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.
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 |
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.
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% |
| Citibank | 9.99% to 16.49% | 0.25% to 3.00% |
| Axis | 10.25% onwards | 1.5% to 2% |
| IndusInd | 11.00% | 2.5% onwards |
| Yes Bank | 10.99% onwards | 2.50% (one-time fee) |
| Shriram City | 11.49% to 23% | 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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