How Canara Bank is the Best Personal Loan in India?

Canara Bank offers various personal loan schemes like Canara Budget, Canara Pension, Canara Home Improvement, and Teachers Loan to cater to the financial needs of the applicants. The user prefers Canara Bank as the best personal loan in India and can easily get loans up to Rs. 10 lakh that can be used for purposes such as a wedding, home renovation, medical expenses, vacation, and more. For more details, you can easily check Canara Bank personal loan eligibility check.

Features and Benefits of Canara Bank Personal Loan

  • Loan amount: The amount offered by Canara Bank on personal loan schemes for the loan amount up to Rs. 10 lakh to fulfil different personal needs.
  • Flexible tenure: The Canara Bank users offer various loan schemes that you choose for a maximum tenure of 84 months.
  • Multiple options: Canara Bank offers various loan schemes that are designed for different categories of applicants. These bank schemes are known as Canara Pension, Canara Home Improvement, and Teachers loan.
  • Canara Online application: This loan can be applied online from comfort from anywhere.

Canara Bank Personal Loan Interest Rates

The following are the interest rates applicable to various types of personal loans offered by Canara Bank:

Types of Personal LoanInterest Rate (p.a.)
Canara Home Improvement Loan9.40% onwards
Canara Pension Loan10.20% onwards
Teachers Loan10.90% onwards
Canara Budget11.25% onwards
Canara Consumer12.40% onwards

Types of Canara Bank Personal Loan

  • Canara Home Improvement Loan

This type of loan is available only to the applicants who own an existing flat or house. Key features of the Canara Home Improvement loan are as follows:

  • The loan is to be used specifically for home furnishing and appliances such as air conditioners, refrigerators, etc.
  • The tenure of the Canara Bank personal loan is up to 60 months.
  • The maximum loan amount disbursed under this scheme is Rs. 2 lakh.
  • The interest rate of this scheme starts at 9.40% p.a.
  • Canara Budget Loan

This scheme is offered to salaried individuals and professionals to meet personal or domestic needs other than speculative purposes. Here are key features of the Canara Budget scheme are:

  • The Canara Budget offers loans up to Rs. 3 lakh.
  • The loan amount can repay within 60 months.
  • The interest rate of the scheme starts from 11.25% p.a. and go up to 13.30% p.a. depending on the loan amount approved.
  • Canara Pension Loan

The pension scheme offered to the general public as well as retired ex-Canara Bank employees are listed below:

  • Canara Bank offers pension loans to pensioners to help them meet their medical expenses and other genuine personal needs.
  • The loan amount is available up to Rs. 10 lakh.
  • The repayment tenure of the loan is up to 84 months
  • The interest rate of the Canara Pension loan starts at 10.20% p.a.
  • Canara Teachers Loan

Canara Teachers loan is offered to teachers to fulfil the user’s personal and domestic needs and not for speculative purposes. The key features of Canara Bank Teachers loan include:

  • The loan amount is offered up to Rs. 3 lakh.
  • Repayment tenure of up to 48 months
  • The interest rate of the loan starts at 10.90% p.a. up to 12.95% p.a. depending on the individual applicant profile.

Eligibility Criteria of Canara Bank Personal Loan

The eligibility criteria for Canara Bank personal loan varies as per the loan scheme category that you can apply for. Thus, here is some different eligibility criterion of various types of personal loans offered by Canara Bank but the generic ones are as follows:

  • Canara Budget

Applicant must be working as an employee of reputed PSU (Public Sector Unit)/joint-stock company, Central/State Government, Lecturer / Asst. Professor / Professors of College / Research Institutions and Universities, Reputed Corporate/Public Limited Company/Private Institution or IT / BT Company.

  • Canara Pension

The listed below are the pensioners who are drawing their pension through Canara Bank who are eligible for this loan:

  • An individual should be Employee State Government Pensioners
  • Including all Central Government Pensioners (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians, and Freedom Fighters, etc.)
  • Pensioners of all Government Department Undertakings
  • Pensioners of all Public Sector Undertakings/Corporate Pensioners
  • Family Pensioners of all the above categories
  • Retired Canara Bank staff pensioners and family pensioners of retired Canara Bank staff can also avail of this loan.
  • Canara Teachers Loan

Listed below are the eligibility criteria of Canara Bank Teachers loan:

  • Applicant should be a part of the confirmed teaching/non-teaching staff working in a school/college.
  • Applicant should be drawing salary through Canara Bank.
  • Undertaking letter from salary disbursing authority at District/Block level not to shift the salary account without NOC from the branch.
  • Applicant should have a net take-home salary of at least 30% of the gross salary after meeting the proposed EMI or Rs. 10,000 (whichever is higher).

Conclusion:

The above listed are the common information of Canara Bank personal loan. You can compare the eligibility criteria, types of Canara Bank personal loan offered, loan amount, and other details to other banks. If you need to get more details, you can visit the official site of Canara Bank.

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