Canara Bank Personal Loan of 20,000

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Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
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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 offers personal loans up to Rs. 20,000 with flexible repayment extending up to 74 months and renewal options. The loan can be availed for various personal expenses such as shopping, paying fees, or even medical emergencies. The interest rates for a Canara Bank personal loan of 20000 are competitive, and the processing is hassle-free with minimal documentation.

Personal Loan Options for 20000 in Canara Bank 

Canara Bank offers six types of personal loans.

  • Canara Home Loan Plus – Personal loan option to offset existing home loan interests.
  • Canara Budget (Prime and Delight)Instant 20000 loan from Canara Bank for personal needs.
  • Canara Pension – Personal loan option for pensioners of government and corporate undertakings.
  • Teachers Loan – Special personal option for teaching and non-teaching staff with Canara Bank salary account.
  • Canara Pension for Canara Ex-Employees – Specially curated personal loans for retired employees of Canara Bank.
  • Canara Cash – Secured personal loans issued against collateral of Shares, Debentures, Bonds and Units.

Features of Canara Bank 20000 Personal Loan 

Canara Bank, one of the leading financial institutions in India, offers 20000 personal loans with instant approval. Here are some of the features of Canara Bank’s personal loan of 20000, which make it an attractive choice.

  • Options of fixed or variable EMI.
  • No processing charges on Canara Budget 20000 or greater personal loan EMI plan.
  • Renewal is available after 2 years in Overdraft.
  • Maximum up to 84 months repayment tenure.

Can I get 20000 personal loan instantly from Canara Bank? 

It is possible to get an instant 20000 loan from Canara Bank with a pre-approved offer. Typically, Canara Bank processes low-amount loans quickly within 2-7 working days.

What is the EMI for 20000 loan? 

Here are a few projections of different EMI plans for a 20000 loan at an interest rate of 9.25%.

Canara Bank personal loan of 20000 EMI plan with a repayment tenure of 1 year.

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balance
1 20000 1751 1597 154 18403
2 18403 1751 1609 142 16793
3 16793 1751 1622 129 15171
4 15171 1751 1634 117 13537
5 13537 1751 1647 104 11890
6 11890 1751 1659 92 10230
7 10230 1751 1672 79 8558
8 8558 1751 1685 66 6872
9 6872 1751 1698 53 5174
10 5174 1751 1711 40 3463
11 3463 1751 1724 27 1738
12 1738 1751 1738 13 0

Canara Bank personal loan of 20000 EMI plan with a repayment tenure of 2 year.

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balance
1 20000 916 762 154 19238
12 11289 916 829 87 10460
24 909 916 909 7 0

Eligibility Criteria 20000 loan in Canara Bank 

Here are the important criteria for 20000 personal loan eligibility of Canara Bank.

  • Salaried applicants must have proven 1 year of work experience in their current company.
  • Government/Corporate employee.
  • Applicant must have a co-signer for co-obligation.

Documents Required 20000 Canara Bank loan 

Here is a list of the necessary 20000 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 3 years.
  • Delivery letter to DPN (Only for Canara Pension Personal Loan)

How to Apply for 20000 Personal loan From urban money?

Applying for a Canara Bank personal loan of 20000 from Urban Money is easy. 

  • Head to the personal loans section on Urban Money website. 
  • 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 20000 personal loan?

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

What are the interest rate ranges for Canara Bank 20000 personal loans?

Canara Bank’s 20000 personal loan EMI has a starting interest rate of 9.25%.

Can I apply for a 20000 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