Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    Canara Bank Personal Loan Eligibility Calculator

    We found 1 Canara Bank Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.75% Floating
    1,000 to ₹5,000 One time fee
    3L
    5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    Canara Bank Personal Loan Eligibility Calculator is Rated as "Great!" by 56 Users

    Personal Loan BYTES FROM OUR KITCHEN

    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.

     Loading your search... Loading your search...
  • Personal Loan Reviews

    • Canara Bank Personal Loan
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      I got personal loan from Canara bank as preapproved loan. They sanctioned the loan amount into my account within fifteen days. I did not submit any documents to the bank as I got support from my office end, I easily availed the loan from the bank. The interest rate 16% for 3 years and the loan amount is 75000.
      Was this review helpful? 1
      , chennai
      Reviewed on May 04, 2017
    • Canara Bank Personal Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      I have closed the personal loan with the Canara bank and the tenure was around thirty months of time. Foreclosure charges were nil with them and I got it through my reference of employer. Rate of interest was little high but am happy with them and the loan amount got disbursed to my account within a week of time.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2017
    • Canara Bank Personal Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Canara bank. The process for my loan was done on time. The documentation was not much and it was the normal procedure, the rate of interest and charges was pretty nominal. I am happy that I got the loan when needed.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 15, 2016
    • Canara Bank Personal Loan
      "Should Helpout to the customer's need"
      0.5 3.0/5 "Satisfactory"
      Canara Bank service was almost good, When I opened my saving account with them. I paid Rs.1000 including debit card. Online service and ATM facilities was good. But they have to understand the customer's needs for any kind of loans and should work on customer orientation.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 18, 2016
    • Canara Bank Personal Loan
      "Canara Bank service is Good"
      0.5 4.0/5 "Great!"
      Canara bank personal loan was good, I had taken for 36 months of tenure. I had almost re- paid 30 months and remaining is 6 months . I am okay with the service provided by them. Within the stipulated time they had processed the loan. Before three years I had taken the loan even at that time interest rate was pretty normal.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 21, 2016
    • Canara Bank Personal Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      The sequence of steps which is followed by CANARA Bank on its personal loan its pretty simple. The documents were minimal and it was a hassle free process. The rate of interest was of 17.25% for the tenure of five years. The processing charges was nominal too.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jun 28, 2016
    • Canara Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Within week the personal loan was disbursed by Canara bank as I have the account so the process was very easy and smooth. Rate of interest charged was nearly 15% and the processing fee was Rs.2000. Required paper were standard like other banks only.
      Was this review helpful? 13
      , bangalore
      Reviewed on Jun 25, 2016
    • Canara Bank Personal Loan
      "Good service provider"
      0.5 3.0/5 "Satisfactory"
      I am having personal loan with the Canara bank and the interest rate is around 15%. Processing charges were a nominal one with them and the loan amount got disbursed to my account within a week of time. Response was good one with the Canara bank.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 13, 2016
    • Canara Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Canara Bank. The services has been very good from them. They offered me a very reasonable rate of interest. It was of 12.2%. The processing charges was waived off. There was no charges for the pre closure as well. The process was completed in a week. Overall excellent.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 18, 2016
    • Canara Bank Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      Based on my salaried account I got the personal loan very easily in four days from Canara bank. The only down side is, they require the guarantor for loans which is quite difficult.. In terms of interest rate and other charges they are charging less when compared with other banks.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on May 12, 2016
    • Canara Bank Personal Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      This is fairly a new loan which I had taken with Canara bank as I have a long standing relationship with them being an account holder. I know the manager personally and he co ordinated well. They offered me an interest rate of 14% and a nominal processing fee of Rs.1500. The documentation was very minimal and the processing took 15-16 days and the loan were realsed to my account. Bottom line, fanstastic experience.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 11, 2016
    • Canara Bank Personal Loan
      "great process. "
      0.5 5.0/5 "Blown Away!"
      I had an experience of taking a personal loan from Canara bank. The process was pretty okay. I was offered an interest rate of 13%. The disbursement process was very quick as I got the loan within 3 hours of time. But my concern is that the maximum amount the bank offers as loan is 1.5 lakhs only.
      Was this review helpful? 1
      , hosur
      Reviewed on Apr 05, 2016
    • Canara Bank Personal Loan
      "Good process "
      0.5 4.0/5 "Great!"
      The service provided was quite slow but they dont have any fraudulent service in the loan process with canara bank related to personal loan.The interest rate applied for the personal loan was high compared with others through the canara bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 16, 2016
    • Canara Bank Personal Loan
      "Okay with them..."
      0.5 2.0/5 "Expected more"
      I took personal loan from Canara bank which was last 4 years back. Initially they offered 1lakh but I had a good relationship with their General manager so, he helped me a lot. Finally they offered 1.60lakhs. I have no issues with them. I use to make the payment through ecs mode.
      Was this review helpful? 2
      , nagercoil
      Reviewed on Feb 24, 2016
    • Canara Bank Personal Loan
      "Fine.."
      0.5 1.0/5 "Really Bad"
      Recently I approached Canara bank for a personal loan. But they are not willing to provide a loan but the thing is requested them for a 2lakhs even though they need guarantor. When I compare to Canara bank I am happy with ICICI Bank in terms of personal loan.
      Was this review helpful? 1
      , nagercoil
      Reviewed on Feb 24, 2016
    • Canara Bank Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I took the personal loan with the Canara bank and the loan amount got disbursed within fifteen to twenty days of time. Customer service is average with them and the responsiveness too. Processing charges are very low with them.
      Was this review helpful? 0
      , madurai
      Reviewed on Feb 23, 2016
    • Canara Bank Personal Loan
      "Super fast service "
      0.5 5.0/5 "Blown Away!"
      Canara bank is a quite good.There is no drawback in the process of personal loan.It was taken near my native and within half an hours they are able to provide.They have less documentation process the personal loan.100% recommended service
      Was this review helpful? 0
      , mangalore
      Reviewed on Feb 22, 2016
    • Canara Bank Personal Loan
      "Unhappy with them..."
      0.5 1.0/5 "Really Bad"
      I am unhappy with Canara bank in terms of loan. Basis of my saving account I approached them for a personal loan last year. They did not received any response from them. Even they kept on postponing my application. I would suggest them to consider their customer and it would be great if they respond their account holder properly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 12, 2016
    • Canara Bank Personal Loan
      "Customer support is not great.."
      0.5 2.0/5 "Expected more"
      At the Canara bank branch the employees are not giving solution as they are routing here and there. They are not respecting the customers. Few employees are good. For personal loan the rate is 14.5% and this is high. Canara bank is a government sector so they should not high in the rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 10, 2016
    • Canara Bank Personal Loan
      "Need more flexible..."
      0.5 5.0/5 "Blown Away!"
      Based on my saving account I approached Canara bank in my branch for a personal loan. I could not get loan from them but other branches are ready to provide a loan. Based on their norms they need to open a salary account so, dropped my plan. My suggestion is it would be great if they consider the saving account also.
      Was this review helpful? 1
      , pondicherry
      Reviewed on Feb 06, 2016
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.