Canara vs Union Balance Transfer, 2026.
Reviewed by Jay Patel· Last reviewed: stale
A ledger-columns read on Canara Bank and Union Bank— rate, EMI, fee, fine print. Which one wins your file, not the pitch deck.
Canara vs Union — Balance Transfer Comparison
Key parameters compared side by side.
| Parameter | Canara | Union |
|---|---|---|
| Interest Rate (p.a.) | 8.3% – 9.1% | 8.3% – 9.1% |
| Processing Fee | 0.50% (max Rs 10,000) | 0.50% (max Rs 10,000) |
| Max Loan Amount | Rs 5 Cr | Rs 5 Cr |
| Max Tenure | 30 Years | 30 Years |
| Bank Type | Public Sector | Public Sector |
| Founded | 1906 | 1919 |
| Headquarters | Bengaluru | Mumbai |
Interest Rate (p.a.)
Canara
8.3% – 9.1%
Union
8.3% – 9.1%
Processing Fee
Canara
0.50% (max Rs 10,000)
Union
0.50% (max Rs 10,000)
Max Loan Amount
Canara
Rs 5 Cr
Union
Rs 5 Cr
Max Tenure
Canara
30 Years
Union
30 Years
Bank Type
Canara
Public Sector
Union
Public Sector
Founded
Canara
1906
Union
1919
Headquarters
Canara
Bengaluru
Union
Mumbai
Rates as of April 2026. Subject to change based on RBI policy and bank revisions.
EMI Comparison
Estimated EMI for Rs 50 Lakh balance transfer for 20 years at each bank's lowest rate.
Canara
Union
Feature Comparison
Key features offered by Canara and Union for balance transfer.
| Feature | Canara | Union |
|---|---|---|
| Competitive BT rates | ||
| Top-up facility | ||
| No hidden charges | ||
| Fast processing | ||
| Attractive BT rates | ||
| Top-up available | ||
| Dedicated BT processing | ||
| Minimal documentation |
Competitive BT rates
Top-up facility
No hidden charges
Fast processing
Attractive BT rates
Top-up available
Dedicated BT processing
Minimal documentation
Which Is Better — Canara or Union?
It depends on your priorities. Here is a quick guide.
Choose Canara If...
- Government-backed (public sector bank)
Choose Union If...
- Government-backed (public sector bank)
Still unsure? Contact Money Matrix Hub for a free personalised recommendation based on your income, credit score, and loan requirement.
Eligibility Comparison
General eligibility criteria for balance transfer at both banks.
Canara Eligibility
- CIBIL score: 650+ preferred
- Min income: Rs 20,000 per month (salaried)
- Self-employed: 3+ years of business vintage
- Age: 21–65 years (salaried), 25–70 years (self-employed)
- Indian resident or NRI (with conditions)
Criteria may vary. Contact Money Matrix Hub for exact eligibility assessment.
Union Eligibility
- CIBIL score: 650+ preferred
- Min income: Rs 20,000 per month (salaried)
- Self-employed: 3+ years of business vintage
- Age: 21–65 years (salaried), 25–70 years (self-employed)
- Indian resident or NRI (with conditions)
Criteria may vary. Contact Money Matrix Hub for exact eligibility assessment.
Frequently Asked Questions
Common questions about Canara vs Union balance transfer.
Which bank has a lower balance transfer interest rate in 2026 — Canara or Union?
Canara currently offers a lower starting rate of 8.3% p.a. for balance transfer. However, the actual rate you receive depends on your credit score, income, and loan amount. Money Matrix Hub can help you get the best negotiated rate from both banks.
What is the maximum balance transfer amount I can get from Canara vs Union?
Canara offers a higher maximum loan amount of up to Rs 5 Cr. Canara offers up to Rs 5 Cr while Union offers up to Rs 5 Cr for balance transfer.
Which bank charges a lower processing fee for balance transfer — Canara or Union?
Canara charges a processing fee of 0.50% (max Rs 10,000), while Union charges 0.50% (max Rs 10,000). Processing fees are often negotiable, and Money Matrix Hub can help waive or reduce these charges.
Should I choose Canara or Union for balance transfer in 2026?
The best choice depends on your specific needs. Canara offers rates from 8.3%–9.1% with a max tenure of 30 years, while Union offers 8.3%–9.1% with 30 years tenure. Contact Money Matrix Hub for a personalised comparison based on your profile.
Can Money Matrix Hub help me apply for a balance transfer from both Canara and Union?
Yes. Money Matrix Hub is an authorised DSA partner for both Canara and Union. We can submit parallel applications at no extra cost and help you pick the best sanction offer. Our service is 100% free for borrowers.
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