Canara Bank offers loan amounts of up to ₹10 lakh for a tenure of up to 7 years. Its interest rates start at 9.70% per annum. It also provides instant personal loans of up to ₹1 lakh to customers who hold a salary account with the bank. If you wish to know how to avail a Canara Bank Personal Loan, stay with us until the end of this article, as we will provide you with all the necessary information here.
Basic Information of Canara Bank Personal Loan
| Interest Rate | Starting from 9.70% p.a. |
| Loan Amount | Up to ₹30 Lakhs |
| Loan Tenure | Up to 7 Years |
| Processing Fee | Up to 0.50% of the loan amount (₹1,000 to ₹5,000); 50% waiver on processing fees |
| Prepayment Fee | NIL |
| Foreclosure Fee | NIL |
| Instant Personal Loan | Personal loan of up to ₹1 Lakh for Canara Bank salary account holders |
| Documents | Proof of Identity,Proof of Address and Salary Slip (Recent) |
Canara Bank Personal Loan Schemes
Canara Ready Cash
Objective: This is a pre-approved personal loan scheme offered to Canara Bank’s existing salaried customers.
Loan Amount: From ₹50,000 to ₹10 Lakhs
Tenure: 1 year to 5 years
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Canara Heal Healthcare Loan
Objective: Canara Bank offers this loan to its existing and new customers to help them cover hospital expenses incurred during the settlement of medical claims for themselves or their dependents.
Loan Amount: From ₹1 Lakh to ₹5 Lakhs
Tenure: 1 year to 3 years
Canara Budget
Objective: To meet the personal or household needs of the applicant (excluding speculative activities).
Loan Amount: Up to 6 months’ gross salary or ₹3 Lakhs, whichever is lower.
(A higher amount may be sanctioned in select cases.)
Tenure: Up to 5 years
Processing Fee: 0.5% of the loan amount (Min. ₹1,000 – Max. ₹5,000)
Canara Pension – General Public
Objective: To meet the personal needs of pensioners.
Canara Bank Personal Loan Eligibility Criteria
To avail of a personal gloan from Canara Bank, the applicant must fulfill the following eligibility criteria:
Canara Ready Cash Loan:
- Existing salaried customers of Canara Bank.
- The applicant’s minimum age must be 21 years, and the maximum age must be 55 years.
- The applicant’s minimum monthly income must be ₹50,000.
- Applicants with a credit score of 700 or higher have a greater likelihood of loan approval.
- The EMI-to-NMI (Net Monthly Income) ratio must not exceed 25%.
Canara Heal Healthcare Loan:
- Existing salaried individuals, non-salaried individuals, and professionals.
- Among new customers of the bank, only salaried individuals are eligible.
- Minimum age must be 21 years, and maximum age must be 55 years.
- Minimum monthly income must be ₹50,000.
- For non-salaried applicants, the average monthly credit in their account over the past 6 months must be ₹50,000.
- After accounting for existing EMIs and the EMI for the applied loan, the customer’s minimum net take-home salary must not fall below ₹10,000 per month.
Canara Budget Personal Loan:
- Employees of Central or State Governments.
- Employees of reputed Public Sector Undertakings (PSUs) or Joint Stock Companies.
- Employees of reputed Corporates, Public Limited Companies, Private Institutions, or IT/BT companies.
- Professors, Lecturers, College Professors, or Assistant Professors at research institutes and universities.
Canara Pension – General Public Loan:
- All State and Central Government pensioners.
- Pensioners of Public Sector Undertakings (PSUs) or Corporate Pensioners.
- Pensioners of Government Sector Undertakings.
- Family pensioners belonging to any of the categories listed above.
- In the case of a family pensioner, the loan must be availed jointly with their spouse.
Documents Required for Canara Bank Personal Loan
- Duly filled application form along with 2 passport-sized photographs
- Promissory Note / Promissory Note Cover Letter
- Recent Salary Certificate and Form 16 / ITR / ITAO for the past 3 years
- Co-obligation (if applying for a joint loan for a higher amount)
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FAQs
How much of a personal loan can I get from Canara Bank?
Customers can avail of a personal loan of up to ₹10 Lakhs from Canara Bank. However, the loan amount may vary from one applicant to another.
Does Canara Bank offer pre-approved instant personal loans?
Yes, Canara Bank offers online instant personal loans ranging from ₹10,000 to ₹1 Lakh to applicants who hold a salary account with the bank.
What is the minimum salary required to avail of a personal loan from Canara Bank?
Canara Bank has not stipulated a specific minimum salary requirement for applicants. However, a minimum monthly income of ₹15,000 is generally considered necessary to avail of a personal loan from Canara Bank.
Is there any penalty for prepaying a personal loan from Canara Bank?
No, Canara Bank does not levy any penalty for the prepayment of a personal loan.
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