A Canara Bank Personal Loan can help you manage personal expenses such as medical emergencies, weddings, higher education, travel, and other financial needs. The bank offers different loan schemes for salaried employees, pensioners, teachers, and existing customers.
Canara Bank personal loan schemes come with interest rates starting from 9.70% p.a., repayment tenure of up to 84 months, and loan amounts of up to ₹50 Lakh under selected schemes. Options such as Canara Budget and Canara Ready Cash are available for different borrower needs.
Canara Bank Personal Loan Details
Canara Bank offers different personal loan schemes based on the borrower’s employment type, income, and banking relationship.
| Loan Feature | Details |
| Primary Loan Schemes | Canara Budget (Prime & Delight), Canara Ready Cash, Canara Pension, Canara Heal |
| Maximum Loan Quantum | Up to ₹50 Lakh (Canara Budget Prime); ₹50,000 to ₹10 Lakh (Canara Ready Cash) |
| Interest Rate Range | 9.70% to 14.70% p.a. |
| Repayment Tenure | Up to 84 months (Canara Budget); 12 to 60 months (Canara Ready Cash) |
| Processing Fee | 0.50% of loan amount (Min ₹500–₹1,000; Max ₹2,500–₹5,000) |
| Collateral / Security | Nil for Ready Cash; Co-obligation of spouse/legal heir for Canara Budget |
| Prepayment Penalty | Nil (No penalty for early loan closure) |
Canara Bank Personal Loan Interest Rates & Charges
Before applying for a loan, check the interest rate, processing fee, and other charges. These costs affect the total amount you will repay.
Here are the main Canara Bank Personal Loan rates and charges:
| Fee / Rate Type | Applicable Charges & Rates |
| Repo Linked Lending Rate (RLLR) | 8.00% p.a. |
| Canara Budget Interest Rate | 9.70% to 14.70% p.a. (Mean Rate: 11.86%) |
| Canara Ready Cash Processing Fee | 0.50% of the loan amount (Min ₹500, Max ₹2,500 plus applicable taxes) |
| Canara Budget Processing Fee | 0.50% of the loan amount (Min ₹1,000, Max ₹5,000) |
| Special Discounts / Concessions | 50% waiver on processing fees during Retail Loan Festivals |
| Prepayment Charges | Nil |
| Margin Requirement | Nil |
Note: The current rates may vary marginally and are inclusive of other charges.
Canara Bank Personal Loan Schemes & Features
Canara Bank offers different personal loan schemes for different types of borrowers. The loan amount, interest rate, repayment period, and eligibility conditions can vary depending on the scheme.
Canara Budget Loan
- Loan amount ranges from Rs. 1 lakh to Rs. 30 lakh.
- Interest rate can range from 10.65% to 15.65% p.a., depending on the borrower’s credit score.
- Minimum monthly income required is Rs. 15,000.
- The borrower’s property is used as a mortgage to secure the loan.
Canara Pension Loan
- Loan amount ranges from Rs. 50,000 to Rs. 10 lakh.
- Interest rate is 11.75%, fixed for the full loan tenure.
- Repayment tenure ranges from 60 to 84 months.
- The pension acts as collateral for the loan.
Canara Bank Teachers’ Loan
- Loan amount ranges from Rs. 1 lakh to Rs. 3 lakhs.
- Interest rate ranges from 10.65% to 15.65% p.a., depending on the loan amount.
- Repayment tenure ranges from 60 to 84 months.
- The borrower’s salary acts as collateral through a lien.
Canara Bank Personal Loan EMI Calculator
You can use the online Canara Bank Personal Loan EMI Calculator to estimate your monthly EMI before applying.
Follow these steps:
- Visit the official Canara Bank website and open the online Loan EMI Calculator.
- Enter the amount you want to borrow in the Loan Amount field.
- Enter the annual interest rate applicable to your personal loan scheme.
- Select your preferred repayment tenure in months, such as up to 60 or 84 months.
- Check the calculated Monthly EMI, Total Interest Payable, and Total Amount Payable.
Canara Bank Personal Loan Vs Other Banks
The table below compares Canara Bank Personal Loan interest rates and processing fees with other lenders:
| Lender | Interest Rates (p.a) | Processing Fees |
| Canara Bank | 9.70% onwards | Up to 0.5% |
| SBI | 10% onwards | Up to 1.5% |
| HDFC | 9.99% onwards | Up to ₹6,500 |
| ICICI | 9.99% onwards | Up to 2.5% |
| Axis | 9.99% onwards | Up to 2% |
| IndusInd | 10.49% onwards | Up to 3.5% |
| Yes Bank | 10.85% onwards | Up to 2.5% |
| Shriram City | 11% onwards | Up to 5% |
Canara Bank Personal Loan Eligibility
Canara Bank Personal Loan eligibility depends on factors such as your age, income, employment status, credit history, and residential status.
You can also use the Canara Bank Personal Loan eligibility calculator to check your chances of approval and estimate the loan amount you may qualify for.
| 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 criteria differ depending on the loan scheme and applicant profile.
You can check your eligibility online or visit a nearby Canara Bank branch.
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.
Features of Canara Bank Personal Loan
Canara Bank personal loans offer borrower-friendly terms, fast digital processing, and competitive financing options to meet various domestic financial needs.
- High Loan Quantum: Borrow up to ₹50 Lakh under Canara Budget Prime (or ₹40 Lakh under Canara Budget Delight) and between ₹50,000 and ₹10 Lakh under digital Canara Ready Cash.
- Flexible Repayment Options: Enjoy extended repayment terms up to 84 months for term loans or flexible 12 to 60-month tenures for instant digital loans.
- Reducing Balance Interest Rates: Benefit from competitive interest rates computed on a daily reducing balance method, keeping your total interest payout low.
- No Prepayment Penalty: Foreclose your loan or make partial prepayments at any time without paying any penalty charges.
- 24/7 Digital & Paperless Disbursement: Avail instant loan processing with Straight-Through-Processing (STP) through the Canara ai1 Mobile App or Internet Banking with no physical branch visits required.
- Minimal to No Collateral: Access collateral-free financing under schemes like Canara Ready Cash or simple co-obligation of spouse/legal heir under standard term loan schemes.
- Fixed EMI Choice: Opt for a fixed EMI amount throughout the entire tenure of your term loan for predictable monthly budgeting.
Canara Bank Personal Loan Documents Required
You need to submit certain documents while applying for a Canara Bank Personal Loan.
| Document Type | Documents Required |
| 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-applicant documents if applicable |
How 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 and install the Buddy Loan app on Android or iOS.
- Step 2: Open the Personal Loan Application Page. Enter your mobile number and verify it using the OTP received.
- Step 3: Enter the loan amount you need and your personal email address. Then choose the Personal Loan option.
- Step 4: Select your employment type — Salaried, Self-Employed, or Student — and choose your salary mode as 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, date of birth, and gender.
- Step 7: Enter your communication address and income details, and click the Submit button.
Canara Bank Personal Loan Customer Care
Canara Bank provides different customer support options for loan-related questions, application assistance, and complaints.
| Support Channel | Contact Details & Services |
| Toll-Free Customer Care Number | 1800 1030 |
| Official Web Portal | www.canarabank.bank.in |
| Digital Banking Mobile App | Canara ai1 Mobile Application |
| Online Grievance Redressal | Canara Bank CGRS / GRSCRM Complaint Portal |
| Branch / ATM Locator | Locate the nearest branch or Retail Asset Hub through the online locator |
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