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

    We found 1 Canara Bank Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.7% - 13.7% 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 Interest Rates is Rated as "Great!" by 61 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Overview of Canara Bank Personal Loans

    Canara Bank Personal Loans are a credit option that can help an individual with sudden expenses, an occasional vacation, pay fees, make arrangements for weddings and the like. In short, personal loans from Canara can help in almost any expenditure that one hasn’t actually planned for in advance and thus make the best of a worst situation many times. Personal loans from Canara Bank are readily available through minimal documentation and low waiting periods.

    Canara Bank Personal Loan Interest Rates

    Canara Bank Personal Loan interest rates have varied within 2-3% in the past five years and the recent changes in the repo rate from RBI have resulted in a lowering of the interest rate recently. As of May 2015, the rates for personal loans from Canara Bank range from 10.5-15% and might be applicable for salaried and self-employed individuals. The interest rates are variable for different customers and categories of customers and are at the sole discretion of the bank.

    Canara Bank Personal Loan Interest Rates 2017

    Particulars Salaried
    Interest rate One Year MCLR + 4.30% = 13.60% p.a.
    Loan Amount Equivalent to gross salary of 6 months or Rs.3 lakh, whichever is lesser
    Loan Tenure Up to 60 instalments
    Lowest EMI Not available
    Processing Fee 0.5% of the loan amount, a minimum of Rs.1,000 and a maximum of Rs.5,000
    Age No limit specified
    Prepayment Charges Not available
    Foreclosure Charges Not available

    Calculating Interest on Canara Personal Loan

    A personal loan of any amount from Canara Bank needs to be paid back in equated monthly installments (EMIs) and every EMI consists of a portion of the principal amount as well as the interest. As the personal loan moves towards maturity, the principal portion gradually increases and consequently the interest portion decreases.

    The method for calculating the EMI on a personal loan can be mentioned as follows -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Here E - Monthly EMI, r - rate of interest per month, n - number of years.

    For a ballpark figure of Rs. 1,00,000 at an interest rate of 10.5% with a loan tenure of 1 year, the first EMIs for the first year would be Rs. 44,074 out of which the interest will account for Rs. 3,674.

    For example, a personal loan of Rs. 10,00,000 for a period of 5 years at an interest rate of 10.5% from Canara Bank would have the following scenario for the EMI to be paid (starting from August 2015) -

    YearTotal Payment (INR)Balance (INR)Principal Portion (INR)Interest Portion (INR)
    20151,07,4709,35,15664,84442,625
    20162,57,9277,67,5041,67,65190,275
    20172,57,9275,81,3771,86,12771,800
    20182,57,9273,74,7382,06,63951,288
    20192,57,9271,45,3272,29,41128,515
    20201,50,45701,45,3275,131

    It is to be noted that though the amounts of principal and interest keep varying throughout the loan tenure, the total EMI amount doesn’t change much.

    Factors affecting Canara Personal Loan Interest Rates

    Canara personal loan interest rates stay the same for any salaried individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as -

    • Personal loan amount - Based on the amount of personal loan applied for, the interest rate might be changed beyond the advertised rate for specific customers or categories of customers. A higher loan amount could cause a lower or higher rate of interest
    • Tenure of the personal loan - Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest
    • Repayment capacity - Canara Bank keeps a tab on the income and consequently the repayment capability of a customer. Depending on amount of cash inflows and transactions carried out by a customer, the bank might offer some leniency on personal loan interest rates
    • Income - Income plays an important part in making sure if one is eligible for even applying for the loan. Additionally, the bank may change the interest rate for a personal loan based on the income of a customer
    • Assets - Presence of fixed and movable financial assets play a crucial loan in improving the financial picture of one’s life. Based on the same, Canara Bank might provide a preferential rate of interest for personal loans
    • Relationship with the bank - An existing customer of Canara Bank is bound to get preference when applying for a personal loan and the bank might consider providing a better rate of interest to the customer
    • CIBIL scores - Approval of a personal loan takes one’s credit history into account. So, the CIBIL score might also work in favour of getting a better interest rate from the bank

    All the above factors notwithstanding, any change in the advertised interest rates is at the sole discretion of the bank.

    How does the CIBIL Score affect Personal Interest Rates of Canara Bank?

    A personal loan can serve as an emergency fund, but a bit of planning always helps and it especially comes in handy when dealing with CIBIL scores. Along with a credit history report, scores from CIBIL play a pivotal role in furthering the case of getting a personal loan approved from Canara Bank. CIBIL scores range from 300 to 900 and a score above 700 is considered a good one. Scores above 750 might allow the bank to consider offering a better rate of interest to the customer. Else the rates might be higher than expected. Doing a check on the CIBIL score and fixing the same to an appreciable level might help in getting preferential interest rates.

    Key Points regarding Canara Bank Personal Loan Interest Rates

    Availing a personal loan from Canara Bank is easy for salaried individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind -

    • The interest rates in Canara Bank for personal loan are subject to the repo rate of RBI and may come down further, but not with an immediate effect
    • The personal loan interest rates in Canara Bank are floating and not fixed
    • Personal loans from Canara Bank don’t require a security or a collateral, addition of such factors may not have any impact on the interest rate
    • On approaching Canara Bank for a personal loan, the bank will already have a look at your credit score. Based on the same, the loan amounts might be vary, but there might not be any change in the interest rates
     Loading your search... Loading your search...
  • Canara Bank Personal Loan Interest Rates Reviews

    • 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? 0
      , 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
    • 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
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.