan EMI Calculator is an AI-based user-friendly online tool that computes an estimated monthly EMI and total interest payable over the loan tenure. A pie chart will display the estimated figures on entering the loan amount, rate of interest and term.
Alternatively, you can compute the EMI on your loan using the mathematical formula given below:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Where,
Yes, a personal loan acts like a safety net for all your financial needs. It is an unsecured loan that assists you in fueling any unforeseen financial requirements. Canara Bank offers customised personal loans to salaried individuals at nominal interest rates, ranging from 11.65% p.a.
To avail of a personal loan with Canara Bank, you are required to maintain a minimum of INR 10,000 or 25% of your salary in your bank account after repaying the outstanding monthly EMIs.
Canara Bank offers high-value loans, ranging from INR 3 lakhs to INR 10 lakhs. The loan amount primarily depends on the type of personal loan you are availing of.
Canara Bank offers high-value loans at nominal interest rates with a minimal processing fee of 1.00% of the sanctioned loan amount. The unsecured loan amount provides an overdraft facility to top executives.