4,80,000 people visited this section in last 30 daysApply Online

Get Voucher of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Canara Bank Personal Loan Eligibility Calculator

Canara Bank Personal Loan Eligibility 2022

Last Updated 26th May 2022

Eligibility CriteriaSalaried
Employment Type Salaried employees working in government, private or MNCs companies
Applicant Age21 - 60 years
  • Canara Bank calculates the amount of personal loan you are eligible based on your net take-home salary and your existing loans or EMIs.
  • Factors such as age, salary, occupation and organisation also determine your Canara Bank personal loan eligibility.
  • Having a high credit score and better financial stability ensures you can get the maximum personal loan amount.
  • Use Canara Bank Personal Loan Eligibility Calculator to calculate the maximum loan that you are eligible for.
Personal Loan Eligibility Calculator
Canara Bank Personal Loan Eligibility

Canara Bank offers multiple personal loan schemes at affordable rates to customers who fulfil the eligibility criteria for Canara Bank personal loans. Canara Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Canara Bank if you are salaried or self-employed. The eligibility criteria, however, may vary for both salaried and self-employed. Detailed information about these factors is mentioned in the further sections.

Canara Bank Personal Loan Eligibility based on Age
  • Age: The minimum and the maximum age requirement for availing an Canara Bank personal loan is 21 years 60 years respectively.
Canara Bank Personal Loan Eligibility based on Salary
  • Net Income Your eligibility is also determined by your net monthly income. To avail Canara Bank personal loan you need to have a minimum net income of ₹ 15,000 per month.
  • FOIR FOIR (Fixed Obligation to Income Ratio) is an important parameter to determine your Canara Bank personal loan eligibility. Canara Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. The minimum FOIR required to get a personal loan from Canara Bank is 0.45.

Illustration- Mr A who is 25 years old has a net income of ₹ 15,000. He wants to take a personal loan of ₹ 1 Lakh for 48 months. Canara Bank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant the maximum amount he is eligible for is ₹ 2.53 Lakh.

Canara Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Canara Bank will check your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances for loan approval. Your loan application from Canara Bank requires a minimum credit score of 650 to be eligible for a personal loan.

Canara Bank Personal Loan Eligibility based on Occupation

There are other factors related to occupation responsible for the approval of the loan by Canara Bank, as listed below:

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Canara Bank. Your total and current work experience are assessed to evaluate your job stability and profession. Canara Bank looks for a minimum total experience of 36 months and also looks for applicants who have been employed in the current job for a minimum of 12 months.
  • Residence place and stability – Canara Bank has a pre-decided list of areas where the bank will lend the loan. Canara Bank also gauges your residential stability by checking on the number of years you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Canara Bank. The minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Canara Bank has a negative list of professions and types of industry, defined as a customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depend on the profession and industry you are employed in.
  • Salary Mode – Canara Bank considers salary transferred to the bank account as a secure and stable income with adequate income proofs. It is because the bank needs concrete evidence of your salary to support your loan amount.

How to Check Personal Loan Eligibility in Canara Bank?

To check Canara Bank personal loan eligibility you need to follow these steps:

  • Login to Canara Bank website
  • Go to Canara Bank personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

You can also check Canara Bank personal loan eligibility offline by sending a SMS to Canara Bank. Send PAPL to 567676 to check your eligibility

In addition to this, you can also contact the bank at their customer care number, 1800-425-0018.

Canara Bank Personal Loan Eligibility for Self Employed

If you are a self-employed professional, you need to fulfil the following Canara Bank personal loan eligibility criteria

  • Must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be a minimum of 21 years at the time of loan application.
  • You must have filed ITR for atleast months to get a personal loan from Canara Bank.
  • You must have a gross annual of more than .
  • Your credit score must be above 650 to get an Canara Bank personal loan.

Check Personal Loan Eligibility of Different Banks

FAQs

Am I eligible for Canara Bank personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Canara Bank personal loan if your CIBIL score is less than 300. A credit score of less than 300 then it is considered a bad score and to avail of a personal loan from Canara Bank, you must have a credit score above 650.

How much work experience is required for a personal loan from Canara Bank?

To get a personal loan from Canara Bank, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 12 months for an Canara Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount you can get as a personal loan from Canara Bank is up to ₹ 3 Lakh.However, the eligibility criteria for every borrower is different and is based on various factors like age, employment etc.

Will CIBIL Score affect my personal loan from Canara Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for a personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for an Canara Bank personal loan as it increases your repayment capacity. While availing loan from Canara Bank ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Do I need to have a guarantor to apply for a personal Loan from Canara Bank?

A personal loan is an unsecured loan, so Canara Bank assures that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, you do not need a guarantor to get a loan from Canara Bank.

Where can I get the company list which is eligible for Canara Bank personal loan?

Canara Bank does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Canara Bank or can use the personal loan eligibility calculator.

What is Pre-approved personal loans (PAPL) in Canara Bank?

I pre-approved personal loan is an instant personal loan that Canara Bank offers to the existing customers of Canara Bank with a good repayment history and CIBIL score.

How much personal loan can I get if my salary is 35000?

Canara Bank personal loan amount eligibility depends on FOIR and multiplier. The lower amongst these two factors are considered as the eligible loan amount. Canara Bank FOIR is 0.45, and the multiplier is 15 assuming you do not have any EMI going on. Thus, the maximum amount you can pay as EMI is ₹ 35,000* Multiplier = ₹ 15,750. If you take a personal loan for a maximum of 5 years, your loan amount will be ₹ 15,750*12*5 = ₹ 9,45,000. However, the multiplier is 15 the loan amount will be ₹ 35,000* 15 = ₹ 5,25,000. Therefore, the amount you will get on a ₹ 35,000 salary is ₹ 5,25,000.

MyLoanCare Assurance

Bank Neutral Advice
No Unsolicited Call
Free Service and
Quality Response
Digital Doorstep Services
Delivery in 1100+ Cities
Vouchers

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
Canara Bank Personal Loan News - May 2022
  • 2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
    The bank has increased the lowest personal loan rates from 12.40% to 12.80%.
  • 2022-01-27 : Canara Bank Reports 116 per cent Jump in Q3 FY22 Net Profit.
    Canara Bank has reported a 116 per cent year-on-year (YoY) jump in standalone net profit at ₹1,502 crores for the third quarter. The profit stood on the back of healthy growth in net interest income and a decline in total provisions.
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2021-06-09 : Canara Bank announces personal loan scheme
    Under the ‘Canara Suraksha personal loan scheme’, the bank is offering loans from ₹25,000 to ₹5 lakh to financially assist the customers for covid-related treatment. The moratorium is of six months and the scheme will be valid till September 30, 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...