With the Reserve Bank of India (RBI) reducing the repo rate to an all-time low, term loans offered by lenders also experienced a substantial discount. Canara Bank Personal Loan offering personal loans at a rate as low as 8.35%.
As of today, Canara Bank Personal loan interest rates are in the range of 13.00% to 14.00%, with the lowest rates offered to existing customers of the bank with a strong CIBIL rating and for those working with a reputable company with a stable employment history. Canara Bank also operates special programs for defence, military, and government employees. The interest rate on personal loans for civil servants and defence personnel is different from that for private employees.
Personal lending is one way of using tomorrow’s income today, and the process is simple. But you have to note that interest rates are much higher than, for instance, for a car loan. The reason is that personal loans are unsecured loans. This means there are no assets to cover the loan.
Get the best offer on Canara bank
Canara Bank offers loans in the range of 1 Lakh and 3 Lakh. In general, banks provide lower interest rates for larger amounts. Canara Bank offers loans in the range of 1 Lakh and 3 Lakh.
Salary – Income determines your ability to reimburse the loan. We offer loans at lower interest rates to people who are in a higher salary range. The bank’s interest rate depends on your net monthly revenue.
Employer Category – Canara Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on the company’s size, reputation, and existing relationship with the bank. Employees who are owned by businesses in higher business classes receive attractive discounts and low-interest rate loans.
Bank Relationships – Canara Bank offers special rates, offers, and fees to existing bank account holders. Those who managed their accounts and made all payments on time in the past will benefit from a low-interest rate on Canara Bank’s loans.