Canara Bank Personal Loan – Apply Online 2024

Established in 1906, Canara Bank is one of the oldest Indian banks. It was nationalized in 1969, by the Indian government. It has a wide network of 5,784 branches and more than 9,153 ATMs spread across India. People can take loan up to amount of INR 3 lakh or six months gross salary, whichever is lower. The repayment has to be made in equal installments, within 60 months. The bank aids the people in need of funds by providing personal loans. All salaried individuals can seriously think, with an open mind, to apply for the personal loan. The processing fee of 0.5% of the loan amount subject to a minimum of INR 1000 and maximum of INR 5000 is charged.

Canara Bank Personal Loan Interest Rates 2024

Particulars Details
Interest Rate 11.75% - 16.25%
Loan Amount Six months gross salary subject to max. Of ₹3lac
Repayment Equated installments up to 60 months
Processing fee 0.5% of the loan amount

Canara Bank Personal Loan EMI Calculator

EMI is an Equated Monthly Installment paid by the borrower to the lender against the loan taken by him. It is the sum of the principal and interest payable on the specific date of each month over a specified number of years. The EMI calculator helps calculate the amount of EMI using the principal amount, rate of interest and the tenure of the loan.
For example, if you take up a loan of INR 3,00,000 for a period of 5 years at 10.75% interest rate, then the EMI per month for 5 years will be INR 6,980. Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALMENT TOTAL INTEREST AMOUNT TOTAL AMOUNT
₹ 3,00,000 10.75% 1 ₹ 26,480 ₹ 17,754 ₹ 3,17,754
₹ 3,00,000 10.75% 2 ₹ 13,948 ₹ 34,741 ₹ 3,34,741
₹ 3,00,000 10.75% 3 ₹ 9786 ₹ 52,301 ₹ 3,52,301
₹ 3,00,000 10.75% 4 ₹ 7717 ₹ 70,430 ₹ 3,70,430
₹ 3,00,000 10.75% 5 ₹ 6485 ₹ 89,123 ₹ 3,89,123
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 47,888 ₹ 29,936 ₹ 2,52,111
2 ₹ 53,297 ₹ 24,527 ₹ 1,98,813
3 ₹ 59,318 ₹ 18,506 ₹ 1,39,495
4 ₹ 66,018 ₹ 11,806 ₹ 73,476
5 ₹ 73,533 ₹ 4348 ₹ 0

Eligibility Criteria

Factors Affecting Personal Loan Eligibility

The factors that affect Personal loan eligibility are:

Documents Required

Salaried Self-employed
Stipulated loan application Stipulated loan application
2 Passport size photographs 2 Passport size photographs
Copy of passport/voter ID card/driving license Copy of passport/voter ID card/driving license
Processing fee cheque Processing fee cheque
Last 3 months bank statement/6 months bank passbook Last 3 months bank statement/6 months bank passbook
Latest salary slip Latest Bank statement
Current dated salary certificate with the latest Form 16 Latest ITR or Form 16

How to Apply

If you are eligible for taking up the loan, then you can apply for the same at the nearest branch office. Also, for the convenience of the customer bank provides the application form online.

When it comes to applying online for a personal loan in Canara Bank, need not to worry as the process is simply easy and quick. You just need to visit online at the bank’s website and fill all the required details and click on the submit button. It is that quick and hassle-free. You can anytime apply online as per your comfort and convenience without visiting any bank branch.

Canara Bank Personal Loan Application Form

To avail the loan facility one has to fill in the application form. The application form is available at all the bank branches. You can apply for the loan online as well. You need to fill in the following details-

Fees and Charges

The bank charges 0.5% processing fee on the loan subject to the minimum amount of INR 1,000 and the maximum amount of INR 5,000.

Canara Bank Customer Care Helpline

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