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Is your Credit Score >750?
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.
Personal loan is an unsecured loan which does not require collateral of any form. These loans are high risk loans for the bank and hence, to compensate the assumption of high risk, the bank charges a high interest rate on these loans. These loans are extended to the applicant based on the individuals ability to repay, this is assessed by the applicant’s credibility. There is a credit score which can be generated for every individual, this is the indicator of applicant’s credibility. A credit score of 750 is generally considered decent enough for personal loan to be extended. Typically, the tenure for personal loans are lower compared to other types of loan. This is due to the fact that these loans are higher risk. These loans are also called as signature loans or multi-purpose loan. If the borrower needs the money for multiple needs, then it is wise to avail personal loan.
About Canara Bank Personal Loan Interest Rate
Personal loan is extended in lumpsum to the borrower. The borrower has to repay the borrowed loan in equated monthly installments (EMI) over the tenure of the loan. The tenure and interest rates are pre-determined at the time of loan sanction. The EMI constitutes both principal and interest. The interest rate is dependent on the credit score of the borrower, the higher the credit score, the lower will be interest rate.
Canara Bank issues personal loans which are called consumer loans. These loans are extended to individuals for purchase of brand new durable utility articles, home appliances including furniture, computers / Laptops, electronic gadgets especially to the staff of corporate bodies and others.
The repayment options available for consumer loans is standard in the case of Canara Bank. The tenure of loans is 36 months, the repayment schedule resumes from the month following the month in which loan is disbursed. There is no prepayment penalty charged.
The consumer loan is extended either by hypothecation of the articles purchased out of the Bank loan or suitable personal guarantee / co-obligation. However, the next higher authority may waive such personal guarantee / co-obligation depending upon merits of each case.
The quantum of loan extended for various categories of applicants is as given below –
Interest rate on personal loan or consumer loan by Canara Bank –
Processing charges on consumer loan –
The below mentioned factors have an implication on the interest rate of the personal loan offered by Canara Bank
The official website of Canara Bank has an EMI calculator, the same can be used to calculate the EMI outflow. The calculation is instant and accurate. There may be errors while calculating the same manually, also the process is tedious. The EMI calculation will calculate the total payable amount and will clearly indicate the principle and interest separately. The value of EMI is only indicative and can vary based on the interest rate that the applicant is offered by the bank. The interest rate, as stated earlier depends on the credit score of the applicant.
1. Who can apply for Canara Bank personal loan?
All individuals, including professionals, businessmen and salaried class
2. For what purpose should the loan be used?
It is a multipurpose loan, which can be used for any financial requirement including home improvement, buying durable utility, medical expenses, vacation etc.
3. What are the income criteria for availing personal loan from Canara Bank?
For salaried class - Net take home salary of 40% of gross salary after meeting proposed loan instalment or Rs.6000, whichever is higher. Note: Salary to be credited to operative account of applicant. Alternatively, a mandate to be lodged with employer to facilitate easy recovery of instalments.For non-salaried class - Professionals and other non-salaried persons should have a minimum annual net income of Rs.1,50,000/- (after tax) as evidenced by Income Tax Assessment Order (ITAO) / Income Tax Return.
4. What are key documents that are required for availing personal loan from Canara Bank?
The below documents are required for availing personal loan from Canara Bank -
5. Can a second loan can be availed during the pendency of the first loan?
Yes, it can be availed within the overall eligibility, provided repayments are regular in the first loan.
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