Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

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:

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

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:

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.

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.

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

 

FAQs on Canara Bank Personal Loan

  • ✔️What is the maximum personal loan amount that can be sanctioned by Canara Bank?

    The maximum Canara Bank Personal Loan amount offered by the bank is Rs. 10 Lakhs. 

  • ✔️Is there an age limit to apply for Canara Bank Personal Loan?

    The minimum age should be 21 years, and the maximum can go up to 60 years.

  • ✔️How much time is taken for the Canara Bank Personal Loan to be approved?

    Your Canara Bank Personal Loan is usually approved in two days but may take up to 2 weeks in some cases.

  • ✔️How can I calculate Canara Bank Personal Loan EMI?

    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

  • ✔️How can I get in touch with Canara Bank customer care?

    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

    cansecuresupport@canarabank.com

     

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