If you are curious to know the personal loan interest rates being offered by Canara Bank, you are in the right place! The lender is offering the personal loan to one and all at a competitive interest rate, thus helping in lowering your Interest and EMI burden.
Canara Bank Personal Loan Interest Rate Details 2024
One of Canara Bank's most popular offerings is the personal loan. With interest rates ranging from 10.95% p.a up to 16.40% annually, this loan gives you the swift finance you need to take care of your necessities. Salary account holders can also apply for fast personal loans from Canara Bank up to Rs 10 lakh. Just read the page below to keep yourself updated with the Canara Bank personal loan interest rates.
| Particulars | Details |
|---|---|
| Interest Rate | 10.95% - 16.40% p.a |
| Loan Amount | Up to INR 10 Lakhs |
| Tenure | 7 Years |
| Processing Fee |
1% of the loan amount (Minimum of Rs.250 |
Advantages of Canara Bank Personal Loan
Here are several key benefits of a Canara Bank Personal Loan that could be advantageous for individuals applying for this financing option:
- Flexible Repayment - With a payback period of up to 84 months, the Canara Bank Personal Loan amount can be repaid in convenient equal-amount monthly installments.
- Speedy Approval - You don’t have to wait weeks for loan approval. The authorized funds are available to you within just a few days.
- Minimal Documentation - The bank requires minimal documentation to approve the personal loan. This guarantees you can apply for the loan as soon as possible and obtain the necessary funds.
Factors Affecting Canara Bank Personal Loan Interest Rate
These are the factors that may affect the interest rates for Canara Bank personal loans:-
- Personal Loan Amount - For certain consumers or customer categories, the interest rate may be adjusted above the advertised rate depending on the amount of the personal loan that is applied for. A larger loan amount may result in a higher interest rate.
- Your employment type - You need to have a secured job to be eligible for an attractive rate. A Personal Loan is open for self-employed, business owners, and salaried individuals. Since Government and Private Sector employees have job security, the interest rates for a loan are offered at a lower rate.
- Repayment Capacity - Canara Bank monitors a customer's income and, in turn, their ability to repay debt. A customer's volume of transactions and cash inflows may determine how leniently the bank sets the interest rate on a personal loan.
- CIBIL Score - When approving a personal loan, a person's credit history is considered. Therefore, the CIBIL score may also help you receive a better bank interest rate.
- Relationship with the Bank - When applying for a personal loan, a Canara Bank customer who is already a customer will undoubtedly be given preference, and the bank may even think about offering the customer a better interest rate.
Calculating EMIs on Canara Bank Personal Loans at Different Interest Rates
Use the online Wishfin Canara Bank Personal Loan EMI calculator to quickly and easily calculate your EMIs.
You can simply put the following details -
- Loan Amount
- Tenure
- Interest Rate
The table below displays the equal monthly payments (EMIs) for a ₹5,00,000 personal loan with interest rates ranging from 10.95% up to 16.40% annually for terms of one to five years. You can change the loan amount and other details to suit your needs.
|
Tenure (In Years) |
EMI (at 10.95% interest rate) |
EMI (at 16.40% interest rate) |
|---|---|---|
|
1 |
₹44,179.17 |
₹45,460.13 |
|
2 |
₹23,292.31 |
₹24,577.22 |
|
3 |
₹16,357.52 |
₹17,677.42 |
|
4 |
₹12,910.62 |
₹14,272.78 |
|
5 |
₹10,858.75 |
₹12,265.5 |
What Should You Do to Fetch the Lowest Interest Rate from the Canara Bank?
You can take the following actions to get the best interest rate possible from Canara Bank:-
- Check for pre-approved personal loans: Examine the offers for pre-approved personal loans of the Canara Bank lenders have to offer.
- Improve your Credit score :
- Pay Your Bills on Time: Make sure you make all of your loan and credit card payments on schedule.
- Reduce Debt: To lower your credit utilization ratio, pay off your current debts.
- Don't Take on New Debt: Try to avoid taking on new debt before requesting a loan.
- Negotiate with the Bank: Make use of your established relationship with the bank to bargain for a lower interest rate. Show the bank that you have a steady income and sound financial practices.
- Special Schemes and Offers:
- Festive Offers: During holidays or other special occasions, banks frequently introduce new promotions and cut interest rates.
- Federal Subsidies: Determine whether you qualify for any federal subsidies that can lower your effective interest rate.
*You can increase your chances of getting the best interest rate from Canara Bank by following these tips.*
Documents Required for Canara Bank Personal Loan
Depending on the personal loan plans that Canara Bank offers, different papers may be needed to obtain a personal loan from the bank.
For Salaried Individuals -
- Identity Verification: PAN, Aadhaar card, or Passport
- Address Proof: Aadhaar / Electricity bills, bank statements, or rental agreements.
- Your monthly income is displayed on your most recent salary slip.
- Recent bank statement with transaction history and account balance displayed.
- Recent passport-size photograph of the applicant.
For Self-Employed -
Here are some of the necessary paperwork that self-employed people need to obtain a personal loan:
Documents required
- Identity Proof - Aadhaar card, passport, voter ID, or PAN card.
- Address Proof - Electricity bills, passport, Aadhaar card, or rental agreement.
- Income Proof - Business income tax returns (ITRs), profit-and-loss statements, balance sheets, or audited financials.
- Bank Statement - Bank statements for the last 6 to 12 months.
- Business Proof: Business registration documents, GST registration, business PAN card, or shop and establishment certificate.
- Tax Returns - IT returns for the last 2 to 3 years
Other Charges of Canara Bank Personal Loan
The following are extra costs that apply when applying for a Canara Bank personal loan:
|
Prepayment Charges |
NIL |
|
Processing Fee |
1% of the loan amount (Minimum of Rs.250) |
|
Foreclosure Charges |
NIL |
Canara Bank Personal Loan Balance Transfer Interest Rates
If you are interested to opt for a balance transfer facility due to the higher interest rates of your existing personal loan , it would not be wrong to say that transferring the same in Canara Bank allows you to enjoy lower personal loan interest rates and affordable EMIs.
Canara Bank Personal Loan Balance Transfer
For example, you are currently availing a 5-year personal loan of INR 7,60,000 at an interest rate of 14% per annum. The loan has completed 2 years of its journey. If you get a balance transfer facility at 12% from Canara Bank, you can save both on EMI and interest payments.
| Particulars | Details |
|---|---|
| Original Loan | INR 7,60,000 |
| Interest Rate | 14.00% per annum |
| Tenure | 5 Years |
| EMI | @14.00% INR 17,684 |
| Estimated Interest Outgo @14.00% | INR 3,01,032 |
| Interest Paid Till Now | INR 1,81,824 |
| Outstanding Balance at the End of 2nd Year | INR 5,17,410 |
| EMI @12.00% for the Remaining 3 Years | INR 17,185 |
| Interest @12.00% Over 3 Years | INR 1,01,265 |
| Interest Paid Till Now + Interest Payable Over the Next 3 years | INR 2,83,089 |
| Estimated Savings in Terms of EMI | INR 499 |
| Estimated Savings in Terms of Interest Payment | INR 23,943 (3,01,032-2,83,089) |
Compare Personal Loan Interest Rates from Different Banks
Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.
Frequently Asked Questions
1. What is the current Canara Bank Personal Loan interest rate?
As of right now, Canara Bank offers personal loans with interest rates that vary from 10.95% up to 16.40% p.a. based on the applicant's credit risk score, loan amount, personal loan plan type, and length of time they have been with the lender.
2. Is there any customer care contact number for Canara Bank?
Call the Canara Bank customer service line at the following toll-free numbers (if making the call from within India): 18004250018, 18001030018, 18002083333, and 180030113333. If you are calling from outside the nation, please dial +91-80-22064232. For prompt assistance, you can also visit the branch that is closest to you.
3. Does applying for a Canara Bank personal loan have an age restriction?
To apply for a personal loan, you must be between 21 and 60 years old.
4. Are Canara Bank Personal Loans offered at fixed or floating interest rates?
Personal loans are available from Canara Bank with variable interest rates. When personal loan interest rates are expected to decline in the future and are currently quite high, floating interest rates can be advantageous to borrowers. However, because the interest rate is fixed for the duration of the loan, choosing a fixed personal loan interest rate gives borrowers more budgetary and interest expense predictability.
5. What are Canara Bank's Personal Loan interest rates for its existing customers?
Canara Bank provides salary account holders who are current clients with personal loan interest rates that range from 10.95% to 16.40% p.a.
6. What are the conditions for a Canara Bank personal loan?
Canara Bank offers personal loans to individuals who earn at least Rs. 15,000 per month and are between the ages of 21 and 60. A minimum credit score of 650 is required, as well as proof of employment for two years for salaried candidates, and three years for self-employed candidates of at least two years.
7. Do you know what is the minimum salary requirement to avail personal loan from Canara Bank?
Canara Bank has not given candidates a minimum wage criterion. However, in order to apply for a personal loan from Canara Bank, you must have a minimum monthly salary of Rs 15,000.
