Canara Personal Loan Interest Rate

Canara Bank Personal Loan Interest Rates Mar 2017

Last Updated 01st Mar 2017
Salaried
Interest Rate 13.65% - 13.65% Check Special Offer
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 @11.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Canara Personal Loan
Canara Personal Loan Interest Rates
MyLoanCare Canara Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However Canara offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. Canara interest rate varies with your net monthly income.
Employer Category - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Canara has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - Canara Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low interest rates from the bank.
Loan Tenure - Canara Personal loans are of shorter tenure ranges from 12 years to 48 years and carry high rate of interest compared to longer term loans.
Repayment Capacity - Before giving loan to the borrower, Canara Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Canara Personal Loan Eligibility
Eligibility of personal loan in Canara 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 month must be with your current company. 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
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
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 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. -97,904 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 charges 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 Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

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 - Mar 2017
01st Mar 17 United Bank of India plans to enter into credit card business
United Bank of India is planning to enter in credit card business to grow its high margin unsecured loan portfolio. As per the leading bank official, planning is in its initial stages. The bank has witnessed a significant fall in its total advances at Rs. 67,866 crore in third quarter of FY17 as compared to Rs. 70,243 crore for the corresponding period a year ago.
28th Feb 17 IDBI Bank to restrict corporate loans and expand its retail loan business
IDBI Bank has decided to limit its fresh loan disbursements to corporate sector due to rising quantum of bad loans. Simultaneously, the bank has decided to expand its business in retail loan segment. The decision has been taken to arrest the burgeoning non-performing assets.The bank has witnessed a significant rise in its non-performing assets by Rs. 5,111 crore at Rs. 35,254 crore during the third quarter of FY17.
25th Feb 17 Oxyloans targets to disburse Rs. 100 crore in 100 days from 1st march, 2017
Oxyloans, a Hyderabad based peer to peer lending firm, targets to disburse loans worth Rs. 100 crore in 100 days from 1st March, 2017. As per leading official, Oxyloans has received 270 loan applications forms worth Rs. 250 crore from various business sectors. The P2P lending platform offers loans across multiple segments including personal loans, business loans and SME loans.
22nd Feb 17 Government launches BharatQR code to encourage cashless payments
With a view of encouraging customers to go cashless, Government of India in association with National Payment Corporation of India has launched another digital payment channel BharatQR code. Customers can make payments without swiping their credit and debit card by scanning the QR code that will be generated by merchant. With QR code, government intends to replace card swiping terminals. To support the initiative, NPCI has partnered with 14 banks including RBI and ICICI Bank.
21st Feb 17 Bandhan Bank to retain its focus on retail loans
Bandhan Bank is planning to retain its focus on the retail loan segment. Currently, 91 percent of its lending portfolio is in micro loans. Leading official of the bank has hinted that the bank is planning to target the financially excluded customer segments in rural areas. With a focus on rural sector, the bank expects to grow its loan portfolio to Rs. 22,000 crore by March 2017.
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