Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 Canara Bank Loan for Senior Citizen Scheme

    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
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    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    Canara Bank Loan for Senior Citizen Scheme is Rated as "Great!" by 61 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Founded in 1906 and nationalised in 1969, Canara Bank has been on the growth trajectory to emerge as the ‘preferred bank’ owing to achievement of various global benchmarks such as high-quality profitability, operational efficiency and risk management among others. Canara Bank has become a major financial conglomerate in India and currently has around nine joint ventures, 9132 ATMs, 147 hi-tech E-lounges and 5727 branches.

    The bank has made a mark in several corporate social responsibilities such as promoting rural self-employment via training institutes and rural development among others. Canara Bank has launched various products and services such as digital life certificates and EMV chip cards besides an enquiry portal for social security schemes. Canara Bank offers several services from personal banking and priority banking to NRI banking and SME banking. Canara Bank offers loans for senior citizens as well.

    What can this loan be used for?

    Loan for senior citizens offered by Canara Bank can be used to meet various medical expenses besides any personal requirements of pensioners.

    Who can avail of loan for senior citizen offered by Canara Bank?

    Pensioners eligible to receive pension are listed below:

    • Canara Bank pensioners
    • Central government pensioners (e.g, railways, freedom fighters, defence, armed forces, defence civilians)
    • State government pensioners
    • Public sector undertakings’ pensioners
    • Family pensioners of deceased retired employees all the aforementioned categories

    What is the minimum salary required to be eligible for Senior Citizen loan scheme?

    The net take home income should be 40% excluding the equated monthly installment) of the loan

    What are the terms associated with this loan?

    The following table shows details regarding the guarantee to be offered under this scheme

    Type of pensioners Guarantee
    Loan to pensioner Co-obligation of the spouse or another individual
    Family pensioner Co-obligation (third party)

    What is the maximum loan amount which can be availed under the Senior Citizen loan scheme?

    The maximum loan amount which can be availed by pensioners under this scheme is Rs.2 lakhs or 10 months’ pension. In case of retired employees of Canara Bank and its family pensioners, the amount may extended is Rs.2 lakhs for 15 months.

    What is the interest rate charged by Canara Bank for Senior Citizen loan scheme?

    The interest rate for all loan schemes offered by Canara Bank is based on its base rate. The interest rate offered by Canara Bank for this scheme is base rate +2.80% p.a (floating). The base rate of Canara Bank is 9.65% (October 2015).

    What is the repayment period for Senior Citizen loan scheme?

    The repayment period for pensioners below 65 years is 60 EMIs while for those above 65 years is 48 EMIs.

    How can one apply for Senior Citizen loan scheme?

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

    What are the proceeding charges to be incurred under Senior Citizen loan scheme?

    Canara Bank does not impose any processing charges for senior citizen loan scheme.

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  • Canara Bank Loan for Senior Citizen Scheme Reviews

    • 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? 0
      , 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? 0
      , 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
    • 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
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