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 68 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
      "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? 0
      , 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? 0
      , 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
    • Canara Bank Personal Loan
      "Customer friendly bank and excellent service"
      0.5 5.0/5 "Blown Away!"
      Canara Bank is really good, they are taking care of the customer and also they providing good service to all. They have sanctioned me Rs.1.9 lakhs with 9% of interest now it reversed into 8% and they not taking any processing fee and also part payment and preclosure option available without any charges.
      Was this review helpful? 1
      , aurangabad
      Reviewed on Jul 11, 2017
    • 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? 1
      , 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
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