| Interest Rate | 12.05% p.a. onwards |
| Loan Amount | Up to Rs.3 lakh or 6 to 10 times of gross salary |
| Loan Tenure | 3 months to 18 months |
| Processing Fee | 0.5% to 1% of loan amount |
| Canara Budget | |
|---|---|
| Interest Rate | 12.40% to 14.45% |
| Loan Amount | Maximum of Rs.3 lakh or 6 times the monthly gross income (whichever is less) is offered as loan under this scheme. |
| Benefits | Minimal documentation with loan sanctioning within just a few weeks |
| Canara Teachers Loan | |
|---|---|
| Interest Rate | 12.05% to 14.10% |
| Loan Amount | A maximum loan amount of Rs.3 lakh or 10 times the gross monthly income (whichever is less) is available under this scheme. |
| Benefits | Minimal documentation with loan sanctioning within just a few weeks |
| Canara Budget | 0.5% of the loan amount must be paid as processing fees. This is subject to a minimum of Rs.1,000 and maximum of Rs.5,000. |
| Canara Teachers Loan | 1% of the loan amount is charged as processing fee under this scheme. This is subject to a minimum of Rs.50. |
| Months | Principal | Interest | EMI | Balance | Percentage of loan paid to date |
|---|---|---|---|---|---|
| Apr | Rs.7,848 | Rs.1,083 | Rs.8,932 | Rs.92,152 | 7.85% |
| May | Rs.7,933 | Rs.998 | Rs.8,932 | Rs.84,218 | 15.78% |
| Jun | Rs.8,019 | Rs.912 | Rs.8,932 | Rs.76,199 | 23.80% |
| Jul | Rs.8,106 | Rs.825 | Rs.8,932 | Rs.68,093 | 31.91% |
| Aug | Rs.8,194 | Rs.738 | Rs.8,932 | Rs.59,899 | 40.10% |
| Sep | Rs.8,283 | Rs.649 | Rs.8,932 | Rs.51,616 | 48.38% |
| Oct | Rs.8,373 | Rs.559 | Rs.8,932 | Rs.43,243 | 56.76% |
| Nov | Rs.8,463 | Rs.468 | Rs.8,932 | Rs.34,780 | 65.22% |
| Dec | Rs.8,555 | Rs.377 | Rs.8,932 | Rs.26,225 | 73.78% |
| Jan | Rs.8,648 | Rs.284 | Rs.8,932 | Rs.17,577 | 82.42% |
| Feb | Rs.8,741 | Rs.190 | Rs.8,932 | Rs.8,836 | 91.16% |
| Mar | Rs.8,836 | Rs.96 | Rs.8,932 | Rs.0 | 100.00% |
| Fees and charges | Canara Bank Personal Loan | HDFC Bank Personal Loan | Citibank Personal Loan | Aditya Birla Capital |
|---|---|---|---|---|
| Interest rate | 12.05% p.a. onwards | 10.75% p.a. onwards | 10.50% p.a. onwards | 14% p.a. onwards |
| Processing fee | 0.5% + GST | 2.5% + GST | 0.50% to 3.00% + GST | At the discretion of the lender |
| Foreclosure charges | Contact the bank for details | 2% to 4% of the outstanding loan amount | 4% of the principal outstanding | Contact the bank for details |
| Late payment fee | Contact the bank for details | 2% of the overdue amount per month | Contact the bank for details | At the discretion of the lender |
1. Are there any restrictions imposed by the bank on how I spend the loan amount?
No. The bank does not impose any restrictions on how you spend the loan amount. You may use it for any domestic or personal needs including wedding, higher education, or urgent medical expenses, etc.
2. How can I keep track of my loan application?
If you apply for the loan through Bankzila, you can get notifications in the form of SMS and email. You may also use the Bankzila mobile app to keep track of your application.
3. What is the current lending rate of Canara Bank?
The current one-year marginal cost of funds-based lending rate (MCLR) of Canara Bank is 8.70% with effect from 7 October 2018. The bank may modify this rate based on changes in market conditions. The interest rates for various loan products are calculated based on this rate. For instance, the interest rate for Teachers Loan is 12.65%, which is nothing but one-year MCLR + 3.95%.
4. What is the maximum repayment tenure available for Canara Bank personal loans?
The maximum repayment tenure for the Canara Budget loan is 60 months. For Canara Teachers Loan, the maximum repayment tenure is 48 months.
5. Why should I provide co-obligation for getting these loans?
In the case of unsecured personal loans, there is no collateral with which the bank can recover the loan amount in case of a default. This is the reason why the personal loans offered by Canara Bank require co-obligation. This co-obligation must be provided by a suitable individual and it should be equivalent to the loan amount.
6. What is the maximum personal loan amount offered by Canara Bank?
Canara Bank offers a maximum loan amount of Rs.3 lakh under both its personal loan schemes. However, for certain cases, the bank may consider a higher quantum if the applicant is a valued customer. You may visit the bank directly to enquire about the higher quantum of personal loan available.
7. I am an engineering student who holds a savings account in Canara Bank. Can I get a personal loan under the Canara Budget scheme?
No. Canara Bank personal loans are offered only for salaried employees of various government and non-government institutions. You must have regular income and provide proof of employment before the loan application can be processed by the bank. If your parents are salaried employees, you may ask them to take a personal loan.
8. Is it possible to get a discount in interest rates for personal loans?
The interest rates for personal loans offered by Canara Bank are fixed. It is not possible to get a discount on these interest rates for any reason. Special interest rates are provided only for BSNL employees.
9. How to check Canara bank personal loan status?
You can check Canara bank personal loan status either online or offline. All you need to do is quote the application number provided at the time of submitting the application.
10. How to contact Canara bank personal loan customer care?
Canara Bank personal loan customer care can be contacted by calling on 1800 425 0018.
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