Canara Bank Personal Loan at a glance
Canara Bank's personal loan is priced modestly and is available to non-customers, though existing account holders get better terms. Approval leans on documented income rather than a salary-account relationship.
Tenure caps at five years, shorter than most private banks, which raises the EMI but keeps total interest low.
Monthly EMI at 13.62%
What the instalment looks like at the indicative rate, across the amounts people most often borrow and the tenures most often chosen.
| Loan amount | 2 yr | 3 yr | 5 yr |
|---|---|---|---|
| ₹2,00,000 | ₹9,567 | ₹6,799 | ₹4,614 |
| ₹5,00,000 | ₹23,917 | ₹16,997 | ₹11,536 |
| ₹10,00,000 | ₹47,834 | ₹33,993 | ₹23,072 |
How Canara Bank compares
Same product, same amount (₹5,00,000) and tenure (60 months). The EMI column uses the midpoint of each bank's published range, so it is a like-for-like comparison rather than a best-case quote.
| Bank | Indicative rate | Monthly EMI |
|---|---|---|
| Kerala Gramin Bank | 11.00% – 14.50% | ₹11,313 |
| SBI | 11.10% – 15.60% | ₹11,466 |
| South Indian Bank | 11.50% – 15.50% | ₹11,505 |
| Federal Bank | 11.25% – 16.50% | ₹11,603 |
| HDFC Bank | 10.50% – 21.00% | ₹12,093 |
Rates compiled 28 October 2026 and indicative only. Your offer depends on credit score, income and loan-to-value ratio.
What an extra ₹2,000 a month would do
Same loan, same rate, one extra payment every month. This is the cheapest way to cut the total cost of any loan.
| Scenario | Monthly payment | Loan closes in | Total interest |
|---|
Floating-rate home loans to individuals carry no prepayment penalty in India. Personal and car loans often charge 2–5% of the outstanding amount — check before you prepay.
Frequently asked questions
What credit score does Canara Bank want for a personal loan?
750 or above gets the best pricing. Between 700 and 750 you may still be approved at a higher rate, and below 700 approval is difficult without an existing banking relationship or collateral.
Can I prepay my Canara Bank personal loan?
Usually after 6 to 12 EMIs, with a foreclosure charge of 2–4% of the outstanding principal. Check the sanction letter before you plan an early exit.
How much can I borrow on my salary?
Commonly up to 24 times your net monthly salary, capped by the product limit and by keeping the EMI under about 50% of income after other obligations.
What is the EMI on a ₹5 lakh Canara Bank personal loan?
At the indicative rate of 13.62% over 5 years the EMI is about ₹11,536. Over 60 months that totals ₹6,92,151, of which roughly ₹1,92,151 is interest.