Canara Bank is one of the prominent banks of India. The bank offers various kinds of financial products to its consumers like banking, saving schemes, loans, and many more. Since bank deals in loans, it also provides a diverse range of personal loans. If you want to avail for a personal loan from Canara Bank, then you should get through the process, eligibility criteria, and documentation needed to apply for a personal loan of Canara Bank.
Features of Canara Bank Personal Loan-
- Higher Loan Amount– The maximum Loan amount one can avail from Canara Bank personal loan is up to INR 5 Lakhs.
- Flexible Repayment Tenure- The Repayment Tenure of Canara Bank personal loan goes up to 72 months, you can plan your tenure according to your convenience.
- Multiple loan options– Canara Bank offers multiple personal loan to its customer, which give a clarity to borrowers that which one to go for according to their need.
- Online Application– Canara Bank personal loan can be applied online, hence it saves your precious time also. Apart from time it will boost up the processing of personal loan.
Types of Canara Bank Personal Loan–
1-Canara Budget- This loan is offered to cope up with financial crisis. One can avail up to RS. 3 Lakhs with Repayment Tenure of 60 months.
Canara Budget Interest Rate and Processing Fee-
| Particulars | Salaried person | Without Salaried person |
| Interest Rate | 4.30% | 5.30% |
| Processing Fee | 0.5% of the loan amount to a minimum of RS. 1,000 and maximum of RS. 5,000. | 0.5% of the loan amount to a minimum of RS. 1,000 and maximum of RS. 5,000 |
Canara Budget- Documents Required-
- Loan application with 2 passport size photographs.
- Latest salary slips with last 3 years ITR.
- Co-obligation.
Canara Budget Eligibility criteria-
- One should have an Account in Canara Bank.
- Applicant salary should RS. 10,000.
- You should be an employee of PSU’s/ Central or state Government/ lecturers or professor of school and university/ IT company.
2-Canara Teachers Loan– Under this personal loan, teachers can avail Canara Bank Personal loan to fulfill their needs. They can take up to loan amount of Rs. 3 Lakhs with repayment tenure up to 48 months.
Canara Teachers loan and Processing fee-
| Interest Rate | 1year MCLR + 3.95% |
| Processing Fee | 1 % of the loan amount |
Canara Teachers loan- Documents Required-
- Loan application with 2 passport size photographs.
- Latest salary slip.
- Co-obligation if applicable
Canara Teachers Loan- Eligibility Criteria-
- Applicant should be working in school or college/University.
- Applicant should be taking the salary in Canara Bank.
3- Canara Consumer Loan– This personal loan is offered to individuals who want to buy consumer durables with personal loan.
Canara Consumer Loan- Interest Rate and Processing Fee-
| Interest Rate | 1year MCLR + 4.45% |
| Processing Fee | 1% of the loan amount |
Canara Consumer Loan- Documents Required-
- Loan application form and 2 passport size photographs.
- Latest salary slip.
- Last 3 years ITR.
- Invoice of the item which is to be purchased.
Canara Consumer Loan- Eligibility Criteria-
- The applicant should be a salaried professional, self-employed or Businessman.
- Applicant should have salary account in Canara Bank.
- The minimum income for non-salaried or self-employed individual should be Rs. 1,50,000 audited in ITR.
Canara Bank Customer Care Number-
| Customer Care Number | 1800-425-2470 |
Comparison of Canara Bank Personal Loan with other Lenders-
| Particulars | Canara Bank | HDFC Bank | CITI Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 13% | 11.25%- 21.50% | Starting from 10.99% | 11.50% – 19.25% | Starting from 12.99% |
| Tenure | Depends upon the type of personal loan you are availing | 12 to 60 Months | 12 to 60 Months | 12 to 60 Months | 12 to 60 Months |
| Loan Amount | Up to RS. 5 Lakhs | Up to Rs. 40 Lakhs | Up to Rs. 30 Lakhs | Up to Rs. 20 Lakhs | Up to Rs. 25 Lakhs |
| Processing Fee | Up to 1% of the loan amount | Up to 2.50% of the loan amount | Up to 3% of the loan amount | Up to 2.25% of the loan amount | Up to 3.99% of the loan amount |
Reason to go with Afinoz to apply for a Canara Bank Personal Loan-
- Easy and convenient online processing of loan.
- Afinoz will help you to find best lender after comparing with other lenders.
- Applicant can get a cashback of Rs. 5,000.
- All the services are free to its users.
- Applicant documents will be fully secured.
Conclusion-
To conclude, Canara Bank Personal Loan is one of the best personal loans available in the market. However, it is always advisable to do research before applying for the Personal Loan and check for the best Interest rate for personal loan.
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