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Canara Bank offers Personal Loan interest rates ranges from 13% - 14.15% p.a. The processing fee charged is only 1% of the loan amount up to a maximum of Rs.250. The maximum loan tenure for this loan is 36 months. The bank’s personal loan called Consumer Loan can be availed to buy household items. Canara Bank offers special interest rate for individuals with Salary tie-up at 13% p.a. , Without Salary tie-up at 14% p.a. and for BSNL Employeed at 11% p.a.
Particulars | Salaried | Non-salaried |
Interest Rate | 13% - 14.15% p.a. | |
Processing Fee | 1% of the loan amount (Minimum of Rs.250) | |
Loan Tenure | Up to 36 months | |
Loan Amount | Up to Rs.1 lakh | |
Salary | Rs.6,000 or net salary to be 40% of gross salary | Rs.1.5 lakh |
Credit Score | 700 and above | |
Lowest EMI per Lakh | Rs.3,369 | |
Pre-Payment | Nil |
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:
Particulars | Interest Rate | Processing Fee | Loan Tenure | Loan Amount | Income |
Salaried | 13.15% p.a. | 1% of the loan amount | Up to 36 months | Maximum Rs.1 lakh | Net salary equal to 40% of gross salary |
Professionals/Non-salaried | Rs.1.5 lakh p.a. net income |
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 -
All the above factors notwithstanding, any change in the advertised interest rates is at the sole discretion of the bank.
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 -
1. Mr. Adit started working in an accountancy firm where he earns Rs.25,000 per month. He wanted to take a personal loan of Rs.50,000 to pay off some of his debt. He approached Canara Bank and the loan was approved instantly. The amortisation table for his loan to be repaid in a year’s time is given below:
For Salary of Rs.25,000 Per Month
Loan amount | Rs.50,000 | |||
Processing fee | 1% of the loan amount | |||
Loan tenure | 1 year | |||
Interest rate | 13.15% p.a. | |||
Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | Total Payment (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
1 | 3,921 | 548 | 4,469 | 46,079 |
2 | 3,964 | 505 | 4,469 | 42,114 |
3 | 4,008 | 462 | 4,470 | 38,106 |
4 | 4,052 | 418 | 4,470 | 34,054 |
5 | 4,096 | 373 | 4,469 | 29,958 |
6 | 4,141 | 328 | 4,469 | 25,817 |
7 | 4,186 | 283 | 4,469 | 21,631 |
8 | 4,232 | 237 | 4,469 | 17,398 |
9 | 4,279 | 191 | 4,470 | 13,120 |
10 | 4,326 | 144 | 4,470 | 8,794 |
11 | 4,373 | 96 | 4,469 | 4,421 |
12 | 4,421 | 48 | 4,469 | 0 |
2. Mr. Sanjay works in a software company where he earns Rs.50,000 on a monthly basis. He needed Rs.1 lakh to pay for his daughter’s school donation. He approached Canara Bank which accepted the application. The amortisation table for the loan of Rs.1 lakh to be repaid over a period of 1 year is given in the table below:
For Salary of Rs.50,000 Per Month
Loan amount | Rs.1 lakh | |||
Processing fee | 1% | |||
Loan tenure | 1 year | |||
Interest rate | 13.15% p.a. | |||
Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | Total Payment (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
1 | 7,843 | 1,096 | 8,939 | 92,157 |
2 | 7,929 | 1,010 | 8,939 | 84,228 |
3 | 8,016 | 923 | 8,939 | 76,212 |
4 | 8,104 | 835 | 8,939 | 68,109 |
5 | 8,192 | 746 | 8,938 | 59,916 |
6 | 8,282 | 657 | 8,939 | 51,634 |
7 | 8,373 | 566 | 8,939 | 43,261 |
8 | 8,465 | 474 | 8,939 | 34,797 |
9 | 8,557 | 381 | 8,938 | 26,239 |
10 | 8,651 | 288 | 8,939 | 17,588 |
11 | 8,746 | 193 | 8,939 | 8,842 |
12 | 8,842 | 97 | 8,939 | 0 |
There are a few conditions regarding the eligibility criteria you should keep in mind while getting Canara Bank’s personal loan:
Hypothecation of the item being purchased is necessary under the Consumer Loan.
A personal guarantee/co-obligation is required by the bank, but the higher authority may waive the need for it depending on the merits of the case.
Yes, you can get an additional loan from Canara Bank as long as the eligibility criteria, especially the income clause, are met and there are no overdue payments in the existing loan.
You can use the online Personal Loan EMI calculator on BankBazaar to calculate the exact EMI to be paid to the bank. The EMI is to be paid starting from the month when the loan amount is disbursed.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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