The Canara Bank Personal Loan is one of the more popular financial products offered by the bank. This loan comes with interest rates ranging from 11.40% per annum and tenures of up to 60 months. Borrow up to ₹15 Lakhs with this loan and fulfil all your urgent financial requirements. Here are all the details about the Canara Bank Personal Loan that you should know about.
Here are the interest rates and other associated charges of personal loans offered by Canara Bank:
Types of Charges |
Details |
Interest Rate |
Canara Budget - Individual - 14.35% p.a. onwards Canara Budget - Prime (With Salary Tie-Up) - 11.40% p.a. onwards Canara Budget - Prime (Without Salary Tie-Up) - 12.40% p.a. onwards Canara Budget - Delight (With Salary Tie-Up) - 11.40% p.a. onwards Canara Cash - 16.55% p.a. onwards Teacher’s Loan - 14% p.a. onwards Other Personal Loans - 15.50% p.a. onwards |
Processing Fee |
0.5% of the approved loan amount, minimum ₹1,000 and maximum ₹5,000 |
Prepayment Charges |
2% of the outstanding loan amount |
*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
Be sure to read through the terms and conditions of your loan agreement carefully to know any hidden costs and make an informed decision. This also helps ensure you don’t get blindsided by high prepayment charges, if any, at the time of repayment.
Why Choose Canara Bank Personal Loan
Flexible Repayment
You can choose to repay the Canara Bank Personal Loan amount in easy EMI instalments, as the bank offers repayment tenure of up to 60 months
Floating Interest Rate
The Canara Bank Personal Loan interest rate follows the floating interest rate system, and it fluctuates in response to changes in the bank's lending rate.
Speedy Approval
You do not have to wait for weeks for your loan to be approved. You can get access to the sanctioned funds within days.
Minimal Documentation
The bank requires minimal paperwork to sanction the personal loan. This ensures that you can quickly apply for the loan and get access to the funding you need.
Listed below are the Canara Bank Personal Loan eligibility criteria you need to meet:
1. For Salaried Individuals:
Your age should be between 21-60 years
You must have a minimum monthly income as specified by Canara Bank
You should have a work experience of at least 12 months
2. For Self-employed Individuals:
Your age should be between 21-60 years
You must have filed an ITR for the last 3 years
Your business must have a gross annual income as specified by Canara Bank
It is important to remember that these eligibility terms may vary depending on the type of loan you choose. So, be sure to check your loan-specific Canara Bank Personal Loan eligibility terms before applying.
Also, keep the following documents handy when applying for the loan:
1. For Salaried Applicants:
Identity proof: Any one of the following
Driving licence
Aadhaar card
Voter ID
Residential proof: Any one of the following
Utility bills
Rent agreement
Aadhaar card
Passport
Passport size photographs
PAN card
Age proof
Salary slips for the last 3 months
Bank statements for the previous 3 months
Form 16
2. For Self-employed Applicants:
Identity proof: Any one of the following
Driving licence
Aadhaar card
Voter ID
Residential proof: Any one of the following
Utility bills
Rent agreement
Aadhaar card
Passport
Passport size photographs
PAN card
Age proof
ITR/Form 16
Bank statements for the previous 3 months
For a specific Canara Bank Personal Loan, the documents required may vary. So, check or confirm the documents required before beginning the application to enjoy a seamless and quick process.
Here is how you can apply for a Canara Bank Personal Loan online:
Visit the bank’s official website and click on the ‘LOANS’ option
Navigate to ‘Personal Loan’ and select the loan option of your choice
Slide the carousel on the screen and click on the ‘APPLY ONLINE’ option
Enter your personal and income details
Provide your loan requirements and property-related details
Submit the application
After this, a representative will contact you to process your application further.
To reach the customer care team of Canara Bank, you can use the following details:
Toll-free Number: 1800 1030
WhatsApp Number: 90760 30001
Address: 5th Floor, #86, Spencer Tower, M.G Road, Bengaluru - 560 001
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
Frequently Asked Questions
What is the maximum Canara Bank Personal Loan amount I can get?
You can get a personal loan of up to ₹15 Lakhs, depending on your loan type and eligibility.
Is there an age limit to apply for Canara Bank Personal Loan?
Yes. You need to be between the age of 21 – 60 years to apply for a personal loan.
How much time does it take for the Canara Bank Personal Loan to be approved?
Approval and disbursal time vary depending on numerous factors. Generally, the bank will sanction your loan within days, but it can be longer.
How can I calculate Canara Bank Personal Loan EMI?
To calculate the EMI, use the personal loan EMI calculator. Enter the loan amount, tenure, and interest rate to see your monthly instalment amount and your total interest amount.
How to check the Canara Bank Personal Loan application status?
You can check the application status with your application number given when you submit the form. You can either visit the website or contact customer support for the same.
What is the minimum credit score required to get a Canara Bank Personal Loan?
You need to have a credit score of 750 and above, as a higher score will improve your chances of getting affordable financing. However, you can still get a personal loan with a low credit score, but you may have to pay a higher interest amount.
What is the turnaround time for the disbursal of a Canara Bank Personal Loan?
Post-approval, you may receive the loan amount from Canara Bank within 2 to 7 days.
What is the minimum salary requirement to get a personal loan from Canara Bank?
There is no set salary requirement for a personal loan from Canara Bank. However, having a substantial income and stable job can increase the likelihood of your loan application being approved.
