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    Canara Bank Home Improvement Loan

    We found 1 Canara Bank Home Improvement Loan

    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 Home Improvement Loan is Rated as "Great!" by 56 Users

    Fees & Charges

    Promised Interest Rate

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    Personal Loan BYTES FROM OUR KITCHEN

    Overview about Canara Bank Home Improvement Loan

    Founded in 1906 and nationalised in 1969, Canara Bank has been scaling the growth trajectory to become one of the major 'financial conglomerate' in the country courtesy nine joint ventures, 5727 branches, 147 hi-tech E-lounges, 9132 ATMs besides launching several products and services. Some of the products launched by Canara Bank include online trading terminal, Canara e-Infobook, Canara Bank platinum rupay cards, cheque deposit kiosk and EMV chip cards in addition to enquiry portal for social security schemes, digital life certificates and mobile banking services among many others. Canara Bank also offers an attractive house improvement loan.

    What can this loan be used for?

    Home Improvement Loan Scheme offered by Canara Bank offers a viable financial package to customers who wish to furnish their houses or flats at competitive interest rates. The home improvement loan scheme can be used for the purchase of following objects:

    • Household furniture
    • Fans and air conditioners
    • Refrigerators
    • Wardrobes

    What is the minimum and maximum age limit of customers who wish to avail of the Home Improvement Loan Scheme offered by Canara Bank?

    The minimum age limit is 18 years while the maximum is 55 years. It is important to note that the loan instalments should be cleared before the attainment of 70 years.

    Who can avail of Home Improvement Loan Scheme?

    Flat owners who are salaried individuals, professionals, self-employed or in business including NRIs can avail of the Home Improvement Loan Scheme. Salaried individuals should be employed for a minimum period of three years. Non-salaried individuals should be in business for a minimum of three years as well. The home improvement loan can be availed under the following conditions:

    • Customer takes a loan under the housing finance scheme offered by Canara Bank
    • Customer does not take a loan under the housing finance scheme
    • Customer takes a housing loan offered by other financial institutions and banks

    What is the minimum salary required to be eligible for the Home Improvement Loan Scheme?

    A salaried individual is eligible for the home improvement loan scheme offered by Canara Bank if the minimum net take home (monthly) is 25% of his or her gross salary or Rs.2000, excluding the instalments for repayment of the said loan. To be eligible for the home improvement loan scheme, non-salaried individuals and professionals should have an annual income (minimum) of Rs.50,000 and submit the relevant IT returns as proof for the same.

    What are the terms associated with this loan?

    Customers or borrowers under the home improvement loan scheme offered by Canara Bank have to hypothecate their assets acquired from the said loan, mortgage their houses and provide a personal guarantee, if need be. In some cases, Canara Bank may consider waiver of submission of security.

    What is the maximum loan amount which can be availed?

    The maximum loan quantum which can be availed under the Home Improvement Loan Scheme is Rs.2 lakh. Canara Bank may approve a higher loan amount for up to Rs.5 lakhs selectively, subject to various conditions. If a customer avails of the home improvement loan scheme in addition to the housing loan from Canara Bank, the maximum amount eligible will be one year’s gross salary.

    What is the interest rate charged by Canara Bank on its Home Improvement Loan Scheme?

    The interest rate for all retail lending/loan schemes offered by Canara Bank is based on its base rate.The interest rate charged for the home improvement loan scheme is base rate +2.25%. The base rate of Canara Bank is 9.65% (as of October 2015).

    What is the repayment period for this loan?

    The maximum repayment period of home improvement loan scheme offered by Canara Bank is 60 months. In some cases, the repayment period may be extended up to 7 years, subject to conditions.

    What are various charges associated with the home improvement loan scheme?

    There are several charges as listed in the table below:

    Charges Amount
    Processing Charges 0.50% of loan amount. The minimum is Rs.1500 while the maximum is Rs.10,000
    Documentation Charges The minimum amount is Rs.1000
    Inspection Charges Rs.200. The maximum amount is Rs.600 p.a

    In addition to the aforementioned charges, several other charges such as outsourcing charges, CERSAI charges, CIBIL charges, LSR Charges, Insurance premia have to be incurred by borrowers.

    What is the margin for the Home Improvement Loan Scheme?

    In case a customer avails of the home improvement loan scheme as part of Canara Bank’s housing finance scheme, the margin for the latter is applicable to the former as well. However, other cases have a stipulated 20% margin.

    How can one apply for this loan?

    Customers can apply and track status of their loan application online on the official website of Canara Bank.

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  • Canara Bank Home Improvement 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? 12
      , 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
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