Established in 1906, Canara Bank is one of the oldest Indian banks. The Indian government nationalized it in 1969. It has a network of 5,784 branches and more than 9,153 ATMs across India. People can take a Canara Bank Personal Loan of up to INR 10 lakh and the repayment has to be made in equal installments, within 60 months. The bank aids the people in need of funds by providing personal loans. All salaried individuals can seriously think, with an open mind, to apply for a personal loan.

Canara Bank Personal Loan Interest Rates 2025

The Canara Bank Personal loan interest rate for 2025 is given below -

Particulars	Details
Interest Rate	14.50% p.a. - 16.00% p.a.
Loan Amount	Rs. 50,000 to Maximum up to Rs.10.00 Lakh
Repayment	12 months - 60 months
Processing fee	Nil

Types of Canara Bank Personal Loan

The top Personal Loans by Canara Bank -

1. Canara Ready Cash
2. Canara Heal
3. Canara Budget
4. Canara Home Loan Plus
5. Canara Pension
6. Canara Cash
7. Canara Pension (Canara Bank Ex-employees)

Canara Ready Cash

Canara Ready Cash offers a seamless, fully digital experience with no branch visits required. Available 24/7, this facility ensures a hassle-free journey. A processing fee of 0.50% of the loan amount applies, with a minimum charge of ₹500 and a maximum of ₹2,500 (excluding applicable taxes).

Eligibility Criteria:

All existing salaried individuals are eligible for the scheme, subject to terms and conditions.

• Income: Minimum monthly salary credit of ₹50,000
• Net Take Home (NTH): At least 25% of salary or ₹10,000 per month, whichever is higher, after accounting for all existing and proposed loan EMIs.

Canara Heal

Canara Heal offers a seamless, fully digital journey with no branch visits required. Available from 10 AM to 7 PM, the facility ensures direct remittance to hospitals for hassle-free discharge. Existing customers get a pre-approved limit from ₹25,000 to ₹5 lakh, with flexible repayment from 12 to 36 months. Applicable processing and other charges apply.

Eligibility Criteria:

• Eligible Individuals: Resident Indian citizens
• Eligible Applicants: Creditworthy salaried, non-salaried, and professional individuals (Only salaried new-to-bank customers are eligible)
• Income Criteria:
  • Salaried: Minimum monthly salary credit of ₹50,000
  • Non-Salaried: Minimum average balance of ₹50,000 in the last 6 months
• Net Take Home (NTH): At least ₹10,000 per month after accounting for all existing and proposed loan EMIs
• Mandatory Requirement: Health insurance with an associated TPA/insurance company. 

Canara Budget

Canara Budget offers a higher personal loan amount with NIL processing charges, a lower balance interest rate, and no pre-payment penalty. Enjoy quick approval and disbursement for a hassle-free borrowing experience.

Features: 

Purpose	For personal/domestic needs (excluding speculative purposes)
Loan Amount	Canara Budget – Prime: Up to 25 months' gross salary, max ₹30 lakh (higher quantum considered selectively) Canara Budget – Delight: Up to 25 months' gross salary, max ₹20 lakhs (higher quantum considered selectively)
Processing Charges	50% waiver on applicable charges (0.50% of loan amount, min ₹1,000 + GST, max ₹5,000 + GST) till 31.03.2025
Repayment	Term Loan: Up to 84 months in EMIs (fixed EMI option available) Overdraft: Renewal every 2 years Minimum Net Take Home Pay: At least 25% of salary or ₹10,000/month, whichever is higher
Security	Co-obligation of spouse/legal heir If unavailable, an acceptable co-obligate with sufficient creditworthiness

Eligibility Criteria:

Canara Budget – Prime

• Confirmed employees of Central/State Government, Defence & Paramilitary Forces, PSUs, and Autonomous Bodies
• Minimum 1 year of service and confirmation of employment
• For salary-based loans, the last 1 year’s salary must be credited to a salary account with Canara Bank

Canara Budget – Delight

• Confirmed employees of Reputed Corporates, MNCs, Public & Private Ltd. Companies, Private Institutions, Universities, Reputed Schools, Colleges, Hospitals, and IT/BT Companies
• Minimum 1 year of service and confirmation of employment. 

Canara Home Loan Plus

Canara Home Loan Plus offers a lower interest rate with a reduced balance method, no upper loan limit, and no prepayment penalty. Enjoy minimal processing charges for a cost-effective borrowing experience.

Features :

Purpose	Covers domestic needs, medical/educational expenses, and unforeseen contingencies (excluding speculative purposes)
Loan Amount	Salaried Individuals: Up to 24 months' gross salary, max ₹50 lakh Others: 2× average gross income (last 3 years), max ₹50 lakh
Margin & NTH	No margin requirement NTH: 25% for salaried, 30% for non-salaried
Processing Fee	0.50% of the loan amount (Min ₹100, Max ₹500)
Documentation Charges	₹100 per lakh (Min ₹1,000, Max ₹25,000)
Security	Existing mortgaged property under the home loan Further EMT creation is required for the Canara Home Loan Plus Security release only after full repayment of both loans
Repayment Tenure	Lesser remaining home loan tenure or 180 EMIs If the home loan is pre-closed, Canara Home Loan Plus must be cleared first.

Eligibility:

• Existing home loan borrowers aged 18 to 75 years with a satisfactory repayment track record are eligible, subject to scheme guidelines. 
• For joint loan accounts, the age of the youngest borrower will be considered as per housing loan norms.

Canara Pension

Canara Pension offers a higher loan quantum with NIL processing charges and NIL margin, ensuring an affordable borrowing experience. Enjoy a lower reducing balance interest rate, no pre-payment penalty, and quick approval & disbursement for hassle-free financial support.

Features:

• Purpose:To cover medical expenses and other genuine personal needs of pensioners
• Processing Charges: 100% waived
• Net Take Home (NTH): 40% for Canara Bank Retired Pensioners/Family Pensioners.

Loan Quantum & Repayment

Age at Loan Sanction	Maximum Loan Amount (24 months' pension or ₹)	Repayment Tenure	Age at Full Repayment
Below 60 years	₹15.00 lakh	84 months	Up to 67 years
60 - 70 years	₹10.00 lakh	60 months	Up to 75 years
70 - 75 years	₹5.00 lakh	36 months	Up to 78 years

Security Requirements

• For Pensioners: Co-obligation of the spouse (if eligible for family pension) or any other pensioner/person acceptable to the bank. 
• For Family Pensioners: Third-party guarantee/co-obligation required. 

Eligibility:

Pensioners drawing their pension through Canara Bank branches are eligible, including:

• Central Government Pensioners (Civil, Railways, Defence, Armed Forces, Defence Civilians, Freedom Fighters, etc.)
• State Government Pensioners.
• Pensioners from Government Department Undertakings.
• Pensioners from Public Sector Undertakings (PSUs) and Corporate Pensioners.
• Family Pensioners from all the above categories.

Canara Cash

Canara Cash offers instant liquidity against Shares, Debentures, Bonds, and Units without the need to liquidate your investments. Get a loan of up to ₹20 lakhs at a competitive interest rate on a reducing balance basis, with minimal processing charges and no prepayment penalty. Enjoy quick processing and seamless disbursement, ensuring financial flexibility whenever needed.

Features:

Purpose	Avail a loan by pledging approved Shares, Debentures, Bonds, or Units to meet business or personal financial needs.
Loan Quantum	Up to ₹20 lakhs if the demat account is maintained with Canara Bank’s DPs.
LTV Ratios	- Shares & Debentures: Up to 50% of market value - PSU Bonds: Up to 70% of market value - Units of UTI & CBMF: 50% of NAV or market value (whichever is lower)
Margin	Minimum 30% margin to be maintained.
Processing Charges	0.1% of the loan amount, with a minimum of ₹100 and a maximum of ₹250. In the case of OD, charges apply for every renewal/enhancement.
Repayment Tenure	Up to 60 months; EMI option available. Selective OD limits are also considered.
Security	Pledged Shares, Debentures, or Bonds as per the approved list. Securities can be replaced/substituted up to 10 times during the loan tenure with nominal charges.

Eligibility:

• Existing Customers: Must have satisfactory account dealings.
• New Customers: Should be well-introduced with a satisfactory OPL/market report.

Canara Pension (Canara Bank Ex-employees)

Canara Pension (For Canara Bank Ex-Employees) offers financial support to retired employees of the bank with exclusive benefits. The scheme provides NIL processing charges, NIL margin, and a lower rate of interest on a reducing balance basis. Retired employees can avail of quick loan approval and disbursement without any pre-payment penalty, ensuring a seamless borrowing experience.

Features:

Component	Purpose
Component 1	To cover medical expenses and other personal needs of Pensioners/Family Pensioners.
Component 2	To pay the premium for the IBA Group Mediclaim Insurance Policy for retired Canara Bank employees and their family pensioners.
Loan Quantum & Repayment
Category	Loan Amount	Repayment Tenure
Retired Employees/Family Pensioners	20 months’ pension or ₹10 lakh (whichever is lower), ensuring NTH of 25% after EMI deduction.	Component 1: Up to 72 EMIs (if below 65 years) / Up to 60 EMIs (if above 65 years). Component 2: 10 EMIs, starting from next month.
For Mediclaim Premium (Second Loan)	Lower of: (1) Annual premium amount, (2) Maximum eligible loan under Canara Pension Loan, (3) ₹90,000.
Other Key Features
Feature	Details
Processing Charges	100% waived
Net Take Home (NTH)	25% of gross pension after EMI deduction
Security	Pensioners: Co-obligation of spouse or other suitable guarantor. Family Pensioners: Third-party guarantee/co-obligation required.

Eligibility Criteria For Canara Bank Personal Loan

Check your eligibility before applying. The following candidates are eligible to apply for personal loans.

• Age: As per the bank’s terms & conditions.
• Income: EMI ≤ 40% of gross pension income.
• Work Experience: As per the bank’s terms & conditions.
• CIBIL Score: 750+
• Residential Status: Indian Resident.
• Interest Rate: As per the bank’s terms & conditions.
• Loan Amount: Up to ₹5 lakh or 15 times the pension (whichever is lower).
• Loan Tenure:
  • Up to 72 months (if below 65 years).
  • Up to 60 months (if above 65 years).

Documents Required For Canara Bank Personal Loan

The table shows you the document list that is required for the Canara Bank Personal Loan - 

Common Documents (Applicable to All Applicants)

• Loan Application Form with 2 passport-size photos (applicant/co-applicant/guarantor).
• KYC Documents (applicant/co-applicant/guarantor).
• Proof of Identity: PAN Card, Driver’s License, Voter ID, Passport, Aadhaar Card, etc.
• Proof of Residence: Aadhaar Card, Passport, Voter ID, Electricity/Telephone Bill, Business Proof (GST, etc.).
• Age Proof: Aadhaar Card, PAN Card, Passport, etc.
• PAN Card (Photocopy)

For Salaried Individuals

• Income Proof:
• Latest 6 months' salary slips (including co-applicants).
• Salary Certificate (with deduction details).
• Salary account bank statement for the last 6 months.
   
• Employment Proof:
• Employee ID, Appointment Letter, Confirmation Letter, or 3-year IT Returns.
• Form 16 & ITR (if applicable).
• Irrevocable Salary Mandate from Employer (wherever applicable).

For Business/Self-Employed Individuals

• Financial Statements: Balance Sheet & Profit & Loss account for the last 3 assessment years.
• ITR/ITAO: For the past 3 years.
• If agricultural income is included: A copy of land records is required.
• Bank Account Statement
• Brief Business Profile & Business Proof (GST, etc.)

For NRI Applicants

• Proof of Identity: Copy of the first 4 passport pages, visa stamp, and IC/PIO card.
• Valid Work Permit
• Income Proof:
  • Salary Certificate (attested by Indian Embassy/Consulate/Employer).
  • Overseas bank statement/passbook showing salary & savings.
• Notarized Power of Attorney (if a third party is authorized for execution/mortgage formalities).

Additional Documents Based on Loan Purpose

• Property Documents
• Project Completion Certificate & Occupancy Certificate
• Statement of Holding of Scrips issued by DP (for loans against shares/securities).
• Latest Salary Certificate or Income Proof (ITAO/IT Return for non-salaried individuals).

Canara Bank Personal Loan EMI Calculator

EMI is an Equated Monthly Installment paid by the borrower to the lender against the loan taken by him. It is the sum of the principal and interest payable on the specific date of each month over a specified number of years. The Wishfin Canara Bank Personal Loan EMI Calculator can help you calculate the amount of EMI using the principal amount, rate of interest, and the tenure of the loan.

For example, if you take up a loan of INR 3,00,000 for 5 years at a 14.50% p.a. - 16.00% p.a. interest rate then the EMI per month for 5 years will be given in the table below - 

Tenure	Interest Rate @14.50% p.a	Interest Rate @16.00% p.a
1	₹27,006.76	₹27,219.26
2	₹14,474.83	₹14,688.93
3	₹10,326.29	₹10,547.11
4	₹8,273.39	₹8,502.08
5	₹7,058.48	₹7,295.42

Canara Bank Personal Loan Processing Fee and Charges

The table shows you the additional fees of Canara Bank personal loan in addition to the interest rate, make sure to check before applying for it - 

Processing Fees	Up to 0.50% of the loan amount (Rs 1,000 to Rs 5,000)- 50% off on processing fee
Prepayment Charges	NIL
Foreclosure Charges	NIL

Features and Benefits of Canara Bank Personal Loan

Canara Bank offers easy access to loans to meet various financial needs, including marriage, home renovation, higher education, medical emergencies, and other personal expenses. The loan process is designed to be seamless and customer-friendly with:

• Affordable Interest Rates & Charges – Competitive interest rates with flexible repayment options to ensure minimal financial burden.
• Minimal Documentation – Simple documentation requirements for quick processing.
• Quick Disbursal – Fast approval and disbursement, ensuring timely financial assistance.

With Canara Bank's loan offerings, you can fulfill your financial goals without hassle while enjoying low processing fees, no hidden charges, and flexible repayment tenures.

Factors Affecting Canara Bank Personal Loan Eligibility

The factors that affect Personal loan eligibility are:

• Monthly Income: You can apply for the loan if you are earning a minimum of INR 50,000 in a monthHoweverut the loan disbursal will also depend on what the proposed EMI is.
• Age: Applicants aged above 21 years are eligible to borrow funds from Canara Bank. Your retirement age is the maximum period for your loan maturity.
• Monthly Expenses: The monthly expenditure of the applicant is taken into account to calculate the eligibility of the applicant for the borrowed amount. If your expenses are high, it may affect your EMI or interest rate.
• Any Other Loan: If you have an existing loan then you are required to mention the EMI you are paying and the amount which is getting saved after the payment. Because the rest of your income is the source by which you pay for the Canara bank personal loan.
• Credit History: Your repayment history of previous loans or credit card bills plays a vital role. Because it showcases your credibility for the loan.
• Job Stability: Canara Bank approves personal loan applications of individuals with 2 to 3 years of work experience in the current organization
• Relationship with the Bank: Canara Bank disburses personal loans to salary account holders only. So, if you have a salary account with the bank for long, your personal loan application will most likely be approved by the state-owned lender.
• Category of Your Employer: Employees of reputed PSUs, Joint Stock Companies confirmed by Central or State Government officials. Lecturers, Asst. Professors, Professors of Colleges, Research Institutions, and Universities can get the loan. Individuals working in IT or BT Companies can also receive the loan.

How to Apply For Canara Bank Personal Loan?

If you are eligible for taking up the loan, then you can apply for the same at the nearest branch office. Also, for the convenience of the customer bank provides the application form online.

When it comes to applying online for a personal loan in Canara Bank, need not worry as the process is simply easy and quick. You just need to visit online at the bank’s website and fill in all the required details and click on the submit button. It is that quick and hassle-free. You can anytime apply online at your comfort and convenience without visiting any bank branch.

Summary!

Canara Bank, one of India's oldest banks, offers various personal loan schemes designed for different financial needs. Canara Bank personal loan range from Rs. 50,000 to ₹10 lakh with competitive interest rates (14.50%–16.00% p.a.) and flexible repayment options of up to 60 months. Popular schemes include Canara Ready Cash, Canara Heal, Canara Budget, Canara Home Loan Plus, Canara Pension, and Canara Cash, catering to salaried individuals, pensioners, and self-employed professionals. The bank provides quick approvals, minimal documentation, and seamless digital processing for select loans.

FAQs on Canara Bank Personal Loan

1. What is the maximum loan amount I can avail from Canara Bank? 

Eligible applicants can avail of Canara Bank Personal loans up to ₹10 lakh, depending on their repayment capacity.

2. What are the current interest rates for Canara Bank personal loans?

The Canara Bank Personal Loan Interest rate ranges from 14.50% p.a. - 16.00% per annum.

3. What is the tenure for repayment for Canara Bank Personal Loan?

The loan tenure can extend up to 5 years, offering repayment flexibility.

4. How to check Canara Bank's personal loan application status? 

You can track your application status online or contact Canara Bank's customer service for updates.

5. How can I apply for a Canara Bank Personal loan? 

You can apply online through Canara Bank's official website or visit the nearest branch for assistance.