Canara Bank Personal Loan Interest Rates

Canara Bank Consumer Loan

Canara Bank offers a personal loan called Consumer Loan which allows individuals to avail a loan so that they can buy new consumer durable items such as furniture, utility articles, electronic appliances, and so on. Salaried, non-salaried, professionals, and businessmen are eligible for this loan type. The details about the loan and eligibility criteria are shown in the table below:

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.

Key Points About 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

A good credit score can help you secure lower interest rates on loans and credit cards.

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