Canara Bank Personal Loan Interest Rate

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.

Personal Loan – Explained

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.

Interest Rate, Fees & Other Charges – Canara Bank Personal Loan

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:

Canara Budget Loan; Individual

Interest Rate	13.60% – 15.65% p.a
Processing fee	0.5% of loan amount+ tax
Prepayment Charges	NIL
Foreclosure Charges	NIL

Canara Budget Loan; Special Package

Interest Rate	13.60% – 14.65% p.a
Processing fee	0.5% of loan amount+ tax
Prepayment Charges	NIL
Foreclosure Charges	NIL

Canara Pension Loan

Interest Rate	11.75% p.a
Processing fee	NIL
Prepayment Charges	NIL
Foreclosure Charges	NIL

Canara Teacher’s Loan

Interest Rate	13.25% – 15.30% p.a
Processing fee	1% of the loan amount
Prepayment Charges	NIL
Foreclosure Charges	NIL

Factors responsible for Canara Bank Personal Loan Interest Rate

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.

Credit score
Income of the borrower
Relationship with the Bank
Job reputation & stability

How is the interest rate assessed on the Canara Bank Personal Loan?

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.

How to apply for a Canara Bank Personal Loan?

Visit the bank’s website, go to the personal loan tab and click on “Apply now”
Then, select the desired personal loan amount you want to avail.
In the next step, fill in your personal details and select the purpose of your loan.
Fill in the loan application form and click on submit after reading out all the terms and conditions.
Once the process is completed, in principle sanction letter will be sent to you at your email address.

Features & Benefits – Canara Bank Personal Loan Interest Rate

The key benefits of acquiring a loan from Canara Bank are:

Canara Bank offers flexible repayment tenure of up to 7 years.
The bank offers floating interest rates, which get altered in response to fluctuations in the Bank’s lending rate.
Canara Bank ensures speedy approval and quick disbursal of your loans.
The bank asks for basic documents so that you can quickly access the funds you need.