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Canara Bank Personal Loan - Frequently Asked Questions

What personal loan schemes does Canara Bank offer?
There are different schemes of personal loans offered by Canara Bank. The major ones include Canara Budget, Teachers’ Loan, and Canara Consumer Loan. However, you can also get personal finance from Canara Bank for house renovation, wedding, education, medical expense etc.
Am I eligible for Canara Budget personal loan scheme?
If you are an employed individual, you can avail this loan i.e. if you are a confirmed employee of central or state government, reputed PSUs, corporate companies or a lecture or professor. Besides, your monthly take-home salary should not be less than 40% after EMI deduction.
When can I take Canara Budget personal loan?
You can take this loan when you have some genuine personal needs to be fulfilled.
What is the maximum amount of loan that I am eligible for under this Canara Budget plan?
You can get 6 months' gross salary or Rs.3 lakhs. The higher amount is considered.
What is the rate of interest for Canara Budget personal loan?
The rate of interest is BR (base rate) + 4.00% for the salaried individuals and BR+ 5.00% without salary obligation.
What is the processing fee for Canara Budget personal loan?
You need to pay 0.5% of the loan amount as processing fee. It comes to minimum Rs.1000/- and maximum of Rs.5000/-.
Who is eligible for Canara Teacher’s loan?
This is a personal loan Canara bank offers for the teaching and non-teaching staff of a college or a school.
What is the rate of interest for Teacher’s loan?
The rate of interest is 1% of the loan amount.
Can I apply for Canara bank personal loan online?
Yes, you can apply for this online and track your application status as well.
What is the purpose of Canara Consumer loan?
This is a personal loan Canara Bank offers to meet your real life personal needs.
Who can avail Canara Consumer loan?
This loan can be availed by salaried individuals, businessmen and other professionals.
What is the rate of interest for Canara Consumer loan?
The rate of interest for this loan is base rate + 4.00%.
Where do I get Canara bank personal loan application form, if I have to apply for a one?
You can get it downloaded from the bank’s web site or collect it from the nearest branch. However, instead of doing that if you apply through LoanMoney, the LoanMoney team will take care of it.
Can I download my Canara Bank personal loan statement online?
Yes, you can download your personal loan statement online.
Does Canara bank charge personal loan prepayment charges?
Yes, Canara Bank charges a nominal rate for pre-closing personal loans.
What is the main purpose of Canara Bank Personal Loan?
The main purpose of Canara Bank personal loan is to provide finance for personal expenditures such as a wedding, medical emergency, education, vacations and similar personal expenditures.
What are the types of personal loans offered by Canara Bank?
Canara Bank offers two types of personal loans. Given below are two types of personal loans offered by the bank.

  • Secured personal loan-This type of loan is usually granted to repay existing house loans, renovation of house property and purchase of consumer durables.
  • Unsecured personal loan- The main purpose of unsecured personal loan by Canara Bank is to offer finance for personal expenditures such as marriage expenses, medical expenses, education expenses and other such personal expenses.
  • Who is eligible to apply for Canara Bank Personal Loan?

Given below is the list of individuals who are eligible to apply for Canara Bank personal loan.
Salaried employees
Individuals with high net worth
Pensioners who draw regular pension from the bank
Retired employees of the bank
Staff members
What is the minimum and maximum amount one can avail with this personal loan?
The minimum and maximum loan amount granted for secured loan is Rs. 10,000 and Rs.5 lakh, while the minimum and maximum amount offered for unsecured loan is Rs.10,000 and Rs.10 lakh.
Can one apply for the personal loan online?
One can apply for the personal loan online through the official website of the bank or through a third party financial website.
Is there any restriction on the utilization of the personal loan amount?
There is no such restriction on the utilisation of the personal loan amount as long as the personal expenditure is of a bonafide nature and legal.
Does the bank offer Overdraft facility for the personal loan?
Yes, the bank offers overdraft facility for the personal loan amount. It offers an overdraft limit of maximum up to Rs.1 lakh to confirmed permanent employees of Central, State, Government, Reputed Corporate and PSUs.
Why should one choose Canara Bank personal loan?
There are various reasons as to why one should opt for Canara Bank Personal loan. One of the main reasons being the low rate of interest and flexible repayment period. The option of secured and unsecured loans is also one of the main reasons for choosing Canara Bank personal loan.

Canara Bank Personal Loan in Delhi/NCR through LoanMoney

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It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.


Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.


Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.


A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

Marriages are made in heaven and its celebration is one of the happiest and memorable events for married couples and their families. Wedding loan is available to people looking to meet their wedding expenses in order to make the wedding a grand success.
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.
The Education Loan aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
Debt consolidation/ Financial Restructuring is a process to streamline one's financial stability and debt. Thus by consolidating many small debts with one debt, one gets favourable payment off terms and lower burden of EMI.
Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.

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