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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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Highlights of Canara Bank Personal Loan |
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| Interest Rate | 10.95%- 16.40% p.a. |
| Loan Amount | Up to Rs 10 lakh |
| Loan Tenure | Up to 7 years |
| Processing Fees | 0.50% (Min. Rs 1,000 to Max. Rs 5,000)- 50% off on processing fee |
| Prepayment/Foreclosure Charges | NIL |
Note: Rates as of 19th November 2024
Summary of Canara Bank Personal Loan Interest Rates
Canara Bank Personal Loan Rate of Interest start from 10.95% p.a. The bank considers the occupation profile and credit risk grade of its applicants while setting the personal loan interest rates.
| 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. |
Canara Bank Personal Loan Eligibility Criteria
Applicants planning to avail marriage loan can also avail various personal loan schemes offered by Canara Bank to meet their marriage related expenses. Canara Bank personal loan eligibility criteria set for such applicants is mentioned below:
- Canara Bank offers regular personal loan to all the confirmed employees of Central/State government, reputed PSUs, Joint stock companies, reputed corporates, Public Limited companies, private institutions, lecturers, assistant professors, professors of colleges/research institutes/universities and IT and Biotech companies.
- It also offers pension loans to pensioners and family pensioners of Central/State Government, government department undertakings, PSUs and corporates drawing their pension through Canara Bank.
- All the confirmed teaching and non-teaching staff of schools and colleges drawing salary through Canara Bank are eligible for Teachers’ Loan offered by Canara Bank. The net take home salary after deducting the EMI of the proposed loan should be at least 30% of gross salary or Rs 10,000, whichever is higher.
Documents Required for Loan Application
- Duly filled application form with 2 passport size photographs.
- Recent salary certificate
- Form 16/ITR/ITAO for last 3 years
- Co-obligation
- Pronote/Pronote covering letter
- Delivery letter to DPN (in case of Canara Bank Teachers’ Loan)
Know more about Canara Bank Personal Loan Documents in detail
Summary of Canara Bank Personal Loan Processing Fees and Charges
Processing Charges
| Personal Loan Schemes | Processing Charges |
| Canara Budget | 0.5% (Rs 1,000-Rs 5,000)- 50% off on processing fee |
| Canara Pension | NIL |
| Teachers’ Loan | 1% (minimum Rs 50) |
Prepayment Charges
Canara Bank does not charge any prepayment charges from its personal loan applicants.
EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Avail Personal Loan at Attractive Interest Rates Apply Now