Canara Bank offers flexible and attractive personal loans to cater to various financial needs. Whether you’re a salaried individual, pensioner, or professional, Canara Bank has tailored loan products with competitive interest rates and favorable terms. This article provides a comprehensive overview of Canara Bank Personal Loans, including interest rates, eligibility, loan types, and more.
Key Highlights of Canara Bank Personal Loan
- Interest Rate: 10.95% to 16.40% per annum
- Loan Amount: Up to ₹10 lakh
- Loan Tenure: Up to 7 years
- Processing Fees: 0.50% of loan amount (₹1,000 to ₹5,000); 50% discount available
- Prepayment/Foreclosure Charges: NIL
- Instant Loan Facility: Up to ₹1 lakh for salary account holders
Interest Rates for Canara Bank Personal Loans
Canara Bank offers both floating and fixed interest rates depending on the loan scheme and the applicant’s relationship with the bank. Interest rates vary based on credit score risk grades and salary account tie-ups.
Floating Interest Rates
- Canara Budget – Individual: Rates range from 13.90% to 15.95% based on credit risk grades (CRG 1–4).
- Canara Budget – Prime (With Salary Tie-up): Starts at 10.95% per annum for CRG 1–3.
- Canara Pension Loan: Interest rates for general pensioners begin at 11.75%.
Fixed Interest Rates
- Canara Budget – Individual: Fixed rates range from 14.35% to 16.40% depending on CRG.
- Canara Pension Loan: Fixed rates for general pensioners start at 12.50%.
Processing Fees and Charges
- Processing Fees: Up to 0.50% of the loan amount (₹1,000–₹5,000) for most schemes. Pension loans are exempt from processing fees.
- Prepayment/Foreclosure Charges: Canara Bank does not levy any charges for early repayment or foreclosure of personal loans.
Types of Personal Loans Offered by Canara Bank
Canara Bank offers various personal loan schemes catering to specific requirements:
1. Canara Ready Cash
- Purpose: For salaried account holders to meet personal needs.
- Loan Amount: ₹50,000 to ₹10 lakh
- Tenure: 1 to 5 years
2. Canara Heal Healthcare Loan
- Purpose: Covers hospital expenses for self or dependents.
- Loan Amount: ₹1 lakh to ₹5 lakh
- Tenure: 1 to 3 years
3. Canara Budget
- Purpose: Designed for government/PSU employees, educators, and reputed corporate employees.
- Loan Amount: Up to ₹3 lakh (or six months’ gross salary)
- Tenure: Up to 5 years
4. Canara Pension Loan
- Purpose: For pensioners to address personal financial needs.
- Loan Amount: Up to ₹10 lakh depending on age and pension type
- Tenure: Up to 7 years
Eligibility Criteria
Eligibility depends on the applicant’s profile, income, and relationship with the bank.
Canara Ready Cash
- Age Limit: 21 to 55 years
- Minimum Income: ₹50,000 monthly
- Credit Score: 700 or above for better approval chances
Canara Heal Healthcare Loan
- Eligibility: Salaried and non-salaried individuals
- Age Limit: 21 to 55 years
- Minimum Income: ₹50,000 for salaried applicants or average bank balance for non-salaried applicants
Canara Budget
- Applicable for employees of government, PSUs, reputed corporates, and educators.
Canara Pension Loan
- Open to pensioners from central/state government, public sector undertakings, or defense services.
Documents Required
Applicants need to submit the following documents:
For Salaried Individuals (Canara Budget)
- Filled loan application form with passport-sized photographs
- Latest salary slips and Form 16/ITR for the last three years
- Identity and address proof
For Pensioners (Canara Pension Loan)
- Loan application with photographs
- Proof of pension and co-obligation (if applicable)
Why Choose Canara Bank Personal Loans?
- Competitive Interest Rates: Rates start as low as 10.95% for eligible applicants.
- No Hidden Charges: No prepayment or foreclosure fees.
- Flexible Tenure: Loan terms extend up to 7 years, allowing easy repayment.
- Tailored Loan Options: Various schemes for different categories of customers.
How to Apply for a Canara Bank Personal Loan ?
You can apply for a Canara Bank Personal Loan by visiting the nearest branch or through their online portal. Ensure you have all required documents, including income proof, identification, and address proof, for a hassle-free process.
By choosing Canara Bank, you gain access to a trusted financial partner with a range of loan options designed to suit diverse financial needs. Evaluate your options, check your eligibility, and make an informed decision for your personal financial growth.
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