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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.
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Canara Bank Personal Loan Interest Rate Highlights |
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| Canara Budget- Individual | 13.90%-16.40% p.a. |
| Canara Budget- Prime (with salary tie-up) | 10.95%-16.40% p.a. |
| Canara Budget- Prime (without salary tie-up) | 11.95%-16.40% p.a. |
| Canara Budget- Delight (with salary tie-up) | 11.95% p.a. |
| Canara Pension Loan | 11.75% p.a. |
| Canara Budget Special Package | With salary tie-up: 13.65%
Without salary tie-up: 11.95% |
| Teachers’ Loan | 13.25%-16.05% p.a. |
Note: Rates as of 4th November 2024
Canara Bank Personal Loan Rate of Interest
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% |
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Factors affecting Personal Loan Interest Rates
Credit Score
Canara Bank has not specified the cut-off credit score for availing Canara Bank Personal Loans. However, it has specified its personal loan interest rate differentiation based on the credit risk grade. The applicants falling under the lowest credit risk grade are offered personal loans at lower interest rates compared to those falling under higher credit risk grades.
Lenders usually consider applicants having credit scores of 750 and above for availing personal loans at lower interest rates. Thus, having a higher credit score might help the applicants in availing low interest rate personal loan from Canara Bank or other lenders.
Also Read: How Step UP Credit Card Co-branded with SBM Bank India Ltd. can be helpful in building/improving your credit score
Get lifetime free Step Up Credit Card and improve/build your credit score Know More
Employer’s Profile
Banks and NBFCs usually consider the employer’s profile while evaluating the personal loan applications. Lenders usually offer lower interest rates to salaried applicants as compared to self-employed. Government employees are also offered preferential interest rates as compared to private employees due to their higher job security and income stability.
For example, Canara Bank has set lower interest rates for applicants availing Teachers’ Loan as compared to those availing other Canara Bank personal loan schemes.
Monthly Income
Canara Bank has not mentioned the minimum monthly income required for availing personal loans. However, the bank has mentioned the EMI/NMI ratio to be at least 30% of the gross salary or Rs 10,000 for availing Teachers’ Loan from Canara Bank. Lenders usually offer personal loans to applicants having a minimum monthly income of Rs 15,000.
Existing Relationship with the Lender
Many lenders offer preferential interest rates to applicants having an existing lending/deposit account with them. Therefore, the applicants planning to avail personal loans should prefer contacting the banks and NBFCs with whom they already have a lending or deposit account.
For example, Canara Bank Personal Loan Interest Rates are lower for the applicants having salary account with bank as compared to those not having salary account with the bank.
Tips for Availing Personal Loan at Lower Interest Rates
- Reach out to lenders with whom you already have a deposit/lending account
- Check interest rate concessions offered by various lenders during festive seasons
- Visit online fintech platforms and compare the personal loan interest rates of various lenders
- Maintain a credit score of 750 and above
- Check the pre-approved personal loan offers provided by different lenders
FAQs
What is the current Canara Bank Personal Loan interest rate?
Ans. Canara Bank currently offers personal loans at interest rates ranging from 11.40% to 16.40% p.a. depending on the applicant’s credit risk grade, loan amount, type of personal loan scheme and applicant’s existing relationship with the lender.
How to calculate Canara Bank Personal Loan interest cost?
Ans. Canara Bank Personal Loan interest cost can be calculated with the help of Canara Bank Personal Loan EMI Calculator. Applicants can enter their loan tenure, loan amount and interest rate in the EMI calculator and get the total EMIs and total interest cost payable throughout the loan tenure.
Are Canara Bank Personal Loan offered at fixed or floating interest rates?
Ans. Canara Bank offers personal loans at floating interest rates. Floating interest rates are beneficial for the borrowers when the current personal loan interest rates are quite high and a downward trend is estimated in future. However, opting for fixed personal loan interest rates provides higher certainty to the borrowers in term of budgeting and interest cost due to constant rates throughout the tenure.
How to get lowest personal loan interest rates from Canara Bank?
Ans. Lenders usually offer lowest personal loan interest rates to applicants having the best credit profile. In case of Canara Bank Personal Loan, the lowest interest rates are offered through the Canara Budget Prime Personal Loan scheme to Central/State Government employees, PSUs employees and defence and paramilitary personnel having their salary accounts with Canara Bank and falling under the bank’s CRG (credit risk grade) 1, 2 and 3.
Does Canara Bank offer special discounts or offers on its personal loan interest rate?
Ans. Canara Bank has not specified any special discounts or offers on its personal loan interest rates. Applicants can get in touch with the bank directly to check whether they qualify for discounts/concessions in personal loan interest rates.
What are the Canara Bank personal loan interest rates for soldiers or defence personnel?
Ans. Canara Bank offers Canara Budget Prime Personal Loan scheme to soldiers and defence personnel. Personal Loan interest rates for Canara Budget Prime Loans range from 10.95% to 16.40% p.a.
What are Canara Bank Personal Loan interest rates for its existing customers?
Ans. Canara Bank offers personal loan interest rates to its existing customers (salary account holders) at interest rates ranging from 10.95% to 16.40% p.a.
What are the Canara Bank Personal Loan interest rates for government employees?
Ans. Canara Bank offers Canara Budget Prime Personal Loan scheme to employees of Central/State government at interest rates ranging from 10.95% to 16.40% p.a.
What are the Canara Bank Personal Loan interest rates for businessmen or self-employed applicants?
Ans. Canara Bank has not specified whether businessmen or self-employed individuals are eligible for availing its personal loan schemes. The applicants can check with the bank or visit financial marketplaces to compare the personal loan interest rates for self-employed offered by various lenders.
What are Canara Bank Personal Loan interest rates for its salary account holders?
Ans. Canara Bank offers Canara Budget Prime Personal Loan scheme to its salary account holders at interest rates of 10.95% p.a. to 16.40% p.a. The bank also offers Canara Budget Delight Personal Loan scheme and Canara Budget Special Package to its salary account holders at 11.95% p.a. and 13.65% p.a., respectively.