Apply For Canara Bank Personal Loan & Meet Your Needs

Whenever you need a lump sum of funds, you can borrow it from Canara Bank, and for this you just have to apply for the Canara bank personal loan. Using the personal loan, you can pay your debts, meet any financial obligations like wedding expenses and medical emergencies, etc. Read the article below and know details of the Canara bank personal loan.

Can I Borrow Canara Bank Personal Loan?

Yes, you are eligible to borrow a personal loan from canara bank if you meet the following criteria:-

The salaried employees of a 

• Central or State Government

• Reputed PSUs

• Joint Stock Companies.

• Reputed Corporates

• Public Limited Companies

• Private Institutions

• Lecturers

• Asst. Professors

• Professors of Colleges, Research Institutes and Universities.

• IT/BT Companies

There is no specified income criteria for the canara bank personal loan, so you don’t have to worry about that.

How Much You Can Borrow?

From Canara Bank, you can borrow a personal loan up to 6X your monthly income or INR 3 lakh which is less. The quantum of canara bank personal loan is decided selectively as per the borrower eligibility for the loan. With this loan amount, you can pay the wedding expenses, renovate your home, pay medical bills, use it for your child’s higher studies, etc.

What is Canara Bank Personal Loan Interest Rate?

The canara bank personal loan comes at an attractive interest rate of 11.25-13.30% per annum. And the personal loan interest rate depends on the Canara Bank repo linked lending rate which is currently 6.90%. Your canara bank personal loan interest rate remains the same throughout the tenure that helps you get a stable EMI payout. 

Under Canara Budget - Special Package, the borrower who has a salary tie-up account will get an interest rate of 11.30% per annum whereas a person who doesn’t have a salay tie-up account in Canara Bank will get an interest rate of 12.30% per annum.

When to Repay the Canara Bank Personal Loan?

To pay the personal loan back, you need to set a tenure, and Canara Bank gives you a flexible period of 12 to 60 months to repay the loan amount. And to plan the repayment, an EMI calculator can be used by the borrower, you just have to visit the official bank website.

Suppose, you have borrowed a loan of INR 2 lakh and the interest rate is 12.25% per annum. And to make a smart decision for the loan repayment, you used the EMI tool that generated the following output.

Loan Amount	Tenure	Interest Rate	EMI	Interest Payment	Total Loan Payment
2,00,000	1	12.25%	17,793	13,518	2,13,518
2,00,000	2	12.25%	9,438	26,513	2,26,513
2,00,000	3	12.25%	6,667	40,004	2,40,004
2,00,000	4	12.25%	5,291	53,985	2,53,985
2,00,000	5	12.25%	4,474	68,452	2,68,452

Note: Canara Bank will deduct a processing charge from your loan amount that is 0.50% of your loan amount, minimum INR 1,000 or maximum INR 5,000.