Canara Bank Personal Loan of 7 Lakh

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Written By
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.

If you are in need of financial assistance, you can rely on Canara Bank to provide you with the necessary support. Canara Bank offers loans with flexible repayment options that range from 12 to 84 months, ensuring that you can choose an option that best suits your financial needs.For an instant loan of Rs. 7 Lakh, the interest rate starts at just 10.95% per annum. What’s more, Canara Bank provides a hassle-free online loan processing option that ensures speedy disbursal of funds. To apply for a Canara Bank 7 Lakh personal loan, you can visit your nearest branch or apply online through the bank’s website.

Personal Loan Options for 7 Lakh in Canara Bank

Canara Bank offers several types of personal loans.

  • Canara Budget Prime and Canara Budget DelightInstant 7 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 7 Lakh Personal Loan 

Here are some of the features of Canara Bank’s personal loan of 7 Lakh, which make it an attractive choice.

  • Options of fixed or variable EMI.
  • No processing charges on Canara Budget 7 Lakh or greater personal loan EMI plan.
  • High quantum loans starting from 7 Lakh personal loans with instant approval
  • Maximum up to 84 months in terms of the repayment tenure.

Can I get 7 Lakh personal loan instantly from Canara Bank? 

It is possible to get an instant 7 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 7 Lakh loan? 

Here are a few projections of different EMI plans for a 7 Lakh loan at an interest rate of 10.95%.

Canara Bank personal loan of 7 Lakh EMI plan with a repayment tenure of 5 years.

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balance
1 700000 15202 8814 6388 691185
12 598491 15202 9741 5461 588750
24 475550 15202 10863 4339 464687
36 338450 15202 12114 3088 326336
48 185561 15202 13509 1693 172052
60 15065 15202 15065 137 0

Canara Bank personal loan of 7 Lakh EMI plan with a repayment tenure of 10 years.

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balance
1 700000 9623 3235 6388 696765
12 662744 9623 3575 6048 659169
24 617622 9623 3987 5636 613635
36 567303 9623 4446 5177 562857
48 511190 9623 4958 4665 506232
60 448614 9623 5529 4094 443085
72 378832 9623 6166 3457 372666
84 301013 9623 6876 2747 294137
96 214232 9623 7668 1955 206564
108 117456 9623 8551 1072 108905
120 9536 9623 9536 87 0

Eligibility Criteria 7 Lakh loan in Canara Bank

Here are the important criteria for 7 Lakh personal loan eligibility of Canara Bank.

  • Salaried applicants should have 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 7 Lakh Canara Bank Loan

Here is a list of the necessary 7 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 7 Lakh Personal loan From Urban Money? 

Applying for a Canara Bank personal loan of 7 Lakh from Urban Money is easy. 

  • Head to the personal loans section on Urban Money. 
  • Select Canara Bank to enter the 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 7 Lakh personal loan?

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

What are the interest rate ranges for Canara Bank7 Lakh personal loans?

Canara Bank’s 7 Lakh personal loan EMI interest rate ranges from 10.95% to 15.95%.

Can I apply for a 7 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