A personal loan is an unsecured borrowing that provides a lump sum for personal or domestic needs without requiring collateral, repaid in fixed monthly instalments over an agreed term. Borrowers commonly use personal loans for expenses such as medical emergencies, home renovation, education, weddings, or consolidating other obligations, and because no asset is pledged, the lender relies on income and credit assessment.
Canara Bank, a public-sector bank founded in 1906 and headquartered in Bengaluru, offers this facility under its Canara Budget scheme, intended to meet the personal or domestic needs of the borrower for non-speculative purposes. The bank's version is oriented toward salaried employees, including government employees, defence personnel, staff of public-sector undertakings, and employees of reputed corporates and MNCs, with a stated requirement of confirmed service. Canara Bank emphasises a reducing-balance interest structure, time-bound approval and disbursement, and no prepayment penalty.
It also offers an option to keep the equated monthly instalment fixed for the entire loan period, which can help borrowers plan repayment. Repayment is collected through an irrevocable salary mandate from the employer. Because a personal loan is unsecured, sanction and the amount offered depend on the bank's assessment of income, service, and creditworthiness, and are not assured in advance; applicants must meet the eligibility and documentation conditions the bank stipulates.
As published by Canara Bank. Your branch may ask for more.
Lenders price on your credit score, income, employer category and tenure. A score above 750 typically unlocks the lower end of each range shown. The exact rate is confirmed by the lender at underwriting.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.
Most lenders allow prepayment after a few EMIs. Charges vary by lender and are shown in the fees section; RBI caps foreclosure charges on floating-rate loans to individuals.