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Canara Bank Loan Ratings
3.5 / 5.0 by 199 users

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Canara Bank Loan Reviews

"Absolutely great services by Canara bank and within time span of 8 to 9 days home loan got released. Canara bank is very transparent in giving information and there were no hidden charges. On the start itself they provided me a bifurcation of regarding fee structure. At the time of process rate was 11.75% and now itâ??s been reduced to 9.95%."

N A T Saiprasad Saiprasad, Vizianagaram
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What is a Canara Bank Loan?

A Canara Bank Loan is a transaction where the lender gives money to the borrower, to be paid back with interest in EMI's.

Types of Canara Bank Loans

Personal Loan, Home Loan, Car Loan, Loan against property, Gold loan, etc are various types of loans available in India.

How Bankbazaar helps you get a Canara Bank loan?

Bankbazaar helps you compare & apply real time Canara Bank loan rates & other fees from various banks.
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Canara Bank Loan Overview

Canara Bank 3.5 / 5.0 by 199 users  
Used this product? Write a review »
Canara Bank Loan Low interest rate Loan offers.

Looking for a Loan in India? Compare Personal Loan, Home Loan and Car Loan offers online at BankBazaar.com for India.

We can help you find the right loan deals in India. We work with major banks & financial institutes like HDFC Bank & Fullerton India who offer great personal loan deals at low interest rates with fast & simple online approval process. For Home Loans we work with HDFC Ltd, Axis Bank, ICICI Bank & others to get you the best home loan interest rates. To help you buy your dream car in India we work with Axis Bank and HDFC Bank to get you the best car loan interest rates.

Why Apply for a Canara Bank Loan on BankBazaar.com?
  • One stop shop for multiple products: Get best loan offers for personal loans, home loans and car loans at BankBazaar.com.
  • Lowest interest rates: We have coordinated with HDFC Bank, Fullerton, HDFC Ltd, Axis Bank & ICICI Bank to get you the lowest Personal Loan interest rates, Home Loan interest rates and Car Loan interest rates in India.
  • Instant Quotes: Get Loan quotes customized to your profile online instantly by filling in the form above.
  • Simple Online Comparison: Compare Loan offers on the basis of interest rate, EMI, processing fees & customer satisfaction.
  • Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
  • Privacy: Your application is sent only to the lender you choose, and is never shared with anyone else.
  • Trust: Top private banks in India like HDFC Bank, ICICI Bank and Axis Bank uses BankBazaar.com-powered technology to give thier customers the best Loan experience on their websites. www.hdfcbanksmartapply.com, https://www.hdfcinstanthomeloans.com/home-loan/compare-interest-rates.html, https://loans.axisbank.com/ and https://loans.icicibank.com/
How to get a Canara Bank Loan in India on BankBazaar.com
  • Eligibility Calculator: Fill the form above to instantly get customized Loan quotes that you are eligible for.
  • Compare Loan offers: Compare customized Personal Loans, Home Loans and Car Loan offers in India from various banks based on your eligibility criteria and apply online for the one you like.
  • Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
  • BankBazaar.com will update you on your loan application status via email & SMS alerts.

Canara Bank Loan FAQs

  1. What are the interest rates for Canara Bank Loans?
    Each bank will have different Interest rates. Interest rates will also vary depending on each individual’s eligibility criteria’s. Typically Interest rates start at 12% and can go up to 28%.

  2. How much money am I eligible for?
    You can borrow as much as you can repay. This in banking terms would mean a Loan that has an EMI that does not exceed 40% of your monthly take home income, where the EMIs for existing loans are also deducted.
    For self-employed applicants, profit is the benchmark that determines loan value. The longer the time frame for repaying the loan the lower the EMI and this also means you can opt for a larger loan amount. The loan amount you are eligible for is also dependent on other factors like the company you are employed with, the location of your residence and your credit history.

  3. Can I have a co-applicant for a Canara Bank Loan?
    Yes, you can opt for a co-applicant. This can help you increase the loan amount you are eligible for as the income of the co-applicant is also taken into consideration.

  4. What is credit history? How does a financial institution check on my credit history?
    A credit history is basically a record of your past repayments of loans and credit card bills. Also, there is a central bank of data available with the Credit Bureau of India Limited (CIBIL), where data from all the banks on existing loans and their repayment patterns of their customers are accumulated. Before approving your loan a financial institution always checks with CIBIL on your loan repayment track record.

  5. How can I compare quotes from multiple banks?
    One of the easiest ways to do this is to compare online. Find your Loan at BankBazaar.com to gain instant access to the best quotes from various lenders.

  6. What does prepayment charge mean? Does it matter while comparing loans?
    A Loan is repaid to the lender within a fixed time frame, which is usually 1 to 5 years. In case you want to clear the loan payment earlier than the agreed time frame, the bank levies a prepayment penalty charge. This could be up to 5% of the outstanding loan amount but can vary according to the bank and the credit profile of the borrower. Make sure the interest saved by pre-paying exceeds the prepayment fee paid. This is one of the factors to keep in mind while comparing loans.

  7. What is the difference between a fixed interest rate and floating interest rate?
    A fixed interest rate remains constant throughout the loan tenure regardless of the market conditions whereas a floating interest rate can decrease or increase depending on market fluctuations. For instance, it increases when RBI hikes up short term interest rates. Banks usually quote the floating rate loans as their index rate (prime lending rate) plus or minus x%. Banks usually increase or decrease their prime lending rate when the RBI increases or decreases short term interest rates.

  8. Does Bank Bazaar charge me for its services?
    BankBazaar’s services come to you free of charge.

  9. How will the security and privacy of my data be ensured?
    BankBazaar will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

Canara Bank Loan Eligibility & Documentation

Check Canara Bank Loans offers online

Canara Bank Loan Eligibility: You are eligible for a loan if you are:
  • Salaried individual
  • Self employed individual
  • Self employed professional like doctor, lawyer, etc.
  • Aged above 18 years
  • Have a good CIBIL credit score
  • Good repayment capacity with fixed & stable income source
  • Overall banks rating for the company you work for
  • Try our Personal Loan eligibility Calculator to check how much loan amount you are eligible for.

Canara Bank Loan documentation: Canara Bank loan documentation process is minimal and generally banks require the following document:
  • Identity proof (Pan card, Passport, etc.)
  • 3 to 6 months bank statement (if salaried then bank statement of your salary account)
  • Residence proof (rent agreement, property document, ration card, etc)
  • Salary Slips
  • In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other documents etc.

Canara Bank Loan Interest RatesUpdated on 01 August 2015

Details of Canara Bank Loan

Personal Loan Interest Rate.(Monthly reducing balance)
14.25% to 49% fixed. Check Customized Interest Rates Now!
Processing Fees
1% to 5% of loan amount
Personal Loan Tenure
1 year to 5 years
Personal Loan Amount
Rs. 1 lakh to Rs. 20 lakhs
Pre-closure Charges
4% of pre-closed amount
Guarantor Requirement
No guarantor required

Details of Home Loan

Home Loan Interest Rate.(Monthly reducing balance)
10.5% to 14.25% floating. Check Customized Interest Rates Now!
Processing Fees
0.5% to 1% of loan amount
Home Loan Tenure
1 year to 20 years
Home Loan Amount Funded
Up to 85% of property value
Pre-payment Charges
0% to 2% of amount being prepaid
Pre-closure Charges
0% to 2% of amount being preclosed
Guarantor Requirement
No guarantor required

Details of Car Loan

Car Loan Interest Rate.(Monthly reducing balance)
10.50% to 14.25% floating. Check Customized Interest Rates Now!
Processing Fees
Up to Rs. 3,650
Car Loan Tenure
1 year to 5 years
Pre-closure Charges
3% to 6% of foreclosed amount
Car Loan Amount
Varies based on car model. Up to 100% financing for pre-approved customers.
Guarantor Requirement
No guarantor required

Loan Articles

  • How Does Personal Loan compare to other loans!!!
    A personal loan is by nature an unsecured credit that is provided to an individual based on his personal capability of repayment. The process is extremely simple and fast provided that the requisite documents are in order when applying for the loan.
  • Know Your Personal Loan!
    The ease and simplicity associated with the personal loan along with no restrictions on the end usage makes it extremely popular option to raise funds when there is an urgent need. There are many doubts in the minds of applicants regarding the post disbursal procedure involved in a personal loan
  • Personal Loan criteria for the self employed
    One should opt for a personal loan only when all other means of availing funds have been exhausted and the need is pressing and situational. Taking a personal loan when the need is not justifiable or other means are available creates tremendous amount financial complications at a later stage.
  • How to calculate your loan eligibility!
    Most people who buy a home through a home loan are often left with little cash to carry out any further improvements in the house as per their requirements. Some opt for personal loans in order to make good this requirement.
  • Home loan document checklist for self employed!
    Every financial institution which deals in home loans has a specified set of requirements which are to be met by a borrower. When a borrower is found to be eligible for the loan, only then he is granted the amount applied for.
  • How to select your home loan lender?
    Getting a home loan approval can be a long and tiresome process especially if you are a self-employed professional or business owner. This is because many banks doubt business men for job continuity, as they are free to quit their jobs at any time. 
  • How to get a car loan faster!
    Getting a car loan is not supposed to be a Herculean task where the customer runs from pillar to post trying to negotiate a good deal and securing approval of the financing company.
  • Luxury car loans in India!
    The key to pushing up sales in this segment lies in creating unbeatable financing schemes that will lure the prospective customer from mid segment to luxury cars.
  • What is the application process for a car loan?!
    Applying for a car loan is relatively simpler as compared to a home loan primarily because the amount involved is less and the documents needed are much simpler to obtain.
  • Options for financing education abroad
    Studying abroad is expensive and at times the cost can be as high as six times that of the cost in India and hence planning needs to be done to ensure that sufficient funds are at disposal when needed. This is essential because to apply for the student visa, you need to show proof of funds sufficient to cover at least the first year of education.
  • Some basic facts about educational loans
    A ray of hope is seen with the availability of educational loans from various banks, which can fund an individual’s higher education. As these loans are not one of the ‘mainstream’ loans such as home loans or personal loans, people are hesitant or mostly unaware of such options. Here are answers to some generic queries that rise in regards to educational loans.
  • Education loans set to become more attractive!
    Typically interest rate on the education loan starts accumulating as soon as the course is over. Since interest during the moratorium period will be paid by the government, EMI for the borrower is set to fall. This will reduce pressure on his/her cash flows.
  • Education loan amount is to be correlated to repayment capacity
    According to a recent press report the revised education loan scheme implemented on all banks will make disbursal based on the repayment potential of the borrower. The education loans are not going to be offered based on the parental income or family wealth of the borrower which will be the decisive factor.

Loan Forum

Reviews

Canara Bank   Loan Reviews
91 % of our customers would recommend this bank. (182 out of 199) Write Review
Customer Reviews
Page 1 of 10 1 2 3 4 5
  • Validated User
    (0)

    Absolutely great services by Canara bank and within time span of 8 to 9 days home loan got released. Canara bank is very transparent in giving information and there were no hidden charges. On the start itself they provided me a bifurcation of regarding fee structure. At the time of process rate was 11.75% and now itâ??s been reduced to 9.95%.

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    Fees & Charges
    Promised Interest Rate
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    n took a Home Loan from CANARA BANK Reviewed on
  • Validated User
    (0)

    Very much happy with Canara bank as the way they service their customer and kind of service is very fast. Canara bank never follow the customers over phone as they complete the process within a short span of time if we visit their branch. Manager of Canara bank is taking care of everything and he is resolving my queries instantly. Rate and charges for personal loan is par with the market.

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    n took a Personal Loan from CANARA BANK Reviewed on
  • (0)

    customer service is pathetic, the manager tushar shah, satallite branch ahmedabad dosnt know how to talk to custmers, althought other employess are helpful, i think bank seriosuly need to teach thier employess how to behave with customer, the manager charge about 45 thousand ruppee for processing the loan from 15k service charge , 11k evaluation and some additional bank charge , he didnt even gave me any reciept. am not going to this bank again and am going to cancel my laon . And please learn how to behave with customers your not doing us a favour. PEACE.

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    tarak took a Education Loan from CANARA BANK Reviewed on
  • Validated User
    (0)

    I have a savings account with canara bank. I donâ??t do much transactions with this bank. I hold this account since 3 years. A minimum balance of Rs 1,000 has to be maintained. The ATM facility is good. I could not use the net banking since they dint provide me the user name and password. SMS alerts are sent on time.

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    raju took a Saving Account from CANARA BANK Reviewed on
  • Validated User
    (0)

    I have a salary account with Canara Bank. The services are good. They have a lot of formalities. A lot of paper work. Their process is not easy. I need to maintain a minimum balance of 1K. The net banking is now updated and they have a lot of good options on it. They also have charges for the online money transfers. The ATM facilities are good. I can withdraw money numerous times and I do not get charged. The rate of interest is good too.

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    ranganath took a Saving Account from CANARA BANK Reviewed on
  • Validated User
    (0)

    My opinion about Canara bank housing loan is fine. They were very much friendly they are providing solution when ever I visit the Branch. What ever queries we have they were able to resolve it then and there itself. They provide immediate resolution. Interest rate offered by them is higher than others its actually 5% higher than other banks. Processing is higher than other banks I am getting my certificate of interest on demand.

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    prashant took a Home Loan from CANARA BANK Reviewed on
  • It is okay
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , mysore
    Recommend Recommended by user
    Validated User
    (0)

    I have a savings account with Canara Bank. They were initially good in their services. I hold this account for the last 20 years with them. The services has been average now. I do not use the online facilities much. I only use this account because it is a nationalized bank. I need to maintain a balance of 1K for this account.

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    shivakumar took a Saving Account from CANARA BANK Reviewed on
  • Validated User
    (0)

    I have the gold card from canara bank or the past 1.5 years. The card is good with the offers but only one thing is that the EMI option is not available. I mostly use the card till maximum limit. For cash withdrawal they use to charge 3% interest rate and for the purchasing 0% interest rate is given. Rewards points are given for all the purchases and the cash withdrawal we do with the card. The accumulated reward points can to redeemed for paying the bill amount or for the annual maintenance charge.There are no any hidden charges on the card. As this is the special card so they charged the processing fee for 250.

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    naveen took a Credit Card from CANARA BANK Reviewed on
  • Validated User
    (5)

    I have taken an Educational loan from Canara bank. Customer service was fine. Interest rate offered by them was way too high when compared with others. I have given my Fatherâ??s pay slip , my address proof and other documents for availing this loan. I took a loan of about 1.5 lakhs and I have produced a photo copy of master admission slip for availing this loan.

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    naveen took a Education Loan from CANARA BANK Reviewed on
  • (0)

    Hello, I got the home loan from Canara Bank within 2 days. Of course I did all the preparations like getting the valuation report, legal advice, other docs from village office etc before applying the loan. I submitted my docs like salary slip, income tax docs to the manager and got his verbal approval as well. Once I got the Sale Agreement from the Registrar office, I applied the home loan. On the second day, it got approved and the Registration was done on 3rd day. Good service from the bank staff. I didnt get any off on the processing fees though. :-(

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    sundar took a Home Loan from CANARA BANK Reviewed on
  • Validated User
    (0)

    I have a saving account with canara bank for the past 8 years. The minimum amount to be maintained in the account is Rs.1000 with cheque book and without the cheque book it is just Rs.500. There is an annual charge for the ATM card nearly to Rs.100-200. Net banking facility is convenient. Only 5 transactions are free with other banks in a month as per the RBI rules.Some times i use to call the customer support of the bank and no one picks the calls but the service is good if we visit the bank directly. I would suggest the bank to improve the customer service and they should make 100 rupees as the minimum withdrawal from the ATM centers.

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    laxminarayan took a Saving Account from CANARA BANK Reviewed on
  • Validated User
    (0)

    My Canara Bank savings account is a dormant account. I have been holding this for 15 years. It is a simple bank account. The last transaction was done before one year. They have less number of ATMS and their online banking is good. I am not supposed to maintain any balance on this account also I am not getting any correspondence from them on time.

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    naveen took a Saving Account from CANARA BANK Reviewed on
Customer Reviews
Page 1 of 10 1 2 3 4 5

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