Canara Bank Personal Loan Details

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.

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 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.

Canara Bank Personal Loan Eligibility

Below is the table containing the Canara Bank Personal Loan eligibility details:

Canara Bank Personal Loan EMI

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

Canara Bank Personal Loan Interest Rate

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:

*Interest rates are subject to market conditions and financial institutions’ discretion.

How to Apply for Canara Bank Personal Loan?

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.

Documents Required for Canara Bank Personal Loan

Here is the table containing details of documents required to apply for a personal loan.