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In July 1906, Shri Ammembal Subba Rao Pai established Canara bank at Mangalore, a small port town in Karnataka. Since then, the bank has passed through various phases of its growth trajectory and has become one of the most trusted public-sector banks in the country. Canara bank showed phenomenal growth primarily after becoming nationalized in 1969, attaining the status of a national-level player due to its vast geographical reach and discerning clientele. In the present day, Canara Bank has 5,641 branches and over seven thousand ATMs spread across the nation.
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Canara Bank provides personal loans to its customers at very affordable rates of interest and also provides other features such as a hassle-free documentation process, reasonable repayment options, top-up loan facilities, and instant loan approvals. mymoneykarma gives you all the information you need on Canara Bank personal loans.
Canara Bank personal loans are loaded with customer-centric benefits and features. Here are a few highlights of Canara Bank's personal loans.
Significant loan amounts range from a minimum of Rs 1 lakh to a maximum of Rs 4 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
Long loan tenures range from a minimum of 12 months and a maximum period of 48 months.
Attractive interest rates range between 11% - 14.15% per annum.
Loans are available for salaried individuals, public and private company employees, self-employed people, and government employees.
Special offers if the applicant is an existing customer of Canara Bank.
Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
Simplified loan application and approval process with minimal documentation
Here is a summary of all the information regarding Canara Bank personal loans.
Interest Rate |
11% - 14.15% |
Minimum Loan Amount |
Rs 1 lakh |
Maximum Loan Amount |
Rs 4 lakhs |
Minimum Repayment Tenure |
12 months |
Maximum Repayment Tenure |
48 months |
Canara Bank offers the following types of personal loans:
These personal loans from Canara Bank are offered exclusively to teachers to finance their immediate monetary requirements.
Eligibility Criteria
Minimum income of Rs 1.5 lakhs per annum.
Must be an account holder of Canara Bank.
Must be salaried employees, employees of government, public sector, or private corporations.
Sound repayment capability and a good credit score.
Minimum age of 21 years.
Maximum age of 59 years.
These personal loans from Canara Bank are offered exclusively for senior citizens to fulfill their monetary requirements.
Eligibility Criteria
Minimum income of Rs 1.5 lakhs per annum.
Must be an account holder of Canara Bank.
Sound repayment capability and a good credit score.
Minimum age of 60 years.
Maximum age of 75 years.
These personal loans from Canara Bank are offered to the general public to fulfill their monetary requirements.
Eligibility Criteria
Minimum income of Rs 1.5 lakhs per annum.
Must be an account holder of Canara Bank.
Must be salaried employees, employees of government, public sector, or private corporations.
Sound repayment capability and a good credit score.
Minimum age of 21 years.
Maximum age of 59 years.
These personal loans from Canara Bank are offered to the general public to buy necessary gadgets, electronics, or other consumer durables.
Eligibility Criteria
Minimum income of Rs 1.5 lakhs per annum.
Must be an account holder of Canara Bank.
Must be salaried employees, employees of government, public sector, or private corporations.
Sound repayment capability and a good credit score.
Minimum age of 21 years.
Maximum age of 59 years.
The interest rates of personal loans from other banks are also given below.
Banks |
Interest rates |
Axis Bank |
11.25% - 24% |
HDFC Bank |
10.99% - 20.00% |
SBI |
12.50% – 16.60% |
Kotak Mahindra Bank |
11.00% - 24.00% |
Bajaj Finserv |
2.00% - 16.00% |
Standard Chartered |
10.99% - 16% |
Fullerton India |
12% - 25% |
IndusInd Bank |
10%-30.50% |
CitiBank |
10.99% - 18% |
IDBI |
12.45% - 13.50% |
IDFC Bank |
11.69% - 15.00% |
PNB |
11.65% - 12% |
YES Bank |
10.75% - 16.99% |
Andhra Bank |
11.55% - 14% |
RBL Bank |
14.5% - 23% |
ICICI Bank |
11.50% - 16.75% |
Tata Capital |
11.75% - 19.00% |
Bank of Baroda |
11.05% - 11.6% |
Applicants need to submit the following documents while applying for Canara Bank personal loan.
A filled loan application form with necessary details such as income, occupational details, and personal information.
Copies of the applicant's PAN card and Aadhaar card.
Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
Three recent passport-sized photographs
Applicants can apply for Canara Bank personal loans online by visiting the Canara Bank website. They need to download and fill the loan application form and submit the filled form along with uploading the necessary documentation on the loan application portal. Subsequently, the applicant profiles are evaluated, and the loan amount is deposited in the applicant's account upon the approval of the loan.
Applicants can also directly walk into the personal loan centers of Canara Bank along with the necessary documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within two-three weeks.
1: What is the duration for Canara Bank's personal loan application approval?
Answer: Canara Bank notifies the applicants of the loan approval within a maximum of 2-3 weeks from the date of the application. With mymoneykarma, get your loan approved within 24 hours.
2: What is the loan amount of Canara Bank personal loans?
Answer: Canara bank provides personal loans with a minimum loan amount of Rs 1 lakh and a maximum amount of Rs 4 lakhs.
3: What is the rate of interest on Canara Bank personal loans?
Answer: Canara Bank offers reasonable interest rates ranging between 11.50% - 16.75% per annum.
4: What is the processing of my personal loan from Canara Bank?
Answer: Canara Bank charges a nominal fee of 0.5% of the loan amount as a processing fee.
5: What are the other fees associated with Canara Bank personal loans?
Answer: Here is a list of fees associated with Canara Bank personal loans.
Loan Processing Charges |
0.5% of the loan amount + GST |
Foreclosure Charges |
nil |
Pre-payment or Part-payment charges |
nil |
Legal/incidental charges |
As actuals |
Charges for late payment of Loan amount |
nil |
Stamp Duty & other Statutory Charges |
As applicable by state laws |
Re-Issuance of photocopy of loan agreement/documents |
nil |
Duplicate NOC |
Rs 50 + GST |
Cheque swapping charges |
nil |
Loan cancellation charges |
nil |