Canara Bank Personal Loan Interest Rates

If you are someone who is curious to know the personal loan interest rates being offered by Canara Bank, you are at a right place! The lender is offering the personal loan to one and all at a competitive interest rate, thus help in lowering your Interest and EMI burden. In order to keep yourself updated with the Canara Bank personal loan interest rates, just read the page below.

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Canara Bank Personal Loan Interest Rates October 2022

Interest Rates11.25% - 13.30%
Loan AmountSix months gross salary subject to max. of INR 3lac
Tenure5 Years
Processing Fee0.5% of the loan amount

Canara Bank Personal Loan Balance Transfer Interest Rates

If you are interested to opt for a balance transfer facility due to the higher interest rates of your existing personal loan, it would not be wrong to say that transferring the same in Canara Bank allows you to enjoy lower personal loan interest rates and affordable EMIs.

Canara Bank Personal Loan Balance Transfer

For example, you are currently availing a 5-year personal loan of INR 7,60,000 at an interest rate of 14% per annum. The loan has completed 2 years of its journey. If you get a balance transfer facility at 12% from Canara Bank, you can save both on EMI and interest payments.

Original LoanINR 7,60,000
Interest Rate14.00% per annum
Tenure5 Years
EMI @14.00%INR 17,684
Estimated Interest Outgo @14.00%INR 3,01,032
Interest Paid Till NowINR 1,81,824
Outstanding Balance at the End of 2nd YearINR 5,17,410
EMI @12.00% for the Remaining 3 YearsINR 17,185
Interest @12.00% Over 3 YearsINR 1,01,265
Interest Paid Till Now + Interest Payable Over the Next 3 yearsINR 2,83,089
Estimated Savings in Terms of EMIINR 499
Estimated Savings in Terms of Interest PaymentINR 23,943 (3,01,032-2,83,089)

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