Canara Bank, being one of the leading public lenders in India, remains one of the options for customers seeking a personal loan to meet their requirements. The PAN India presence with more than 6,000 branches is one of the many reasons to bank with this 1906 founded public lender.
One more reason to apply for Canara Bank Personal Loan is the attractive interest the lender has. Owing to these factors and more, the bank draws significantly higher loan applications both online and offline. Let’s just scan out the details of its personal loan before taking the eventual call on it.
Canara Bank Personal Loan Schemes
Canara Bank offers a variety of personal loans to meet the unique needs of the customers. Its personal loan schemes include credits for buying consumer durables, marriage, education, along with loans for teachers, etc. Now, all these loans come with varied interest rates to make it interesting for you to read on. What you should know is that the loan is priced on the basis of the Marginal Cost of Lending Rate (MCLR) benchmark. The bank’s 1-year MCLR stands at 8.60%, which would be added by a few more percentage to arrive at the actual rates. The rates can be anywhere between 10.90%-15.05% per annum.
Tenure & Processing Fee
You can get a maximum of 5 years from Canara Bank to pay off your loan, which would bear a processing fee at 0.5% of the loan amount. The minimum and maximum would, however, be ₹1,000 and ₹5,000, respectively.
The public lender has put in place a few eligibility criteria for the applicants to meet before a loan can be approved.
- Confirmed employees of reputed PSUs and private sector entities can apply
- Lecturers/professors of colleges and universities are also eligible
- Minimum net monthly income must not be less than 25% of the proposed Equated Monthly Installment (EMI)
How to Calculate Canara Bank Personal Loan EMI?
Having an idea of the EMI you are going to pay would only make it easy to experience a smooth repayment journey. The tool that can help you do so is Canara Bank Personal Loan EMI Calculator. You can use the calculator to know your loan summary before applying for the same. The calculator helps compute the installment along with the total interest. The EMI, as we speak of, is an addition of interest and principal amount towards a loan. Also, while using the calculator, you can come across an amortization schedule, which further opens up the repayment by distributing it into principal and interest portions each year. Not only that, you can even get to know the outstanding loan balance at the end of every year.
How to Apply?
Now that you know the details of Canara Bank Personal Loan, you would want to apply for it, right? Well, you can either log on to the bank’s official website or visit the nearest branch to apply. In either of the options, which you choose to go with, personal and professional details have to be filled with accuracy for the lender to say Yes to the application.