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Personal Loan Balance transfer to Canara Bank

Refinance Canara Bank Personal Loan

Last Updated 09th Jun 2021

Interest Rate 13.00%
Processing Fee 0.50%
Lowest EMI per lakh ₹ 2,275
Loan Tenure 4 years
  • Canara Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Canara Bank.
  • Avail top up from Canara Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Canara Bank personal loan balance transfer at 13.00%.
  • Canara Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Canara Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Canara Bank Personal Loan Balance Transfer

Canara Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Canara Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on Canara Bank balance transfer ranges from 13.00% to 14.00%, while the repayment tenure ranges between 12 Months to 48 Months.

Canara Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Canara Bank must be taken keeping in mind the interest rate of the current Bank and Canara Bank.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the Canara Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Canara Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to Canara Bank

The benefits of transferring the Personal loan to Canara Bank are as follow:

  • Canara Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • Canara Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the Canara Bank and avail better facilities.
  • Canara Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

Canara Bank Eligibility Criteria and Documents required

Eligibility criterion of the Canara Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Canara Bank Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for Canara Bank Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Canara Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare Canara Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Canara Bank?

Steps for the personal loan balance transfer to Canara Bank are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the Canara Bank personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the Canara Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the Canara Bank in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Canara Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Canara Bank personal loan balance?

You can check your personal loan balance of Canara Bank by below mentioned ways:

  • By visiting the Canara Bank branch.
  • By calling the customer care of the Canara Bank.
  • By logging on into the Canara Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Canara Bank loan application?

You can get update about Canara Bank loan application via the ways mentioned below:

  • Net banking : You are required to login into Canara Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Canara Bank : You can also visit the Canara Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Canara Bank Personal Loan News - Jun 2021
  • 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.
  • 2020-09-21 : Canara Bank launched i-Lead 2.0 to boost customer services
    Canara Bank has launched the lead management system (LMS) – i-Lead 2.0 (Inspiring Leads System version 2.0). The system has been launched to provide its services to customers irrespective of where they reside. Through this, customers can enquire by using internet banking, mobile banking, call centre, SMS and missed call. This initiative is being introduced with an aim of building and sustaining business relationships with both new customers to bank and existing customers to the bank.
*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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