Canara Bank Personal Loan Details

Interest rate11.25% to 13.90% p.a.
Maximum loan amountRs. 3 Lakhs
Repayment tenureUp to 60 months
Processing fee0.50% of loan amount + GST (Min. Rs. 1,000 & Max. Rs. 5,000)
Available asTerm Loan or Overdraft
TypesCanara Budget, Canara Cash (Shares), Teachers Loan, and Canara Pension - General Public.

Features of Canara Bank Personal Loan

  • Loan amount: You can get up to Rs. 3 Lakhs as personal loan amount from Canara Bank.
  • Purpose: Canara personal loan can be used to meet any legitimate personal or domestic needs.
  • Tenure: The maximum loan repayment tenure can be up to 60 months.
  • Multiple options: The bank offers multiple personal loan schemes for different types of borrowers, including salaried individuals, pensioners, and teachers.
  • Online loan application: You can apply for Canara Bank personal loan online from the comfort of your home with minimal documentation

Types of Canara Personal Loan

1. Canara Budget: Unsecured personal loan to meet genuine personal or domestic needs.

  • Loan amount: Up to Rs. 3 Lakhs
  • Rate of interest: 11.25% - 13.90% p.a.
  • Tenure: Up to 60 months
  • Processing fee: 0.50% of the loan amount + GST, subject to minimum Rs. 1,000 and maximum Rs. 5,000.

2. Canara Cash (Shares): Instant personal loan offered against Shares, Debentures, Bonds or Units.

  • Loan amount: Maximum up to Rs. 20 Lakhs if the borrower maintains demat account with DPs of Canara Bank.
  • Rate of interest: 13.45% p.a.
  • Tenure: Up to 60 months
  • Processing fee: 0.1% of the loan amount, subject to minimum Rs. 100 and maximum Rs. 250. In case of Overdraft, processing fee is to be collected for every renewal or enhancement.

3. Teachers Loan: Personal loan offered to all confirmed teaching or non-teaching staff working in a school or college to meet any genuine personal needs.

  • Loan amount: Up to Rs. 3 Lakhs
  • Rate of interest: 10.90% - 12.95% p.a.
  • Tenure: Up to 48 months
  • Processing fee: 1% of the loan amount, subject to minimum Rs. 50.

4. Canara Pension - General Public: Personal loan to meet medical expenses or other genuine personal need of the pensioners.

  • Loan amount: Up to Rs. 5 Lakhs
  • Rate of interest: 9% - 10.20% p.a.
  • Tenure: Up to 72 months

Canara Bank Personal Loan EMI Calculation

You can easily calculate the Canara Bank Personal Loan EMI by using the Personal Loan EMI Calculator given on our website. All you need to do is just enter the loan amount to be borrowed, applicable rate of interest on the loan, and repayment tenure.

Below are the EMI calculations for Canara Personal Loan of Rs. 1 Lakh for different interest rates and tenures.

Interest RateTenure (in years)EMI per lakh (in Rs.)Total Interest (in Rs.)Total Payment (in Rs.)
11.2552,18731,2041,31,204
13.4533,39122,0801,22,080
13.9024,79715,1181,15,118
12.9518,9297,1531,07,153

Comparison of Canara Bank Personal Loan VS Other Providers

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
Canara Bank11.25% - 13.90%0.50% + GSTRs. 3 Lakhs
SBI9.60% - 15.65%Up to 1.50% + GSTRs. 20 Lakhs
ICICI Bank10.50% - 19%Up to 2. 50% + GSTRs. 25 Lakhs
HDFC Bank10.50% - 21%Up to 3.5%Rs. 40 Lakhs
IDFC FIRST Bank10.49% onwardsUp to 2.50% Rs. 40 Lakhs
Yes Bank10.99% onwardsUp to 2.50% + GSTRs. 40 Lakhs
Axis Bank12% - 21%Up to 2% + GSTRs. 15 Lakhs

Canara Bank Personal Loan Documents Required

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.

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 Rs. 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 that 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 Rs. 10,000 (whichever is higher) after meeting the proposed EMI.

How to Choose the Best Canara Bank Personal Loan EMI?

A Personal Loan EMI Calculator helps you to understand the exact EMI that will be charged towards the loan each month.

Here are some tips to help you choose the most suitable EMI according to your requirements:

  • Deduct all the mandatory expenses such as household expenses, utility bills, kid's school fee etc. along with the EMI from your take home salary. If your monthly budget does not allow the EMI burden, go for a smaller loan. Adjust rate of interest and repayment tenure to make the EMI affordable. For, an affordable EMI is a first step to successful repayment of loan.
  • If possible, look for an EMI that allows you to repay the loan amount in the shortest period of time. That will help you close the loan faster and become debt free.
  • Make sure that the EMI is affordable enough for you to make regular repayments. This allows you to boost your Credit Score.
  • All future expenses and investments must be kept in mind when choosing a loan EMI. Since the Personal Loan repayment tenure can be up to 5 years, you must consider all the possible life changes that may occur in the given tenor. Do not forget to account for all that may affect your finances and the repayment capacity during the period.

How to Apply for Canara Bank Personal Loan on MyMoneyMantra?

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

  • Access www.mymoneymantra.com.
  • Click on the "Personal Loan" section under the Loans tab.
  • Log in by providing the required details.
  • Verify with the OTP received on your registered mobile number.
  • Enter your employment as well as income details.
  • Enter your date of birth, PAN card details, and complete address.
  • Click on “Submit and View Offers” tab.
  • Select the desired lender and click on Econnect.
  • Our team will contact you to complete the process.

Canara Bank Personal Loan Verification Process

     Once your personal loan application and required documents are submitted to the bank by MyMoneyMantra, the Canara Bank’s representative will contact you for verification.

  • After all the submitted documents are verified by the bank, it will call you again for confirmation of the final loan offer, including the loan amount, rate of interest, and repayment tenure.
  • Once you agree to all the terms and conditions of the loan and sign the loan agreement, the personal loan amount will get disbursed to your bank account.

Canara Bank Personal Loan Statement

You can access your Canara Bank personal loan statement through any of the following two ways:

  • Online: Log into internet banking of Canara Bank to view and download your personal loan account statement.
  • Offline: You can also visit the nearest Canara Bank branch and request for a printed copy of the personal loan statement.

Why Apply for 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 Customer Care

For any query, complaint or issue regarding you Canara Bank Personal Loan, you can call on bank's following toll free and non toll free customer care numbers:

Toll Free Numbers

  • 1800 425 0018
  • 1800 103 0018
  • 1800 208 3333
  • 1800 3011 3333

Non Toll Free Numbers - if calling from outside India

  • +91-80-22064232

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Canara Bank Personal Loans

What is the minimum and maximum interest rate of Canara Budget Personal Loan?

The minimum interest rate of Canara bank Personal Loan is 11.25% whereas the maximum rate is 13.90%.

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. There are different personal loan schemes for teachers and pensioners.

What is the tenure of Canara Bank Personal Loan?

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

Is insurance mandatory for Canara Bank Personal Loan?

No, there is no such restriction on Personal loan.

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.

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.

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

Canara Bank charges up to 0.50% of the loan amount + GST (Minimum Rs. 1,000 and Maximum Rs. 5,000) as the processing fee.