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Canara Bank Personal Loan Interest Rate

Canara Bank offers personal loans at attractive interest rates, flexible repayment tenures, and minimum processing charges. Canara Bank personal loan interest rates will vary with the loan amount, loan tenure, and some other factors as well.

Canara Bank

Canara Bank offers personal loans to their customers at a competitive rate of interest. Canara Bank Personal Loan Interest Rate starts from 9.25%p.a. The interest rate varies between the customer’s credit profile, loan amount, and the specific personal loan scheme. The bank also offers a lot of loan options that are customized based on your profile. This includes various schemes for government employees, private sector employees, teaching professionals, salaried individuals, and various self-employed borrowers. These loans are designed to cater to their personal and domestic needs and requirements.

Canara Bank Personal Loan Key Highlights

Loan Feature	Details
Loan Amount	Maximum of 30 Lakhs (Varies according to the type of the loan)
Interest Rate	Starts at the rate of 9.25%p.a.
Repayment Tenure	Up to 72 months
Processing Fees	0.50% to 0.60% of the loan amount

Current Canara Bank Personal Loan Interest Rates 2025

Canara Insta MF Loan

It is a personal digital loan that is offered to customers against their Mutual Funds. As this is a digital loan, it can be used by customers 24/7. It is given to individuals to meet their various personal needs. Quick approval and disbursal of the loan is assured. Regardless of any Asset Management Company registered with the Registrar and Share Transfer Agents (RTAs), your loan can be used as collateral from any bank or financial institution.

Loan Amount	Equity/Hybrid Mutual Funds: 50% of the NAV can be taken as loan. Minimum of Rs.25,000 and Maximum of Rs.10,00,000. Debt Mutual Fund: 75% of the NAV is given as loan, subject to a minimum of Rs. 25,000 and maximum of Rs. 1 crore.
Rate of Interest	Based on RLLR: 9.25% p.a Based on Fixed Rate: 10.00% p.a
Tenure	Term Loans: Max of 36 months Overdraft: Renewal on yearly basis
Processing Fees	0.60% of the sanctioned amount with a minimum of Rs.1000 and maximum of Rs.10,000.
Review/Renewal Charges	0.30% of the loan amount + GST (Minimum of Rs.500 and Maximum of Rs.5,000 + GST)
Eligibility	Credit Score should be above 700. Must have a single-holding savings or current account with the bank. In case you don’t have an account, you need to open the account through Video Based Customer Identification process.
Documentation	Digital documentation will be invoked based on Aadhar with OTP consent for execution of e-stamping and e-signing.

Canara Heal

This loan is given to individuals who are in need of funds to meet any unforeseen hospitalization or medical expenditure. This is to meet the shortfall of medical expenses to settle the claims of self or dependents through healthcare loan. The facility can be used by customers between 10 to 7 and offers them a hassle-free experience. This is a complete digital journey and offers direct remittance of amount at the hospital.

Loan Feature	Details
Loan Amount	Rs.25,000 to Rs. 5 Lakhs
Rate of Interest	Based on RLLR: 10.55% p.a Based on Fixed Rate: 11.30% p.a
Tenure	Minimum of 1 year to a Maximum of 3 years with a moratorium period of 2 months
Eligibility	Credit Score: 700 & above. Age: 21 years to 55 years old Income: Salaried: Minimum of Rs.50,000 per month Non-Salaried: Need to maintain a balance of Rs.50,000 in the last 6 months Net Take Home Salary should not be less than Rs.10,000 after meeting the EMIs of other loans.
Processing Charges	As Applicable
Documentation	Aadhar and PAN Card online validity Employee ID Card Latest 6 months' salary slips Last 1 year bank statement Last 2-year ITRs

Canara Budget

Canara Bank Budget loan is available for deserving individuals with specific financial needs. The budget loan is available higher loan quantum. The processing charges are minimal in amount. The rate of interest is low and is charged according to reducing balance method.

Loan Amount	Canara Budget – Prime: 25 Months Gross Salary Subject to a Maximum of 30 Lakhs Canara Budget – Delight: 25 Months Gross Salary Subject to a Maximum of 20 Lakhs
Interest Rate	Canara Budget – Prime: 9.95% p.a to 14.95% p.a Canara Budget – Delight: 10.95% p.a to 13.65% p.a
Tenure	84 Months
Processing Charges	0.50% of the loan amount Minimum – Rs. 1000 + GST Maximum – Rs. 5,000 + GST
Eligibility	Canara Budget – Prime: Confirmed employees of the Central/State/Defense and Paramilitary services/PSUs/Autonomous Bodies of Central and State Govt. Minimum 1 Year of Service Canara Budget – Delight: Confirmed employees of reputed organizations, colleges, schools, hospitals, MNCs, Public, Private and IT companies Minimum 1 Year of Service
Documentation	Loan application with 2 passport size photographs KYC documents Proof of Residence Latest 6 months salary slips Form 16 & ITR Irrevocable Salary Mandate

Canara My Money

Given to meet any genuine expenditure like education, travel, home repairs, medical expenses, and so on. The loan is also given with quick disbursement 24/7 to customers. This is a complete digital loan giving the customers right to claim 75% of the term deposit as a loan amount.

Loan Amount	Minimum of Rs.25,000 to Maximum of Rs.10 Lakhs
Interest	ROI of term deposit + 2%
Tenure	Till 1 day prior to the maturity of the Fixed Deposit
Eligibility	All Online opened term deposits except recurring, NRE, Tax saver, and capital gain deposits.
Processing Fees	Nil
Documentation	Aadhar number is used for OTP consent for e-signing as per terms and conditions

Canara Home Loan Plus

This loan is available to any eligible individual to meet regular expenses, higher education costs, medical or wedding expenses, and other unforeseen expenditures at home. A major advantage of this loan is that there is no prepayment penalty. Interest is charged on a reducing balance basis, and the loan is processed with minimal processing charges.

Loan Amount	Salaried Individual: 2 Years Gross Salary or Maximum of 50 Lakhs. Self-Employed Professionals: 2 times the average of 3 year’s gross income to a maximum of 50 Lakhs.
Rate of Interest	Linked to RLLR: 8.25% p.a to 10.85% p.a Linked to Fixed Rate: 8.25% P.a to 11.60% p.a
Tenure	Left over EMI period of the Home Loan or 180 EMIs whichever is earlier.
Eligibility	Existing Home Loan Borrowers with a satisfactory repayment track record.
Security	Security of the property mortgaged on Home Loan.
Processing Charges	0.50% of the loan amount Minimum of Rs.100 and Maximum of Rs.500.
Documentation	Loan Application with 2 passport size photographs KYC documents for applicant/guarantor Identity proof Address proof Age proof PAN Card Latest 6 months salary slips Last 6 months bank statement Form No:16 and ITR Balance Sheet, Profit & Loss account for the past 3 assessment years

Canara Pension

This pension loan is given to customers to meet the medical expenses and other genuine needs of customers. The loan amount is higher with a lower rate of interest. There is no pre-payment penalty involved with the loan. The loan is given to customers with quick approval and disbursal.

Loan Amount	Below 60 Years: 24 months pension or Rs.15 Lakhs whichever is lower. 60 to 70 Years: 24 months pension or Rs.10 Lakhs whichever is lower. 70 to 75 Years: 24 months pension of Rs. 5 Lakhs whichever is lower.
Rate of Interest	Based on RLLR: Canara Bank Retired Employees: 8.75% p.a to 10.25% p.a General Public: 11.00% p.a Based on Fixed Rate: Canara Bank Retired Employees: 9.50% p.a to 11.00% p.a General Public: 11.50% p.a
Tenure	Below 60 Years: 7 Years 60 to 70 Years: 5 Years 70 to 75 Years: 3 Years
Eligibility	All central government, state government, government department undertakings, public sector undertakings, and corporate pensioners
Security	Pensioners: Co-obligation of the spouse or any other person fit enough and approved by the sanctioning authority Family Pensioners: Third party guarantee
Processing Charges	100% waived
Documentation	Loan Application with 2 passport size photos of applicant/guarantor KYC documents of applicant/co-applicant Residential Proof

Canara Ready Cash

This is a special scheme that is used to meet any genuine expenditure of the individual. This could be higher education, home renovation, marriage expenses, and so on. This is a digital facility that is provided by the bank and is given to its customers 24/7.

Loan Amount	Minimum of Rs.50,000 to Maximum of Rs. 10 Lakhs.
Interest	Based on RLLR: 9.95% p.a Based on Fixed Rate: 11.70% p.a
Tenure	1 Year to 5 Years
Eligibility	Credit Score: 700 & above Age: 21 Years to 55 Years Income: Rs.50,000 per month
Processing Charges	0.50% of the loan amount. Minimum of Rs.500 and Maximum of Rs.2500
Documentation	Digital Documentation will be invoked based on Aadhar number enabled OTP for consent/acceptance for execution of e-stamping or e-signing

Canara Cash

This personal loan is available for instant cash against shares, debentures, bonds, and units. This loan allows you to earn money on your investments and also provides you with the flexibility to keep them without liquidating them. There is no prepayment penalty attached with the loan. The loan is attractive for the common man with minimal processing charges, quick processing and approval.

Loan Amount	Up to Rs.20 Lakhs
Rate of Interest	14.80% p.a Onwards
Tenure	60 Months
Eligibility	Any Existing customers with good credit portfolio New Customers are also accepted with good credit report
Processing Charges	0.1% of the loan amount with a minimum of Rs.100 and maximum of Rs.250
Documentation	Loan application with 2 passport size photos KYC documents of applicant/co-applicant Identity proof Address proof Age proof PAN card Statement of Holding of Scripts Latest salary certificate IT return Last 2 years financial statements

Canara Pension CANARA Bank Ex Employees

This loan is given to the retired employees of the bank. The highlight of the loan is there is no processing charges and no pre-payment penalty that is associated with the loan. Interest is charged to the customers based on the reducing balance method. The loan is given to meet the medical expenses and other genuine needs of the pensioners.

Loan Amount	20 Months pension amount or Rs.10 Lakhs whichever is lower. Need to maintain 25% balance of the pension amount after meeting the proposed EMI amount.
Interest	Based on RLLR: 10.25% p.a Based on Fixed Interest: 11.00% p.a
Tenure	Below 65 Years: 6 Years Above 65 Years: 5 Years
Eligibility	Pensioners and Family Pensioners of the bank
Processing Charges	100% waived
Security	Pensioners: Co-obligation of the spouse Family Pensioners: Third-party guarantee

Key Factors That Influence Canara Bank Personal Loan Interest Rates

The following is the list of key factors that will influence your Canara Bank Personal Loan interest rates. They are:

Credit Score: The most important determining factor in deciding on a personal loan will be your credit score. A higher credit score indicates that you are responsible with your credit, which can help you qualify for a lower interest rate.
Income Level and Stability: A regular and higher income assures the bank of your repayment capabilities. Applicants with a regular and consistent income will be eligible for a low-interest-rate personal loan.
Employment Type: Individuals with reputable private sector organizations, government jobs, and public sector undertakings are offered lower-interest personal loans than those with less stable roles.
Loan Amount and Tenure: The loan amount and the period of the loan also influence the rate of interest for the loan. Shorter tenures may attract low-rate loans when compared to longer ones.
Relationship with Canara Bank: Existing customers with a good credit history will qualify for low-interest personal loans.
Debt-to-Income Ratio: If you have a large portion of your income going towards your EMI, your repayment ability decreases, and thereby leads you to higher rate loans.

Tips to Get a Low-Interest Rate on a Canara Bank Personal Loan

The following are some tips that users can adopt to secure a low-interest rate on a Canara Bank Personal loan. They are:

Credit Score: Whether it is the factors or the tips to attract a low-interest loan, the first and foremost criterion would be a favorable credit score. A score of above 750 makes you a responsible borrower.
Shorter Loan Tenure: Opt for personal loans with shorter tenures. This will help you secure loans with low interest rates. Although the monthly EMIs might be higher, it will help you save a significant amount of money on interest.
Good Banking Relationship: Maintaining a long-standing relationship with Canara Bank can help you earn loyalty benefits.
Make Use of Special Offers: Keep an eye on the bank's special day offers. Banks tend to give a lower rate of interest on special days.
Maintain your Salary Account with Canara Bank: Having a salary account with Canara Bank helps you enjoy a preferential rate of interest, including low-interest rates.
Show Stable Employment: Having stable employment with a reputed private sector organization will help you boost your credibility and strengthen your negotiating power.
Avoid Multiple Loan Applications: Submitting too many loan applications within a short period can negatively impact your credit score. This will ultimately lead you to high-interest loans.

Benefits of Choosing a Canara Bank Personal Loan

Some of the benefits of choosing the Canara Bank Personal Loan are:

Competitive Interest Rate: Offering a competitive interest rate is the main advantage of Canara Bank personal loans.
Flexible Repayment Tenure: The repayment tenure can be chosen based on your needs and requirements.
Minimal Documentation: The bank offers minimal documentation with quick processing and simple paperwork.
Quick Disbursal: You will receive your funds within hours of approval, providing the benefit of quick disbursal with loans.
No Hidden Charges: The terms of the personal loans are transparent without any hidden charges.
Special Schemes for Different Segments: To address the needs of different customer segments, the bank provides loans to salaried individuals, self-employed individuals, and pensioners.
Part Payment and Pre-payment Facility: You can repay your loan with minimal pre-payment and part-payment facilities.

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Given this type of data might change over time, we cannot guarantee that the information supplied or included within it, is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.

FAQs on Canara Bank Personal Loan Interest Rates

1. What is a Canara Bank Personal Loan?

Canara Bank Personal Loan is an unsecured personal loan offered to customers to cover personal expenses such as medical, education, travel, and home renovations.

2. What are the eligibility criteria for the Canara Bank Personal Loan?

The main eligibility criteria for the Canara Bank personal loan are that you need to be an Indian citizen aged between 21 and 58 years. You should have a good credit score. Additional criteria include the applicant's employment status and income level.

3. What is the maximum loan amount that is given for the Canara Bank Personal Loan?

The maximum loan amount that can be availed for the Canara Bank Personal Loan varies depending on the applicant's income and repayment capacity. But in general, the bank gives personal loans between Rs . 50,000 and Rs. 15 Lakhs.

4. What is the acceptable repayment tenure for the Canara Bank Personal Loan?

The repayment tenure for the Canara Bank personal loan is 84 months.

5. What documents are required to apply for the Canara Bank Personal Loan?

Some of the primary documents that the bank requires from the eligible individuals include identity proof, income proof, address proof, salary slips, bank statements, and any other documents that might be necessary from time to time.

6. What are the factors that influence the Canara Bank personal loan interest rate?

Some of the factors that influence the Canara Bank personal loan interest rates are the applicant's credit score, income level, employment stability, and the loan amount requested.

5. Is there a way to negotiate the personal loan interest rate at Canara Bank?

While Canara Bank has set the interest rates, a strong credit profile with a good repayment history will have the opportunity to negotiate better interest rates.