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    We found 1 Canara Bank Personal Loan Eligibility Calculator
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    12.75% Floating
    1,000 to ₹5,000 One time fee
    3L
    5 years
    Response Time : Within 30 minutes
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    Canara Bank Personal Loan Eligibility Calculator is Rated as "Great!" by 86 Users

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    Canara Bank Personal Loan Eligibility Calculator

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    About Canara Bank personal loan

    Canara Bank offers a range of personal loans designed to convert financial dreams into reality. These multipurpose loans are designed to meet any personal financial need a customer could have, offering monetary relief at extremely competitive rates. Canara Bank follows a simple and hassle-free personal loan application procedure, ensuring the needs of the customer are always given priority, making it a unique feature of their banking process.

    Canara Bank Personal Loan Eligibility

    Applicants who wish to apply for a Canara Bank personal loan are expected to meet the following basic eligibility criteria.

    Salaried Applicants

    • Work experience – Applicants should have a minimum work experience of 3 years.
    • Income – Applicants should have a minimum monthly net salary of at least Rs. 6,000/- after the instalments are deducted.
    • Account with Canara Bank – Applicants should have an operating account with Canara Bank and their salaries should be credited to this account.
    • Maximum age – Applicants should be less than 55 years to avail a personal loan. Applicants over the age of 55 can be considered for personal loans at the sole discretion of Canara Bank.
    • Employer – Applicants should be employees of reputed companies or government organisations.

    Self-employed

    • Work experience – Self-employed and business professionals should have a minimum work experience of 3 years.
    • Minimum Income – Applicants should have a minimum annual net income of Rs. 1.50 lakh.

    Pensioners

    • Pension – Applicants should have a regular source of pension.
    • Age – The maximum age of applicants should not exceed 70 years.

    Factors affecting Canara Bank Personal Loan Eligibility

    The eligibility for a Canara Bank personal loan can be affected by multiple factors, some of which are mentioned below.

    • Age – The age of an applicant plays a major role in a personal loan application, with banks being cautious about sanctioning loans to youngsters, who might be seen as free-spirited and financially unstable. Applicants approaching their retirement age might also find it hard to obtain a loan as they might not have the same disposable income to clear the loan post retirement.
    • Income– The disposable income of an applicant is crucial in determining Personal loan eligibility, with banks gauging the repayment capacity through their income. Higher the income of an applicant, higher the chances of him/her getting the loan approved.
    • Employer background – Employees of reputed organisations are likely to get their loan application sanction faster than employees of new and unknown organisations, as there is a trust factor associated with certain brands. Employees of new organisations might face income crunch if their company does not do well, casting doubts on their loan repayment capability.
    • Type of employment – Temporary or probationary employees are often not considered eligible for loans as they do not have job security. Banks prefer permanent employees as they have a regular source of income from which EMI can be deducted. Self-employed applicants need to have suitable work experience in their field to increase their eligibility for a Canara Bank personal loan.
    • Relationship with the bank – A healthy relationship with the bank is likely to boost the chances of an applicant obtaining a personal loan, as this builds trust and confidence, providing sufficient history to the bank to gauge the applicant.
    • Existing debt – Pre-existing debt liabilities might be looked down upon as they can hamper the loan repayment capacity of an individual.

    How CIBIL score affects your Canara Bank Personal Loan Eligibility

    Canara Bank checks the CIBIL score of an applicant before sanctioning/rejecting the loan, as a CIBIL score provides a peek into the financial life of an individual. The credit history of an applicant often reflects his/her repayment pattern, offering Canara Bank the opportunity to analyse the loan repayment capacity. Individuals with a high CIBIL score are likely to get the loan approved without major hassles, whereas applicants with poor CIBIL score will not be considered for a Canara Bank personal loan.

    Applicants with an average CIBIL score might be considered for a loan, but their eligibility would depend on other factors as well.

    How to increase Canara Bank Personal Loan Eligibility

    Following a few simple steps could help increase an individual’s eligibility for a Canara Bank personal loan.

    • Timely payment – Timely payment of EMIs and credit card bills will reflect on the credit history, improving not just the CIBIL score but also the chances of getting a loan sanctioned.
    • Choosing longer tenure – A longer loan repayment tenure implies lower EMIs, which could meet the repayment capacity of an applicant.
    • Prepayment – Prepaying any existing loan amount ensures that an applicant is left with a higher disposable income, strengthening the loan application.
    • Mixing up the loans – A healthy mix of un secured and secured loans helps build a stronger credit report.
    • Limiting loan applications> – Multiple loan applications are reflected in the credit report, lowering the score considerably. They also end up portraying the applicant as loan hungry and desperate, hampering overall credibility.
    • Limiting loan amounts – Asking for amounts higher than needed could make bank authorities cautious. Smaller loan amounts are easier to obtain as they can be repaid easily, without burdening the applicant.
    • Maintain a steady job – Having a stable job is viewed upon positively as there is a regular source of income, limiting the chances of defaulting.

    FAQs on Canara Bank Personal Loan Eligibility

    Q. Do I need to be an existing customer of Canara Bank to avail a personal loan?

    A. Yes, applicants should be existing customers of Canara Bank in order to avail a loan.

    Q. Is co-obligation compulsory to avail a Canara Bank personal loan?

    A. Yes, co-obligation is required to obtain a loan.

    Q. Can an applicant apply for two personal loans?

    A. Canara Bank might consider a second loan application, if there are no over-dues in the first loan, subject to the applicant satisfying the requisite eligibility criteria.

    Personal Loan Reviews

    • Canara Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Canara bank and my experience was good, the loan amount was for Rs 2 lacs with nominal interest rate when compared to other banks. Customer service was good and they responded on time; The tenure period for this loan is 3 years.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 29, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The experience i had with this personal loan had not been that great. The process has taken almost 15 days, the loan amount which they had provided had been okay. The interest rate with them has been good when compared with the other banks, their customer support and their staff responses also had been good as well.
      Was this review helpful? 3
      , chennai
      Reviewed on Sep 14, 2018
    • Canara Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      Canara Bank is doing good in the loan process as well. I have taken a personal loan. The interest rate and processing charges is normal. The customer services and response is good and the process to provide the loan was smooth. The after loan services are good too.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 27, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The process in getting the loan had been a little slow and had taken some more time than usual. The loan amount had been satisfactory and the interest rate which they had been charging had been nominal when compared with the market rate. Their customer support and the customer support also had been good and their staff responses had been prompt as well.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jul 29, 2018
    • Canara Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good service which they had provided so far. The process in getting this loan had been very good and the loan amount which they had provided had been satisfactory as well. After applying the loan has been disbursed immediately, and there hasn't been any hassle faced with the banking services.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 18, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Canara bank as they have provided nominal rate of interest with zero processing fees . They instantly approved with 1-2 days . They gave the tenure period of 10 years .Payments get auto debited from my salary .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I took a personal loan from the Canara bank for 3.5 lacs, I got the loan amount with in 10 days. Some personals willing to help and sometimes some staff will not respond properly. On some instances I the experience was good but some clerks are not willing to help.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 21, 2018
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with CANARA BANK which was taken 5 years back. The loan amount was 4,.5 lakhs and the interest rate 11% which is average , The tenure period was4 years . The customer service and responses was always good . I have not faced any issues here and they have sanctioned the loan with the committed time. There is no per closure charges also.
      Was this review helpful? 1
      , new delhi
      Reviewed on Apr 17, 2018
    • Canara Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with CANARA Bank 1 year back. The loan amount was 3 lakhs and the interest rate was 17% which is very high . The tenure period was 2,5 years . The whole process was very smooth and hassle free . They have sanctioned the loan with the committed time. My experience was really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 12, 2018
    • Canara Bank Personal Loan
      "Mr"
      0.5 4.5/5 "Excellent!"
      My experience was very good. I am satisfied with the services. I would like to visit again in case I want to learn about other services. Thank you canara bank for the services. My experience was good and I am satisfied with the services. Would visit again if required.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 13, 2018
    • Canara Bank Personal Loan
      "Need Improvement"
      0.5 2.0/5 "Expected more"
      The customer support is not up to the mark with the CANARA BANK, they have promised that they will disburse the personal loan within 5 working days but they took more 20 days of time. The rate of interest and the charges are average with the CANARA BANK .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 13, 2018
    • Canara Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The customer support and the response part is excellent with the canara bank. They have disbursed my personal loan amount within 10days of time. The requested loan amount has been given and I am satisfied with it. The rate of interest and the charges are nominal with the canara bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 05, 2018
    • Canara Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My salary account is through Canara bank so the process was very easy and smooth. They took only two days to process the loan and the response is immediate also the interest rate is fine. It is a excellent experience with Canara bank personal loan department.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 17, 2018
    • Canara Bank Personal Loan
      "Customer friendly"
      0.5 4.0/5 "Great!"
      I cleared my Canara bank personal loan, they gave me 9.5% of interest because I am an existing customer of the bank. The documentation process was easy, KYC verification on time. They gave me part payment and fore closure option. Hence I done preclosure but some charges applicable with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 28, 2017
    • Canara Bank Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I took a Personal Loan of Rs.50000 at the 13% interest rate, which I feel is a little high percentage. Process was short. Documentation required aren't that much with them. The manager was known who did make things happen quickly. The repayment option was good with it.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on Dec 21, 2017
    • Canara Bank Personal Loan
      "Below Average service"
      0.5 2.0/5 "Expected more"
      The customer support is not giving proper response to the customer with Canara bank. I was about to offer the personal loan with the canara bank , but the executives gave very negative impression so that was the reason I haven't applied for the personal loan with Canara bank.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 07, 2017
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the personal loan with the Canara bank and the interest rate is around 11%. I would like to say that the customer service is good and the responsiveness too. I am really happy with the Canara bank for the personal loan, which I have taken.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 29, 2017
    • Canara Bank Personal Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      I applied for a Personal Loan with Canara Bank and the approval was done instantly. They disbursed the amount within no time. The process of the whole loan was easy. The rate of interest they offered me was also pretty decent. The overall experience with them was pretty good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 20, 2017
    • Canara Bank Personal Loan
      "Need to fulfill the customer requirement"
      0.5 2.0/5 "Expected more"
      The Canara bank was about to offer me personal loan but with very low loan amount, so that was the reason I haven't got the loan from canara. The interest rate is very low when compared with others banks. The customer support and the response was very prompt from Canara bank.
      Was this review helpful? 1
      , allahabad
      Reviewed on Oct 14, 2017
    • Canara Bank Personal Loan
      "The best"
      0.5 5.0/5 "Blown Away!"
      Canara bank has offered me a personal loan of five lakhs. It is a great experience as there were other bank who refused me a loan for the same amount of salary. Though my requirement was much lesser than the amount of 5 lakhs. The bank has offered me that.
      Was this review helpful? 1
      , tirupati
      Reviewed on Oct 11, 2017
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