Canara Bank

Canara Bank Personal Loan


Apply Canara Bank Personal Loan

About Canara Bank Personal Loan

Canara Hindu Permanent Fund was established by Ammembal Subba Rao Pai in 1906 in Mangalore. The bank was incorporated in 1910 by the name Canara Bank Limited. Today, Canara Bank is amongst the largest public sector banks owned by the Government of India. The bank has just over 10,000 ATMs and over 6,500 branches across the nation. Canara Bank has its operations in other countries too, including Moscow, Shanghai, Doha, Bahrain, Hong Kong, New York, Tanzania, Dubai, and London.

Canara Bank Limited extends financial facilities to both corporate houses and individual customers. The flagship product of Canara Bank is the Personal Loan offered by them. A Personal Loan from Canara Bank Limited may come very handy when you want to buy a car or need funds for a marriage in the family. There are various forms of Personal Loan that can be availed from Canara Bank like Canara Budget, Canara Pension - General Public, Teachers Loan, and Canara Consumer Loan. The type of loan you apply for depends on your requirement.

Canara Bank Personal Loan Interest Rate June 2019 (updated)

Interest rate


Loan tenure

4 Years

Loan turn around period

1-7 Days

Processing Charges

0.50%  of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,683  Per Lakh

Why Canara Bank Personal Loan?

There are various reasons why you should avail a Personal Loan from Canara Bank, such as:

  • Personal Loans by Canara Bank can be used to meet any financial need like home renovation, vacation, marriage, medical expenses, or even purchasing home appliances, furniture, durable utility articles, computers, laptops and other electronic gadgets.

  • The bank offers loan to both - salaried and self-employed individuals at affordable interest rates.

  • Depending on your need, profession type and eligibility, you can avail the best suitable loan type among their various Personal Loan schemes.

  • You can avail a high-value loan and repay it in a flexible tenure.

  • The bank has easy eligibility criteria so that you can get instant Personal Loan.

Features and Benefits of Canara Bank Personal Loan

  • A wide variety of schemes: Canara Bank provides an extensive range of Personal Loan products, each designed to fulfill a specific purpose.

  • Superfast application process: The loan application process is super easy and fast. You just have to go to the Canara Bank website or MyMoneyMantra to apply for a Personal Loan online from the comfort of your home. Also, you will be pleased by the speedy disbursal of the loan amount to your bank account.

  • Minimal documentation: Canara Bank asks you to furnish documents relevant to the loan. You will not be required to furnish any unnecessary paperwork. This contributes to fast loan processing.

  • Easy repayment: The bank gives you enough time to repay the loan as the loan tenure is prolonged. Also, the loan can be repaid in easy equated monthly instalments (EMIs) without compromising your monthly budget.

  • Pre-closure: Borrowers can opt to foreclose their loan before the due date at nominal foreclosure charges. However, foreclosure of the loan can be done after a certain period of time (as specified by the lender).

  • Low processing fee: The borrower has to pay a minimal processing fee. In some specific cases, no processing fee is levied.

  • Status tracker: With the status tracker tool of Canara Bank, you can actually follow your loan application process to know its current status.

  • Dedicated customer care: There is a dedicated customer care team available 24x7 to solve your issues and problems during the loan application and even after the disbursal of the loan amount.

Canara Bank Personal Loan Interest Rates

Scheme Rate of interest The present rate of interest

Canara Budget

One year MCLR + 2.30% to One year MCLR + 5.30%


Canara Pension - General Public

One year MCLR + 3.20%


Teachers Loan

One year MCLR + 3.95%


Canara Consumer Loan

One year MCLR + 4.45%


*1 year MCLR as on 16.11.2018 is 8.70%

Canara Bank Personal Loan Processing Fee and Other Charges

  • Processing Fee for Canara Budget: 0.5% of the sanctioned loan amount (minimum 1000 to maximum 5000).

  • Processing Fee for Teachers Loan: 1 % of the sanctioned loan amount (minimum of 50).

  • Processing Fee for Canara Pension-General Public: Processing fee is waived off under this loan scheme.

  • Processing Fee for Canara Consumer Loan: 1 % of the sanctioned loan amount (minimum 250).

Types of Personal Loans Offered by Canara Bank

Canara Budget: This loan can be availed by salaried individuals to meet any genuine personal or domestic need other than speculative purpose. The maximum loan amount that can be availed under this loan is 6 months gross salary or 3 Lakhs (whichever is less). The loan can be repaid in maximum 5 years.  

Canara Pension - General Public: This loan can be availed to meet medical expenses or other genuine personal need of the Pensioners. The maximum loan amount that can be availed under this scheme is 5 Lakhs or 15 months' pension amount (whichever is less). The loan can be repaid in 6 years (if the age of the pensioner is below 65 years) or 5 years (if the pensioner is 65 years of age or above).

Teachers Loan: This loan is tailored for teachers to help them meet their any genuine financial needs. You can get a loan quantum of up to 3 Lakhs or 10 months' gross salary (whichever is less) and repay it under 4 years.

Canara Consumer Loan: This loan scheme is offered to individuals to purchase new home appliances, durable utility articles, furniture, electronic gadgets, computers/ Laptops, and other consumer durables. Salaried individuals can get a loan amount of up to 15 months' net salary or 75% of the invoice value or 1 Lakh (whichever is less). If you are a professional or non-salaried individual, you can get a loan amount of up to 50% of your annual net income in last year or 75% of the invoice value or 1 Lakh (whichever is less). The loan amount can be repaid in a maximum tenure of 3 years.

Canara Bank Personal Loan Eligibility Criteria

Eligibility Criteria for Canara Budget

  • Applicant must be an employee of a reputed PSU/ Joint Stock Company/ Central Government/ State Government/ IT Company/ BT Company or a Lecturer/ Assistant Professor/ Professor of a College, University or Research Institute.

  • Applicant must have a salary account with Canara Bank.

  • Applicant must have a minimum monthly net take home salary of 25% or 10,000 (whichever is higher) after deducting EMIs of current loan obligations.

Eligibility Criteria for Canara Pension - General Public

Only following pensioners are eligible for this loan if they're drawing their pension through Canara Bank branches:

  • Central Government Pensioners (who had worked with Central, Civil, Defence, Armed Forces, Railways, Defence Civilians, Freedom Fighters, and so on).

  • Pensioners of State Government

  • Pensioners of all Government Department Undertakings/ Public Sector Undertakings.

  • All Corporate Pensioners

  • Family Pensioners belonging to all the above categories.

Eligibility Criteria for Teachers Loan

  • All teaching or non-teaching staff who are confirmed and working in a school or college. They must be drawing salary through Canara Bank branches. They must have an undertaking letter issued by the salary disbursing authority at District or Block level.

  • The applicants must have a minimum net take home salary of minimum 30% (of the gross salary) or 10,000 (whichever is higher) after meeting the proposed EMI.

Eligibility Criteria for Canara Consumer Loan

Following types of applicants are eligible to avail this loan:

  • All individuals (whether they are salaried/professionals/businessmen).

  • Salaried individuals must have a minimum monthly net pay of 40 % of the gross salary or 6,000 (whichever is higher) after meeting the instalments for the proposed loan.

  • Professionals/ other non-salaried individuals should have a minimum annual net income of 1.5 Lakhs assessed by the Income Tax Assessment Order/ Income Tax Return.

  • The salaried applicant's salary should be credited to their operating account at Canara Bank's branch.

  • Applicants can add the income of their spouse for satisfying eligibility criteria.

Documents Required for Canara Bank Personal Loan

Documents for Salaried Individuals

  • 2 recent passport-sized photographs

  • Salary slips of last 6 months

  • Original latest salary certificate along with details of deduction

  • Last 6 months bank statements of salary account

  • Job proof
  • Age proof
  • Residence proof
  • Photo copy of PAN card

  • Borrower's irrevocable mandate to deduct EMI amount from the salary

  • ECS mandate if applicable

  • Any other document(s) required by the lender

Documents for Self-employed/ Business Class

  • 2 recent passport-sized photographs

  • Age proof
  • Residence proof
  • Photo copy of PAN card
  • Last 3 years' balance sheet and profit & loss account

  • Last 3 years' ITR/ITAO
  • In case you want to involve agricultural income too - ITR and copy of land records.

  • A brief note about the nature of business and its establishment year, form of organization, present banker, and applicant's net worth.

  • Any other document(s) required by the lender

How to Calculate Canara Bank Personal Loan EMI?

Calculating EMI before applying for a loan is important for any borrower because they need to plan their monthly budget accordingly. Keeping this in mind, MyMoneyMantra has formulated an unprecedented EMI calculator tool which can be used to calculate your monthly obligation towards the loan. Also, the tool is super easy to use. Follow the below mentioned steps to calculate your loan EMI:

  1. Visit MyMoneyMantra website.

  2. On the top right corner, you will see a section named "financial tools".

  3. Clicking on this section, a drop down menu will open; from there you can select the EMI calculator tool.

  4. Just fill in the required information like loan amount, duration of the loan and the rate of interest. After filling all the fields, hit calculate.

  5. Within seconds, the EMI calculator will calculate your monthly EMI, the total amount of interest payable on the loan and the total sum of payment, i.e. principal and interest combined.

Other Products and services by Canara Bank Limited

Apart from Personal Loans, Canara Bank also offers the below-mentioned loan products:

Canara Bank Products and Services

Housing Loan

Home Improvement Loan

Canara Cash (Shares)

Canara Vehicle

Canara Site Loan

Swarna Loan (Gold Loan)

Canara Rent

Canara Mortgage

Housing-Cum-Solar Loan

Canara Jeevan

Canara Home Loan Plus

Housing Loans to Agriculturists

Home Loan For NRIs Scheme

Canara Vehicle to Agriculturists

Yuva Awas Rin-Canyar

Pradhan Mantri Awas Yojana

Canara Pension (Canara Bank Ex-Employees)

Canara Bank Personal Loan Latest News

Canara Bank is soon going to hire a social media agency for customer outreach.

August 15, 2018, New Delhi: According to sources, Canara Bank is approaching third-party agency for providing support to its customers. So far, Canara Bank provides customer support, marketing as well as retail resources wing itself through manual methods. It will help the bank to enhance the promotional activities. The bank has taken this step to create and manage a strong social media presence and to get itself updated with trending markets affairs as well as the basic requirements of the banks.

Canara Bank calls off a proposal to divest stake in Can Fin Homes (CFHs)

March 31, 2018, New Delhi: The bank announced a proposal to divest its stakes in its own housing finance subsidiary called as Can Fin Homes (CFHs). In an interview with exchanges, the Canara bank has said that the received bids are undervalued and that encourages the bank to cancel the proposal. As per the last survey, the market price of Can Fin Homes (CFHs) is trending at a higher rate. As per the report in January the bank was planning to sell out its entire stake.

Bank Board Bureau invites application for the post of MD, CEO of Canara Bank

September 4, 2018, New Delhi: Banks Board Bureau (BBB) has recently invited applications for the post of Chief Executive Officer (CEO) and Managing Director of the Canara Bank for a period of three years. The post has been vacant after the retirement of ex CEO and Managing Director of Canara Bank Mr. Rakesh Kumar Sharma on 31st July 2018. He has served three years at Canara Bank. In order to find out the best candidates, an advisory firm has been hired by the Bureau to evaluate potential candidates and leadership competencies of the shortlisted candidates.

Canara Bank is about to raise its fund by 1000 Crores through Employee Stock Purchase Scheme (ESPS).

The Board of directors of Canara Bank has decided to raise the funds worth 1,000 Crores with the help of Employee Stock Purchase Scheme (ESPS) by issuing up to 60 Crores equity share to its employees. According to a report, Canara Bank has decided to raise 7,000 Crores in the financial year 2018-19. It is believed that the capital is to be raised through more than one mode subjected to the mandatory approvals from several firms along with the government. In March 2017, the government has allowed the public sector banks to offer stock options to its own employee.

Frequently Asked Questions

Q1. What is the minimum and maximum interest rate of Canara Bank Personal Loan?

The minimum interest rate of Canara bank Personal Loan is 11% whereas the maximum rate is 14%.

Q2. Who is eligible for Canara Bank Personal Loan?

Any self-employed (i.e. professional such as a lawyer, doctor, and so on) and salaried individual can avail Canara Bank Personal Loan.

Q3. What is the tenure of Canara Bank Personal Loan?

The maximum tenure for Canara Bank Personal Loan is 60 months.

Q4. Is insurance mandatory for Canara Bank Personal Loan?

No, there is no such restriction on Personal loan.

Q5. Can the income of my spouse increase the amount of Personal Loan?

Yes, by clubbing your spouse's income, the amount (for which you are eligible) of Personal Loan can be increased.

Q6. Are all the branches of Canara Banks entitled to sanction the Personal Loan?

Yes, you can avail a Personal Loan from any branch of Canara Bank.

Q7. What is the processing charge applicable on Canara Bank Personal Loan?

Canara Bank charges up to 1% of the sanctioned loan amount as the processing fee.

Why Apply for Canara Bank Personal Loan on MyMoneyMantra?

Almost all banks extend Personal Loans at different rates and payback periods. Having a pool of choices can be a bane sometimes. When you have a plenty of choices, then there is a great chance of confusion and ultimately you choose an option which may not be suitable to your needs. This is where MyMoneyMantra is useful and helps you out with selecting the best Personal Loan offer. MyMoneyMantra does the hard work on your behalf and presents the pros and cons of different loan plans on a single screen for you so that you can compare and choose as per your liking.

  1. Eligibility Check: MyMoneyMantra can help you check whether you qualify for a Personal Loan or not on the basis of your eligibility and repayment capacity.

  2. Comparison: You can compare Personal Loan offers of different banks on a single screen and select the most appropriate one.

  3. Online Approval: After filling the loan application form on MyMoneyMantra, your application will be immediately sent for verification and decision.

  4. Hassle Free Documentation: MyMoneyMantra offers free doorstep documentation pickup service which reduces the total loan turnaround time.

  5. Privacy Guaranteed: MyMoneyMantra understands the importance of privacy of personal information. We maintain the confidentiality of your personal information and will never leak that information to any third party.

  6. We have professionals who asses your profile, calculate eligibility, consider your past repayment and loan history and then offer you customized loan packages.

How to Apply for Canara Bank Personal Loan on MyMoneyMantra?

Follow the below-mentioned steps to apply for Canara Bank Personal Loan through MyMoneyMantra:

  • Visit MyMoneyMantra and click on Personal Loan from the drop down menu under Loans.

  • Fill up the online application by entering the details like your name, loan amount that you want to borrow, loan tenure, type of employment which may be salaried/self-employed (business)/ self-employed (professional), city of residence, type of residence which may be rented/owned/corporate provided/relative's house, your date of birth, purpose for which you are taking the loan including education/marriage/medical treatment/personal use/travel/closure of existing loan.

  • Enter your e-mail ID and mobile number

  • Agree to the terms and conditions.

  • Click on "show me the best offers".

As soon as you click on "show me the best offers", a new page will load where you can browse and compare different Personal Loans of different lenders. You can choose Canara Bank Personal Loan if you want to apply for this loan.

Canara Bank Personal Loan Customer Care

For any query regarding you Canara Bank Personal Loan, you can call on bank's following toll free customer care number:


This number is for Indian customers only.

You can also talk to them on Chat through their online Chat bot services.

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