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Canara Bank Personal Loan Interest Rate Highlights |
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| Canara Budget- Individual | 13.60%-15.65% p.a. |
| Canara Budget- Prime (with salary tie-up) | 10.65%-15.65% p.a. |
| Canara Budget- Prime (without salary tie-up) | 11.65%-15.65% |
| Canara Budget- Delight (without salary tie-up) | 11.65% |
| Canara Budget Loan-Special Package | Applicants having salary account with Canara bank- 13.65% p.a.
Applicants having salary account with other banks- 14.65% p.a. |
| Canara Pension Loan | 11.75% p.a. |
| Teachers’ Loan | 13.25%-15.30% p.a. |
Note: Rates as of 4th October 2023
Canara Bank Personal Loan Rate of Interest
Canara Budget-Individual
| Credit Score based Risk Grade | Rate of Interest (p.a.) |
| CRG:1 | 13.60% |
| CRG:2 | 13.65% |
| CRG:3 | 14.13% |
| CRG:4 | 15.65% |
Canara Budget- Prime (with salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 10.65% |
| CRG:2 | 10.65% |
| CRG:3 | 10.65% |
| CRG:4 | 15.65% |
Canara Budget- Prime (without salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 11.65% |
| CRG:2 | 11.65% |
| CRG:3 | 11.65% |
| CRG:4 | 15.65% |
Canara Budget- Delight (with salary tie-up)
| Credit Score based Risk Grade | Interest Rate (p.a.) |
| CRG:1 | 11.65% |
| CRG:2 | 11.65% |
| CRG:3 | 11.65% |
| CRG:4 | Not eligible for loan |
Canara Budget Loan – Special Package
| Type of Applicants | Rate of Interest (p.a.) |
| Applicants having salary accounts with the bank | 13.65% |
| Applicants not having salary accounts with the bank | 14.65% |
Canara Pension Loan
| Type of Pensioners | Rate of Interest (p.a.) |
| General Public | 11.75% |
Teachers’ Loan
| Credit Score based Risk Grade | Rate of Interest (p.a.) |
| CRG:1 | 13.25% |
| CRG:2 | 13.30% |
| CRG:3 | 13.80% |
| CRG:4 | 15.30% |
Also know the best bank/NBFC for personal loans in India
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Factors affecting Personal Loan Interest Rates
Credit Score
Canara Bank has not specified the cut-off credit score for availing Canara Bank Personal Loans. However, it has specified its personal loan interest rate differentiation based on the credit risk grade. The applicants falling under the lowest credit risk grade are offered personal loans at lower interest rates compared to those falling under higher credit risk grades.
Lenders usually consider applicants having credit scores of 750 and above for availing personal loans at lower interest rates. Thus, having a higher credit score might help the applicants in availing low interest rate personal loan from Canara Bank or other lenders.
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Employer’s Profile
Banks and NBFCs usually consider the employer’s profile while evaluating the personal loan applications. Lenders usually offer lower interest rates to salaried applicants as compared to self-employed. Government employees are also offered preferential interest rates as compared to private employees due to their higher job security and income stability.
For example, Canara Bank has set lower interest rates for applicants availing Teachers’ Loan as compared to those availing other Canara Bank personal loan schemes.
Monthly Income
Canara Bank has not mentioned the minimum monthly income required for availing personal loans. However, the bank has mentioned the EMI/NMI ratio to be at least 30% of the gross salary or Rs 10,000 for availing Teachers’ Loan from Canara Bank. Lenders usually offer personal loans to applicants having a minimum monthly income of Rs 15,000.
Existing Relationship with the Lender
Many lenders offer preferential interest rates to applicants having an existing lending/deposit account with them. Therefore, the applicants planning to avail personal loans should prefer contacting the banks and NBFCs with whom they already have a lending or deposit account.
For example, Canara Bank Personal Loan Interest Rates are lower for the applicants having salary account with bank as compared to those not having salary account with the bank.
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Tips for Availing Personal Loan at Lower Interest Rates
- Reach out to lenders with whom you already have a deposit/lending account
- Check interest rate concessions offered by various lenders during festive seasons
- Visit online fintech platforms and compare the personal loan interest rates of various lenders
- Maintain a credit score of 750 and above
- Check the pre-approved personal loan offers provided by different lenders