A Personal loan is designed to cover planned or unplanned expenses like medical, wedding, education, vacation, shopping, home renovation, etc., so as to deal with all the financial needs that may happen at any point in a lifetime. It allows users to experience a hassle-free documentation process, quicker processing, flexible repayment tenure, and speedy loan disbursal.
Calculating personal loan EMIs has now become easier with the use of the Canara Bank Personal Loan EMI Calculator. Whether it is a 2 Lakh Personal Loan EMI for 5 years or a 5 Lakh Loan EMI for 2.5 years, the EMI Calculator can be used to determine the personal loan interest rates and the EMI amount.
| Canara Bank Personal Loan – A Snapshot | |
| Interest Rate | 10.95%- 16.40% p.a. |
| Loan Amount | Up to INR 10 lakh |
| Loan Tenure | Up to 7 years |
| Processing Fees | Up to 0.50% of the loan amount (INR 1,000 to INR 5,000) – 50% off on the processing fee |
| Prepayment Charges | NIL |
| Foreclosure Charges | NIL |
Documents Required
Mentioned below is the list of documents required in order to apply for Canara Bank Personal Loan:
- Stipulated Loan Application with 2 passport-size photos of applicant / Co-applicant or guarantor.
- KYC documents of applicant/Co-applicant or guarantor.
- Proof of Residence (Driver’s License, Voter ID, Passport, Aadhar Card, Electricity Bill, Telephone Bill, etc.) and business Proof related to GST and others.
- Please provide the latest six months’ salary slips/Salary Certificates (including Co-applicants) and Form No.16 and ITR, if applicable.
- Irrevocable Salary Mandate from Employer (wherever applicable).
Eligibility Criteria
Mentioned below are the eligibility parameters to be met in order to apply for Canara Bank Personal Loan:
- Canara Budget – Prime:
- All the confirmed employees of the Central Government / State Government / Personnel from Defence and Paramilitary Forces / PSUs & Autonomous Bodies of the Central and State Government.
- Should have a minimum of 1 year of service & confirmed in the service.
- In case of loans sanctioned based on salary credit, the salary for the last year shall be credited to the salary account maintained by our bank.
- Canara Budget – Delight:
- All the confirmed employees of Reputed Corporations, MNCs, Public and Private Limited Companies, Private Institutions, Universities, Reputed Schools, Reputed Colleges, Reputed Hospitals, and IT BT Companies.
- Should have a minimum of 1 year of service & confirmed in the service.
Different Types of Canara Bank Personal Loans
Mentioned are the different kinds of personal loans offered by Canara Bank:
- Canara Budget
Purpose: It is a personal loan considered for government/ PSU employees/ teaching staff of top universities or institutions and top private sector employees.
Loan Amount:
- 6 months’ gross salary or maximum up to INR 3 lakh, whichever is lower
- Higher quantum would be considered in some cases
Tenure: Maximum of up to 5 years
Processing Fees: It is 0.5% of the loan amount subject to INR 1,000- INR 5,000
- Canara Pension – General Public
Purpose: It is a pension loan to meet the personal requirements of the pensioners
Loan Amount and Tenure:
- For General Public Pensioners
| Age at the time of Loan sanction | Max Loan Amount (18 months Pension or) | Repayment Period | Age at the time of full Repayment |
| Below 70 years | INR 10 lakhs | Up to 5 years | Up to 75 years |
| 70 – 75 years | INR 5 lakhs | Up to 3 years | Up to 78 years |
- For Defence Pensioners
| Age at the time of Loan sanction | Max Loan Amount (24 months Pension or) | Repayment Period | Age at the time of full Repayment |
| Below 50 years | INR 10 lakhs | Up to 7 years | 57 years |
| 50 – 60 years | INR 8 lakhs | Up to 5 years | 65 years |
| 60 – 70 years | INR 6 lakhs | Up to 4 years | 74 years |
| 70 – 75 years | INR 5 lakhs | Up to 2 years | 77 years |
- For Family Pensioners (General/Defence Pensioners)
| Age at the time of Loan sanction | Max Loan Amount (18 months Pension or) | Repayment Period | Age at the time of full Repayment |
| Below 70 years | INR 5 lakhs | Up to 5 years | 75 years |
| 70 – 75 years | INR 3 lakhs | Up to 3 years | 78 years |
Processing Fees: Nil
- Canara Bank Teachers Loan
Purpose: It can be raised to meet the personal requirements of the teachers (Except for speculations)
Loan Amount:
- 6 months gross salary maximum of up to INR 2 lakh
- 10 months gross salary maximum of up to INR 3 lakh
Tenure: Up to 4 years
Processing Fees: Maximum of up to 1% of the amount of the loan with a minimum of INR 50
- Instant Purpose Loan
Purpose: To meet the personal or domestic requirements in the case of salary account holders.
Loan Amount: INR 10,000 – INR 1 lakh
Canara Bank Personal Loan Floating Interest Rates
Mentioned are the Lowest Personal Loan Interest Rates offered by Canara Bank:
- Canara Budget-Individual
| Credit Score-based Risk Grade | Rate of Interest (p.a.) |
| CRG:1 | 13.90% |
| CRG:2 | 13.95% |
| CRG:3 | 14.45% |
| CRG:4 | 15.95% |
- Canara Budget- Prime (with salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 10.95% |
| CRG:2 | 10.95% |
| CRG:3 | 10.95% |
| CRG:4 | 15.95% |
- Canara Budget- Prime (without salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 11.95% |
| CRG:2 | 11.95% |
| CRG:3 | 11.95% |
| CRG:4 | 15.95% |
- Canara Budget- Delight (with salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 11.95% |
| CRG:2 | 11.95% |
| CRG:3 | 11.95% |
| CRG:4 | Not Eligible |
- Canara Budget Special Package
| Relationship with the bank | Interest rate (p.a.) |
| With salary tie-up | 13.65% |
| Without salary tie-up | 11.95% |
- Canara Pension Loan
| Type of Pensioners | Rate of Interest (p.a.) |
| General Public | 11.75% |
- Teachers’ Loan
| Credit Score based Risk Grade | Rate of Interest (p.a.) |
| CRG:1 | 13.25% |
| CRG:2 | 13.30% |
| CRG:3 | 13.80% |
| CRG:4 | 15.30% |
Canara Bank Personal Loan Fixed Interest Rates
- Canara Budget-Individual
| Credit Score based Risk Grade | Rate of Interest (p.a.) |
| CRG:1 | 14.35% |
| CRG:2 | 14.40% |
| CRG:3 | 14.90% |
| CRG:4 | 16.40% |
- Canara Budget- Prime (with salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 11.40% |
| CRG:2 | 11.40% |
| CRG:3 | 11.40% |
| CRG:4 | 16.40% |
- Canara Budget- Prime (without salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 12.40% |
| CRG:2 | 12.40% |
| CRG:3 | 12.40% |
| CRG:4 | 16.40% |
- Canara Budget- Delight (with salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 12.40% |
| CRG:2 | 12.40% |
| CRG:3 | 12.40% |
| CRG:4 | Not eligible for loan |
- Canara Pension Loan
| Type of Pensioners | Rate of Interest (p.a.) |
| General Public | 12.50% |
- Teachers’ Loan
| Credit Score based Risk Grade | Rate of Interest (p.a.) |
| CRG:1 | 14.00% |
| CRG:2 | 14.05% |
| CRG:3 | 14.55% |
| CRG:4 | 16.05% |
