Canara Bank Personal Loan: Interest Rate, Features, Eligibility, Documents & Apply

Are you looking for Canara Bank Personal Loan? Here are all the details you need to know!

Canara Bank offers personal loans at attractive interest rates to help you meet your financial needs. Whether you need funds for a wedding, a vacation, or home improvements, a Canara Bank personal loan can help make your dreams a reality.

Canara Bank Personal Loan

Canara Bank Personal Loan Highlights

Interest RateStarting at 11.60% p.a.
Loan AmountUp to Rs 10 lakh
Loan TenureUp to 7 years
Processing FeesUp to 1% of loan amount

About Canara Bank

Canara Bank is one of the largest public sector banks in India. It offers a wide range of banking products and services to its customers, including personal loans. Canara Bank personal loans are available for a variety of purposes, such as home improvement, medical expenses, education, and more. The interest rate on Canara Bank personal loan is competitive, and the repayment terms are flexible. You can apply for a Canara Bank personal loan online or at your nearest branch.

Canara Bank Personal Loan Details

Canara Bank offers personal loans at competitive interest rates, with loan amounts ranging from Rs. 50,000 to Rs. 10 lakhs. The repayment tenure is flexible, ranging from 12 to 84 months, with an interest rate starting at 11.60% p.a. Salary account holders can also opt for an instant personal loan up to 1 lakh. There are no hidden charges or prepayment penalties associated with the loan. So, you can repay the loan at your convenience. So, if you’re looking for a hassle-free personal loan experience, Canara Bank is a good option to consider!

Canara Bank Personal Loan Interest Rates

Canara Bank offers some of the most competitive interest rates on personal loans in the market. The starting interest rate is 11.60% per annum for salaried individuals with a good credit score. The interest rates of Canner Bank Personal Loan vary according to the scheme, which is given in the table below.

Canara Budget-Individual12.65% p.a. – 14.70% p.a.
Canara Budget Loan – Special Package12.70% p.a. – 13.70% p.a.
Teachers’ Loan12.40% p.a. – 14.35% p.a.
Canara Pension Loan11.60% p.a.

Canara Bank Personal Loan EMI Calculator

The Canara bank personal loan EMI calculator is a great tool to use when considering a personal loan from Canara Bank. This calculator takes into account the loan amount, interest rate, and repayment period to calculate the monthly instalment amount. It is important to consider all of these factors when taking out a loan, and the calculator makes it easy to do so.

Repayment Tenure

The repayment tenure for a Canara Bank personal loan is anywhere between 12 to 84 months. This means that you can choose a repayment plan that best suits your financial needs and capabilities. If you think you can repay the loan amount within 12 months, then you can opt for the short repayment tenure option. On the other hand, if you need more time to repay the loan, then you can choose the long repayment tenure option of 84 months. There is no prepayment penalty charged by the bank, so you can prepay the loan amount at any time without having to pay any additional charges.

Canara Bank Personal Loan Eligibility Criteria

To be eligible for a Canara Bank personal loan, you must:

  • Be between 21 and 60 years of age and a resident of India
  • Have a regular source of income
  • Have a good credit history

Canara Budget

  • These loans are intended for employees of joint-stock companies and public sector units.
  • A variety of government officials could also make an application for the loan. Many government officials can also apply for this.
  • After paying the monthly instalments for the loan, the borrower must have Rs.10,000 per month or 25% of his monthly income (whichever is higher).
  • To get a loan, you need to have your salary in a Canara Bank account.

Canara Teachers Loan

  • This loan scheme was designed specifically for teaching and non-teaching staff employed at a college or school.
  • Canara Bank offers a co-lending facility that can be used by teachers with salary accounts at the bank.
  • The applicant must have an income of at least Rs. 10,000 per month. The monthly EMI obligations should not exceed 30% of the monthly take-home salary.

Canara Pension

  • Indian government to provide pensions to all Central and State Government pensioners
  • Pensioners of Public Service Undertakings/Corporate Pensioners
  • pensions of Government Sector Undertakings
  • All of the categories of family pensioners

If you meet all of the above criteria, you are likely to be approved for a Canara Bank personal loan.

Canara Bank Personal Loan Documents Required

When you apply for a personal loan from Canara Bank, you will need to submit certain documents in order to have your application processed. These documents include:

  • Identity proof: this can be in the form of your PAN card, Adhar Card, Passport, Driving license, etc.
  • Address proof: this can be in the form of your ration card, utility bill, etc.
  • Income proof: this can be in the form of your latest salary slip, Form 16, ITR/ITAO for the last 3 years
  • Employment verification: Many lenders will require some form of employment verification, such as a letter from your employer or pay stubs.
  • Bank statement: this is required to show your repayment history.
  • Cheque leaf: this is required to post-date cheques for EMIs.
  • Co-obligation
  • Pronote/Pronote Covering Letter

Canara Bank Personal Loan Fees and Charges

When it comes to taking out a personal loan, one of the key things to look at is the fees and charges associated with the loan. Canara Bank personal loans have a number of fees and charges that you need to be aware of before you apply for a loan.

The application fee for a Canara Bank personal loan is Rs.500 + GST. The processing fee for the loan is 1% of the loan amount + GST. There is also a pre-payment fee of 4% of the outstanding loan amount + GST if you choose to repay your loan early.

These are just some of the fees and charges associated with taking out a Canara Bank personal loan. Be sure to read the fine print carefully before you apply for a loan so that you are aware of all the fees and charges that will apply.

Canara Bank Personal Loan Apply Online

If you are looking for a personal loan from Canara Bank, you can apply for one online through the bank’s website. The process is simple and straightforward, and you can get started by following these steps:

  1. Log in to the Canara Bank website and navigate to the ‘Personal Loans’ section.
  2. Click on the ‘Apply Now’ button next to the ‘Canara Bank Personal Loan’ option.
  3. Fill out the online application form with your personal and financial details.
  4. Once you have submitted the form, a representative from the bank will get in touch with you to discuss your loan options and terms.
  5. If you are satisfied with the loan offer, you will be required to submit some additional documents for verification purposes.
  6. Once all the documents have been received and verified, your loan will be disbursed within a few days.

Risks of Personal Loans

  • There are risks associated with taking out a personal loan, even from a reputable bank like Canara. First and foremost, you’ll be borrowing money that you’ll need to pay back with interest. This can be a difficult task if you don’t have a solid plan for how you’ll use the loan and make payments.
  • Personal loans can also put your assets at risk. If you take out a secured personal loan, your home or car could be seized by the lender if you fail to make payments. And even if you take out an unsecured personal loan, defaulting on the loan could still damage your credit score and make it difficult to borrow money in the future.
  • Before taking out a personal loan, be sure to do your research and understand the risks involved. You should only borrow as much as you can afford to repay, and always have a plan in place for making payments on time.

Canara Bank personal loan Customer Care

If you’re looking for information on Canara Bank personal loan customer care, you’ve come to the right place. In this blog section, we’ll provide you with all the contact information you need to get in touch with Canara Bank regarding your personal loan. 

Toll-Free Number for Personal Loans:1800 425 2470
For all other email enquiries write,


Overall, Canara Bank personal loans are a good option if you need financial assistance. The interest rates are reasonable, and the repayment terms are flexible. You can also use the loan for a variety of purposes, which makes it a versatile option. However, make sure to compare different personal loan options before you make a decision, as there may be better offers available depending on your needs and circumstances.


Q1. What is the salary requirement for a personal loan from Canara Bank?

A. Canara Bank does not have a requirement for any specific monthly income but at least Rs 15,000 would be considered as a minimum salary.

Q2. Does Canara Bank provide pre-approved instant personal loans?

A. Yes, you can receive a personal loan for an amount as low as Rs 10,000 to an upper limit of Rs 1 lakh if you are a salary account holder.

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Hey, I'm Ansar Ansari a professional blogger and web designer. I like to gain every type of knowledge that's why I have done many courses in different fields like banking, finance, and business. I love thrills and travelling to new places and hills.

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