Canara Bank Personal Loan

The Canara Bank Personal Loan is one of the more popular financial instruments offered by the bank. Enabling you to address your needs with quick financing, this loan comes with interest rates ranging from 13.60% to 16.25% per annum. 

Here’s an overview of Canara Bank Personal Loan interest rate and other details:

How is Canara Bank Personal Loan EMI Calculated?

The EMI for a Canara Bank Personal Loan depends on a few factors but most importantly, the loan terms. The interest rate is levied on your loan amount, and the total repayment amount is divided into equal parts, spread throughout the tenure. 

The best way to estimate your EMI or cost of borrowing is using the personal loan EMI calculator. However, you can also use the formula for a manual calculation, which is:

P x R x (1+R)^N / [(1+R)^N-1]

Here,

P is the loan's principal amount

R is the interest rate

N is the number of monthly payments

It is important to keep in mind that manual calculations can be time-consuming and prone to errors. This isn’t the case with automated calculations. Ensuring accuracy in EMI estimates is crucial because it allows you to plan based on accurate insights and data. 

Types of Canara Bank Personal Loans

As mentioned above, the Canara Bank Personal Loan comes in different types, giving you the option to choose one that best suits your needs. Here are some of the top personal loans offered by Canara Bank:

• Canara Budget Individual

Offered to individuals, this personal loan comes with interest rates going down to 13.60% per annum. You can avail this personal loan for an amount of up to ₹15 Lakhs to meet your domestic needs. It also has a comfortable repayment tenure going up to 84 months.

• Canara Budget Special Package

Similar to the Canara Budget Individual loan, this personal loan offers interest rates that vary depending on whether or not there is a salary tie-up. If there is a salary tie-up, the interest rate goes down to 13.65% per annum and to 14.65% if there’s no tie-up.

• Canara Teachers Loan

This is a personal loan especially curated for the teaching and non-teaching staff whose salary is drawn through the bank’s branches. With this, you can get a loan of up to ₹3 Lakhs, with interest going down to 13.25%, if you meet the Canara Bank Personal Loan eligibility criteria. 

There are other types of Canara Bank Personal Loans. Apply for the one that best suits your needs without straining your finances.

Canara Bank Personal Loan Features & Benefits

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 instalments, as the bank offers repayment tenure of up to 84 months. 

• 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

You do not have to wait for weeks for your loan to be approved. You can get access to the sanctioned funds within days.

• Minimal Documentation

The bank requires minimal paperwork to sanction the personal loan. This ensures that you can quickly apply for the loan and get access to the funding you need.

Canara Bank Personal Loan Eligibility

When choosing any personal loan, including the Canara Bank Personal Loan, apply only if you meet the eligibility criteria. This way, you increase the chances of approval and can enjoy quick access to the fund. 

Listed below are the Canara Bank Personal Loan eligibility criteria you need to meet: 

1. As a salaried individual, you need to:

• Be between 21-60 years

• Have a minimum monthly income as per the conditions

• Have work experience of at least 12 months

2. As a self-employed applicant, you need to:

• Be between 21-60 years

• Have IT returns of the last 3 years

• Have gross annual receipts as per the bank’s terms

It is important to remember that these eligibility terms may vary depending on the type of loan you choose. So, be sure to check your loan-specific Canara Bank Personal Loan eligibility terms before applying.

Documents Required for Canara Bank Personal Loan

It is important that you have all the documents required for a Canara Bank Personal Loan. Apply online or offline once you have these documents to enjoy a seamless application process. 

Here is a list of documents you need to apply for a personal loan.

1. For Salaried Applicants:

• Identity proof: Driving licence, Aadhaar card, Voter ID card

• Residential proof: Utility bills, Rent agreement, Aadhaar card, Passport 

• Passport size photographs

• PAN card

• Age proof

• Salary slips for the last three months

• Bank statements for the previous three months

• Form 16

2. For Self-employed Applicants:

• Identity proof: Driving licence, Aadhaar card, Voter ID card

• Residential proof: Utility bills, Rent agreement, Aadhaar card, Passport 

• Passport size photographs

• PAN card

• Age proof

• ITR/Form 16

• Bank statements for the previous three months

For a specific Canara Bank Personal Loan, documents required may vary. So, check or confirm the documents required before beginning the application to enjoy a seamless and quick process.

How to Apply for Canara Bank Personal Loan

For a quicker application process for a Canara Bank Personal Loan, apply online. Here are the steps to follow. 

• Step 1. Go to the official website, click on the “Personal Loan” option on the main page

• Step 2: Select the appropriate option between “Upto One Lakh” and “More Than One Lakh” 

• Step 3: Fill the application form with your name, DOB, PAN, and Account number

• Step 4: Click on “Get OTP”. Complete the application process, and click on “Get Loan Quote”

You may also apply for a Canara Bank Personal Loan at your local branch. The dedicated bank personnel will walk you through the entire procedure. Be sure to carry the necessary documents for a more seamless process.

How Can I Get in Touch with Canara Bank Customer Care?

To reach the customer care team of Canara Bank, you can call at 

Toll-free numbers (if calling from within India): 

• 18004250018

• 18001030018

• 18002083333

• 180030113333

Call +91-80-22064232 if you are calling from outside the country. You can also go to your nearest branch to get quick assistance.

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