Canara Bank Personal Loan

Disclaimer: Canara Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Canara Bank for personal loans. No offers/services from Canara Bank are being provided by Paisabazaar for personal loans. For further information about Canara Bank for personal loans, users are required to reach out directly to Canara Bank.

Canara Bank Personal Loan Highlights
Interest Rate	10.95%- 16.40% p.a.
Loan Amount	Up to Rs 10 lakh
Loan Tenure	Up to 7 years
Processing Fees	Up to 0.50% of loan amount (Rs 1,000 to Rs 5,000)- 50% off on processing fee
Prepayment Charges	NIL
Foreclosure Charges	NIL
Instant Personal Loan	Up to Rs 1 lakh for salary account holders of Canara Bank
Documentation	Proof of Identity Proof of Address Salary slips (latest)

Note: Rates as of 19th November 2024

Personal Loan Offers from Paisabazaar Partners

Paisabazaar has tied-up with 30+ banks and NBFCs to offer personal loan . Applicants can compare the interest rates and other features offered by our below-mentioned partner banks and NBFCs and can then apply accordingly as per their preference.

*Applicable for selected customers

Canara Bank Personal Loan Interest Rates

Canara Bank Personal Loan interest rates start from 10.95% p.a. Canara Bank sets its personal loan interest rates based on the types of its personal loan schemes and applicant’s salary account relationship with the bank. While the cut-off credit score for availing Canara Bank Personal loan has not been disclosed, the bank has mentioned the interest rate differentiation based on the credit score based risk grade for its personal loan applicants.

Canara Bank Personal Loan Floating Interest Rates

Canara Budget-Individual

Credit Score based Risk Grade	Rate of Interest (p.a.)
CRG:1	13.90%
CRG:2	13.95%
CRG:3	14.45%
CRG:4	15.95%

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card Co-branded with SBM Bank India Ltd

Canara Budget- Prime (with salary tie-up)

Credit Score based Risk Grade	Interest Rate (p.a.)
CRG:1	10.95%
CRG:2	10.95%
CRG:3	10.95%
CRG:4	15.95%

Canara Budget- Prime (without salary tie-up)

Credit Score based Risk Grade	Interest Rate (p.a.)
CRG:1	11.95%
CRG:2	11.95%
CRG:3	11.95%
CRG:4	15.95%

Canara Budget- Delight (with salary tie-up)

Credit Score based Risk Grade	Interest Rate (p.a.)
CRG:1	11.95%
CRG:2	11.95%
CRG:3	11.95%
CRG:4	Not Eligible

Canara Budget Special Package

Relationship with the bank	Interest rate (p.a.)
With salary tie-up	13.65%
Without salary tie-up	11.95%

Canara Pension Loan

Type of Pensioners	Rate of Interest (p.a.)
General Public	11.75%

Teachers’ Loan

Credit Score based Risk Grade	Rate of Interest (p.a.)
CRG:1	13.25%
CRG:2	13.30%
CRG:3	13.80%
CRG:4	15.30%

Canara Bank Personal Loan Fixed Interest Rates

Canara Budget-Individual

Credit Score based Risk Grade	Rate of Interest (p.a.)
CRG:1	14.35%
CRG:2	14.40%
CRG:3	14.90%
CRG:4	16.40%

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card Co-branded with SBM Bank India Ltd

Canara Budget- Prime (with salary tie-up)

Credit Score based Risk Grade	Interest Rate (p.a.)
CRG:1	11.40%
CRG:2	11.40%
CRG:3	11.40%
CRG:4	16.40%

Canara Budget- Prime (without salary tie-up)

Credit Score based Risk Grade	Interest Rate (p.a.)
CRG:1	12.40%
CRG:2	12.40%
CRG:3	12.40%
CRG:4	16.40%

Canara Budget- Delight (with salary tie-up)

Credit Score based Risk Grade	Interest Rate (p.a.)
CRG:1	12.40%
CRG:2	12.40%
CRG:3	12.40%
CRG:4	Not eligible for loan

Canara Pension Loan

Type of Pensioners	Rate of Interest (p.a.)
General Public	12.50%

Teachers’ Loan

Credit Score based Risk Grade	Rate of Interest (p.a.)
CRG:1	14.00%
CRG:2	14.05%
CRG:3	14.55%
CRG:4	16.05%

Know more about Canara Bank Personal Loan Interest Rates

Canara Bank Personal Loan Processing Fees and Charges

Processing Charges

Scheme	Processing Charges
Canara Budget	Up to 0.50% of loan amount (Rs 1,000 to Rs 5,000)- 50% off on processing fee
Canara Pension	NIL

Prepayment Charges

Canara Bank does not charge any prepayment charges from its personal loan applicants. There are no restrictions on the prepayment of Canara Bank Personal Loan.

Compare the processing fees for personal loan levied by top personal loan lenders

Types of Personal Loans offered by Canara Bank

Canara Ready Cash

Purpose: Canara Ready Cash is a pre-approved personal loan scheme offered to existing salaried customers of Canara Bank to meet their personal requirements other than speculation.

Loan Amount: Rs 50,000-Rs 10 lakh

Tenure: 1 year to 5 years

Canara Heal Healthcare Loan

Purpose: Canara Bank offers Canara Heal Healthcare scheme to its existing as well as new customers for financing the hospital expenses while settling claims of self or dependents.

Loan Amount: Rs 1 lakh- Rs 5 lakh

Tenure: 1-3 years

Canara Budget

Purpose: Personal loan for government/PSU employees, teaching professionals of top institutes/universities and employees of top private sector companies

Loan Amount:

• 6 months’ gross salary or up to Rs 3 lakh, whichever is lower
• Higher quantum considered in selective cases

Tenure: Up to 5 years

Processing Fees: 0.5% of the loan amount subject to Rs 1,000- Rs 5,000

Canara Pension- General Public

Purpose: Canara Bank offers pension loan for meeting the personal needs of pensioners

Loan Amount and Tenure:

• For General Public Pensioners

Age at the time of Loan sanction	Max Loan Amount (18 months Pension or)	Repayment Period	Age at the time of full Repayment
Below 70 years	Rs 10 lakhs	Up to 5 years	Up to 75 years
70 – 75 years	Rs 5 lakhs	Up to 3 years	Up to 78 years

• For Defence Pensioners

Age at the time of Loan sanction	Max Loan Amount (24 months Pension or)	Repayment Period	Age at the time of full Repayment
Below 50 years	Rs 10 lakhs	Up to 7 years	57 years
50 – 60 years	Rs 8 lakhs	Up to 5 years	65 years
60 – 70 years	Rs 6 lakhs	Up to 4 years	74 years
70 – 75 years	Rs 5 lakhs	Up to 2 years	77 years

• For Family Pensioners (General/Defence Pensioners)

Age at the time of Loan sanction	Max Loan Amount (18 months Pension or)	Repayment Period	Age at the time of full Repayment
Below 70 years	Rs 5 lakhs	Up to 5 years	75 years
70 – 75 years	Rs 3 lakhs	Up to 3 years	78 years

Processing Fees: NIL

Eligibility Criteria for Canara Bank Personal Loan

Canara Bank Personal Loan eligibility is assessed on the basis of the employer’s profile and job profile of its person loan applicants. The personal loan eligibility criteria set by Canara Bank is mentioned below:

Canara Ready Cash

• The existing salaried individuals of Canara Bank are eligible for Canara Ready Cash Loan.
• The minimum age of the applicant at the time of loan application should be 21 years and the maximum age at the time of loan maturity should be 55 years.
• Applicant should be earning a minimum monthly income of Rs 50,000.
• Applicants having a minimum credit score of 700 and above have higher chances of availing Canara Ready Cash Loans.
• The EMI/NMI ratio should not be less than 25% or Rs 1,000 per month after deducting the existing EMIs or EMIs of the proposed loans.

 Canara Heal Healthcare Loan

• The existing salaried individuals, non-salaried individuals and professionals are eligible for Canara Heal Healthcare Loans.
• New salaried customers are only eligible for this loan scheme.
• The minimum age of the applicant should be 21 years at the time of loan application and 55 years at the time of loan maturity.
• The minimum monthly income of salaried applicants should be Rs 50,000.
• Non salaried applicants should have an average balance of Rs 50,000 per month to be maintained in the past 6 months.
• The minimum Net Take Home salary of the borrower should not be less than Rs 20,000  per month after deducting the existing EMIs and EMIs of the proposed loan.

Canara Budget

• Central/State Government employees
• Employees of reputed PSUs/Joint Stock Companies
• Reputed Corporates/Public Limited Companies/Private Institutions/IT/BT Company employees
• Assistant Professors/Lecturers/College Professors/Professors of Research Institute and Universities

Canara Pension – General Public

• All State/Central Government Pensioners
• Pensioners of Public Sector Undertakings/Corporate Pensioners
• Pensioners of Government Sector Undertakings
• Family pensioners of all the above categories

Know more about Personal Loan Eligibility Criteria set by Various Lenders

Documents Required for Canara Bank Personal Loan

Canara Budget

• Completely filled loan application with 2 passport size photographs
• Pronote/Pronote Cover Letter
• Recent salary certificate and Form 16/ITR/ITAO for last 3 years
• Co-obligation

Canara Pension (General Public)

• Loan application with 2 passport size photographs
• Delivery letter to DPN
• Co-obligation, unless waived

Know more about Canara Bank Personal Loan Documents Required

Canara Bank Personal Loan EMI Calculator

Why Apply for a Personal Loan at Paisabazaar?

• Top Offers on a Single Platform: Paisabazaar has partnered with more than 40 lenders including top banks, NBFCs, Fintechs and offers access to the best available personal loan offers from multiple lenders on a single platform
• Compare and Choose: With Paisabazaar.com you can compare personal loan interest rates and other key features such as other key fees and charges, disbursal offered by different banks and NBFCs and select the most suitable option for yourself
• Chances of Approval and Personalized Offers: Paisabazaar.com lets you have access to personal loan offers from multiple lenders listed as per your Chances of Approval based on your credit score and other eligibility factors. This feature helps you select the loan offer that has the highest chances of approval
• Complete Guidance & Assistance: The team of experts at Paisabazaar offers unbiased advice and complete guidance at every step to help you choose the most appropriate option for yourself. The customer-friendly team offers end-to-end assistance to offer you a seamless loan experience
• Pre-Approved Offers: Once you have registered yourself with Paisabazaar, you can get access to personalized pre-approved loan offers from different lenders, provided you have a healthy credit history. These instant and preapproved personal loan offers usually come with low-interest rates, minimal or no processing fee and documentation, etc.

• Paperless Process: Paisabazaar is a digital platform that lets you carry out the entire loan process online

• Document Pickup: Paisabazaar offers customers the option to get their documents picked from their doorstep without any additional charges in case physical documentation is required at any step

FAQs on Canara Bank Personal Loan

1. What is the turnaround time for disbursal of Canara Bank Personal Loan?

Ans. Most lenders, including Canara Bank, take 2-7 working days to disburse personal loan from the date of making personal loan application. However, Canara Bank offers online instant personal loans to its salary account holders for loan amount of up to Rs 1 lakh. Other lenders that provide pre-approved instant personal loans to select customers include HDFC Bank, Axis Bank, Bajaj Finserv and ICICI Bank.

2. Does Canara Bank provide pre-approved instant personal loan?

Ans. Yes, Canara Bank provides online instant personal loans to salary account holders for loan amounts of Rs 10,000 to Rs 1 lakh.

3. What is the minimum salary requirement to avail personal loan from Canara Bank?

Ans. Canara Bank has not specified any minimum salary requirement for the applicants. However, a minimum monthly income of Rs 15,000 would be considered to avail personal loan from Canara Bank.

4. What is the minimum credit score required to avail Canara Bank personal loan?

Ans. Although Canara Bank has not stated any specific cut-off credit score, applicants having credit score of 750 and above would have higher chances of availing Canara Bank personal loan at lower interest rates. However, some lenders may also offer personal loans to those having lower credit scores.