Canara Bank personal loan interest rates are fixed and vary from 11.25% to 13.90% p.a. Apart from interest rate, the borrower also has to pay a processing fee of 0.5% of the loan amount. The bank offers loan up to Rs. 3 Lakhs for tenure up to 60 months.
Canara Bank personal loan interest rates are affordable and vary from 11.25% to 13.90% p.a. The rates are linked to Repo Linked Lending Rate (RLLR) and vary according to the type of scheme, borrower’s eligibility and loan amount. In addition to the interest rate, a processing fee of 0.50% of the loan amount + GST is also levied.
The current RLLR is 6.90% w.e.f 07.10.2021 and the details of interest rates are as given below:
|Type of Loan||CIC - Risk Grade||Spread||Effective Interest Rate (p.a.)|
Canara Budget - Individual
|CS : 1||RLLR + 4.35||11.25%|
|CS : 2||RLLR + 4.40||11.30%|
|CS : 3||RLLR + 4.90||11.80%|
|CS : 4||RLLR + 6.40||13.30%|
Canara Budget - Special Package
|With salary Tie Up||RLLR + 4.40||11.30%|
|Without salary Tie Up||RLLR + 5.40||12.30%|
|CS : 1||RLLR + 4||10.90%|
|CS : 2||RLLR + 4. 05||10.95%|
|CS : 3||RLLR + 4.55||11.45%|
|CS : 4||RLLR + 6.05||12.95%|
|Canara Pension Loan||To general public||RLLR + 3.30||10.20%|
|To Canara Bank retirees||RLLR + 2.10||9%|
All Other Personal Loans
|CS : 1||RLLR + 5.50||12.40%|
|CS : 2||RLLR + 5. 55||12.45%|
|CS : 3||RLLR + 6.05||12.95%|
|CS : 4||RLLR + 7||13.90%|
|Personal Loan Type||Processing Fee|
|Canara Budget||0.50% of the loan amount with a minimum of Rs. 1,000 and a maximum of Rs. 5,000|
|Teachers’ Loan||1% of the loan amount with a minimum of Rs. 50|
Starting @ 11.25%
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|Processing Fee||Up to 0.50% of the loan amount|
|Loan Amount||6 months gross salary or Rs. 3 Lakhs, whichever is less|
|Loan Tenure||Up to 5 years|
|Lowest EMI Per Lakh||₹ 2,185 for 5 years|
|Prepayment Charges||Nil charges for floating rates loans|
|Minimum income||Rs. 10,000 per month|
The following factors can affect Canara Bank personal loan interest rates:
There are innumerable reasons to opt for Canara Bank Personal Loan:
|Name of Lender||Rate of Interest (per annum)|
|Canara Bank||11.25% - 13.90%|
|Central Bank of India||9.85% - 10.05%|
|Axis Bank||10.49% - 24%|
|SBI||9.60% - 15.65%|
|ICICI Bank||10.50% - 19%|
To calculate the EMI is necessary to understand your eligibility even before applying for the loan. If the loan amount you are eligible for is in proportion to your affordable EMI, you can contemplate availing the loan in joint names along with your close family members wherever permitted in order to increase the eligibility.
You can calculate the EMI by applying the formula P*R* (1+R)^N/([(1+R)^N]-1)manually. P represents the principal amount, R represents the rate of interest and N represents the tenure. But an easier way is to calculate the EMI with the help of the EMI Calculator that is available on the website of the bank or on the website of MyMoneyMantra.
All you have to do is to give the details of the loan amount, loan tenure, and the rate of interest. On clicking the calculate button, the EMI will be given instantly. You can do the calculation multiple times until you get the desired EMI. The benefit of using MyMoneyMantra EMI calculator is that you will have access to the data regarding the rates and charges of different institutions with the help of which you can pick on the best deal.
The personal loan eligibility criteria that have to be complied with to qualify for Canara Bank:
The following are the documents required for different types of Personal Loans of Canara Bank:
|Type of Document||Salaried||Self-employed|
|Address Proof||Voter's ID Card, Aadhar Card, Utility bills, Driving Licence, etc|
|Photo ID Proof||Pan Card, Passport, Driving Licence, Aadhar Card, Voter's ID Card|
|Application||Prescribed application for the type of Personal Loan preferred duly completed and signed.|
|Photograph||Two passport size photographs of the applicant and the co-applicant/guarantor.|
|Other documents||In the case of salaried individuals, a mandate from the employer for deduction of the instalment from the salary.|
To apply for Canara Bank Personal Loan through MyMoneyMantra, you will have to access the website of MyMoneyMantra and choose the Personal Loan under the Loans option.
After the choice is made, you will have to provide some mandatory details as given below:
An OTP will be sent to your mobile number as a part of verification. Thereafter a page will open and you will have to log in to the page using the OTP. Here the data of various rates and offers of different financial institutions/banks will be provided for you to choose from. You can choose Canara Bank and proceed for the filling up of the application. Once the request is placed, the representative of MyMoneyMantra will collect the required documents from your doorstep and will take it further from there till the disbursement of the loan.
You can contact the toll-free number 1800 425 0018 for any queries regarding Persona Loan. The services of this number are available 24 x 7.
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|Personal Loan Interest Rates by Banks|
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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The rate of interest charged ranges from 11.25% to 13.90% p.a., depending on the type of loan availed and the internal risk rating.
The repayment period ranges from 12 months to 60 months, depending on the type of loan availed and the repayment capacity.
Yes. You can avail a second consumer loan during the pendency of the first one provided the maximum quantum is not exceeded and is within your repayment capacity. The existing loan should have been serviced regularly to be eligible for the second loan.