Canara Bank Personal Loan


Avail the best Canara Bank personal loan with low-interest rates starting at 10.65% p.a. Apply online for Canara Bank personal loans up to Rs 10 lakh with flexible repayment options up to 7 years. Check your eligibility instantly and unlock financial possibilities with Canara Bank personal loan interest rates.

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Canara Bank Personal Loan Details

Secure approval for a Canara Bank personal loan with just a few clicks, all from the comfort of your home. Here are the detailed highlights of Canara Bank personal loan interest rates & other charges.

Interest rate Starting at 12.5% p.a.- 18% p.a.
Loan Amount Up to ₹5 lakhs.
Tenure Up to 5 years
Minimum Salary ₹15,000/ month
Processing Fee Up to 3.50% of the loan amount + GST

Table of Contents: Canara Bank Personal Loan

Canara Bank Personal Loan Interest Rates & Charges

Canara Bank offers competitive interest rates, starting from 10.65% p.a. The interest rate may vary depending on your loan amount and tenure. A processing fee of up to 1% of the loan amount may apply, and there may be foreclosure charges for early loan closure ranging between 2% and 5%.

Below are the interest rates applicable to different Canara Bank personal loan schemes:

Canara Bank Personal Loan Scheme Interest Rates (p.a.) Processing Fees
Canara Budget 10.65% p.a. to 15.65% p.a. 0.5% of the loan amount
Canara Teacher’s Loan 12.05% to 14.10% p.a. 0.5% to 1% of the loan amount
Canara Pension Loan 11.75% p.a. NIL
Canara Bank Instant Personal Loan 10.65%- 16.25% p.a. 0.5% of the loan amount
Note: The current rates may vary marginally and are inclusive of other charges.

Canara Bank Personal Loan Schemes & Features

Canara Bank offers a variety of personal loan options designed to cater to your specific financial requirements. Experience a hassle-free application process and convenient repayment options. Apply now and experience the convenience of Canara Bank personal loan.

Canara Budget Loan

  • The loan amount ranges from Rs. 1 lakh to Rs. 30 lakh.
  • Depending on the borrower's credit score, the interest rate can be between 10.65% and 15.65% p.a.
  • The borrower must have a minimum income of Rs. 15,000 per month.
  • The borrower's property is used as a mortgage to secure the loan.

Canara Pension Loan

  • The loan amount ranges from Rs. 50,000 to Rs. 10 lakh.
  • The interest rate is 11.75%, fixed for the entire loan tenure.
  • The loan tenure is 60 to 84 months.
  • The pension serves as collateral for the loan.

Canara Bank Teachers’ Loan

  • The loan amount ranges from Rs. 1 lakh to Rs. 3 lakhs.
  • Depending on the loan amount, the interest rate can be between 10.65% and 15.65% p.a.
  • The loan tenure is 60 to 84 months.
  • The borrower's salary acts as collateral for the loan through a lien.

Canara Bank Personal Loan EMI Calculation

Canara Bank Personal Loan EMI Calculator is a user-friendly tool that calculates your Equated Monthly Installment (EMI). To determine the monthly installments enter the loan amount, interest rate, and tenure.

Stay informed about your financial commitments and manage your budget with the Canara Bank Personal Loan EMI Calculator. The EMI calculation for your personal loan offers a transparent financial outlook to take charge of your finances and also to make confident decisions. Calculate the monthly EMI for your Canara Bank Personal loan using the calculator provided below.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Comparison of Personal Loan from Canara Bank Vs Other Banks

Below is a table that illustrates the contrast between the interest rates of Canara Bank Personal Loan and loans offered by other banks:

Lender Interest Rates (p.a) Processing Fees
Canara Bank 10.65% Onwards 1% of the loan amount
SBI 10.30%-15.10% Up to 1.50%
HDFC 11.00% onwards Up to 2.50%
ICICI 10.75% onwards Up to 2.50%

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Canara Bank Personal Loan Eligibility

Canara Bank personal loan eligibility is calculated according to specific criteria set by the bank. These criteria include age, income, employment status, credit history, and residential status. Individuals can utilize the Canara bank personal loan eligibility calculator to assess their eligibility. This convenient tool helps determine the chances of loan approval and estimates the eligible loan amount.

Factors General Eligibility Criteria
Age Between 21 and 60 years old
Monthly Income Minimum ₹15,000
Work Experience Should be employed for minimum 2 years

Scheme-Wise Canara Bank Personal Loan Eligibility

The Canara Bank personal loan eligibility may vary depending on the scheme and the applicant's circumstances. You can check your eligibility by applying online or visiting a nearby branch. Presented below are the scheme-wise Canara Bank personal loan eligibility criteria:

Canara Budget Loan Eligibility Criteria

  • Age: Between 21 to 60 years.
  • Income: Minimum of Rs. 15,000/ month
  • Employment: Should be a confirmed employee of the Central or State Government.

Canara Pension Loan Eligibility Criteria

  • Age: 60-70 years
  • Income: Minimum of Rs. 10,000 per month
  • Employment: Should be a pensioner of Canara Bank.

Canara Bank Teachers’ Loan Eligibility Criteria

  • Age: 21-60 years
  • Income: Minimum of Rs. 15,000 per month
  • Employment: Permanent teacher in a government or government-aided school.

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Features of Canara Bank Personal Loan

Below are a list of distinctive characteristics and advantages offered by Canara Bank personal loan.

Easy Documentation

Documentation is effortless and is minimal

No Prepayment Penalty

Repay the loan early without additional charges

Quick Disbursal

Loan amount is disbursed quickly.

Competative Interest Rates

Starts from 10.65% p.a

Easy Repayment Options

Now Available in variety of repayment options to choose from.

Collatral-free

There is no necessitiy of pledging any collatral against the loan

Canara Bank Personal Loan Documents Required

Below is a table outlining the necessary documentation for applying for Canara Bank Personal Loan:

Identity Proof: PAN Card, Aadhaar card, Voter ID, Driving License, Passport.

Income Proof: Latest salary slip, Form 16, Income Tax Returns (for self-employed individuals)

Address Proof: Aadhaar Card, Passport, Voter ID Card, Electricity bill, Telephone bill, Credit card statement.

Other Documents: Pronote covering letter, salary mandate from employer, co-applicants documents (if applicable).

4 Easy Steps to Apply for Canara Bank Personal Loan with Buddy Loan

Steps To Apply For a Personal Loan with Buddy Loan

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

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Frequently Asked Questions On Canara Bank Personal Loan

Canara Bank Personal Loan is available to individuals between 21 and 60 years with a minimum monthly income of Rs. 15,000. Applicants must have a minimum credit score of 650 and at least two years of employment for salaried individuals and three years for self-employed individuals.

You can apply for a Canara Bank Personal Loan online by visiting the bank's website or by visiting the buddy loan website and creating an account. Once your application is approved, you will receive the loan amount in your bank account in 24 hours.

The documents required for a Canara Bank personal loan are proof of identity, proof of address, proof of income, and a photograph. In addition, you may also be required to provide collateral or a co-applicant.

The maximum personal loan amount from Canara Bank depends on your income, credit history, and other factors. The bank offers personal loans up to Rs. 30 lakhs for salaried individuals and Rs. 20 lakhs for self-employed individuals.

The interest rate offered by Canara Bank for Personal Loans starts from 10.65% p.a. However, the interest rate is subject to change and will depend on several factors.

The time it takes for Canara Bank to approve a personal loan can vary depending on several factors. Still, you can generally expect to hear back within 2-3 weeks of submitting your application.

Canara Bank offers personal loans with repayment tenures of up to 10 years. The repayment tenure will depend on a number of factors, such as the applicant's income, the loan amount, and the interest rate.

Yes, you can prepay or foreclose your Canara Bank Personal Loan. There are no prepayment charges if the loan is taken at floating interest rates. However, there may be prepayment charges if the loan is taken at fixed interest rates. The charges depend on the terms of the loan agreement.

Canara Bank Personal Loan is an unsecured loan, meaning you do not need to provide any collateral or security. However, the bank may require a co-applicant willing to share the responsibility of repaying the loan in case of a default.

Canara Bank provides a toll-free number for customers to call with questions about personal loans. The number is 1800 425 0018. Customers can also call their nearest Canara Bank branch for assistance.

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