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Canara Bank Loan Ratings
3.5 / 5.0 by 14 users

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Canara Bank Loan Reviews

"I applied for the housing loan from the Canara Bank the processing and the documentation was very transparent and the customer service executives was guiding me in completing the process and the whole process got completed in one month and the EMI was affordable."

Manohara K P, Bangalore
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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 14 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 26 July 2014

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

Canara Bank   Loan Reviews
100 % of our customers would recommend this bank. (14 out of 14) Write Review
Customer Reviews
Page 1 of 1 1
  • Very Good
    /images/customer_review/default-unknown-person.png
    MANOHARA K P , bangalore
    Recommend Recommended by user
    Validated User

    I applied for the housing loan from the Canara Bank the processing and the documentation was very transparent and the customer service executives was guiding me in completing the process and the whole process got completed in one month and the EMI was affordable.

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    took a Home Loan from CANARA BANK on BankBazaar.com Reviewed on
  • AVERAGE
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    MALAYA KUMAR NATH, karaikal
    Recommend Recommended by user
    (7)

    I have savings bank account in canara bank since last seven years. The online banking is not user friendly. I can easily add a third party within 10 min, which is quite less as compared to other bank. I got sms alerts for every transactions. There are sufficient number of ATMS

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    took a Fixed Deposit from CANARA BANK Reviewed on
  • Validated User
    (2)

    Canara Bank Saving Account overall not satisfied with service best thing is no extra charges taken if our balance goes less than minimum balance less charges are applied which is acceptable i am using from past 2 years response is very less and process is very slow for any request most of counters are closed for cash deposit it takes long times ATMS and branches are sufficient.

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    User has not used CANARA BANK Reviewed on
  • Validated User
    (1)

    My salary account with Canara bank is ten years old. I would simply say the services including customer service are very poor. For making payments or getting acknowledgements on cash deposits are very complicated because I need to wait in the long que. Interest rate is very less comparatively to other banks.

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    User has not used CANARA BANK Reviewed on
  • Validated User
    (0)

    For the last 15 years I have been holding this Canara Bank Savings account, its service is excellent, they have a cordial relationship with them, I have good rapport with their Managers as well, as they are always supportive and when it comes to loan processing they wont take that much of time to process the request and they have tried to collaborate with Apollo Health Insurance for all their savings and current account customers.

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    User has not used CANARA BANK Reviewed on
  • Validated User
    (0)

    They are very pleasing and pleasant in answering customer's queries. Canara Bank savings account staff provides excellent services .I was able to open the account quickly with very less formalities and its very difficult to find such services in a public sector bank

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    User has not used CANARA BANK Reviewed on
  • Very Nice
    /images/customer_review/default-unknown-person.png
    SARAVANAN SUNDARARAJI, chennai
    Recommend Recommended by user
    Validated User
    (0)

    I am satisfied with the overall experience with the Canara bank savings account since I am using this account for the past one year it was really good and the processing is very quick, and they work toward the customer flexibility and ATM's are good in number.

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    User has not used CANARA BANK Reviewed on
  • Good rapport
    /images/customer_review/default-unknown-person.png
    UMESH DEEXITH SHANKARAPPA, gurgaon
    Recommend Recommended by user
    Validated User
    (1)

    Since 2000, I have my Canara bank savings account which is very good. Actually, I was a student in one of their institution and studied in free of cost and even I got a scholarship. From that time, I hold a relationship with them. There is a good rapport but in terms of processing, it takes time.

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    User has not used CANARA BANK Reviewed on
  • Validated User
    (3)

    Canara Bank personal loan is good, it was the only bank which offered loan for under-construction. They have given a good loan amount the interest rate is high, they have partially disbursed the amount the rest they are going to disbursed it later I am ok with that the overall service is good.

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    took a Personal Loan from CANARA BANK on BankBazaar.com Reviewed on
  • Good
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    VENKATA GAYATRI KUMAR BHAGAVATULA, secunderabad
    Recommend Recommended by user
    Validated User
    (6)

    Canara Bank Housing Loan i would say that the agents from the bank they came to my house and collected all my documents and they just got one signature and there was a executive who was gave me up-to date details till my loan amount got credited to my account, the overall service was good.

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    took a Home Loan from CANARA BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Canara Bank home loan overall good service the response was so good from manger made me to took the loan from them overall approval process was just 2 days only. Customer service is so good interest rates a bit higher but no suggestion overall it was been perfect.

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    took a Home Loan from CANARA BANK on BankBazaar.com Reviewed on
  • Canara Bank's credit card is excellent in terms of usability, different charge they take (its truly the least among peer cards), customer care. prompt msg, proper billing and very low rate of interest. only con is they dont have emi on call facility. If they start this i will give 10/10.

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    took a Credit Card from CANARA BANK Reviewed on
  • over all a good service
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    SURESH KARIBANDEHOSHALLI REDDY CHANGAREDDY, bangalore
    Recommend Recommended by user
    Validated User

    Applied for Car Loan through Canara Bank.The service provided by Canara Bank is good.The executive were quick and polite.They gave me all the information .In the morning I went to the bank to apply for loan, they did not ask me for any documents and by 2 in the afternoon I had the Demand Draft in my hand.

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    took a Car Loan from CANARA BANK on BankBazaar.com Reviewed on
  • Great job
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    AMEY PRAKASH BARVE, pune
    Recommend Recommended by user
    Validated User
    (1)

    I had opted housing loan from Canara Bank in the year 2009, though I got a home loan teaser offer at that time, it was easy for me to avail housing loan from them. But I would say they don't have adequate online service like how a private bank does and they have to work on response parameter too. Otherwise I haven't faced any problem with them.

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    took a Home Loan from CANARA BANK on BankBazaar.com Reviewed on
Customer Reviews
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