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Canara Bank Personal Loan

Online Canara Bank Personal Loans

Last Updated 12th Aug 2021

Canara Bank Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of Canara Bank Personal Loan are:

  • Canara Bank Personal Loan interest rate starts from 12.40%.
  • The processing fee charged on Canara Bank personal loan is 0.50%.
  • Canara Bank also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Canara Bank personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Canara Bank has special schemes for different income and occupation groups.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Canara Bank Personal Loan Details

  • Interest Rate on Canara Bank personal loan ranges from 12.40% to 13.90%.
  • Lowest EMI per lakh works out to be ₹ 2,653 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Canara Bank are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 60 years.
  • Loan amount can range from ₹ 1 Lakh to ₹ 3 Lakh
  • Canara Bank Personal Loan can be availed for a period of 12 months and can go up to 48 months.
  • Processing Fees charged by Canara Bank on personal loan is 0.50%%
  • Canara Bank allows personal loan foreclosure and part prepayment after 1 months with charges of Nil prepayment charges.
  • Schemes of Canara Bank as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on Canara Bank Personal Loan?

There are various factors that impact your chances to get the best offers on Canara Bank Personal Loan, as listed follows:

  • Loan Amount - Canara Bank offers loans between ₹ 1 Lakh and ₹ 3 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Canara Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 15,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Canara Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Canara Bank personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Canara Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 12.40%
  • Credit Score - Canara Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Canara Bank Personal Loan Documents

You require the following documents to avail personal loan from Canara Bank

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of Canara Bank Personal Loan Schemes

Canara Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

  • Canara Bank offers Canara Budget for salaried individuals as a personal loan product. The loan is offered to salaried individuals involved in PSUs, joint-stock companies, Central and State Government employees, lecturers, professors, asst. professors, employees form IT or BT companies.

How to Apply for Canara Bank Personal Loan?

The step-by-step procedure to get a personal loan online from Canara Bank is mentioned below:

  • Visit the official website of Canara Bank Or contact your nearest Canara Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Canara Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Canara Bank, and on successful approval of the loan, the funds will be disbursed to your Canara Bank account immediately.

You can also apply for Canara Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Canara Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Canara Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Canara Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Canara Bank
Maximum Annual Percentage Rate (APR) 12.53% to 14.03%
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: ₹ 1,00,000
  • Time period: 12 Months to 48 Months
  • Canara Bank Personal Loan Interest Rate: 12.40% to 13.90%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,653 for 48 Months ₹ 1,00,000 loan at 12.40% (lowest rate, longest time period) to ₹ 8,974 for 12 Months ₹ 1,00,000 loan at 13.90% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 12.53% to 14.03%
  • Total cost payable over loan tenure: ₹ 1,07,343 for 12 Months loan to ₹ 1,27,847 for 48 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Canara Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from Canara Bank ?

Below-mentioned is the reason why you must avail a personal loan from Canara Bank.

  • Nil prepayment charges
  • Quick and easy approval
  • Multiple repayment options

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

Personal loan interest rates in Canara Bank are 12.40% to 13.90%. Canara Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from Canara Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,653 which corresponds to lowest interest rate of 12.40% and longest tenure of 48 years.

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

Canara Bank personal loan has a minimum tenure of12 months to maximum 48 months.

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

Canara Bank offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 3 Lakh

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Canara Bank . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Canara Bank personal loan?

You can get a personal loan from Canara Bankby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Canara Bank’s application process.

How can I check my Canara Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Canara Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Canara Bank's website. In case you are unable to track your application online, you can get Canara Bank loan assistance at Canara Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Canara Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Canara Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Canara Bank?

No, Canara Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Canara Bank personal loan after 1 year?

You can close your personal loan from Canara Bank after 1 months by paying charges: Nil prepayment charges

Can I negotiate with Canara Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your Canara Bank personal loan EMI?

You can pay your Canara Bank personal loan EMI by using ECS facility or through Standing Instruction.Canara Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


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Canara Bank Personal Loan News - Jul 2021
  • 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.
  • 2021-06-09 : Healthcare credit facility announced by Canara Bank
    Under the ‘Canara Chikitsa healthcare credit facility’, Canara bank will offer loans from ₹10 lakh to ₹50 crores to all the units engaged in servicing the healthcare. Valid till March 31, 2022, the loan will be available at concessional rates with a tenure of upto 10 years
  • 2021-05-28 : Canara Bank launched three loan schemes amid the fight against COVID-19
    Canara Bank launched three loan schemes as part of the fight against the pandemic. The bank will offer healthcare credit, business and personal loan to individuals. The credit will be offered at concessional rates.
  • 2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
    Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
*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
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