Canara Bank Personal Loan of 4 Lakh

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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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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Canara Bank provides instant loans and high-quantum loans with flexible repayment options ranging from 12 to 84 months. For an instant loan of Rs. 4 Lakh, the interest rate starts at just 10.95% per annum. The bank also offers easy, hassle-free online loan processing and speedy loan disbursal. To apply for a Canara Bank 4 Lakh personal loan, individuals can visit their nearest branch or apply online through the bank’s website.

Personal Loan Options for 4 Lakh in Canara Bank

Canara Bank offers several types of personal loans.

  • Canara Budget Prime and Canara Budget DelightInstant 4 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 4 Lakh Personal Loan 

Here are some of the features of Canara Bank’s personal loan of 4 Lakh, which make it an attractive choice.

  • Options of fixed or variable EMI.
  • No processing charges on Canara Budget 4 Lakh or greater personal loan EMI plan.
  • High-amount loans starting from 4 Lakh personal loans with instant approval
  • Maximum up to 84 months repayment tenure.

Can I get 4 Lakh personal loan instantly from Canara Bank? 

It is possible to get an instant 4 Lakh loan from Canara Bank with a pre-approved offer.Canara Bank usually approves loan requests within 2-7 working days. Customers who present all required documents upon loan application or have a high credit score above 750 may receive instant approval.

What is the EMI for 4 Lakh loan? 

Here are a few projections of different EMI plans for a 4 Lakh loan at an interest rate of 10.95%.

Canara Bank personal loan of 4 Lakh EMI plan with a repayment tenure of 5 years.

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balance
1 400000 8687 5037 3650 394963
12 341995 8687 5566 3121 336428
24 271743 8687 6207 2480 265535
36 193400 8687 6922 1765 186478
48 106035 8687 7719 968 98316
60 8608 8687 8608 79 0

Canara Bank personal loan of 4 Lakh EMI plan with a repayment tenure of 2 years.

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balance
1 400000 5499 1849 3650 398151
12 378711 5499 2043 3456 376668
24 352927 5499 2279 3220 350649
36 324173 5499 2541 2958 321633
48 292109 5499 2834 2665 289275
60 256351 5499 3160 2339 253192
72 216475 5499 3524 1975 212952
84 172007 5499 3929 1570 168078
96 122418 5499 4382 1117 118036
108 67118 5499 4887 612 62232
120 5449 5499 5449 50 0

Eligibility Criteria 4 Lakh loan in Canara Bank

Here are the important criteria for 4 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 4 Lakh Canara Bank Loan

Here is a list of the necessary 4 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 4 Lakh Personal loan From Urban Money?

Applying for a Canara Bank personal loan of 4 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 4 Lakh personal loan?

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

What are the interest rate ranges for Canara Bank 4 Lakh personal loans?

Canara Bank’s 4 Lakh personal loan EMI interest rate ranges from 10.95% to 15.95%.

Can I apply for a 4 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