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 Interest Rate

Current Canara Bank Personal Loan Interest Rates, May 2022

Last Updated 26th May 2022

Interest Rate 12.80% - 14.30% Check Best Offers
Tenure Upto 48 months
Processing Fee 0.50%
Loan Amount ₹ 1 Lakh to ₹ 3 Lakh
Minimum Income ₹ 15,000
Eligible Age 21 to 60 years
Part Prepayment Charges Allowed after paying 1 EMIs with charges ranging from, of the outstanding loan amount.
Foreclosure Charges Allowed after 1 months with charges ranging from Nil prepayment charges of the outstanding loan amount.
  • You can avail the lowest rates on Canara Bank Personal loan if you are an existing customer of the bank or working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

Canara Bank Personal Loan Rate of Interest and Charges

  • Canara Bank offers Personal Loans to salaried individuals at a low rate in comparison to self-employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Canara Bank personal loan rates and charges.
Canara Bank Personal Loan Rates and Charges
Interest Rate 12.80% to 14.30%
Part Prepayment Charges Allowed after paying 1 with charges ranging from, of the outstanding loan amount.
Foreclosure Charges Allowed after paying 1 months with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Processing Fees 0.50%

Interest rates on Canara Bank Personal Loans Schemes

Canara Bank Personal Loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on Canara Bank Personal Loan remains unchanged at 12.80% as of 10 May, 2022. Canara Bank also runs special schemes with lower rates for defense, armed forces and government employees. Personal loan interest rate for government employees and defence personnel is different from private salaried employees.

Canara Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Canara Bank Personal Loan with top lenders based on the interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Canara Bank HDFC Bank SBI
Rate of Interest Starting from 12.80% Starting from 10.50% Starting from 9.60%
Loan Tenure 12 - 48 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee 0.50% Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 3 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 1 EMI's, Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 1 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Canara Bank Personal Loan Balance Transfer Interest Rates

Canara Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with Canara Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently, Canara Bank offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Canara Bank Personal Loan?

You can get the lowest Canara Bank personal loan rate by ensuring the below-mentioned things:

  • Ensure that you are aware of the Canara Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a personal loan interest rates Canara Bank.
  • Always check if you are eligible for a pre-approved offer from Canara Bank to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further, keep track of the loan rates trends, as Canara Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Canara Bank offers lower rates to employees working in top firms drawing high salaries.


What is the Interest Rate on Personal Loan in Canara Bank?

Today, the lowest interest rate on Canara Bank Personal Loan is 12.80% and ranges up to 14.30%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, Canara Bank personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in Canara Bank personal loan?

You can reduce the interest to be paid on Canara Bank personal loan by any of following ways: (i) Maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) Applying at peak time when Canara Bank provides discounted personal loan offers.

Is Canara Bank personal loan a floating rate loan or a fixed-rate loan?

Canara Bank is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Canara Bank's personal loan rate drop in 2022?

Presently, Canara Bank offers personal loans at an interest rate starting at 12.80%. There has been no change in personal loan rates of Canara Bank since 10 May, 2022.

How do I check my eligibility to get a personal loan at a low rate from Canara Bank?

The lowest rate on Canara Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at the official website of Canara Bank. Apart from that, you can also use MyLoanCare Personal Loan Eligibility Calculator to calculate online eligibility without any hassles.

Can I ask for a reduction in the Canara Bank personal loan interest rate?

You can ask for a reduction in your Canara Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Canara Bank?

No, there is no need for any collateral or security while availing of a personal loan from Canara Bank. Canara Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Canara Bank early?

If you want to prepay your entire personal loan from Canara Bank, then you can make a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Canara Bank personal loan scheme availed by you, before making any decision.

How does Canara Bank calculate the interest on a personal loan?

The interest for Canara Bank personal loan is calculated based on the following methods:

Flat rate method:   Under this method, Canara Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Canara Bank personal loan interest calculation.

Reducing rate method:  As per the Canara Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

MyLoanCare Assurance

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

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
Please wait while your information is being processed...