Canara Bank Personal Loan Interest Rates

Canara Bank Personal Loan is available at 11.60% APR for loan amounts of up to Rs 10 lakh over a period of up to 7 years. Canara Bank also provides salary account holders with an instant personal loan of up to Rs 1 lakh. Continue reading to learn more about Canara Bank Personal Loan.

Characteristics of the Canara Bank Personal Loans

Some of the features are as follows-

  • Borrowers working for government departments, banks, and reputable firms are eligible for subsidized plans from the bank.
  • It provides a personal loan to meet a variety of needs, including home renovation, medical emergencies, child education, travel, debt consolidation, large-ticket purchases, and so on.
  • The loan has an interest rate of up to 14%.
  • The processing cost might be up to 0.50% of the loan amount, plus taxes.
  • You can even choose a top-up loan on top of your existing loan. The interest rate on a loan begins at 13%.
  • You can choose to pre-close or pay a portion of the outstanding balance at no additional cost. Following the payment of the first EMI, both options are available.

Types of Canara Bank Personal Loan Schemes

There are varied types of personal loan schemes that are offered by Canara Bank with Canara Bank personal loan rate of interest and benefits-

1) Canara Bank Pension Loan for the General Public

Canara Bank provides pension loans to meet the personal requirements of pensioners with different characteristics. It can be availed from the age of 50, 60, 70 to 75 for values up to Rs. 10 lakhs.

2) Canara Budget Personal Loan Scheme

The personal loan for government, teaching professionals of high institutions, and employees of top private sector companies. The loan amount for this scheme is up to 6 months of the gross salary, whichever one is the lower one. The tenure for this loan scheme is up to a period of 5 years, with a processing fee of 0.5%.

3) Teacher's Loan Scheme

The motive of this loan is to meet the personal finance needs of teachers. The amount for this scheme is six months of the gross monthly salary or a maximum of Rs. 2 lakhs. The tenure for this loan is a period of 4 years. This scheme also has a processing fee of 1%, which will be a maximum of Rs. 50.

4) Instant Personal Loan from Canara Bank

The motive of this loan scheme is to meet the instant personal loan for personal and domestic needs of salary account holders. The loan amount for this personal loan scheme is Rs. 10,000 to Rs. 1 lakh.

Canara Bank Personal Loan Interest Rates 2022

Here is the table for the Canara Personal loan interest rate-

1) Canara Bank Personal Loan Interest Rate for Canara Budget Scheme

Credit Base

Canara Bank Rate of Interest for Personal Loan

CS:1

12.65%

CS:2

12.70%

CS:3

13.20%

CS:4

14.70%

2) Canara Pension Loan Scheme Interest Rates

Type of Loan

Interest Rate

For the General Public

11.60%

Teacher's Personal Loan Scheme Interest Rates

Credit Score Base

Interest Rate

CS:1

13.80%

CS:2

13.85%

CS:3

14.35%

CS:4

15.30%

Other Charges of the Canara Bank Personal Loan

There are two main types of charges associated with the personal loans of Canara Bank-

a) Processing Fee

Type of Scheme

Charges

Canara Budget

1% (minimum Rs 50)

Canara Pension

1% (minimum Rs 50)

Teacher's Loan

1% (minimum Rs 50)

b) Prepayment Charges

Canara Bank does not impose any prepayment penalties on personal loan applicants. Prepayment of a Canara Bank Personal Loan is not restricted.

What are the Documents that are Required to Apply for the Canara Bank Personal Loan?

  • KYC documents are standard.
  • Loan Application Form with two photos
  • Salaried persons with a monthly net wage of at least 40% of their gross salary or Rs. 6,000/- after fulfilling the planned loan amount, whichever is greater.
  • Latest salary certificate/ slips and Form No.16 ITR/ITAO for the previous three years Rs. 1,50,000/- as demonstrated by Income Tax Assessment Order (ITAO) / Income Tax Return (ITR).

Who is Eligible for the Canara Bank Personal Loan?

There are different eligibility criteria for different schemes, and they are-

a) Canara Budget

  • The applicant must be a confirmed employee of a Central/State Government Department/Public Sector Undertaking/Joint Stock Company.
  • Lecturers/Professors and Asst.Professors having verified employment at Colleges/Research Institutions and Universities are also eligible for the loan.
  • Confirmed IT/BT employees can also apply for the loan.
  • The employee's salary account must be kept with Canara Bank.
  • The minimum net take-home wage after deducting the projected EMI should be 25% or Rs. 10,000, whichever is greater.

b) Teacher's Plan

  • Confirmed in-service teaching and non-teaching employees of schools and colleges
  • The salary account should be kept at the bank.
  • An undertaking letter from the District/Block level salary is disbursing authority indicating that the salary account will not be transferred without obtaining NOC from the bank branch where the account is held.
  • After deducting the proposed EMI, the net take-home wage should not be less than 30% or Rs. 10,000.

c) Pension Plan for the General Public

  • All Central Government/State Government Pensioners
  • Pensioners from Government Departmental Undertakings
  • PSU/Corporate Pensioners
  • Family pensioners from all of the above pension categories
  • The pension account should be kept with the bank.
  • After accounting for the suggested EMI, the net monthly pension should be 40% of the gross pension.
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