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One of the most popular loan products offered by the Canara Bank is the personal loan. The Bank provides personal loans of several types to cater to the financial needs of every group. However, before applying for a personal loan at the Canara Bank, it is essential to know the interest rates and other charges of all the loan products, so that you can make a well-informed decision.
A personal loan is a type of loan borrowed from a bank or other financial institutions for various personal expenses such as medical expenses, marriage expenses, vacations, etc. Personal loans are generally unsecured loans and therefore, do not require any collateral. These loans are usually provided for a short repayment tenure and hence interest rates are comparatively high.
Canara Bank offers a variety of loan products. The interest rate, processing fees, and other charges for all types of personal loans offered by Canara Bank are given below:
Interest Rate | 13.60% – 15.65% p.a |
Processing fee | 0.5% of loan amount+ tax |
Prepayment Charges | NIL |
Foreclosure Charges | NIL |
Interest Rate | 13.60% – 14.65% p.a |
Processing fee | 0.5% of loan amount+ tax |
Prepayment Charges | NIL |
Foreclosure Charges | NIL |
Interest Rate | 11.75% p.a |
Processing fee | NIL |
Prepayment Charges | NIL |
Foreclosure Charges | NIL |
Interest Rate | 13.25% – 15.30% p.a |
Processing fee | 1% of the loan amount |
Prepayment Charges | NIL |
Foreclosure Charges | NIL |
A number of factors influence the interest rate on personal loans offered by Canara Bank. Understanding these factors is essential for the borrower to know the rate of interest they might get on the Canara Bank personal loan. Here are some key factors that influence the Canara Bank personal loan interest rates.
As per the policy and norms of Canara Bank, the interest rates on personal loan starts from 10.65%. It provides personal loans up to INR 10 Lakhs, for a repayment tenure of 7 years. It also provides an instant personal loan of INR 1 Lakh to borrowers who have a salary account.
The key benefits of acquiring a loan from Canara Bank are:
Here, are the documents required to secure a personal loan from Canara Bank :
Q.1 What is the maximum personal loan amount that one can borrow from Canara Bank?
Canara Bank provides personal loans starting from INR 10,00,000.
Q.2 What is the repayment tenure of the personal loan offered by Canara Bank?
The repayment tenure of the Canara Bank Personal loans is 84 months or 7 years.
Q.3 Is it mandatory to be an existing customer to avail of a personal loan from Canara Bank?
No, it is not at all mandatory to be an existing customer to get a personal loan from Canara Bank.
Q.4 What is Canara Bank’s customer care number?
Canara Bank’s customer care number is 1800-1030.
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✅Minimum Documents ✅No Collateral ✅Instant Disbursal