Introduction
Canara Bank offers personal loans with interest rates starting from 10.50% p.a., providing flexible loan tenures of up to 60 months and loan amounts of up to Rs. 10 lakh. These loans are designed to meet various personal financial needs, such as medical expenses, weddings, travel, or debt consolidation.
Canara Bank personal loans come with quick approval, minimal documentation, and no collateral requirement. Additionally, the bank offers flexible repayment options, ensuring that borrowers can manage their finances smoothly while addressing their immediate personal needs.
Canara Bank Personal Loan Highlights
| Interest Rate | 10.75% p.a. onwards |
| Loan Amount | Up to Rs 15 lakh |
| Tenure | Up to 5 years |
| Processing Fees | Up to 1% of loan amount |
| Minimum Monthly Income | For Corporate Borrowers: Rs 25,000For Non-corporate Salary Borrowers: Rs 30,000Employee of HDFC Bank: Rs 20,000 |
Types of Canara Bank Personal Loans
| Type of Loan | Purpose | LTV Ratio | Tenure | Special Features |
| Canara Consumer Loan | General personal expenses | 75% of the loan amount | Up to 5 years | Competitive interest rates |
| Canara Pension Loan | Financial support for pensioners | 60% of the loan amount | Up to 3 years | Flexible repayment options |
| Canara Budget Loan | Short-term financial needs | 80% of the loan amount | Up to 2 years | Quick disbursement |
Canara Bank Personal Loan Features & Benefits
- Zero Collateral: No need to mortgage property.
- Loan Amount Tenure: Maximum up to Rs. 15 lakhs can be availed for up to 5 years.
- Interest Rates: Attractive rate of interest starting at 10.75% p.a.
- Digital KYC: Easy documentation with video KYC using Aadhar Card.
- Flexible Repayment Options: Tailor the repayment schedule to fit your financial situation.
Canara Bank Personal Loan Interest Rate
| Customer Type | Effective Rate Of Interest |
| For Salaried | 10.75% – 13.5% per annum |
| For Self-employed | 11.0% – 14.0% per annum |
Canara Bank Personal Loan Processing Fees and Charges
| Fee Type | Details |
| Processing Charges | Up to 1% of loan amount |
| Stamping Charges | As per respective State’s Stamp Act |
| Overdue Interest | 2% per month |
| Credit Appraisal Charges | Up to Rs. 500 + GST |
| Credit Administration Charges | Up to Rs. 1,000 + GST |
| Collection Charges | 3% + GST of cheque/instrument dishonor charges + overdue interest |
| Dishonor Charges per instance | Rs. 500 + GST |
| Foreclosure Charges | 2% + GST |
| Part Pre-payment Charges | Rs. 200 + GST per instance |
| No due | NIL |
| Duplicate Issue of NOC | NIL |
| Copy of CIBIL | Rs. 50 + GST |
| Copy of Records | Rs. 100 + GST |
Eligibility Criteria for Canara Bank Personal Loan
| Requirements | Salaried | Self-Employed |
| Residency | Indian/NRI | Indian/NRI |
| Age | 21-60 years | 21-65 years |
| CIBIL Score | 700 and above | 700 and above |
| Minimum Net Income | Rs. 25,000 per month | Rs. 30,000 per month |
Documents Required for Canara Bank Personal Loan
- ID Proofs: Passport, Aadhar card, driving license, voter ID, PAN card
- Residential Proofs: Passport, utility bill, leave and license agreement
- Bank Statement: Past 3 months
- Salary Slip: Last 3 months
- Photographs: 2-3 passport size
Canara Bank Personal Loan EMI Calculator
Calculate your EMI using Canara Bank’s online EMI calculator. Simply enter the loan amount, tenure, and interest rate to get an estimate of your monthly payments. [Link to EMI Calculator]
Tips to Improve Loan Approval Chances
- Improve Credit Score: Maintain a CIBIL score of 700 and above.
- Reduce Existing Debt: Lower your existing debt before applying.
- Stable Income: Ensure consistent and stable income to meet eligibility criteria.
How to Apply for a Personal Loan at Canara Bank?
- Visit the Canara Bank website or nearest branch.
- Click on ‘Apply Now’.
- Provide your personal and income details.
- Select ‘Canara Bank’ from the list of lenders.
- Choose your preferred loan amount and repayment tenure.
- Submit the application.
- Following the verification of your application, a Canara Bank executive will contact you for further proceedings.
Types of Canara Bank Personal Loans
Reiterate the types of personal loans available with brief descriptions:
- Canara Consumer Loan: Cover general personal expenses with quick processing.
- Canara Pension Loan: Manage retirement expenses with flexible repayment options.
- Canara Budget Loan: Get immediate financial assistance with a quick disbursement process.
Why Apply for Personal Loans through Grow Associates?
- Offers from Top Lenders: 30+ partner Banks/NBFCs/Fintechs provide the best available loan at one place.
- Compare & Choose: Easily compare loan offers from top banks, NBFCs, and fintechs to choose the best option.
- Personalized Solutions & High Approval Chances: Personal loan offers are ranked according to your credit score and eligibility factors, maximizing your chances of approval.
- Pre-Approved Loans: Access pre-approved personal loan offers based on your credit health.
- End-to-end Assistance: From loan selection to fund disbursement, [Platform/Agency Name] assists you at every step.
Compare Canara Bank Personal Loan with Other Banks
| Feature | Canara Bank | HDFC Bank | Kotak Mahindra Bank | Yes Bank |
| Interest rate | 10.75% p.a. onwards | 10.50% p.a. onwards | 10.99% p.a. onwards | 20% p.a. onwards |
| Processing fee | Up to 1% + GST | Up to 2.5% + GST | Up to 3% + GST | 2% + GST |
| Foreclosure charges | 2% of the outstanding loan amount | 4% of the outstanding loan amount | 5% of the outstanding loan amount | 0% to 4% of the outstanding loan amount |
| Late payment fee | 2% of the overdue amount per month | 2% of the overdue amount per month | 3% of the overdue amount per month | 2% of the overdue amount per month |
Brief Summary
Canara Bank’s personal loan is an ideal solution for anyone in need of quick funds to meet financial needs. With competitive interest rates, flexible repayment options, and a hassle-free application process, Canara Bank ensures you have the financial support you need when you need it most.
FAQs
1. What is the minimum and maximum loan amount I can avail under Canara Bank Personal Loan?
The minimum loan amount you can avail of under Canara Bank Personal Loan is Rs. 1 lakh, and the maximum loan amount can go up to Rs. 15 lakhs, depending on your eligibility and income.
2. What is the interest rate for Canara Bank Personal Loans?
The interest rate for Canara Bank Personal Loans starts from 10.75% per annum and may vary based on your credit profile, loan amount, and tenure.
3. How long does it take for Canara Bank to disburse the personal loan?
Once your application is approved and all required documents are verified, Canara Bank typically disburses the personal loan within 2-3 working days.
4. Can I prepay or foreclose my Canara Bank Personal Loan?
Yes, you can prepay or foreclose your Canara Bank Personal Loan. However, a foreclosure charge of 2% of the outstanding loan amount plus GST is applicable.
5. What are the eligibility criteria for applying for a Canara Bank Personal Loan?
To be eligible for a Canara Bank Personal Loan, you need to be an Indian resident, aged between 21 and 60 years if salaried or 21 to 65 years if self-employed. You should have a minimum monthly net income of Rs. 25,000 for salaried individuals and Rs. 30,000 for self-employed individuals. Additionally, a CIBIL score of 700 and above is generally required.
