Canara Bank Personal Loan of 2 Lakh

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Hepson Franklin
Hepson Franklin
Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Canara Bank provides high-quantum loansand instant loans with flexible repayment options of 1-7 years. For a loan of Rs. 2 Lakh, the interest rate starts from 10.95% per annum. The bank also offers quick and hassle-free loan processing and speedy disbursal within 7 days. To apply for a Canara Bank 2 Lakh personal loan, customers can visit their nearest branch or apply online through the bank’s website.

Personal Loan Options for 2 Lakh in Canara Bank

Canara Bank offers several types of personal loans.

  • Canara Budget Prime and Canara Budget DelightInstant 2 Lakh loan from Canara Bank for personal needs.
  • Canara Pension –Personal loan option for pensioners of government and corporate undertakings.
  • Teachers Loan – Exclusive loan offers forteaching and non-teaching staff.
  • Canara Cash –Secured personal loans issued against collateral of Shares, Debentures, Bonds and Units.

Features of Canara Bank 2 Lakh Personal Loan 

Here are some of the features of Canara Bank’s personal loan of 2 Lakh, which make it an attractive choice.

  • Options of fixed or variable EMI.
  • No processing charges on Canara Budget 2 Lakh or greater personal loan EMI plan.
  • High quantum loans starting from 2 Lakh personal loans with instant approval
  • Maximum up to 84 months repayment tenure.

Can I get 2 Lakh personal loan instantly from Canara Bank? 

It is possible to get an instant 2 Lakh loan from Canara Bank with a pre-approved offer. Canara Bank usually approves loan requests within 2-7 working days. Customers who submit all required documents upon loan application requestand have a high credit score may receive instant approval.

What is the EMI for 2 Lakh loan? 

Here are a few projections of different EMI plans for a 2 Lakh loan at an interest rate of 10.95%.

Canara Bank personal loan of 2 Lakh EMI plan with a repayment tenure of 5 years.

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balance
1 200000 4343 2518 1825 197482
12 170997 4343 2783 1560 168214
24 135871 4343 3103 1240 132768
36 96700 4343 3461 882 93239
48 53017 4343 3859 484 49158
60 4304 4343 4304 39 0

Canara Bank personal loan of 2 Lakh EMI plan with a repayment tenure of 10 years.

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balance
1 200000 2749 924 1825 199076
12 189355 2749 1021 1728 188334
24 176463 2749 1139 1610 175324
36 162087 2749 1270 1479 160816
48 146054 2749 1416 1333 144638
60 128175 2749 1579 1170 126596
72 108238 2749 1761 988 106476
84 86004 2749 1964 785 84039
96 61209 2749 2190 559 59018
108 33559 2749 2443 306 31116
120 2724 2749 2724 25 0

Eligibility Criteria 2 Lakh loan in Canara Bank

Here are the important criteria for 2 Lakh personal loan eligibility of Canara Bank.

  • Salaried applicants must have proven 1 year of work experience in their current company.
  • Government/Corporate employee.
  • Self-employed applicants with a high credit score.
  • Applicant must have a co-signer for co-obligation.
  • Applicants with a Canara Bank salary account.

Documents Required 2 Lakh Canara Bank Loan

Here is a list of the necessary 2 Lakh personal loan documents by Canara Bank.

  • Identity and address proof (passport/PAN card /Voter ID card/driving license/Aadhaar)
  • Last 6 months’ salary slip for salaried.
  • Form-16 for the last 3 years.
  • Income Tax Returns for the last 3years.
  • Delivery letter to DPN (Only for Canara Pension Personal Loan)

How to Apply for 2 Lakh Personal loan from Urban Money?

Applying for a Canara Bank personal loan of 2 Lakh from Urban Money is easy. 

  • Head to the personal loans section on Urban Money. 
  • Select Canara Bank to enter query details.
  • Enter the Loan Amount, Monthly Net Salary, Estimated EMIs and Tenure
  • Send your request and wait for approval.

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Frequently Asked Question (FAQs)

How long does it take for Canara Bank to approve a 2 Lakh personal loan?

Canara Bank takes 2-7 working days to approve personal loan requests.

What is the interest rate range for Canara Bank 2 Lakh personal loans?

Canara Bank’s 2 Lakh personal loan EMI interest rate ranges from 10.95% to 15.95%.

Can I apply for a 2 Lakh Canara Bank personal loan online?

It is possible to apply for a Canara Bank personal loan online with a salary account or savings account.

Are there any hidden charges in Canara Bank's personal loan agreements?

Canara Bank has no hidden charges on personal loan agreements.

Urban Money