Are Canara Bank Personal Loan Interest Rates an Affordable Option?

To meet our personal financial needs, Canara Bank Personal Loan Interest Rates are a good choice. Because the loan rate is comparatively lower than the other competitive banks. And as a result of an attractive interest rate we can get a lower EMI, which means lesser interest payout and budget friendly loan repayments. So if you are tackling a financial issue currently, read this article and know the features of Canara Bank Personal Loan Interest Rates.

Details of the Canara Bank Personal Loan Interest Rates

Canara Bank charges an interest rate from 11.25% onwards on your personal loans and it will remain unchanged throughout the tenure. So there is a great consistency in your repayment schedule. And the rate of interest will be determined as per your credit risk and Canara Bank Repo Linked Lending Rate (RLLR). For a synopsis check out the table below:

Canara Bank RLLR

Credit Risk Over Canara Bank RLLR

Effective Canara Bank Personal Loan Interest Rates 

6.90%

4.35%

11.25%

6.90%

4.40%

11.30%

6.90%

4.90%

11.80%

6.90%

6.40%

13.30%

 

How Your Credit Risk is Determined for Canara Bank Personal Loan Interest Rates?

Canara Bank will take the following factors into account while deciding your Canara Bank Personal Loan Interest Rates.

  • Monthly Income: Your pay slips tell you how much you can borrow and how much you are capable of paying the borrowed loan. 
  • Credit Score: The three digit credit score shows your past credit history and lets the bank know how you pay your credits.
  • Work Experience: If you have experience of two or more years in your field and have been working in the current organization/company for a year, you are going to get an attractive Canara Bank Personal Loan Interest Rates.
  • Current Obligations: Is there any current loan EMIs and credit card bills continuing? Because if that’s the case, it is going to impact your Canara Bank Personal Loan Interest Rates.

For Assistance Use Canara Bank Personal Loan EMI Calculator!

If you have been in trouble and aren’t able to decide a tenure for your Canara Bank Personal Loan Interest Rates, don’t worry use the bank EMI tool. Just visit the Canara Bank official website, go to its personal loan page and select EMI Calculator. When you do all this, a page will appear on your screen with slides of loan amount , tenure and interest rates. 

Enter your loan amount, Canara Bank Personal Loan Interest Rates and desired repayment period and within a few seconds you can see your monthly EMI, total interest, principal amount and interest percentage. To know more check out the example below:-

Example: Ramaya is a working woman and due to some health issues she needs urgent lump sum money. And even after using her savings she wasn’t able to collect funds for the operation, so Ramaya decided to apply for a personal loan and she came across the Canara Bank Personal Loan Interest Rates.

Ramaya visited the Canara Bank branch and applied for the personal loan and fortunately her loan was approved and now she just has to decide the tenure. In this she takes help of the Canara Bank Personal Loan EMI calculator where she enters her loan amount (4,00,000), interest rate (11.90%) and tenure (12-60 months).

Tenure

Loan Amount

Interest Rate 

EMI

Interest Payout

Total Repaid Amount

1

4,00,000

11.90%

35,521

26,250

4,26,250

2

4,00,000

11.90%

18,811

51,457

4,51,457

3

4,00,000

11.90%

13,267

77,599

4,77,599

4

4,00,000

11.90%

10,514

1,04,667

5,04,667

5

4,00,000

11.90%

8,878

1,32,655

5,32,655