Canara Bank Personal Loan Interest Rate 2025

Canara Bank is a significant public sector bank in India founded in 1906, and its headquarters are in Bengaluru. With interest rates starting at just 10.70% per annum, this bank offers personal loans to its customers, along with all other banking services. 

However, just like any other personal loan-providing bank, it has some additional charges, like processing fees, documentation fees and more. If you are someone looking for a personal loan at a lower interest rate, Canara Bank can be a wise choice.

Canara Bank Personal Loan Interest Rate Highlights

Before we get into the details about Canara Bank personal loan interest rate 2025, here are a few details to keep in mind when applying for the loan:

Types of Canara Bank Personal Loan

There are various types of personal loans available at Canara Bank to choose from. Read below for details:

• Canara My Money: This personal loan scheme provides loans ranging from Rs. 50,000 to Rs, 10 lakhs, to meet the personal requirements of an individual, with a completely online processing facility.
• Canara Ready Cash: This personal loan is designed for government/PSU employees, top teaching professionals, and private sector employees, offering up to 6 months’ gross salary (or Rs. 3 lakh), with tenures up to 5 years.
• Canara Cash: Canara Bank provides instant cash against stock market securities, allowing you to get instant cash without selling your stocks. This loan amount goes up to Rs. 20 lakhs at minimum interest rates.
• Canara Pension: Canara Bank offers pension loans for personal needs, with amounts up to Rs. 10 lakh and tenure varying by age and category: general pensioners up to 5 years, defence pensioners up to 7 years, and family pensioners up to 5 years, with maximum repayment age limits between 57 and 78 years.
• Canara Heal Healthcare Loan: Canara Bank's Canara Heal Healthcare scheme offers loans of Rs 1–5 lakh for hospital expenses, with a tenure of 1–3 years, for both existing and new customers.
• Canara Budget: This personal loan is for the working class, allowing to opt for a loan amount of up to 6 times their gross salary for five years.
• Canara Bank Instant Personal Loan: This personal loan from Canara Bank assists in meeting immediate financial requirements, offering loan amounts of up to Rs. 1 lakh.

Features Of Canara Bank Personal Loan

Following is a list of characteristics that are available with Canara Bank personal loans:

• Government employees and people working in reputed firms will receive subsidised interest rates.
• Canara Bank provides loans with interest rates up to 16.15% pa.
• People can take out personal loans for various requirements, including entertainment, medical, and debt pay-up purposes.
• Canara Bank does not charge a foreclosure penalty. You can pay up the remaining amount at any time before the maturity date.
• Canara Bank allows you to take out a loan over an existing loan. However, the interest rates will be higher for such loans.

Canara Bank Personal Loan Interest Rate 2025

Canara Bank personal loan rates are between 10.70% and 16.15% per annum, subject to the applicant's credit score, selected loan scheme, and relationship with the bank. Since rates fluctuate with each product, one should verify the current product offerings directly from the bank.

Canara Personal Loan Scheme Interest Rate 2025

Here is a table that describes different personal loan schemes in Canara Bank and their applicable interest rate:

Factors Affecting Canara Bank Personal Loan

Here is a list of factors that influence the Canara Bank personal loan interest rate:

• Loan Tenure: Although the tenure of a loan is directly related to the interest rate, the bank sometimes decides how the two aspects can influence each other. 
• History With Canara Bank: A good transactional relationship with the bank helps an applicant get loans at comfortable rates.
• Repayment Power: The bank closely assesses the applicant’s profile and repayment capacity, offering lower interest rates to those with strong repayment ability.
• Employment Type: The most significant factor deciding your interest rate is your employment type
• Income: Your monthly income and your average income over the past few years influence the interest rate being levied on your personal loan.
• CIBIL Score: Your CIBIL score or your credibility score highly influences your interest rates for Canara Bank.

Fees and Charges Of Canara Personal Loan

Here is a list of fees that the bank charges while securing a personal loan:

• Canara Bank charges a processing fee of 0.50%, subject to a minimum of Rs. 1,000 to a maximum of Rs. 5,000. 
• There are no processing fees for pensioners and Defence and Military personnel.
• There are no foreclosure charges in Canara Bank personal loans.

Eligibility Criteria For Canara Bank Personal Loan Scheme

Below is the eligibility criteria for Canara Bank personal loans, varying by scheme and must be met for approval:

Canara Ready Cash

• The minimum age should be 21 years, and the maximum age at the time of loan maturity should be 55.
• The minimum monthly income should be Rs. 50,000.
• A person should be working in his current company for at least a year.
• The minimum CIBIL score or loan credibility score should be 700 or more.
• EMI : NMI ratio should not be less than Rs. 1000 or 25 : 100, after deducting the EMIs of the existing loan.

Canara Heal Healthcare Loan

• Only new salaried individuals are eligible for this personal loan scheme at Canara Bank.
• The minimum age of an applicant should be 21 and the maximum age of an applicant at the time of loan maturity should be 55.
• Applicants should have a monthly income of Rs 50,000 at least.
• Applicants should be working for at least a year.
• Self-employed individuals should have a balance of Rs. 50,000 on their balance sheet for the last 6 months.
• After deducting the EMIs from their net salary, a person should be left with a minimum of Rs. 20,000 for their daily requirements.

Canara Budget

• This loan is eligible for central/ state government employees.
• People working in reputed corporate companies, public limited companies, private institutions and IT companies are eligible.
• College professors and assistant professors of Research Institute and Universities are eligible for this scheme.
• These individuals should be holding their positions for at least a year.

Canara Pension

• Family and general pensioners who were employees in central or state government including corporate sector and government sector undertakings are eligible. 
• People between 60 and 75 years of age are eligible for this scheme.

Documents Required To Apply For Canara Bank Personal Loan

While applying for a Canara Bank personal loan, you need to provide the following documents for verification and approval: 

• Duly filled loan application form with two passport-size photographs attached to it.
• Identity Proof: Aadhaar card, PAN card, Passport or any other KYC documents.
• Recent salary pay slips or P/L accounts and B/S in the case of self-employed individuals.
• Income proof for the last three years.
• A Pronote/Pronote Cover Letter in case of “Canara Budget” Personal loan scheme.
•  A delivery letter to DPN in the case of the “Canara Pension” personal loan scheme.

Canara Bank Personal Loan EMI Calculator

Potential borrowers can use the Canara Bank Personal Loan EMI Calculator to quickly calculate the Equated Monthly Installment (EMI) by entering the principal amount, interest rate, and loan tenure. Users can thus efficiently manage their budgets and comprehend the entire cost of borrowing by receiving precise EMI estimates. 

Canara Bank Personal Loan Customer Care

Here is a list of toll-free numbers that will help you resolve any issues related to Canara Bank:

• 24/7 personal loan enquiry toll-free number: 1800 1030
• Non-toll-free number for international callers: +91-80-22064232
• E-mail ID for help through SMS: sms.support@canarabank.com
• E-mail ID for miscellaneous enquiries: cansecuresupport@canarabank.com, callsupport@canarabank.com

In general, Canara Bank provides a range of personal loan schemes with competitive interest rates and flexible repayment schedules based on specific financial requirements. With a simple eligibility procedure and an EMI calculator to facilitate financial planning, Canara Bank provides a hassle-free borrowing experience.

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