Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Canara Bank Home Improvement Loan is Rated as "Great!" by 82 Users

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    Canara Bank Home Improvement Loan

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    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.

    Canara Bank Home Improvement Loan Reviews

    • Canara Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good service which they had provided so far. The process in getting this loan had been very good and the loan amount which they had provided had been satisfactory as well. After applying the loan has been disbursed immediately, and there hasn't been any hassle faced with the banking services.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 18, 2018
    • Canara Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Canara bank as they have provided nominal rate of interest with zero processing fees . They instantly approved with 1-2 days . They gave the tenure period of 10 years .Payments get auto debited from my salary .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I took a personal loan from the Canara bank for 3.5 lacs, I got the loan amount with in 10 days. Some personals willing to help and sometimes some staff will not respond properly. On some instances I the experience was good but some clerks are not willing to help.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2018
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with CANARA BANK which was taken 5 years back. The loan amount was 4,.5 lakhs and the interest rate 11% which is average , The tenure period was4 years . The customer service and responses was always good . I have not faced any issues here and they have sanctioned the loan with the committed time. There is no per closure charges also.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 17, 2018
    • Canara Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with CANARA Bank 1 year back. The loan amount was 3 lakhs and the interest rate was 17% which is very high . The tenure period was 2,5 years . The whole process was very smooth and hassle free . They have sanctioned the loan with the committed time. My experience was really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 12, 2018
    • Canara Bank Personal Loan
      "Mr"
      0.5 4.5/5 "Excellent!"
      My experience was very good. I am satisfied with the services. I would like to visit again in case I want to learn about other services. Thank you canara bank for the services. My experience was good and I am satisfied with the services. Would visit again if required.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 13, 2018
    • Canara Bank Personal Loan
      "Need Improvement"
      0.5 2.0/5 "Expected more"
      The customer support is not up to the mark with the CANARA BANK, they have promised that they will disburse the personal loan within 5 working days but they took more 20 days of time. The rate of interest and the charges are average with the CANARA BANK .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 13, 2018
    • Canara Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The customer support and the response part is excellent with the canara bank. They have disbursed my personal loan amount within 10days of time. The requested loan amount has been given and I am satisfied with it. The rate of interest and the charges are nominal with the canara bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 05, 2018
    • Canara Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My salary account is through Canara bank so the process was very easy and smooth. They took only two days to process the loan and the response is immediate also the interest rate is fine. It is a excellent experience with Canara bank personal loan department.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2018
    • Canara Bank Personal Loan
      "Customer friendly"
      0.5 4.0/5 "Great!"
      I cleared my Canara bank personal loan, they gave me 9.5% of interest because I am an existing customer of the bank. The documentation process was easy, KYC verification on time. They gave me part payment and fore closure option. Hence I done preclosure but some charges applicable with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 28, 2017
    • Canara Bank Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I took a Personal Loan of Rs.50000 at the 13% interest rate, which I feel is a little high percentage. Process was short. Documentation required aren't that much with them. The manager was known who did make things happen quickly. The repayment option was good with it.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on Dec 21, 2017
    • Canara Bank Personal Loan
      "Below Average service"
      0.5 2.0/5 "Expected more"
      The customer support is not giving proper response to the customer with Canara bank. I was about to offer the personal loan with the canara bank , but the executives gave very negative impression so that was the reason I haven't applied for the personal loan with Canara bank.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 07, 2017
    • Canara Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the personal loan with the Canara bank and the interest rate is around 11%. I would like to say that the customer service is good and the responsiveness too. I am really happy with the Canara bank for the personal loan, which I have taken.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 29, 2017
    • 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? 1
      , 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? 1
      , 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
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