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Canara Bank Personal Loans
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In July 1906, Shri Ammembal Subba Rao Pai established Canara bank at Mangalore, a small port town in Karnataka. Since then, the bank has passed through various phases of its growth trajectory and has become one of the most trusted public-sector banks in the country. Canara bank showed phenomenal growth primarily after becoming nationalized in 1969, attaining the status of a national level player due to its vast geographical reach and discerning clientele. In the present day, Canara Bank has 5,641 branches and over seven thousand ATMs spread across the nation.

Canara Bank Personal Loans

Canara Bank provides personal loans to its customers at very affordable rates of interest, and also provides other features such as hassle-free documentation process, reasonable repayment options, top-up loan facilities, and instant loan approvals. mymoneykarma gives you all the information you need on Canara Bank personal loans.

Benefits of Canara Bank Personal Loans

Canara Bank personal loans are loaded with customer-centric benefits and features. Here are a few highlights of Canara Bank personal loans.

  1. Significant loan amounts ranging from a minimum of Rs 1 lakh to a maximum of Rs 4 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.

  2. Long loan tenures ranging from a minimum of 12 months and a maximum period of 48 months.

  3. Attractive interest rates ranging between 11% - 14.15% per annum.

  4. Loans available for salaried individuals, public and private company employees, self-employed people, and government employees.

  5. Special offers if the applicant is an existing customer of Canara Bank.

  6. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

  7. Simplified loan application and approval process with minimal documentation

Here is a summary of all the information regarding Canara Bank personal loans.

Interest Rate

11% - 14.15%

Minimum Loan Amount

Rs 1 lakh

Maximum Loan Amount

Rs 4 lakhs

Minimum Repayment Tenure

12 months

Maximum Repayment Tenure

48 months

Types of Canara Bank Personal Loans

Canara Bank offers the following types of personal loans:

Canara Teacher Loans

These personal loans from Canara Bank are offered exclusively to teachers to finance their immediate monetary requirements.

Eligibility Criteria

  1. Minimum income of Rs 1.5 lakhs per annum.

  2. Must be an account holder of Canara Bank.

  3. Must be salaried employees, employees of government, public-sector, or private corporations.

  4. Sound repayment capability and a good credit score.

  5. Minimum age of 21 years.

  6. Maximum age of 59 years.

Canara Pension loans

These personal loans from Canara Bank are offered exclusively for senior citizens to fulfill their monetary requirements.

Eligibility Criteria

  1. Minimum income of Rs 1.5 lakhs per annum.

  2. Must be an account holder of Canara Bank.

  3. Sound repayment capability and a good credit score.

  4. Minimum age of 60 years.

  5. Maximum age of 75 years.

Canara Budget Loans

These personal loans from Canara Bank are offered to the general public to fulfill their monetary requirements.

Eligibility Criteria

  1. Minimum income of Rs 1.5 lakhs per annum.

  2. Must be an account holder of Canara Bank.

  3. Must be salaried employees, employees of government, public-sector, or private corporations.

  4. Sound repayment capability and a good credit score.

  5. Minimum age of 21 years.

  6. Maximum age of 59 years.

Canara Consumer Loans

These personal loans from Canara Bank are offered to the general public to buy necessary gadgets, electronics, or other consumer durables.

Eligibility Criteria

  1. Minimum income of Rs 1.5 lakhs per annum.

  2. Must be an account holder of Canara Bank.

  3. Must be salaried employees, employees of government, public-sector, or private corporations.

  4. Sound repayment capability and a good credit score.

  5. Minimum age of 21 years.

  6. Maximum age of 59 years.

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks

Interest rates

Axis Bank

11.25% - 24% 

HDFC Bank

10.99% - 20.00%

SBI

12.50% – 16.60%

Kotak Mahindra Bank

11.00% - 24.00%

Bajaj Finserv

2.00% - 16.00%

Standard Chartered

10.99% - 16%

Fullerton India

12% - 25%

IndusInd Bank

10%-30.50%

CitiBank

10.99% - 18%

IDBI

12.45% - 13.50%

IDFC Bank

11.69% - 15.00% 

PNB

11.65% - 12%

YES Bank

10.75% - 16.99%

Andhra Bank

11.55% - 14%

RBL Bank 

14.5% - 23%

ICICI Bank 

11.50% - 16.75%

Tata Capital

11.75% - 19.00% 

Bank of Baroda

11.05% - 11.6%

Documents Required for Canara Bank Personal Loans

Applicants need to submit the following documents while applying for Canara Bank personal loan.

  1. A filled loan application form with necessary details such as income, occupational details, and personal information.

  2. Copies of the applicant's PAN card and Aadhaar card.

  3. Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.

  4. Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

  5. Three recent passport sized photographs

How to Apply for Canara Bank Personal Loans Online

Applicants can apply for Canara Bank personal loans online by visiting the Canara Bank website. They need to download and fill the loan application form and submit the filled form along with uploading the necessary documentation on the loan application portal. Subsequently, the applicant profiles are evaluated, and the loan amount is deposited in the applicant's account upon the approval of the loan. 

How to Apply for Canara Bank Personal Loans Offline

Applicants can also directly walk into the personal loan centers of Canara Bank along with the necessary documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within two-three weeks.

Frequently Asked Questions

1: What is the duration for Canara Bank personal loan application approval?

Answer: Canara Bank notifies the applicants of the loan approval within a maximum of 2-3 weeks from the date of the application. With mymoneykarmaget your loan approved within 24 hours.

2: What is the loan amount of Canara Bank personal loans?

Answer: Canara bank provides personal loans with a minimum loan amount of Rs 1 lakh and a maximum amount of Rs 4 lakhs.

3: What is the rate of interest on Canara Bank personal loans?

Answer: Canara Bank offers reasonable interest rates ranging between 11.50% - 16.75% per annum.

4: What is the processing on my personal loan from Canara Bank?

Answer: Canara Bank charges a nominal fee of 0.5% of the loan amount as a processing fee.

5: What are the other fees associated with Canara Bank personal loans?

Answer: Here is a list of fees associated with Canara Bank personal loans.

Loan Processing Charges

0.5% of the loan amount + GST

Foreclosure Charges

nil

Pre-payment or Part-payment charges

nil

Legal/incidental charges

As actuals

Charges for late payment of Loan amount

nil

Stamp Duty & other Statutory Charges

As applicable by state laws

Re-Issuance of photocopy of loan agreement/documents 

nil

Duplicate NOC

Rs 50 + GST

Cheque swapping charges

nil

Loan cancellation charges

nil