About Canara Bank lending
As a public sector bank, Canara Bank prices off the repo rate and tends to be at or near the bottom of the market on secured lending. Home loans start around 8.40% for eligible profiles, and gold loans are among the cheapest available anywhere.
The trade-off is process: public sector sanctioning can take longer and documentation is stricter. For a gold loan, where speed matters more than a few basis points, that difference is worth weighing.
Canara Bank indicative rates
Ranges compiled 28 October 2026. Rates depend on your credit score, income and the loan-to-value ratio — always confirm with the bank before deciding.
| Product | Indicative rate | Typical tenure |
|---|---|---|
| Home loan | 8.40% – 10.25% | Up to 30 years |
| Gold loan | 9.25% – 11.50% | Up to 12 months |
| Personal loan | 11.25% – 16.00% | Up to 5 years |
| Education loan | 8.85% – 11.25% | Up to 15 years |
| Vehicle loan | 9.00% – 11.50% | Up to 7 years |
How to use this calculator
- Enter the amount you plan to borrow from Canara Bank.
- Set the rate the bank has quoted you, and the tenure in months.
- Compare the total interest with a second lender's offer — that number, not the EMI, is what a lower rate really buys you.
How the EMI is worked out
EMI = [P × r × (1 + r)n] ÷ [(1 + r)n − 1], where P is the principal, r the monthly rate (annual ÷ 12 ÷ 100) and n the tenure in months. Every bank in India uses this reducing-balance method.
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.
Year-wise amortisation schedule
How the loan actually unwinds: the interest share falls every year while the principal share rises.
Show the year-by-year break-up
| Year | Principal paid | Interest paid | Balance left |
|---|
Frequently asked questions
Is a Canara Bank gold loan cheaper than an NBFC gold loan?
Usually yes, by three to eight percentage points. The trade-off is that a bank branch takes longer to process than a gold loan company.
What is the maximum home loan Canara Bank gives?
Typically up to 90% of the property value for loans up to ₹30 lakh, and a lower share above that, subject to income and repayment capacity.
Does Canara Bank offer a repo-linked home loan?
Yes, its retail home loans are repo-linked, so the rate moves when the RBI changes the policy rate.
Can I prepay a Canara Bank education loan?
Yes, generally without penalty. Prepaying once you start earning is usually the best return available on that money.