Canara Bank Personal Loan - Fees and Charges

Canara Bank offers attractive rates of interest on its personal loan products “ Canara Teachers Loan and the Canara Budget. The rates of interest offered by the bank are set on the basis of MCLR (Marginal Cost of funds based Lending Rate). MCLR comprises of 4 components, which are marginal cost of funds, tenor premium, operating costs and negative carry on account of cash reserve ratio (CRR).
Canara Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)
Following the RBI guidelines, Canara Bank has adopted the MCLR based interest rate, effective from April 1, 2016.


MCLR Benchmark Tenure (Period)

Benchmark Rates (MCLR)

Overnight

9.00%

1 month

9.25%

3 months

9.35%

6 months

9.40%

1 year

9.45%

Personal Loan Interest Rates (MCLR “ time period)
The rate of interest offered by Canara Bank for its personal loan products is dependent on the tenure of the loan, along with an added percentage over the prevalent MCLR Rate.
Canara Bank Base Rate & Prime Lending Rates (For existing borrowers)
All existing borrowers can avail personal loans at the prevailing Base rate. The current Base Rate (BR) offered by the bank is fixed at 9.65%, effective from 7/10/2015.

Canara Budget Loan

Canara Teachers Personal Loan

Canara Consumer Personal Loan

Interest Rate

  • BR + 4.00% = 13.65% (with salary tie-up)
  • BR + 5.00% = 14.65% (without salary tie-up).

BR + 3.75% = 13.4%

BR + 4.25% = 13.9%

All existing borrowers have the freedom to continue with the Base rate system or shift to the new MCLR based interest rate system.

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