Canara Bank Personal Loan

The following are some important Canara Bank personal loan details:

• Loan amount: You can get up to Rs. 3 Lakhs as a personal loan amount from Canara Bank.
• Purpose: The Canara personal loan can be used to meet any legitimate personal or domestic needs.
• Tenure: The maximum loan repayment tenure can be up to 60 months.
• Multiple options: The bank offers multiple personal loan schemes for different types of borrowers, including salaried individuals, pensioners, and teachers.
• Online loan application: You can apply for a Canara Bank personal loan online from the comfort of your home with minimal documentation

Additional Info: Also, check the Canara Bank Balance Check Number

• A wide variety of schemes: Canara Bank provides an extensive range of Personal Loan products, each designed to fulfill a specific purpose.
• Superfast application process: The loan application process is super easy and fast. You just have to go to the Canara Bank website or MyMoneyMantra to apply for a Personal Loan online from the comfort of your home. Also, you will be pleased by the speedy disbursal of the loan amount to your bank account.
• Minimal documentation: Canara Bank asks you to furnish documents relevant to the loan. You will not be required to furnish any unnecessary paperwork. This contributes to fast loan processing.
• Easy repayment: The bank gives you enough time to repay the loan as the loan tenure is prolonged. Also, the loan can be repaid in easy equated monthly instalments (EMIs) without compromising your monthly budget.
• Pre-closure: Borrowers can opt to foreclose their loan before the due date at nominal foreclosure charges. However, foreclosure of the loan can be done after a certain period of time (as specified by the lender).
• Low processing fee: The borrower has to pay a minimal processing fee. In some specific cases, no personal loan processing fee is levied.
• Status tracker: With the status tracker tool of Canara Bank, you can actually follow your loan application process to know its current status.
• Dedicated customer care: There is a dedicated customer care team available 24x7 to solve your issues and problems during the loan application and even after the disbursal of the loan amount.

# 1. Canara Budget: 

Unsecured personal loan to meet genuine personal or domestic needs.

• Loan amount: Up to Rs. 3 Lakhs
• Rate of interest: 10.95% p.a.
• Tenure: Up to 60 months
• Processing fee: 0.50% of the loan amount + GST, subject to a minimum of Rs. 1,000 and a maximum of Rs. 5,000.

# 2. Canara Cash (Shares): 

Instant personal loan offered against Shares, Debentures, Bonds, or Units.

• Loan amount: Maximum up to Rs. 20 Lakhs if the borrower maintains a demat account with DPs of Canara Bank.
• Rate of interest: 14.85% p.a.
• Tenure: Up to 60 months
• Processing fee: 0.1% of the loan amount, subject to a minimum of Rs. 100 and a maximum of Rs. 250. In case of an Overdraft, processing fee is to be collected for every renewal or enhancement.

# 3. Teacher's Loan: 

Personal loan offered to all confirmed teaching or non-teaching staff working in a school or college to meet any genuine personal needs.

• Loan amount: Up to Rs. 3 Lakhs
• Rate of interest: 10.95% p.a.
• Tenure: Up to 48 months
• Processing fee: 1% of the loan amount, subject to a minimum Rs. 50.

# 4. Canara Pension - General Public: 

Personal loan to meet medical expenses or other genuine personal needs of the pensioners.

• Loan amount: Up to Rs. 5 Lakhs
• Rate of interest: 11.60% p.a.
• Tenure: Up to 72 months

You can easily calculate the Canara Bank Personal Loan EMI by using the Personal Loan EMI Calculator given on our website. All you need to do is just enter the loan amount to be borrowed, the applicable rate of interest on the loan, and the repayment tenure.

Below are the EMI calculations for a Canara Personal Loan of Rs. 1 Lakh for different interest rates and tenures.

Documents for Salaried Individuals

• 2 recent passport-sized photographs
• Salary slips of the last 6 months
• Original latest salary certificate along with details of deduction
• The last 6 months' bank statements of the salary account
• Job proof
• Age proof
• Residence proof
• Photo copy of PAN card
• Borrower's irrevocable mandate to deduct EMI amount from the salary.
• ECS mandate if applicable
• Any other document(s) required by the lender.

Documents for Self-employed/ Business Class

• 2 recent passport-sized photographs
• Age proof
• Residence proof
• Photocopy of PAN card
• Last 3 years' balance sheet and profit & loss account
• Last 3 years' ITR/ITAO
• In case you want to involve agricultural income too, ITR and a copy of land records.
• A brief note about the nature of business and its establishment year, form of organization, present banker, and applicant's net worth.
• Any other document(s) required by the lender.

Eligibility Criteria for Canara Budget

• Applicant must be an employee of a reputed PSU/ Joint Stock Company/ Central Government/ State Government/ IT Company/ BT Company or a Lecturer/ Assistant Professor/ Professor of a College, University, or Research Institute.
• Applicant must have a salary account with Canara Bank.
• Applicant must have a minimum monthly net take-home salary of 25% or Rs. 10,000 (whichever is higher) after deducting EMIs of current loan obligations.

Eligibility Criteria for Canara Pension - General Public

Only the following pensioners are eligible for this loan if they're drawing their pension through Canara Bank branches:

• Central Government Pensioners (who had worked with Central, Civil, Defence, Armed Forces, Railways, Defence Civilians, Freedom Fighters, and so on).
• Pensioners of the State Government
• Pensioners of all Government Department Undertakings/ Public Sector Undertakings.
• All Corporate Pensioners
• Family Pensioners belonging to all the above categories.

Eligibility Criteria for Teacher's Loan

• All teaching or non-teaching staff who are confirmed and working in a school or college.
• They must be drawing a salary through Canara Bank branches.
• They must have an undertaking letter issued by the salary disbursing authority at the District or Block level.
• The applicants must have a minimum net take-home salary of 30% (of the gross salary) or Rs. 10,000 (whichever is higher) after meeting the proposed EMI.

Follow the steps below to apply for a Canara Bank Personal Loan through our website:

• Access www.mymoneymantra.com.
• Click on the "Personal Loan" section under the Loans tab.
• Log in by providing the required details.
• Verify with the OTP received on your registered mobile number.
• Enter your employment as well as income details.
• Enter your date of birth, PAN card details, and complete address.
• Click on the “Submit and View Offers” tab.
• Select the desired lender and click on Econnect.
• Our team will contact you to complete the process.

Once your personal loan application and required documents are submitted to the bank by MyMoneyMantra, the Canara Bank’s representative will contact you for verification.

• After all the submitted documents are verified by the bank, it will call you again for confirmation of the final loan offer, including the loan amount, rate of interest, and repayment tenure.
• Once you agree to all the terms and conditions of the loan and sign the loan agreement, the personal loan amount will get disbursed to your bank account.

You can access your Canara Bank personal loan statement through any of the following two ways:

• Online: Log in to the internet banking of Canara Bank to view and download your loan account statement.
• Offline: You can also visit the nearest Canara Bank branch and request a printed copy of the personal loan statement.

For any query, complaint, or issue regarding your Canara Bank Personal Loan, you can call on the bank's following toll-free and non-toll-free customer care numbers:

Toll-Free Numbers

• 1800 425 0018
• 1800 103 0018
• 1800 208 3333
• 1800 3011 3333

Non Toll Free Numbers - if calling from outside India

• +91-80-22064232