Canara Bank is a state-owned commercial bank based in Bangalore that was founded in July 1906. Personal Banking, Corporate Banking, NRI Banking, and other services are available through the bank. Customers can select from a wide range of products and services provided by the bank. Among all of the products, the Canara Bank Personal Loan is one of the most sought after. The main objective of the loan is to address individual personal necessities. The Canara Bank Personal Loan interest rate starts from 6.90% and goes up to 13.90% per annum. You can acquire this loan with a flexible tenure of up to 60 months.
Here are the features & benefits of Canara Bank’s Personal Loan.
Flexible Repayment
You can choose to repay the Canara Bank Personal Loan amount in easy EMI installments as the bank offers repayment terms of up to 60 years.
Floating Interest Rate
The Canara Bank Personal Loan interest rate follows the floating interest rate system, and it fluctuates in response to changes in the bank's lending rate.
Speedy Approval
The Canara Bank Personal Loan is approved by the bank in a couple of days. You do not have to wait for weeks for your loan to be approved.
Minimal Documentation
The bank requires minimal paperwork to sanction the personal loan.
Below is the table containing the Canara Bank Personal Loan eligibility details:
Salaried Individual |
Self-Employed Individual |
Minimum Age - 21 Years |
Minimum Age - 21 Years |
Maximum Age - 60 Years |
Maximum Age - 60 Years |
Should have a minimum income of Rs. 15,000 monthly |
ITR of previous three months |
Should possess at least work experience of 12 months |
Gross annual receipt |
Credit score must be above 650 |
Credit score must be above 650 |
The EMI of a Canara Bank Personal Loan is determined by the loan amount, loan term, and interest rate. You may use the Canara Bank Personal Loan EMI calculator to get the precise amount of your loan EMI. The Canara Bank Personal Loan calculator is a digital tool provided on the bank's website that allows consumers to quickly determine their EMI amount.
You may also calculate the Canara Bank Personal Loan EMI manually by using the formula shown below:
P x R x (1+R)^N / [(1+R)^N-1]
Where,
P is the loan's principal amount
R is the interest rate
N is the number of monthly payments
The Canara Bank offers several types of personal loans including Canara Budget, Canara Teachers, and so on.
Below is the table containing the Canara Bank Personal Loan interest rate details:
Canara Budget Individual |
6.90% to 13.30% per annum |
Canara Budget Special Package |
6.90% to 12.30% per annum |
Canara Teachers Loan |
6.90% to 12.95% per annum |
Other Personal Loan |
6.90% to 13.90% per annum |
*Interest rates are subject to market conditions and financial institutions’ discretion.
Procedure for Canara Bank Personal Loan apply online are as follows:
Online Method
Here are the steps to follow for the same:
Step 1: To begin, you must access the bank’s official website https://canarabank.com/.
Step 2: After browsing the page, you will see a box of ‘APPLY ONLINE’ along with several options. Select ‘Personal Loan’ from the list.
Step 3: Next, a page will appear with several options. Choose ‘Personal Loan’ among them and click on the ‘Apply Now’ button.
Step 4: Afterwards, a page will open where you will be asked to fill in the details.
Step 5: Thereafter, you must provide your income details as well as other details and submit them with the necessary documents.
Step 7: Next, the bank executive will do the verification after your submission.
Step 8: If the inquiry reveals that your application is genuine, the bank will sanction your Canara Bank Personal Loan.
Offline Method
You may apply for a Canara Bank Personal Loan at your local branch. The dedicated bank personnel will walk you through the entire procedure.
Here is the table containing details of documents required to apply for a personal loan.
Salaried Person |
Self-employed Person |
Identity proof (Aadhaar card, Voter Id card, Driving licence) |
Identity proof (Aadhaar card, Voter Id card, Driving licence) |
Residential proof (Rent agreement, Passport, Aadhaar card, Utility bills) |
Residential proof (Rent agreement, Passport, Aadhaar card, Utility bills) |
Passport size photographs |
Passport size photographs |
PAN card |
PAN card |
Age proof |
Age proof |
Salary slip of last three months |
ITR/Form 16 |
Bank statements of previous three months |
Bank statements of previous three months |
Form 16 |
|
The maximum Canara Bank Personal Loan amount offered by the bank is Rs. 10 Lakhs.
The minimum age should be 21 years, and the maximum can go up to 60 years.
Your Canara Bank Personal Loan is usually approved in two days but may take up to 2 weeks in some cases.
You can use the digital Canara Bank Personal Loan EMI calculator to get the instant value of your EMI.
You may also calculate the Canara Bank Personal Loan EMI manually by using the formula shown below:
P x R x (1+R)^N / [(1+R)^N-1]
Where,
P is the loan's principal amount
R is the interest rate
N is the number of monthly payments
You can use any of the options:
Canara Bank, Head Office, Bangalore |
080- 22221581/582/0490/0491/1788/ 1789/ 1790/1984/1985/1986 |
Toll-Free Numbers (24/7) |
1800 425 0018 / 1800 103 0018 / 1800 208 3333 / 1800 3011 3333 |
Overseas Customers |
8022064232 |
Email Id |
Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!