About Canara Bank Personal Loan

Canara Bank is one of the largest and oldest public sector banks owned by the Indian government. It is headquartered in Bengaluru and was established in the year 1906 at Mangalore by a well-known philanthropist and visionary called Shri Ammembal Subba Rao. Post-its nationalisation in 1969, Canara Bank has witnessed exponential growth and continues to focus its energies on a customer centric-approach. Canara Bank provides multiple personal loan products to interested borrowers, with the idea of helping them meet their unique personal financial needs. These personal loans have been designed exclusively to cater to specific sectors that are generally overlooked by other lending establishments. Personal loans offered by Canara Bank are: Teachers Loan, Canara Budget, Canara Jeevan (Scheme for Senior Citizens) and Canara Consumer Loan.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

All lending establishments including Canara Bank lay certain eligibility criteria that must be satisfied by the loan applicants before their personal loans are approved and disbursed. The eligibility criteria for different Canara Bank personal products may be different, hence you should pay close attention to these pre-requisites before applying for a specific personal loan product. For instance, for Canara Bank Budget Loan you should be a confirmed employee of – a reputed joint stock company and PSU / an IT/BT company / state/central government or a Professor / Asst. Professor / Lecturer in a university / research institute / college. Following are the exact criteria you must meet to be eligible for Canara Bank personal loan.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Canara Bank Personal Loan Features / Details

The idea of offering personal loans under different umbrellas is to cater to the unique needs of every consumer type. Personal loans constitute an important lending product of Canara Bank and have gained huge popularity among its consumer base over a period of time. The offered interest rate, minimum/maximum loan amount, loan tenure, repayment details etc. are few of the important Canara Bank personal loan features you must be aware of. These features would be different for different personal loan products. You can learn more about them below.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Canara Bank Personal Loan Fees / Charges

When applying for any loan product it is important that you acquaint yourself with the applicable charges to better understand your total liability. These charges could be of different types such as processing fee, pre-closure charges, part payment charges and other types of charges. Again, the extent of these charges might vary from one personal loan product to another. For instance, processing charges applicable to Canara Budget are 0.5% of the loan amount (minimum INR 1000 and maximum INR 5000). While in case of Teachers Loan, these charges are 1% of the loan amount, with a minimum of INR 50. Please go through the below provided the data to better understand the Canara Bank personal loan fees / charges.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees