Canara Personal Loan Interest Rate Calculator - Jan 2017

Canara Bank Personal Loan Interest Rates

Last Updated 17th Jan 2017
Interest Rate 13.65% - 13.65%
Lowest EMI Rs. 2,715 per lakh
Loan Tenure From 12 months to 48 months
Loan Amount Min Rs. 100,000 and Max Rs. 300,000
Processing Fee 0.50%
Age Min 21 years and Max 60 years
Prepayment Charges Allowed after 1 EMI's,
Foreclosure Charges Allowed after 1 EMI's, Nil prepayment charges
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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Canara Bank Personal Loan

Canara Bank gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from Canara Bank:
  • Nil prepayment charges
  • Quick and easy approval
  • Multiple repayment options
    • Canara Bank has been rated 0/5.0 by customers for its service quality on MyLoanCare
    • Canara Bank has over 6,108 branches in India where you can avail service
    • Canara Bank offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in Canara Bank depends upon
    • Loan amount: Personal loan rate in Canara Bank depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: Canara Bank has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. Canara Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • Canara Budget for Salaried

    Canara Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. Canara offers personal loan to salaried individuals who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
    • Income: Canara Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Canara Bank asks for net monthly income of minimum Rs. 15,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Canara Bank. In case you are salaried, you must be in a full time job for at least 36 months of which not less 12 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 0 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your Canara Bank eligibility. If you are working with a reputed company, probability of getting personal loan from Canara Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: Canara Bank gives you personal loan depending upon your income. Canara Bank gives you an amount ranging from Rs. 100,000 to Rs. 300,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    Canara Personal Loan EMI

    Personal Loan EMI of Canara Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by Canara Bank is Rs. 2,715 per lakh loan amount at lowest personal loan interest rate of 13.65%. Personal Loan EMI of Canara Bank depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for Canara Personal Loan

    Personal loan Canara Bank documents for Salaried employees

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 0 months payslip, 1 years Form 16, 0 months bank statement showing salary credit and any EMI debit

    Fee and Charges on Personal Loan Canara

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Canara Bank allows prepayment of personal loan after paying 1 EMI’s with Nil prepayment charges
    Processing Fee- Canara Bank asks for a processing fee of 0.50% of loan amount with applicable service tax

    Canara Personal Loan Top up, Transfer

    • Canara Bank offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Canara Bank
    • You can avail additional top-up personal loan from Canara Bank, subject to your eligibility
    Illustration on Personal Loan Canara Bank
    Maximum Annual Percentage Rate (APR) 14.15% to 14.15%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: Rs. 100,000
    • Time period: 12 months to 48 months
    • Canara Bank Personal Loan Interest Rate: 13.65% to 13.65%
    • Processing Fee payable to Canara Bank: Upto Rs. 2,000. Current offer for processing fee is 0.50%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 2,715 for a 48 months Rs. 100,000 loan at 13.65% (lowest rate, longest time period) to Rs. 8,962 for a 12 months Rs. 100,000 loan at 13.65% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 14.15% to 14.15%
    • Total cost payable over loan tenure: Rs. 9,547 for 12 months loan to Rs. 32,326 for 48 months loan
    Canara Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Canara Bank.

    Compare Personal Loan Interest Rates of Canara with other banks

    Frequently Asked Questions on Canara Personal Loan

    How much interest is charged by Canara Bank on personal loan?

    Canara Bank offers an interest of 13.65% to 13.65% on personal loan.

    What is the lowest EMI per lakh on Canara Bank personal loan?

    If you apply for a personal loan from Canara Bank, your lowest EMI per lakh will be Rs. 2,715.

    What is the minimum and maximum tenure of Canara Bank personal loan?

    You can repay your personal loan from Canara Bank in a flexible period of minimum 12 months to maximum 48 months.

    How much personal loan amount I can borrow from Canara Bank?

    Canara Bank offers you personal loan if you need a minimum amount of Rs. 100,000 to a maximum amount of Rs. 300,000.

    How much processing fee is charged by Canara Bank on personal loan?

    Canara Bank charge a processing fee of 0.50% with applicable service tax.

    Is age an eligibility factor to get personal loan from Canara Bank?

    Yes, age is an important eligibility factor to get Canara Bank personal loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

    Are there any prepayment charges on Canara Bank personal loan?

    You can take personal loan from Canara Bank with Nil prepayment charges.

    Can I add my spouse’s income while applying for personal loan from Canara Bank?

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Canara Personal Loan News - Jan 2017
08th Dec 16 Canara Bank cuts MCLR by 15 basis points
Canara Bank has reduced its overnight and three months marginal cost of lending rate to 8.90 and 9.05 percent from 9.05 and 9.20 percent earlier. The bank has also reduced its six months and one year lending rates by 15 basis points to 9.10 and 9.15 percent from 9.25 and 9.30 percent respectively. Revised rates are effective from 7th December, 2016.
26th Jul 16 Canara Bank Q1 profit tanks 52% to Rs 229 cr
As per the results of Q1FY17, Canara Bank reported a decline of 52.2 percent in its Net Profit to Rs 229 Crore. Net Interest Income of the bank declined by 8.3 percent to Rs 2,307.4 Crore in the quarter ended June 2016 from Rs 2,516.5 Crore in year-ago period due to weak loan growth. Advances declined by 0.9 percent to Rs 3.21 lakh Crore while deposits declined by 1.4 percent to Rs 4.65 lakh Crore when compared on yoy basis . Other income (non-interest income) increased by 42.4 percent to Rs 1,584.65 crore while operating profit fell 9.2 percent to Rs 1,819 Crore when compared on yearly basis. Provisions for bad loans increased sharply by 76.4 percent sequentially to Rs 1,492.92 crore but increased 9.8 percent on yearly basis. Asset quality showed sign of weaking as Gross NPA increased 31 basis points sequentially to 9.71 percent and Net NPA increased by 27 basis points to 6.69 percent in June quarter.
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