Canara Bank Personal Loan

Canara Bank star star star star star 4.5 / 5.04 users

Canara Bank personal loan is an unsecured loan you can use to meet different expenses. Canara bank has its headquarters at Bangalore and is state-owned. It is one of the oldest banks in India and was founded in 1906. The bank offers numerous loans such as personal loan, home loan, business loan, educational loan, etc. among them; the personal loans at Canara Bank can be of much help during a sudden financial crisis. The bank offers loans to fulfil individual requirements such as weddings, education, medications, etc.

Our website, Loanbaba.com will provide you all details about personal loan Canara Bank.

Canara Bank Personal Loan Details Updated on 16th November 2018

Loan Amount

Maximum Rs. 3 lakhs

Loan Tenure

5 Years

Interest Rate

1 Year MCLR + 4.30% = 13.60% per annum

Why Choose Canara Bank Personal Loan?

  • The advantage of this loan is its same interest throughout the duration.
  • Simple documentation is needed and the personal loan in Canara Bank then gets processed faster.
  • The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.

Features of Personal Loans at Canara Bank

The following key points will help you understand the features and benefits of the personal loans:

  • The bank offers loans for very long tenures. One can avail a loan for up to 60 months.
  • The bank offers easy repayment options. These loans can be paid on a monthly basis at your own convenience.
  • Pre-enclosure charges applied are pretty nominal.
  • The bank imposes very less processing fee on loan.
  • The application for the loans can be made online. The same is easy to track and stay updated with the current status.
  • There is a 24/7 customer service for the convenience of the customers. Thus, you can ask your queries and doubts at any time of the day.

Why Apply for Canara Bank Personal Loan?

Loanbaba provides comprehensive information about personal loan schemes by Canara Bank. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for Canara Bank Personal Loan online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

Canara Bank Personal Loan Interest Rates

Personal Loan Canara Bank interest rate is 12.75% floating, but varies as per individual profile. Keep a check on this page to note the updated Canara Bank personal loan interest rate for the current year.

Canara Bank Personal Loan Eligibility Calculator

Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost Canara Bank personal loan eligibility calculator at Loanbaba.com. The eligibility criteria for Canara Bank personal loan are discussed below:

  • The applicant for personal loan Canara Bank needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan.
  • He/she meet the requirement for credit score and should not be under too many debts.

Types of Canara Bank Personal Loans

Canara Bank has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.

  • Canara Budget Personal Loan

This is one of the simplest personal loan schemes where employees of corporate and government institutions can apply to meet their individual needs.

  • Canara Bank’s Teachers Personal Loan

This loan is offered to the teachers again to meet their personal expenses. Any teaching or non-teaching staff of a school or a college can avail the same.

  • Canara Bank’s Consumer Personal Loan

This loan is exclusively for salaried individuals, business people and other professionals.

Canara Bank Personal Loan FAQs

Below provided are important questions about personal loan Canara Bank.

  • addFAQs
    1. What are the eligibility criteria for Canara Bank personal loan?
    2. The eligibility conditions individually vary from person to person. The bank considers your repayment capacity to determine the same. The age in which the loan can be applied is minimum 21 years and maximum 58 years. Both salaried as well as self-employed can avail the Canara Bank personal loans up to Rs 3 lakhs. However, the bank has different eligibility criteria for both the categories.

    3. What are the documents required for personal loan Canara Bank?
    4. The documents for Canara Bank personal loan are as follows:

      • Latest salary slip
      • Latest ITR or Form 16
      • Latest 6 months Bank statement
      • Current dated salary certificate and latest Form 16
      • Copy of passport/voter ID card/driving license
      • Processing fee cheque
    5. What is the processing fee?

    The processing fee is 0.5 percent of the loan amount. Minimum of Rs.1,000 or a maximum of Rs.5,000 is charged.

Canara Bank Personal Loan Review


Personal Loan
star star star star star 14.0/5
I stand by with Canara Bank for the personal loan in Mumbai. My experience was nice. Verification process was also done in time and I received the amount within a short time.
Mumbai November 15, 2018
Personal Loan
star star star star star 15.0/5
personal loan in Pune was approved by Canara bank at a great interest rate! I was able to secure the loan for a desirable tenure.
Mumbai November 15, 2018
Personal Loan
star star star star star 14.0/5
As I was holding a savings account with Canara bank they gave me personal loan for which the entire documentation process was very less. It was a quick disbursement procedure.
Mumbai November 14, 2018
Personal Loan
star star star star star 15.0/5
Taking personal loan in Gujrat by Canara bank through online portal of loanbaba was after all not a bad idea. This way I could communicate with the Canara without having to come over to their branch. All by documentation was sorted and I got the loan in decent time.
Mumbai November 14, 2018

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