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Canara Bank Personal Loan Details With Interest Rate

Kindly Check Complete Details For Canara Bank Personal Loan.

Canara Bank
Personal Loan
3 lac
Upto 60 months
Full Details for Canara Bank Personal Loan

Canara Bank Personal Loans


Loan scheme to individuals for purchase of brand new durable utility articles, home appliances including furniture, computers / Laptops, electronic gadgets especially to the staff of corporate bodies and others.

Some features and benefits of Canara Bank personal loans:

  • Complete flexibility of end use
  • Multi-purpose loan
  • Flexible tenures up to 60 months
  • No security, no collateral loan, although this might depend on your credit history
  • Loan payable in easy installments
  • Canara loan payment options includes through Auto-debit / ECS / PDC
  • Hassle-free personal loan application
  • Easy and simple documentation, quick processing and speedy disbursal.
  • Tailor-made personal loans solutions across multiple categories


  • All individuals (including professionals, businessmen and salaried class)
  • Salaried individuals with minimum monthly net salary of 40 % of their gross salary or Rs. 6,000/- after meeting the installment for the proposed loan, whichever is higher.
  • Professionals and other non-salaried persons should have a minimum annual net income of
  • Rs. 1,50,000/- evidenced by Income Tax Assessment Order (ITAO) / Income Tax Return (ITR).
  • In the case of salaried class, salary should be credited to the operating account of the applicant at our branch. Alternatively, a mandate to be lodged with employer to facilitate easy recovery of instalments.
  • Apart from income of applicant, income of spouse is reckoned for satisfying eligibility criteria in II and III above.

Quantum of Loan

  • Salaried Persons
  • 75% of the invoice value or 15 months of net salary or
  • Rs.1,00,000/-, whichever is less.
  • Professionals and other non-salaried individuals
  • 75% of the invoice value or to the extent of 50% of their annual
  • net income in the immediate previous year or Rs.1,00,000/- whichever is less

Rate of Interest

  • Interest rates for personal loans in India and elsewhere in the world are usually high, because the loan is unsecured and the lenders need to safeguard the money against possible default.
  • Canara Bank Personal Loan Interest can range anywhere from 11% to 25% per annum though it can be higher, depending on your credit history amongst other factors. The final pricing will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time. You can contact the bank directly for the most up to date information on Canara Personal Loan Rate of Interest and other associated fees and charges.
  • Note that interest rates and other charges are subject to periodic review.

    Scheme Name


    Rate Of Interest

    Present Interest Rates


    One Year MCLR + 4.45%



  • Repayable in 36 months by equated monthly instalments.
  • Repayment will commence from the month following the month in which loan is disbursed.
  • No prepayment penalty charged.


  • Hypothecation of the articles purchased out of the Bank loan.
  • Suitable personal guarantee / co-obligation
  • However, the next higher authority may waive such personal guarantee / co-obligation depending upon merits of each case.

Processing Charges

  • 1 % of the loan amount with a minimum of Rs. 250/- Other features:
  • During the pendency of first loan, second loan also considered subject, within the overall eligibility, subject to there being no overdues in earlier loan.
  • Insurance is waived    

Documents to be Submitted

Prescribed Loan Application with 2 copies of passport size photographs

•Latest Salary Certificate and Form No.16 / ITR/ITAO for last 3 years.
• Proforma Invoice of the article proposed to be purchased

For Canara Bank Personal loan EMI Calculator Click Here.

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