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Compare Personal Loan - Canara Bank vs Corporation

Bank
Parameters
Interest Rate
Interest Rate
13.00% - 14.00%
12.95% - 13.95%
Processing Fees
Processing Fees
0.50%
1.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 3 Lakh
₹ 1 Lakh to ₹ 2.50 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,683
₹ 3,367
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Borrower’s Age
Borrower’s Age
21 to 60 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 15,000
₹ 20,000
Current Work Experience
Current Work Experience
12 Months
0 Months
Total Work Experience
Total Work Experience
36 Months
0 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Canara Bank and Corporation Personal Loan

Loan Amount Canara Bank Corporation Bank
₹ 1 Lakh ₹ 10,014 ₹ 9,433
₹ 5 Lakh ₹ 50,072 ₹ 47,164
₹ 10 Lakh ₹ 1,00,144 ₹ 94,327
₹ 12 Lakh ₹ 1,20,172 ₹ 1,13,193

Which is a better bank for Personal Loan – Corporation Bank or Canara Bank?

Canara Bank offers lower Personal Loan EMI at 2683 on a Personal Loan for 48 Months as compared to Corporation Bank with a minimum EMI of 3367 for 36 Months. Average customer ratings for Canara Bank is currently at /5.0 which makes it a good choice for taking a Personal Loan.

How does Corporation Bank Personal Loan compare with Canara Bank Personal Loan?

It is important to do a detailed comparison of Corporation Bank and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Corporation Bank Personal Loan is 12.95%, which is lower than the lowest interest rate of Canara Bank at 13.00%. Hence, Corporation Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Canara Bank charges a processing fees of 0.50% while Corporation Bank charges a processing fees of 1.5%, Min Rs. 500.
  • Canara Bank offers Personal Loan upto an amount of ₹ 3 Lakh while Corporation Bank offer Personal Loan upto an amount of ₹ 2.50 Lakh. Canara Bank can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is foreclosure facility. Corporation Bank gives the option to close the loan after Zero months at Nil prepayment charges and Canara Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Corporation Bank a better option for Personal Loan.
  • Corporation Bank allows part payment on Personal Loan after Zero months at Nil charges, while Canara Bank does not offer part payment facility on Personal Loan. This makes Corporation Bank a better option for Personal Loan.
  • with an average customer ratings of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Corporation Bank or Canara Bank?

As per the current rates, Corporation Bank offers a lower interest rate of 12.95% on Personal Loan when compared to Canara Bank which offers a Personal Loan at 13.00%.

How can I transfer my Personal Loan from Canara Bank to Corporation Bank?

You can transfer your Personal Loan from Canara Bank to Corporation Bank with a Personal Loan balance transfer. For this, you need to follow a specific procedure that involves clearing off dues, getting a NOC, application to a new bank, getting approval, etc. The Personal Loan balance transfer is an excellent way to reduce the loan burden as you can switch to a lower Personal Loan interest rate.

How can I choose the best bank for Personal Loan?

You can choose the best bank for a Personal Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Personal Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Personal Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

Which type of Personal Loan is the cheapest?

The cheapest Personal Loan is the one that is offered at the lowest Personal Loan interest rates. This is because the lowest Personal Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, Corporation Bank offers the cheapest Personal Loan at 12.95%.

How do I check my eligibility for Canara Bank and Corporation Bank Personal Loan?

You can check your eligibility for Canara Bank, Corporation Bank and Personal Loan by using MyLoanCare Personal Loan eligibility calculator. You have to enter details like required loan amount, occupation, salary, current obligations, work experience etc to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

Know all about Personal Loan

Know more about Canara Bank Personal Loan

Know more about Corporation Bank Personal Loan

Compare Canara Bank Personal Loan With Other Banks

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Personal Loan News - Feb 2021
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    SBI Payments launched YONO Merchant App to expand the digitisation of merchant payments in the country. The Bank is aiming to create a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure in lesser penetrated areas of the country.
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  • 2021-02-19 : RBI issued directives for HFCS
    RBI issued slew of directives related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others for HFCs. The directives are aimed at protecting the interest of investors and depositors.
  • 2021-02-19 : Loan growth is back to pre covid levels
    Credit bureau TransUnion Cibil and MSME lender SIDBI reported that the loan growth is again back to pre covid levels. The revival was mainly due to the Emergency Credit Line Guarantee Scheme by public sector banks.
  • 2021-02-18 : Kotak Remit launched to send money abroad directly from phone
    Kotak Mahindra launched its outward forex remittance service, Kotak Remit. The service will allow its users to directly send money abroad from their phones. The feature is live on the Kotak Mobile Banking App.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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