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Personal Details

Key Features of Canara Bank Personal Loans

  • Loan Amount Flexibility: Canara Bank provides personal loans ranging from ₹10,000 to ₹40 lakh, depending on the scheme and eligibility.
  • Competitive Interest Rates: Interest rates start from 10.65% per annum, varying based on the loan scheme, applicant's credit profile, and relationship with the bank.
  • Flexible Repayment Tenure: Loan tenures range from 12 to 84 months, allowing borrowers to choose a repayment period that suits their financial capacity.
  • No Collateral Required: Personal loans are unsecured, meaning no collateral or asset pledging is needed.
  • Quick Approval and Disbursement: Canara Bank emphasizes a hassle-free application process with minimal documentation, ensuring quick approval (typically within 2–7 days).
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  • Eligibility Criteria:
    Age: Typically 21-59 years for salaried individuals (up to 75 years for pensioners).
    Income: Minimum net take-home salary of 25% or ₹10,000 per month after EMI deductions.
    Employment: Permanent employees of government, PSUs, MNCs or reputed corporates.
    Credit Score: A good CIBIL score (750+) is preferred for better terms.
  • Documentation:
    Identity Proof: PAN card, Aadhaar, passport, voter ID, or driver's license.
    Address Proof: Utility bills, rental agreement, or passport.
    Income Proof: Salary slips, bank statements, or ITR.
    Scheme-Specific: Pension documents for pensioners, employment proof for salaried.
  • Application Process:
    Online Application: Through Canara Bank's website or Ai1 mobile app.
    Offline Application: Available at all Canara Bank branches.
    Pre-Approved Loans: Instant approval for eligible salary account holders.
  • Quick Approval and Disbursal:
    Instant approval for pre-approved loans; standard processing takes 2-7 working days.
    Funds credited directly to the customer's Canara Bank account.
  • No Prepayment Penalty: Most schemes allow early loan repayment without additional charges, enabling borrowers to save on interest.
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Benefits of Personal Loans from Canara Bank

  • Versatile Usage for Personal Needs: Can be used for medical treatments, education, marriage, travel, home improvements or debt consolidation (excluding speculative activities).
  • Competitive and Affordable Interest Rates: Rates start at 10.65% per annum, with floating rates linked to Repo Linked Lending Rate (RLLR) ensuring transparency.
  • High Loan Amounts: Ranging from ₹10,000 to ₹40 lakh depending on the scheme and eligibility.
  • Flexible Repayment Tenure: Repayment periods from 12 to 84 months to suit different financial situations.
  • Quick and Hassle-Free Processing: Minimal documentation with approval within 2-7 days for most schemes.
  • Minimal Documentation: Requires basic documents (ID, address, income proof) for traditional loans, while pre-approved loans need little to no paperwork.
  • Fast Disbursal: Funds are credited instantly for pre-approved loans or within a few days for others, ensuring quick access to money.
  • No Prepayment/Foreclosure Charges: Most schemes allow borrowers to repay early without penalties, saving on interest costs.
  • Accessible Eligibility: Salaried individuals, pensioners, and professionals with basic income and credit requirements can qualify easily.
  • Transparency: Clear terms with floating rates linked to RLLR, ensuring no hidden costs.
  • Customer Support: Accessible via toll-free number 8885545255 for any queries or assistance.
  • Transparent Terms and Conditions: Late payment penalties are clearly communicated, ensuring borrowers understand their obligations.
  • Top-Up Loan Facility: This eliminates the need for a new loan application, saving time and paperwork while addressing evolving financial requirements.
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How to Apply for Canara Bank Personal Loans

  • 1. Check Eligibility:
    • Visit canarabank.com or use the Ai1 app
    • Review eligibility criteria for the desired loan scheme
    • Use Canara Bank's online eligibility tools if available
  • 2. Choose Application Method:
    • Online:
      • Navigate to "Personal Loan" section on Canara Bank's website or Ai1 app
      • Select the loan scheme and fill the online application form
      • Upload required documents digitally
    • Branch Visit:
      • Visit nearest Canara Bank branch
      • Collect and fill application form
      • Submit with physical documents
  • 3. Submit Documents:
    • Identity Proof: Aadhaar, PAN, Voter ID, Passport
    • Address Proof: Utility bill, rental agreement
    • Income Proof: Salary slips, bank statements, ITR
    • Scheme-specific documents as required
  • 4. Verification and Approval:
    • Bank verifies documents and credit profile
    • Approval typically within 2-7 working days
  • 5. Loan Disbursal:
    • Sign loan agreement (digitally or physically)

Eligibility Criteria for Canara Bank Personal Loans

  • Canara Budget (For Salaried):
    • Permanent employees of government, PSUs, MNCs, reputed corporates
    • Age: 21-59 years at loan maturity
    • Minimum net take-home salary of 25% or ₹10,000/month after EMI
    • Loan amount up to ₹30 lakh
  • Canara Ready Cash:
    • Pre-approved salary account holders with Canara Bank
    • Age: 21-59 years
    • Loan amount: ₹10,000 to ₹1 lakh
    • Instant disbursal to salary account
  • Canara Pension:
    • Central/state government, PSU or Canara Bank pensioners
    • Age up to 75 years at loan maturity
    • Net take-home pension of 40% after EMI
    • Loan amount up to ₹5 lakh
  • Canara Consumption Loan:
    • For purchasing consumer durables
    • Loan amount up to ₹1 lakh
    • Repayment tenure up to 60 months
  • General Requirements:
    • Indian resident (NRIs not eligible)
    • Good credit score (750+ preferred)
    • No history of loan defaults
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Documents Required for Canara Bank Personal Loans

  • Common Documents for All Schemes:
    - Identity Proof: Aadhaar, PAN, Voter ID, Passport, Driving License
    - Address Proof: Utility bill, rental agreement
    - Photograph: Recent passport-size photos
    - Application Form: Duly filled and signed
  • For Salaried Individuals:
    - Last 3-6 months' salary slips
    - Form 16 or ITR for last 1-2 years
    - 6 months' bank statements showing salary credits
    - Employment ID or appointment letter
  • For Pensioners:
    - Pension Payment Order (PPO)
    - Pension account statement (3-6 months)
    - Proof of pension credit to Canara Bank account
  • For Canara Ready Cash:
    - Minimal documentation for pre-approved customers
    - Aadhaar/PAN card for verification
  • For Canara Consumption Loan:
    - Quotation or invoice for the consumer durable being purchased

Factors Affecting Canara Bank Personal Loans

  • Credit Score and History:
    A higher CIBIL score (750+) improves approval chances and may secure lower interest rates.
  • Income and Repayment Capacity:
    Determines loan amount and EMI affordability. Minimum net take-home pay requirements apply.
  • Employment Status:
    Permanent employment with government, PSUs or reputed corporates ensures better terms.
  • Age of the Applicant:
    Affects loan tenure and eligibility. Pensioner loans have age-specific limits.
  • Loan Amount and Purpose:
    Reasonable loan amounts aligned with income increase approval odds.
  • Bank Relationship:
    Existing Canara Bank customers (especially salary account holders) get faster processing and preferential rates.
  • Debt-to-Income Ratio:
    Total EMIs (including new loan) should not exceed 50-60% of disposable income.

Frequently Asked Questions (FAQs)

What types of personal loans does Canara Bank offer?
Canara Budget: For salaried employees needing funds for weddings, education, travel, etc. (up to ₹30 lakh).
Canara Ready Cash: Instant, pre-approved loan for salary account holders (₹10,000–₹1 lakh).
Canara Pension: For pensioners to cover medical or personal expenses (up to ₹5 lakh).
Canara Consumption Loan: For purchasing consumer durables (up to ₹1 lakh).
Canara Heal: For medical expenses (details may vary).
What is the maximum loan amount I can get?
Canara Budget: Up to ₹30 lakh (Prime) or ₹20 lakh (Delight), equivalent to 25 months' salary.
Canara Ready Cash: ₹10,000 to ₹1 lakh (pre-approved, instant).
Canara Pension: Up to ₹5 lakh or 15 times monthly pension.
Canara Consumption Loan: Up to ₹1 lakh for consumer durables.
What are the interest rates?
Interest rates are competitive and floating, linked to Repo Linked Lending Rate (RLLR):
Range: 10.65%–16.15% per annum.
Canara Budget: RLLR + 1.40% to RLLR + 6.40%.
Canara Ready Cash: Preferential rates for pre-approved customers.
Canara Pension: Rates on reducing balance basis, often lower for pensioners.
What is the repayment tenure?
Canara Budget: Up to 60 months (5 years).
Canara Ready Cash: Typically 12–36 months.
Canara Pension: Up to 72 months (under 65 years) or 60 months (above 65).
Canara Consumption Loan: Up to 36–60 months.
Do I need collateral?
All Canara Bank personal loans are unsecured, meaning no collateral is required. However:
Co-applicant/Guarantor: May be required for higher loan amounts or lower credit scores.
How can I apply?
Online: Through Canara Bank website or Ai1 mobile app.
Offline: Visit any Canara Bank branch.
Pre-Approved Loans: Instant digital application for eligible salary account holders.
What are the processing fees?
General Schemes: 0.50% of loan amount (min ₹1,000, max ₹5,000, plus GST).
Discount: 50% off processing fees for Canara Budget until 31 August 2024.
Canara Pension: No processing charges.
Can I prepay the loan?
Yes, Canara Bank does not charge prepayment or foreclosure penalties for personal loans. You can repay early without extra costs.
What is the minimum credit score required?
No specific cut-off, but 750+ improves approval chances and may secure lower interest rates. Secured loans rely less on credit scores.
Can non-Canara Bank customers apply?
Yes, but having a Canara Bank account simplifies the process. Non-customers may need to open an account for disbursal and EMI deductions.

List of Canara Bank Personal Loans

  • Canara Budget
  • Canara Ready Cash
  • Canara Pension
  • Canara Consumption Loan
  • Canara Heal
  • Canara Cash
  • Canara My Money
  • Canara Insta MF Loan