Canara Bank Personal Loan Interest Rate 2022

Canara Bank personal loan interest rates range from 13%-14.15% p.a. The processing fee paid is only 1% of the amount of the loan, up to a limit of Rs.250. This loan has a cumulative  repayment term of 36 months. Canara Bank provides special interest rates at 13 percent p.a. for people with a salary tie-up,14% p.a. without tie-up. And for BSNL Employed at 11 percent p.a. 

 

Particulars	Salaried	Non-salaried
Interest Rate	13% - 14.15% p.a.
Processing Fee	1% of the loan amount (Minimum of Rs.250)
Loan Tenure	Up to 36 months
Loan Amount	Up to Rs.1 lakh
Salary	Rs.6,000 or net salary to be 40% of gross salary	Rs.1.5 lakh
Credit Score	700 and above
Lowest EMI per Lakh	Rs.3,369
Pre-Payment	Nil

 

Canara Bank provides a personal loan called a consumer loan to help them purchase new consumer durable goods such as furniture, utility objects, electronic appliances, and so on. For this form of a loan, salaried, non-salaried, professionals, and businessmen are  eligible. Details of the loan and eligibility requirements are shown in the following table:

Particulars	Interest Rate	Processing Fee	Loan Tenure	Loan Amount	Income
Salaried	13.15% p.a.	1% of the loan amount	Up to 36 months	Maximum Rs.1 lakh	Net salary equal to 40% of gross salary
Professionals/Non-salaried					Rs.1.5 lakh p.a. net income

Here are the factors that affect a personal loan interest rate:

• Personal loan amount - The interest rate could be adjusted above the advertised rate for individual customers or groups of customers depending on the amount of personal loan applied for. A higher loan amount can attract lower interest rates.
• Income - Income plays an important role in ensuring that one is still able to qualify for a loan. Higher income is an indicator of repayment capacity of a borrower. If a lender finds that you have sufficient income to repay the loan without any budgetary problem, it can lower the interest.  
• Assets – Canara Bank offers preferential interest rates for individuals who submit fixed or movable assets to get a personal loan. 
• Bank  relationship - Canara Bank's current customer can receive priority when applying for a personal loan. If they share a good relationship with the bank and have a proven track record, the bank may agree to offer lower interest rates. 
• CIBIL scores – A CIBIL score shows how responsible and reliable customer you are. If your credit score is up to the limit set by Canara Bank, the interest rates applicable will be relatively low. 

Notwithstanding any of the aforementioned considerations, any adjustment in the advertised interest rates is at the sole discretion of the bank.

• Canara Bank's interest rates for personal loans are subject to the RBI repo rate and may  change further, but not with immediate effect.
• Canara Bank's loan interest rates are floating and not fixed.