Canara Bank Personal Loan Interest Rate

Canara Bank
4.5

Under the Canara Budget and Canara Teachers Loan schemes, Canara Bank provides personal loans of up to INR 3 lakh. The loans are available with interest rates starting at 12.05% p.a. and a small processing fee. The loan repayment term extends up to 5 years. The bank recently announced three loan schemes that customers can use to meet their financial needs during the Covid-19 pandemic.

  • Canara Bank Personal Loan Interest Rate

    Personal Loan offer for You

  • 14.75% - 16.25%

    Interest Rate (p.a.)
  • ₹3L - ₹3L

    Tenure(0 - 1 Years)
  • ₹2,366 - ₹2,445

    EMI Per Lakh

Latest Personal Loan Interest Rate of Canara Bank 2024

  • Canara Bank Personal Loan Interest RatePersonal Loan offer for You
  • 14.75% - 16.25%

    Interest Rate (p.a.)
  • ₹3L - ₹3L

    Tenure(0 - 1 Years)
  • Up to 1% of loan amount

    Processing Fee

Compare Canara Bank Personal Loan Interest Rates with Other Lenders

A person may qualify for a personal loan with pre-approval and a reduced interest rate if they have a good credit score and all the necessary documentation. A personal loan interest rate that has already been pre-approved by Canara Bank is readily accessible to customers.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe Personal Loan Interest Rate

    CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Interest rates for personal loans from Canara Bank begin at 11.75% p.a. Based on the different personal loan programmes it offers and the applicant's salary account connection with the bank, Canara Bank determines the interest rates for its personal loans. Although the minimum credit score required to apply for a personal loan from Canara Bank has not been made public, the bank has stated that its personal loan applicants will pay various interest rates depending on their risk grade and credit score.

Canara Bank Canara Bank Personal Loan Interest Rate by Schemes

Canara Bank offers a variety of personal loan schemes, given below are all their details:

Canara Budget

Personal loans for employees of top-tier private sector businesses, government and PSU employees, and teaching faculty

Amount of Loan: The lesser of Rs 3 lakh or the equivalent of six months' gross pay

Tenure of Loan: Upto 5 years

Fee for Processing: Loan amount’s 0.05%

Canara Pension - General Public

Canara Bank provides pension loans to help retirees with their personal requirements.

Public Pensioners - General

Age of an Individual Loan Amount (Max.) (Pension of 18 months) Period of Repayment Age of an Individual at the repayment time
70 years or below Rs. 10 Lakhs Upto 5 Years Upto 75 Years
70 - 75 Years Rs. 5 Lakhs Upto 3 Years Upto 78 Years

Public Pensioners - Defense

Age of an Individual Loan Amount (Max.) (Pension of 18 months) Period of Repayment Age of an Individual at the repayment time
50 Years or Below Rs. 10 Lakhs Upto 7 Years 57 Years
50 - 60 Years Rs. 8 Lakhs Upto 5 Years 65 Years
60 - 70 Years Rs. 6 Lakhs Upto 4 Years 74 Years
70 - 75 Years Rs. 5 Lakhs Upto 2 Years 77 Years

Public Pensioners - Family (Defense or General)

Age of an Individual Loan Amount (Max.) (Pension of 18 months) Period of Repayment Age of an Individual at the repayment time
70 Years or Below Rs. 5 Lakhs Upto 5 Years 75 Years
70 - 75 Years Rs. 3 Lakhs Upto 3 Years 78 Years

Canara Bank Teachers’ Loan

This type of loan is for fulfilling teachers' personal financial needs, excluding speculative ones

Amount of Loan: The branch manager in control of small, medium, and large branches as well as senior managers/credit managers in VLBs/ELBs must approve any payment of up to 6 months' gross salary, up to a maximum of Rs 2 lakh.

10 months of gross pay, up to a maximum of Rs. 3 lakh (approved by the CM/VLB, AGM/ELB, DM/AGM-RO-CAC, DM-CO-CAC/AGM-CO-CAC, and other relevant officials)

Tenure of Loan: Upto 4 Years

Charges of Processing: Loan amount’s 1%

Canara Bank Personal Loan - Instant Loan

Instant personal loan for salary account holders to cover personal or household needs

Amount of Loan: Rs. 10,000 - Rs. 1 Lakhs

Canara Bank Personal Loan Interest Rates for Salaried and Self-Employed

The Canara Bank offers salaried employees and independent contractors personal loans with interest rates beginning as low as 11.75%. Depending on factors like the applicant's income, age, credit history, repayment history, and other critical factors.

Canara Bank personal loan interest rate for salary account

Customers of Canara Bank who have personal credit accounts are qualified for a number of advantages. Interested parties can find out if they qualify for a personal credit that has already been pre-approved by checking the bank's official website and providing specific information. Like other lenders, Canara Bank offers pre-approved personal loans to borrowers with strong credit histories and a history of on-time payments. Starting at 11.75% per year, the Canara Bank begins to pay interest on salary money.

Canara Bank pre approved personal loan interest rate

A person may be qualified for a personal loan with pre-approval status and a reduced interest rate if they have a respectable credit score and all the necessary documentation. Customers can quickly get a personal loan interest rate that has been pre-approved from Canara Bank.

Canara Bank Personal Loan Balance Transfer Interest Rates

It is now feasible to transfer an outstanding debt balance from one bank to Canara Bank. For the same reason, the standard interest rates are attractive and competitive. Customers also have the choice of using a top-up loan facility, which increases the profitability of personal loan balance transfers. Here is a summary of Canara Bank customers' personal credit debt transfer interest rate.
Interest Rate on Balance Transfer 11.75 %
Processing Fee 1 % of the loan amount + applicable taxes

Canara Bank Personal Loan Interest Rates and Charges

You should be aware of the appropriate fees and all the charges before submitting your application. If you were aware of these, it would be easier for you to calculate the total cost of all the borrowed funds. 
Canara Bank Personal Loan Interest Rates
Rate of Interest 11.75%- 16.25% p.a.
Amount of Loan Up to Rs 10 lakh
Tenure of Loan Up to 7 years
Fees for Processing the Loan Up to 1% of loan amount
Charges for Pre paying the EMIs NIL
Charges for Foreclosure NIL
Instant Personal Loan Up to Rs 1 lakh for  salary account holders  of Canara Bank
Documentation Proof of Identity Proof of Address Salary slips (latest)

Factors Affecting Canara Bank Personal Loan Interest Rates

When processing your loan, the bank takes a number of factors into account to determine the loan amount you qualify for and the interest rate that is offered to you. It should be mentioned that you can negotiate the loan amount and interest rate with the banker by carrying out specific actions that will increase your credibility with them. Consider the following before filing an application for a personal loan:
  • If you are eligible for a Canara Bank personal loan depends heavily on your credit score. A decent credit score indicates a positive payment history. A good loan amount and a cheaper interest rate are assured. A good credit score is viewed by banks as a sign of your capability to pay back.
  • Increased income guarantees early debt payback. Better loan terms are provided by banks to borrowers with higher salaries. Banks typically prefer salaried employees to since remuneration suggests that the account will have daily cash flow.
  • An important consideration when making a personal loan application is the age of the borrower. The borrower would have more time to repay the debt the younger he was. One can apply for a personal loan if they are older than 21. Younger applicants get loans and interest rates that are more permissive than older ones.
  • Working for a good company will help you get lower interest rates on your Canara Bank Bank Personal Loan. Before granting a loan, many banks check a list of respectable businesses and approved employers. Jobs in these businesses offer job security and lessen the risk that bankers are exposed to.
  • Long-term banking customers usually receive precedence because it is simple to get to know their credit histories. The bank will examine the history of your account, any recent credit or credit card transactions, and your overall financial situation if you are an existing Canara Bank customer. Reputable clients thus receive personal loan interest rates that are lower.
  • Include them as a co-applicant if they are a member of your family so that their income will be considered when evaluating your application for a personal loan. When both applicants' incomes are taken into account, a higher repayment capacity and a lower interest rate result.
  • Your current duties and responsibilities will have a big impact on whether you can get a personal loan and what interest rates you can get. Your chances of repaying any outstanding debts, including loans, will decline. This is considered a high-risk programme by the lender. Additionally, there would be increased strain on the cash flow. Any bank would favour hiring an individual with little or no outstanding debt.

How to Calculate Canara Bank Personal Loan Interest/EMI?

The monthly EMIs for personal loans can be calculated using one of the various online EMI calculators available to applicants. These calculators calculate the user's findings correctly by taking the principle amount, tenure, and interest rate into account. You may find the formula for that below.  EMI = [P x R x (1+R)^N]/[(1+R)^N-1] Here,  ‘P’ = Principal amount, ‘R’ = interest rate,  And  ‘N’ = tenure.

How to Get Low Interest Rates on Canara Bank Personal Loan?

There are a few ways to get lower interest rates assigned on personal loan disbursements. These ways are explored below.
  • Maintain a high CIBIL rating. The optimal CIBIL score for a personal loan from State Bank of India is 800 or higher. 
  • Assess the ideal loan tenure for repayment with the EMI Calculator. Long-term interest costs increase with the length of loan repayment. 
  • Apply for the appropriate loan amount after determining the financial capacity. 
  • Clear up your loan payment history. Repay debts promptly to increase creditworthiness. 
  • Maintain cordial communication with the bankers. Low interest rates can also be attained through effective networking.
  • Watch out during periods when interest rates are discounted.

Frequently Asked Questions (FAQs)

What is the current interest rate of a Canara Bank personal loan?

The current rate of interest of the State Bank of India’s personal loan ranges from 11.75% to 16.25%.

How can I reduce my interest in Canara Bank personal loan?

To reduce interest on a Canara Bank personal loan, try making part-prepayments during the initial repayment tenure when the interest component is high.

Is Canara Bank personal loan a floating rate loan or a fixed-rate loan?

Canara Bank offers personal loans at both floating and fixed rates.

Canara Bank demands collateral or security for personal loans?

No, Canara Bank does not demand collateral or security for personal loans.

Can individuals pay off their Canara Bank loans EMI early?

Yes, individuals can pay off their Canara Bank loans EMIs early with NIL prepayment charges.

What is the EMI for 1 lakhs personal loan?

The EMI for a personal loan of Rs 1 lakh varies from one applicant to another, based on their credit profile. For instance, if you secure a Canara Bank personal loan of INR 1 lakh for five years at an interest rate of 11.75%, your monthly EMI will equate to INR 2,212.

What is the EMI for a 10 lakhs personal loan?

The EMI for a personal loan of Rs 10 lakh varies from one applicant to another, based on their credit profile. For instance, if you secure a Canara Bank personal loan of INR 10 lakh for five years at an interest rate of 11.75%, your monthly EMI will equate to INR 22,118.

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