Canara Bank provides the best banking services to the customers, and you can fulfill your personal needs with it. Through a personal loan from Canara Bank, you can manage your medical or marriage expenses. Canara Bank loan interest rates for personal loans ranges from 12.40%-14.45%. And, you can manage the payment of your loan using Canara Bank personal loan EMI calculator. Read this article to know the features of Canara Bank personal loan.
What affects the Canara bank loan interest rates?
Several different factors can affect your loan interest rate, and some of them are as follows.
- Credit score: The credit score is one of those reasons which the customer neglect while applying for a loan. It ranges from 300-900 and for good Canara Bank loan interest rates, your score must be equal to 700. And, you can achieve this score by making timely payments of your loan and credit card bills. A healthy credit score increases your profile eligibility for the Canara Bank personal loan.
- Income: For the Canara bank personal loan you are needed to have a minimum monthly income of INR 10,000. With this, you can get the desired loan amount to meet the dull financial situations. And, Canara Bank takes into account your net monthly income to know your creditworthiness to charge interest according to it.
- Age and employment: The source of your income and age of the applicant also affects the rate of interest. Because, if your income is not regular then you are not eligible to pay the equated monthly installments. Or the age must be 21 years and below 60 years for the attractive Canara Bank personal loan interest rate.
Use Canara Bank personal loan EMI Calculator to know total payable interest!
The bank provides you an online EMI calculator tool that brings your EMI and interest of the Canara Bank personal loan. To use it you need to visit the bank official website. The calculator works in a mathematical formula of [P x R x (1+R)^N]/[(1+R)^N-1]. In the formula, P is the loan amount, R is the rate of interest and N is loan tenure. For example, if the user gets a Canara Bank personal loan of INR 2 lakh at an interest of 13.00% per annum for 36 months. Then the user should use the Canara Bank personal loan EMI calculator, which provides the EMI of the given loan amount INR 6,738.
And, Canara Bank loan interest rates for the given loan would be INR 42,596 for the given loan tenure. The Canara bank personal loan interest rates are fixed and remain the same during the loan tenure.
Apply for a personal loan from Canara Bank in India
You can apply for a loan from the Canara bank by going to your nearest bank branch. Submit a list of few documents for the loan such as ID proof, income proof and address details to the bank. If you have a salary account in Canara Bank then the loan would be approved easily as the bank has the record of your credit history and account details.