Description

Canara Bank is one of the finest banks of India. The bank various kinds of services to its consumers like banking services, saving schemes, loans, and more. Since bank deals in loans, it also provides a diverse range of personal loans. If you want to take the personal loans from Canara Bank, then you must know about the process, eligibility criteria, and documentation needed to apply for a personal loan.

Features and Benefits of Canara Bank Personal Loans

Before going deep into the process, you must know about the benefits of Canara Bank personal loan. Here are some benefits of Canara Bank personal loan:

  • Higher loan amount: Since the bank offers a various personal loans, the applicant can get up to Rs 5 lakh from Canara Bank.
  • Flexible repayment tenure: The tenure of the Canara Bank personal loan can go up to 72 months. So, if you apply for a person loan from Canara bank, you can plan your repayment accordingly.
  • Multiple loan options:  Canara bank offers multiple forms of personal loan which gives a clarity to the borrower to select a best personal loan.
  • Online application: These loans can be applied online, hence you can save your valuable time. Apart from time you can also speed up the personal loan application process by applying online.

Types of Canara Bank Personal Loans

1#. Canara Budget

The loan is offered to fund personal need. A borrower can avail up to Rs 3 lakh for a repayment tenure of 60 months.

Canara Budget-Interest Rates and Fees

Interest rate

With salary tie-up

1-year MCLR + 4.30%

Without salary tie-up

1- Year MCLR + 5.30%

For BSNL employees

1- Year MCLR + 2.30%

Processing fee

0.5% of the loan amount subject to a minimum of Rs.1000/- and maximum of Rs.5000/-

Canara Budget- Eligibility Criteria

  • Applicant should be an employee of PSUs and Joint stock company/ Central or State government/Lecturers/ Asst. professors/ professors of colleges/research institution and universities/ IT or BT companies.
  • The applicant must have a salary account with the Canara Bank.
  • The applicant’s salary should be Rs 10,000.

Canara Budget-Documents Required

  • Loan application form with 2 copies of passport size photographs.
  • Latest salary certificate and Form 16/ITR for last 3 years.
  • Co-obligation.

2#. Canara Pension (General Public)

Under this personal loan scheme, a pensioner can avail up to Rs 5 lakh for medical and personal needs. The repayment tenure to repay the loan is up to 72 months.

Canara Pension-Interest Rate and Fees

Interest rate 

1-year MCLR + 3.20%

Processing fees

Nil 

Canara Pension - Eligibility Criteria

  • Pensioners from state or central government.
  • Pensioners from government department undertakings.
  • Pensioners of all public sector undertakings/corporate pensioners.
  • Family pensioners of all the above categories.

Canara Pension-Documents Required

  • Loan application form with 2 passport size photographs.
  • Co-obligation
  • Delivery letter to DPN

3#. Canara Pension (Canara Bank Ex-Employees)

Under this scheme, the ex-employees of the Canara Bank can take personal loans to meet their urgent requirements.

Canara Pension (Canara Bank Ex-Employees)–Interest Rate and Fees

Interest rate

1-year MCLR + 3.20%

Processing Fees

Nil

Canara Pension (Canara Bank Ex-Employees)- Eligibility Criteria

  • Pensioners and family pensioners of Canara Bank can avail this loan.

Canara Pension (Canara Bank Ex-Employees)- Documents Required

  • Loan application form with 2 passport size photographs.
  • Co-obligation
  • Delivery letter to DPN

4#. Canara Teachers Loan

Under this scheme, teachers can avail the personal loan to fulfill the personal loan needs. The borrower can take up to Rs 3 lakh for the tenure up to 48 months.

Canara Teachers Loan-Interest Rate and Fees

Interest Rate

1 Year MCLR + 3.95%

Processing fee

1% of the loan amount

Canara Teachers Loan- Eligibility Criteria

  • The applicant should be working in a school or college.
  • The applicant should be drawing the salary via Canara Bank.

Canara Teachers Loan- Documents Required

  • Loan application form with 2 passport size photographs.
  • Latest salary certificate and Form 16
  • Co- obligation if applicable
  • Prenote/Prenote covering letter

5#. Canara Consumer Loan

This loan is offered to individuals who want to buy consumer durables with a personal loan.

Canara Consumer Loan- Interest Rate and Fees

Interest rate

1-year MCLR + 4.45%

Processing fee

1% of the loan amount

Canara Consumer Loan- Eligibility Criteria

  • The applicant should be salaried professional, a businessman or a professional.
  • For a salaried individual, the net salary should be 40% of the salary and the applicant should have a salary account with Canara Bank.
  • For a professional or non-salaried professional the minimum annual income should be Rs 150,000 showing in the properly audited ITR.

Canara Consumer Loan- Documents Required

  • Loan application form with 2 passport size photographs.
  • Latest salary certificate and Form 16 for the last 3 years.
  • Invoice of the item which is to be purchased.

Canara Bank Personal Loan EMI Calculator

You can calculate your EMIs with the help of EMI calculator. After entering the required information, the EMI calculator shows the amount of future EMIs, total interest rate, and total amount without even applying for the loan. This tool is free and simple, which helps you to plan your repayment conveniently.

Compare Canara Bank Personal Loan and Other Lenders

Particulars

Canara Bank

HDFC Bank

Citi Bank

ICICI Bank

Bajaj Finserv

Interest rate

Starting from 13% p.a.

11.25% to 21.50%

Starting from 10.99%

11.50% to 19.25%

Starting from 12.99%

Processing fee

Up to 1% of the loan amount

Up to 2.50% of the loan amount

Up to 3% of the loan amount

Up to 2,25% of the loan amount

Up to 3.99% of the loan amount

Loan amount

Up to Rs 5 lakh

Up to Rs 40 lakh

Up to Rs 30 lakh

Up to Rs 20 lakh

Up to Rs 25 lakh

Tenure

Varies from one type of loan to others

12 to 60 months 

12 to 60 months

12 to 60 months

12 to 60 months

Reasons to Choose Afinoz To Apply for Canara Bank Personal Loan

  • Simple online process.
  • Helps you find best lenders after comparing several lenders.
  • You can get guaranteed cashback up to Rs 5,000.
  • All the services are free for its users.
  • Complete security.

Canara Bank Customer Care Helpline

For any enquiry related to personal loans can be solved by reaching to the customer care of Canara Bank -1800 425 2470

FAQs

Q1If there is any restriction to use the personal loan
No, there is no restriction to use the amount of a personal loan until the fund is used in illegal activities.
Q2What is the procedure to track personal loan status?
You can visit the official website of the Canara Bank or you can track your personal loan application at Afinoz.
Q3What is the minimum credit score to apply for Canara Bank personal loan?
To apply for a Canara Bank personal loan, your credit score should be 750+.
Q4What is the benefit of using Afinoz for personal loan applications?
If you apply for a personal loan using the Afinoz, then there is no need to visit anywhere as this online platform provides an end to end digital solution.