Canara Bank Personal Loan: Interest Rates, Eligibility, How to Apply

Canara Bank Personal Loan: Canara Bank provides personal loan to salaried employees, loan up to Rs 3 lakh can be taken to meet personal needs. You can easily repay the loan with a tenure of up to 60 months.

Canara Bank Personal Loan Details

Rate of interest 12.05% to 13.90% p.a.
Maximum loan amount 3 lakh rupees
repayment period up to 60 months
processing fee 0.50% of the loan amount + GST ​​(Min. 1,000 and maximum Rs. 5,000)
How is the loan available term loan or overdraft loan

Features of Canara Bank Personal Loan

  • Loan Amount: You can avail an amount of 3 lakhs as a personal loan from Canara Bank.
  • Purpose: Canara Personal Loan can be used to meet any personal or household needs.
  • Repayment Tenure: The maximum loan repayment tenure can be up to 60 months.
  • Who can get the loan: Offers several personal loan schemes for different types of borrowers including salaried individuals, pensioners and teachers.
  • Online Loan Application: You can apply for Canara Bank Personal Loan online from the comfort of your home with minimum documents.

Types of Canara Bank Personal Loan

1. Canara Budget: Unsecured personal loan to meet personal or household needs.

  • Loan Amount: Up to Rs 3 lakh
  • Interest Rate : 12.05% to 13.90% p.a.
  • Repayment Period: Up to 60 months
  • Processing Fee: 0.50% of the loan amount + GST, minimum Rs.1,000 and maximum Rs.5,000

2. Canara Cash (Shares): Instant Personal Loan is offered against Shares, Debentures, Bonds.

  • Loan Amount : Maximum Rs.20 lakhs if the borrower maintains a Demat account with DP of Canara Bank.
  • Interest Rate : 13.45% p.a.
  • Repayment Period: Up to 60 months
  • Processing Fee: 0.1% of the loan amount, with a minimum of Rs.100 and a maximum of Rs.250.

3. Loan for Teachers: Personal loans are offered to all teaching or non-teaching staff working in a school or college to meet any individual needs.

  • Loan Amount: Up to Rs 3 lakh
  • Interest Rate : 10.90% to 12.95% p.a.
  • Repayment Period: 48 Months
  • Processing Fee : 1% of the loan amount

4. Pension Loan – Personal loan for meeting medical expenses or other personal needs of pensioners.

  • Loan Amount: Rs 5 lakh
  • Interest Rate : 9% to 10.20% p.a.
  • Repayment Period: Up to 72 Months

Documents Required for Canara Bank Personal Loan

Documents for Salaried Individuals

  • 2 recent passport size photographs
  • Salary slip of last 6 months
  • Salary account bank statements for the last 6 months
  • proof of job
  • age proof
  • proof of residence
  • photo copy of pan card

Documents required for self employment

  • 2 recent passport size photographs
  • age proof
  • proof of residence
  • photo copy of pan card
  • Balance Sheet and Profit and Loss Account for the last 3 years
  • ITR/ITAO of last 3 years
  • If you want to include agricultural income also – copy of ITR and land records.
  • A short note about the nature of business and its establishment year, form of organization, current banker and net worth of the applicant.

Eligibility Criteria for Canara Bank Personal Loan

Eligibility Criteria for Canara Budget

  • The applicant should be an employee of a reputed PSU/Joint Stock Company/Central Government/State Government/IT Company/BT Company or a Lecturer/Assistant Professor/Professor of a College, University or Research Institute.
  • Applicant should have salary account with Canara Bank.
  • 10,000 should be saved after deducting the EMI of the current loan obligations.

Eligibility Criteria for Canara Bank Pension Loan

Only the following pensioners are eligible for this loan if they are receiving their pension through Canara Bank branches:-

  • Central Government Pensioners (who had worked with Central, Civil, Defence, Armed Forces, Railways, Defense Citizens, Freedom Fighters etc.).
  • state government pensioners
  • Pensioners of all Government Department Undertakings/Public Sector Undertakings.
  • All Corporate Pensioners

Eligibility Criteria for Teacher Loan

  • All teaching or non-teaching staff who are confirmed and working in a school or college.
  • They have to receive the salary through Canara Bank branches.
  • They should have an undertaking issued by the Wage Disbursement Authority at the district or block level.
  • 10,000 should be saved after deducting the EMI of the current loan obligations.

Canara Bank Personal Loan Customer Care

For any query, complaint or issue regarding Canara Bank Personal Loan, you can call on the following toll free and non toll free customer care numbers of the bank:

toll free number

  • 1800 425 0018
  • 1800 103 0018
  • 1800 208 3333
  • 1800 3011 3333

Non Toll Free Number – If calling from outside India

  • +91-80-22064232

How to Apply for Personal Loan from Canara Bank

If you are eligible to take a loan, you can apply for it at the nearest branch office. Also, for the convenience of the customer, the bank provides the online application form.

When it comes to applying for personal loan in Canara Bank online, there is no need to worry as the process is simple and quick. All you need to do is visit the bank’s website and fill all the required details and click on the submit button, it is hassle free. You can apply online anytime as per your convenience without visiting any bank branch.

Canara Bank Personal Loan Application Form

To avail the loan facility, the application form has to be filled. The application form is available at all bank branches. You can also apply for the loan online.

You have to fill the following details-

  • Details of Co-Binder/Guarantor with recent photograph
  • Description of profession
  • income details
  • Statement of assets and liabilities
  • purpose of loan
  • Repayment Period Details

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