Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 Canara Bank Personal Loan Eligibility Calculator
    Bank Name
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    Tenure Range
    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 69 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
      "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? 0
      , 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? 0
      , tirupati
      Reviewed on Oct 11, 2017
    • Canara Bank Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Canara Bank follow up is not that much great but still their interest rate and processing fee was reasonable. I took the loan of Rs.1. 5 lakh for the tenure three year, they didn't give door step service. I went to the branch and approached for the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 04, 2017
    • Canara Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan in Canara Bank. As I'm holding a salary account with them for a long time when I approached them for this personal loan they provided me immediately. Customer service is good. The rate of interest is 14% which I got after negotiating with them from 18% they reduced to 14% which is nominal and also good for me.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 30, 2017
    • Canara Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was very good with Canara bank. My personal loan application got approved and disbursed within a week time. The customer service is good with Canara bank. The rate of interest is high nominal from Canara bank and I am satisfied with the loan amount.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Sep 05, 2017
    • Canara Bank Personal Loan
      "Approachable "
      0.5 5.0/5 "Blown Away!"
      Once I had applied for the personal loan with Canara bank. Actually this is the bank for my savings account. When I applied for the loan, I had received good response but I closed my application as I am not interested at that time. Customer service is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 12, 2017
    • Canara Bank Personal Loan
      "Customer friendly bank and excellent service"
      0.5 5.0/5 "Blown Away!"
      Canara Bank is really good, they are taking care of the customer and also they providing good service to all. They have sanctioned me Rs.1.9 lakhs with 9% of interest now it reversed into 8% and they not taking any processing fee and also part payment and preclosure option available without any charges.
      Was this review helpful? 1
      , aurangabad
      Reviewed on Jul 11, 2017
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from Canara bank. Our company has a tieup with this bank and the process for this loan was completed on time. The documentation was not much and it was the normal procedure, the rate of interest was 12% and charges were pretty nominal. I am happy that I got the loan when I needed it.
      Was this review helpful? 1
      , mohali
      Reviewed on Jun 15, 2017
    • Canara Bank Personal Loan
      "Good Process"
      0.5 3.0/5 "Satisfactory"
      Three years ago, I had taken the personal loan from Canara bank. The loan amount was 4 lakhs with the rate of 13.15% for the tenure of 4 years. I did not submit more documents just provided KYC documents. They disbursed the loan on time and the entire process went good without any hassles. I had cleared the loan within two years of time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 15, 2017
    • Canara Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I am having the personal loan with the Canara bank and the interest rate is around 12.25%. The loan amount got disbursed to my account within two days of time. Response is good one with them and the customer service is also working in a good way.
      Was this review helpful? 0
      , devanahalli
      Reviewed on Jun 10, 2017
    • Canara Bank Personal Loan
      "Satisfied"
      0.5 3.0/5 "Satisfactory"
      I had closed the personal loan with the Canara bank and the rate of interest was around 11% for the capital of 5 lakh Rupees and 3 lakh Rupees twice. Loan amount got credited within a week of time, also they had made some delay. They are very much legal and they are not flexible to their customer.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 02, 2017
    • Canara Bank Personal Loan
      "Best Offer"
      0.5 4.5/5 "Excellent!"
      When I was in a need of 4 lakhs, I had applied for the personal loan with HDFC bank but the bank is willing to provide 3.6 lakhs with 11.4% as the interest rate. But canara bank offered 4.5 lakhs with 10.8% of interest rate, so I had taken the loan from Canara bank. Also the customer service is also equally good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 30, 2017
    • 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? 7
      , 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? 14
      , bangalore
      Reviewed on Jun 25, 2016
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