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Canara Bank Loan Ratings
3.5 / 5.0 by 178 users

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Promised Interest Rate

Customer Service

Responsiveness

Canara Bank Loan Reviews

"I availed home loan from Canara bank, it was a good experience with them. I have an account with Canara bank. I had a good communication with the manager. So the interest rate is normal and processing fee is reasonable. Many transaction was done with Canara bank only. The documentation was easy. Within a month I got my home loan amount sanctioned."

Talari Vs Rama Krishna, Chennai
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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 178 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 07 July 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
92 % of our customers would recommend this bank. (164 out of 178) Write Review
Customer Reviews
Page 1 of 9 1 2 3 4 5
  • Validated User
    (0)

    I availed home loan from Canara bank, it was a good experience with them. I have an account with Canara bank. I had a good communication with the manager. So the interest rate is normal and processing fee is reasonable. Many transaction was done with Canara bank only. The documentation was easy. Within a month I got my home loan amount sanctioned.

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    Fees & Charges
    Promised Interest Rate
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    talari took a Home Loan from CANARA BANK Reviewed on
  • Validated User
    (1)

    I got the home loan with the canara bank.They disbursed the loan in the very less time.The rate of interest was 9.70% and its fixed for three years.The processing fee was around 21000 Rupees and they deducted through the emi.They provided the online kit for tracking the loan records

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    anurag took a Home Loan from CANARA BANK Reviewed on
  • Validated User
    (1)

    I am holding a savings account with Canara bank. Even if I dont maintain the minimum balance in this account for 45 days. They will not charge anything for that. Unlike other banks they wont charge penalty just like that. I am holding 2 different accounts with them. One was opened before 7 years and for this account I am supposed to maintain 10k and for the other one is 1k and this opened recently .

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

    Canara bank salary account is good. I have been holding this for the past 6 months,. I have got all my deliverables like ATM Pin number, phone banking and Internet banking pin number. NEFT transfer hardly takes one hour if its with the same bank other bank it takes about 24 hours,

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

    Infact Canara bank is government organization so the interest rate is less for gold loan and I just taken low amount of 70k. I guess the interest rate is of less than 10%. Every time when we for gold loan, Canara bank is collecting some amount for service charge so atleast for an existing customers they have to stop collecting the fee. Processing time should be very fast as they are taking a long time .

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    anilrathod took a Gold Loan from CANARA BANK Reviewed on
  • Validated User
    (0)

    Always Canara bank is crowded so great if government expand the branches. For savings account they are offering 6.35% of interest rate, I guess. Reminders and updates are proper over mails. Canara bank is reputed and their services are good and interest rate is less here for loans.

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    kannan took a Saving Account from CANARA BANK Reviewed on
  • Validated User
    (1)

    I have a savings account with Canara bank. They offer good services and the ATM facilities are good. The rate of interest is as per the market. I hold a account with this bank only because its of a government sector. It would be good if they are more responsive when approached at the bank.

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

    I have a savings account with canara bank. I basically have a account with this bank only because its a government sector. Because the rate of interest is not really good and if I need to use the net banking facility I need to go to the branch to get the details required for it. The service at the bank is poor. They need improvement in all their facilities. It would be good that way.

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

    I have a savings account with Canara bank and for the last seven years and they have improved much on their services. Initially I had to go to the bank even for my password for the net banking. But now there are a lot of improvement in the services of the bank. Happy with the rate of interest.

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

    I have a savings account with canara bank for the last one year. The services are good. But they need improvement in their facilities. To get my password for the net banking I was asked to visit the branch. Since visiting the branch has not been possible till date I am unable to use the net banking facility. I have my account only because it is a government sector bank.

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    ravindra took a Saving Account from CANARA BANK Reviewed on
  • Validated User
    (6)

    I had the experience of the fixed deposit with the canara bank.The rate of interest is 9% per year.The locking period is around one year.I felt happy with their service.They provided me with the customer service, and its the good banking service.

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    ravi took a Fixed Deposit from CANARA BANK Reviewed on
  • Validated User
    (0)

    Branch of Canara bank is near to my residence and that is the main reason to have savings account. However access is easy and transactions are smooth. As this is a nationalized bank so no much benefits but at times I receive some cash back benefits on the debit card while using on online. Interest rate is less for loans here in Canara bank.

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    ajay took a Saving Account from CANARA BANK Reviewed on
Customer Reviews
Page 1 of 9 1 2 3 4 5

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