Canara Bank Personal Loan Interest Rate


Canara Bank personal loans have interest rates starting from 11.15% per annum, with loan amounts typically ranging from ₹1 lakh to ₹10 lakh. The repayment tenure can extend up to 84 months (7 years), offering flexibility for various financial needs.

Whether you're salaried or self-employed, knowing the Canara Bank personal loan interest rate can help you choose a loan that fits your budget and repayment capacity. Read on to learn more about the Canara Bank Personal Loan Interest Rate in 2025, including current rates, applicable fees, eligibility conditions, and how factors like your credit score or changes in the RBI’s repo rate may affect your loan terms.


Canara Bank personal loan interest rates start from 11.15% per annum. The final rate offered to a borrower depends on factors such as their credit score, monthly income, and the specific type of loan applied for.

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Table of Contents:

Canara Bank Personal Loans Interest Rates

The Canara Bank personal loan interest rate for 2025 varies depending on the loan scheme, applicant profile, and credit score. Canara Bank offers personal loans under specific categories, each with its own rate structure.

Here are the current interest rates for popular Canara personal loan options:

Type of Canara Bank Personal Loan Interest Rate (Per Annum)
Canara Budget 11.25% onwards
Teachers Loan 10.90% onwards
Type of Canara Bank Personal Loan Interest Rate (Per Annum)
Canara Pension Loan
10.20% onwards
Note: These rates may vary based on your credit score, risk grade, loan tenure, and employer category (for salaried applicants). The bank uses an MCLR-based pricing system, which means rates are linked to internal benchmark lending rates.

Before applying, reviewing all loan options and verifying the Canara Bank personal loan interest rates that match your profile is a good idea.

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Canara Bank Personal Loan Fees & Charges

Before applying for a personal loan from Canara Bank, it’s important to understand the applicable processing fees and charges based on the type of loan. Here’s a quick breakdown of the key charges:

Factor Fees & Charges
Canara Budget Loan Processing Charges 50% of the applicable processing charges
Canara Pension Loans Processing Charges 100% Waived
Canara Bank's Teachers Loan 1% of the loan amount.
Canara Ready Cash 0.50% of the loan amount with a minimum of Rs 500/- and a maximum of Rs 2500/-

Canara Bank Personal Loan Details

Canara Bank offers personal loans with competitive interest rates, flexible repayment options, and minimal hassle.

Below are the key features, loan limits, and associated costs to help you make an informed decision:

Feature Details
Interest Rate Starts from 10.20% p.a. onwards (varies by loan type and profile)
Loan Amount Up to ₹10 lakhs (higher limits may apply for pensioners or specific schemes)
Tenure Flexible repayment up to 72 months
EMI Based on the loan amount and tenure, maintain the minimum net take-home criteria
Application Process Online and offline options are available through Canara Bank branches or the website
Note: GST is applicable on all service fees. Charges may be revised periodically as per the bank's policy. Being aware of these Canara Bank personal loan charges helps borrowers plan the total cost of the loan more accurately.

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Canara Bank Personal Loan EMI Calculator

For quick comparisons or flexible options, you can use the personal loan EMI calculator. It can be quite a useful tool if you're exploring different lenders.

The Canara Bank personal loan EMI calculator helps you estimate your monthly repayment amount based on the loan amount, applicable interest rate, and chosen tenure. It gives a quick view of what your monthly EMI is and what the total interest might look like, making it easier to plan your finances.

To use the loan calculator, simply enter:

  • The desired loan amount
  • The Canara Bank personal loan interest rate (e.g., 11.55%)
  • Your preferred repayment tenure (in months)

You can also estimate your monthly EMI using the following formula:

EMI = [P × R × (1 + R)N] / [(1 + R)N − 1]

Where:

  • P = Principal loan amount
  • R = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
  • N = Loan tenure in months

Example: A ₹3 lakh loan at 11.5% for 24 months would result in an estimated EMI of under ₹14,500/month

EMI for Canara Bank Personal Loan

To help you plan your repayment better, here’s an estimate of the EMI for a Canara Bank personal loan at a standard interest rate of 12% per annum, across different loan amounts and tenures.

Canara Bank Personal Loan EMI Calculation
Personal Loan 1 Year 2 Year 3 Year 4 Year 5 Year
₹1 Lakh ₹8,885 ₹4,730 ₹3,321 ₹2,633 ₹2,224
₹2 Lakh ₹17,770 ₹9,460 ₹6,643 ₹5,267 ₹4,449
₹3 Lakh ₹26,655 ₹14,190 ₹9,964 ₹7,900 ₹6,673
₹4 Lakh ₹35,540 ₹18,920 ₹13,286 ₹10,534 ₹8,898

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Note: These values are indicative and may vary based on exact terms and borrower risk category.

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Comparison of Personal Loan Interest Rates

Before applying, it’s a good idea to look at a comparison of personal loan interest rates across banks and NBFCS. This helps you evaluate whether Canara Bank’s personal loan options are better for you.

Canara Bank's personal loan vs other banks makes more financial sense based on your profile and loan needs.

Bank/NBFC Interest Rate (p.a.) Processing Fee
Canara Bank 10.70% – 16.15% (Competitive) Low or Nil for select profiles
State Bank of India 11.15% – 14.30% Up to 1.50% of the loan amount
Punjab National Bank 11.15% – 14.50% Up to 1.00% of the loan amount
Bank of Baroda 11.05% – 18.15% 2% of the loan amount
Union Bank of India 11.40% – 15.40% Up to 1.00% of the loan amount

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Note: Canara Bank is often more affordable for salaried government employees or pensioners.

Suggested Read: NBFC Personal Loan

Factors Affecting Canara Bank Personal Loan Interest Rate

Get the best out of the first; let your creditworthiness enhance your chances of getting personal loans with better interest rates.

Here are the key factors affecting Canara Bank's personal loan interest rate:

  • CIBIL score and credit history: Higher scores generally lead to lower interest rates
  • Loan tenure: Shorter terms may qualify for better rates
  • Borrower category: Rates differ for salaried, self-employed, and pensioners
  • Employer profile: Government and PSU employees may receive preferential rates
  • Relationship with the bank: Existing salary account holders often get better offers

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Impact of Credit Score on Personal Loan Interest Rates

Let us look at the impact of credit score on a personal loan:

  • A credit score is a three-digit number (between 300 and 900 in India) that shows how reliable you are in repaying loans.
  • The higher your credit score, the lower the risk for the bank, and the better the interest rate you’re likely to get.
  • Most banks, including Canara Bank, require a minimum score of around 700 for personal loan approval.
  • A score of 750 or above is ideal and may get you:
    • Lower interest rates
    • Pre-approved loan offers
    • Faster loan approval

⁣Impact of Repo Rate Cut on Loan Interest Rate

The repo rate is the interest rate at which the Reserve Bank of India (RBI) lends money to commercial banks. When the repo rate changes, it influences the banks' borrowing funds.

Most banks, including Canara Bank, use the MCLR (Marginal Cost of Funds Based Lending Rate) as a base to determine lending rates. MCLR is affected by various inputs like repo rates, bank operating costs, and deposit rates.

Now, let us look at the impact of the repo rate cut on the loan interest rate:

  1. The repo rate is the rate at which the RBI lends money to banks.
  2. When the RBI cuts the repo rate, it becomes cheaper for banks to borrow money.
  3. As a result, banks may reduce interest rates on loans to attract more borrowers.
  4. This directly benefits floating-rate loans (like home loans), as their interest rates are linked to repo or MCLR.
  5. For personal loans, which usually have fixed interest rates, the impact is indirect:
    • New applicants may get better interest rates
    • Pre-approved offers may become more attractive
    • Eligibility bands may be adjusted to offer better terms to good borrowers

The Repo Linked Lending Rate (RLLR) is 9.25%, effective from 12th November 2023.

This rate applies to:

  • New accounts opened on or after 12.11.2023
  • Existing accounts completing 3 years under the RLLR regime from their loan sanction date

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Frequently Asked Questions

As of 2025, Canara Bank personal loan interest rates start from 11.15% per annum, depending on your credit profile, income level, and repayment capacity.

At 11.5% interest for a 5-year tenure, the EMI would be approximately ₹10,991 per month (indicative).

Canara Bank offers personal loans up to ₹10 lakh, though the actual approved amount depends on income, credit score, and repayment history.

A CIBIL score of 700 or above is generally preferred. Better scores may improve your chances of approval and help you get a lower interest rate.

Most Canara Bank personal loans are offered at fixed interest rates, meaning your EMI stays the same throughout the loan tenure.

Yes, you can apply even if you don’t have a Canara Bank account, but existing customers may receive better terms or faster processing.

Canara Bank may charge a processing fee, prepayment penalty, or late payment fees. It's important to check the final loan agreement for a detailed fee structure.

Although personal loans are mostly fixed-rate, repo rate cuts may influence rates for new loans, depending on market conditions and internal policies.

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