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Home >> Interest on Loans
 
Interest on Loans
 

KINDLY NOTE : Interest rates are subject to change at short intervals. Though all efforts are being made to update the interest rates in our website, please obtain latest interest rates from your nearest branch.

 

REVISION IN BPLR AND LENDING RATES
Bank's BPLR is revised to 13.25% with effect from 10.11.2008. Accordingly all the lending rates linked to BPLR is revised downwards by 0.75% with effect from 10.11.2008

 

REVISION IN LENDING RATES ON HOUSING LOANS TO CUSTOMERS

 

A) ROI on housing loans w.e.f. 10.11.2008:

 

REPAYMENT PERIOD
RATE OF INTEREST FOR FRESH HOUSING LOANS SANCTIONED ON OR AFTER 10.11.2008
UptoRs. 30 lacs AboveRs. 30 lacs
 

As on
09.11.08

Revised w.e.f. 10.11.2008

As on
09.11.08

Revised w.e.f. 10.11.2008

Upto 5 years

10.25

9.50

11.00

10.25

Above 5 years &upto 10 years

10.50

9.75

11.25

10.50

Above 10 years & upto 25 years

10.75

10.00

11.50

10.75

 

* Reset at the end of every 3 years.

The revised rate of interest as above is applicable for fresh loans sanctioned on or after 10.11.2008.

ROI on all slabs linked to BPLR.

Additional interest @ 0.25 % above the card rates for acquisition of second house/flat.

 

B) Margin for housing loans:

 

  Margin
Loans uptoRs.20 lacs
(Cir.No.152/2007)
Loans above Rs.20 lacs

New house/flat

20%

20 %

Old house/flat

25 %

25 %

 

C) Loans for acquiring second house/flat:

  • Additional interest @ 0.25 % p.a. over and above the applicable rates.
  • Margin @ 25 %.

Home Improvement Loan
Rate of Interest:
w.e.f 10.11.2008

 

IF HOME IMPROVEMENT LOAN (HIL) IS AVAILED ALONG WITH THE HOUSING LOAN OR AN EXISTING HOUSING LOAN IS OUTSTANDING IN OUR BANK THE RATE OF INTEREST (ROI) AS APPLICABLE TO HOUSING LOANS.

IF THE HOME IMPROVEMENT LOAN IS AVAILED INDEPENDENTLY THE APPLICABLE ROI IS PREVAILING BPLR, Presently, 13.25% p.a.

 

Canara Site
w.e.f 04.10.2008

Loans repayable in 5 years                                 15.00%

Loans repayable in above 5 years term (Max of 10 years)                            15.00%

 

Canara jewel
w.e.f 04.10.2008

SCHEME DISCONTINUED – For existing Customer 15.00%

 

Canara tech
w.e.f 04.10.2008

SCHEME DISCONTINUED – For existing customer 15.00%

 

Canara travel
w.e.f 04.10.2008 

SCHEME DISCONTINUED - for existing customer 15.00%

 

Canara value
w.e.f 04.10.2008

SCHEME DISCONTINUED – For existing customer 15.00%

 

Canara Cash
w.e.f 04.10.2008  

15.00% p.a.
On daily reducing balance,
(Subject to change from time to time)

 

CanMobile (Car Loan / Two-Wheeler Loan)
w.e.f 10.11.2008

  1. a. Car loan – 12.50% p.a (fixed) - For fresh loans only

 

Canara Budget (Simple Personal Loan)
w.e.f 04.10.2008  

Floating Rate - 15.00% p.a.

 

Canara Pension
w.e.f 07.08.2008

Floating Rate – 12.50% p.a.
A concessional rate for our Senior Citizens!

 

Teachers Loan scheme
w.e.f 04.10.2008  

Floating Rate -15.00% p.a.

  Revised Fixed rate w.e.f 07.11.2008 Revised Floating rate w.e.f 10.11.2008

(xxii). CANARA RENT
Canararent where the lessees are - Navaratna PSUs, AAACos, Fortune 500 Cos, MNCs, Banks, Insurance Cos

Other than above

15.25*



15.75*

13.25



13.75

(xxiii). CANARA MORTGAGE

16.25*

15.00

Fixed rate loans to be reset every 3 years

 

Gold Loan/Swarna Loan Scheme
w.e.f 04.10.2008 

13.25%

 

Loans for Traders & Businessmen: w.e.f. 04.10.2008

Upto Rs.2 lakhs

14.50% p.a.

Above Rs.2 lacs including loans under priority sector

15.00% p.a.(No Change).

 

Vidyasagar Loan for Students:
Rate of Interest : (Subject to changes as advised by Bank / RBI from time to time):

  1. Student satisfying DRI norms

(irrespective of quantum of loan)
(DRI:annual income less than Rs 7200 p.a)

4.00%

  1. Others
    • Upto Rs.4 lakhs
    • Above Rs.4 lakhs upto Rs. 7.50 lacs
    • Above Rs. 7.50 lacs upto Rs. 20 lacs
    • Above Rs.15.00 lacs upto Rs.20.00 lakhs

         *For students secured admission in IIT/ IIM/ ISB

12.50%
13.50%
11.25%
11.25%

10.75%


*for loans granted w.e.f. 09.07.2005


NOTE :

  1. 0.50 % concession in ROI for prompt servicing of interest during study period.
  2. Reduction of 1 % for all courses in all slabs / category for girl students for loans granted from 1.12.2005 to 30.6.2008.

 

Canmahila Loan Scheme
w.e.f 04.10.2008

15.00% p.a.

 

Doctor's Choice (Medical practitioners Loan Scheme)
w.e.f 17.04.2007

Aggregate Limit

WORKING CAPITAL

TERM LOAN

Upto Rs 50000

11.00

11.50

>Rs. 50000 upto Rs. 2.00 lacs

11.50

12.00

> Rs. 2 lacs upto Rs.5 lacs

11.75

12.25

> Rs. 5 lacs upto Rs.10 lacs

12.75

13.25

 

IPO Financing:
w.e.f. 04.10.2008 

15.00% p.a.

 

Loans under ESOP Scheme :
w.e.f. 04.10.2008 

15.00% p.a.

 

Loans to assist employees to subscribe to shares of their own companies under reserve quota
w.e.f. 04.10.2008 

15.00% p.a.

 

Loans to individuals (Clean OD/DPN other than Teachers’ loan):

15.50% p.a.

 

BULC:(wef 04.10.2008)

Upto 90 days

14.00% p.a.

Above 90 days Upto 180 days

15.00% p.a.

 

Loans to individuals against other approved securities:
w.e.f. 07.08.2008

15.00% p.a.

 

Loans against Debt oriented MFs: w.e.f. 04.10.2008

15.00% p.a.

 

Corporate Loan scheme : w.e.f. 07.08.2008

14.00% p.a.

 

STLR : w.e.f. 07.08.2008

14.00% p.a.

 

Canara Guide :
w.e.f. 07.08.2008  

12.75% p.a.

 

Canara Jeevan :
w.e.f 07.08.2008  

Fixed – 10.50% - Reset at end of 3 years

 

Canara Trade :
w.e.f . 04.10.2008  

14.00%

 

KINDLY NOTE : Interest rates are liable to change without prior notice.

 

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