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.

How can I keep track of my loan application?

If you apply for the loan through Bankbazaar, you can get notifications in the form of SMS and email. You may also use the Bankbazaar mobile app to keep track of your application.

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.

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.

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.

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.

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.

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.

How to contact Canara bank personal loan customer care?

Canara Bank personal loan customer care can be contacted by calling on 1800 425 0018.

Can students apply for a Canara Bank personal loan?

No, students cannot apply for a Canara Bank personal loan. However, they can apply for an education loan with a co-applicant.

Canara Bank Personal Loan 2025 - Up to ₹3 Lakhs with Minimal Documentation

Canara Bank offers personal loans of up to Rs.3 lakh under the Canara Budget and Canara Teachers Loan schemes. The loans can be availed at interest rates starting at 10.95% p.a. with nominal processing fee. Loan repayment tenure can go up to 5 years.

Table of Contents

Features of Canara Bank Personal Loan
Canara Bank Personal Loan Details
Canara Bank Personal Loan vs Other Banks - Comparison
Eligibility for Canara Bank Personal Loans
Documents Required for Canara Bank Personal Loan
Comprehensive Overview of Canara Bank Personal Loan

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Features of Canara Bank Personal Loan

Easy access to loans for various reasons like marriage, home renovation, higher education, etc.
Affordable interest rates and other charges
Minimal documentation process

Canara Bank Personal Loan Details

Interest Rate	10.95% 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

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Canara Bank Personal Loan vs Other Banks - Comparison

There are two different types of personal loan products offered by Canara Bank. These loans are mainly intended for customers to take care of their immediate financial requirements.

Canara Budget Personal Loan Scheme

Interest Rate	10.95% to 15.95%
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 Personal Loan Scheme

Interest Rate	13.25% to 15.30%
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

Note: The Teachers Loan offered by Canara Bank is now discontinued in effect from 2 January 2024 and the interest rate charged is effective only for the loan policies under this scheme in effect currently.

Other personal loans offered by Canara Bank range between 14.75% p.a. and 16.25% p.a.

Eligibility for Canara Bank Personal Loans

The eligibility criteria for both loan products offered by Canara Bank personal loans differ slightly from each other. They are given as follows:

Canara Budget

This loan facility is available to salaried employees of joint stock companies as well as public sector units.
Various government officials may also apply for this loan.
The applicant must have at least Rs.10,000 per month or 25% of his take home salary (whichever is higher) after paying the loan installments.
The loan facility is available only for those who have their salary accounts in Canara Bank.

Canara Teachers Loan

This loan scheme is designed exclusively for the teaching and non-teaching staff working in a school or college.
This loan facility is available only for teachers who have their salary accounts in Canara Bank.
The applicant must have at least Rs.10,000 per month or 30% of his monthly take home salary after meeting the monthly EMI obligations.

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Documents Required for Canara Bank Personal Loan

3 passport size photographs
Latest salary slip
Form 16 or ITR for the last 3 years
Co-obligation document
Pronote or pronote covering letter

Personal Loan Offered by other Banks in India

Comprehensive Overview of Canara Bank Personal Loan

Canara Bank is one of the renowned public sector banks in India. The bank has different types of loan products to help customers who need financing for various purposes. The personal loan products offered by the bank are designed to provide instant relief against a person's domestic needs.

The money obtained from a Canara Bank personal loan could be used for anything ranging from financing of your home renovation to taking care of an unexpected medical expense. The personal loan offered by the bank starts with an interest rate of 13% for non-government employees.

A good credit score can help you secure lower interest rates on loans and credit cards.

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FAQs on Canara Bank Personal Loan

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.
How can I keep track of my loan application?
If you apply for the loan through Bankbazaar, you can get notifications in the form of SMS and email. You may also use the Bankbazaar mobile app to keep track of your application.
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.
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.
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.
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.
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.
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.
How to contact Canara bank personal loan customer care?
Canara Bank personal loan customer care can be contacted by calling on 1800 425 0018.
Can students apply for a Canara Bank personal loan?
No, students cannot apply for a Canara Bank personal loan. However, they can apply for an education loan with a co-applicant.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

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