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Canara Bank Car Loan

If you are planning to finally buy that one dream car and looking for a car loan to help bridge the financial gap then here’s Canara bank car loan for you. The bank offers finance ranging from 80% to 90% of the on-road price of a car at interest rates starting from 7.35%. You can avail this loan for repayment tenure of up to 7 years. 

Canara Bank Car Loan Interest Rates 2021

Loan Amount

Up to 90% of the on-road price of car 

Loan Tenure

Up to 7 years

Interest Charges

Starts at 7.35% per annum and goes up to 9.90% per annum

Processing Fees

O.25% (subject to minimum Rs 1.000 and maximum Rs 5,000)

Prepayment

NIL on floating interest rate

Canara Bank Car Loan Features & Benefits

Here are the noteworthy offerings of Canara bank car loan:

  • Purpose

This loan is offered to help individuals finance the purchase of a desired car. 

  • Loan Amount

Canara bank loan amount starts at 80% of the on-road price of the car you wish to purchase. This amount ranges up to 85% to 90% of the on-road price of the car, depending on select models as well as the applicant’s profile.

  • Rate of Interest

Canara bank car loan interest rates start from 7.35% per annum and range up to 9.90% per annum.

  • Loan Repayment Tenure

The lender offers car loan for the loan repayment tenure of up to 7 years.

Eligibility for Canara Bank Car Loan

Here are the Canara bank car loan eligibility requirements that you must match in order to qualify for this car loan:

  • Individuals who have a salaried, self employed profile and the professionals are eligible for this loan.
  • The loan is also provided to the established firms and companies. 
  • Salaried individuals must have annual income of at least Rs 3 lacs.

Documents Required for Canara Bank Car Loan

The bank will require you some Canara bank car loan documents in order to proceed with the vehicle loan application. 

Here are the Canara bank vehicle loan documents that you need to submit:

Documents

Salaried Applicants

Self Employed Applicants

Identity Proof

Aadhar Card, Passport, Driving Licence, Voter’s ID Card

Aadhar Card, Passport, Driving Licence, Voter’s ID Card

Address Proof

PAN Card, Passport, Driving Licence, Voter’s ID Card

PAN Card, Passport, Driving Licence, Voter’s ID Card

Income Proof

Salary Slips, Bank Statements, Form 16, Salary Certificate

Bank Statements, Proof of Business, Income Tax Returns, Balance Sheet and P&L Account

Others Important Documents 

Passport-Size photographs, Agreement for Sale, Approved Plan for the Construction / Addition / Extension

Passport-Size photographs, Agreement for Sale, Approved Plan for the Construction / Addition /Extension

Compare Other Bank Car Loan Interest Rates

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

SBI New Car Loan Scheme

8.00% to 10.75%

HDFC Bank New Car Loan

8.80% to 10.50%

Kotak Mahindra Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

Canara Bank Car Loan EMI Calculator

Canara bank car loan EMI calculator is a friendly and simple to use calculator with the help of which you can find the payable Canara bank car loan EMI

This tool takes the loan amount, tenure and interest rate to calculate the monthly cost of the loan. You can find the car loan calculator online.

To be able to find the Canara bank car loan EMI amount which you have to pay, BankSathi vehicle loan EMI calculator is one of the best options.

Once you enter the details (loan amount, loan term and rate of interest that is applicable) in the car loan EMI calculator. This tool will quickly provide you the monthly and yearly calculation of loan cost.

How to Apply for Canara Bank Car Loan?

In order to apply for a Canara bank vehicle loan, you can head to the nearest branch of Canara bank. Carry all the required documents that you will need to submit with your car loan application. 

Apart from that, you can reach out to the Canara bank customer care to get started with the Canara bank car loan application. 

Canara Bank Car Loan Customer Care

You can get in touch with the Canara bank customer care to have answers to your queries, grievances or in case of any assistance regarding the Canara bank car loan.

Here is the Canara bank car loan customer care number:

1800-419-s5959

Other Products Offered By Canara Bank

FAQs On Canara Bank Car Loan

Q.1 What are the interest rates for Canara bank car loan? 

The Canara bank car loan interest rates start at 7.35% per annum and range up to 9.90% per annum.

Q.2 What are the Canara bank car loan processing fees?

Canara bank charges a processing fee of 0.25% of the car loan amount. The amount is subject to a minimum of Rs 1,000 and maximum Rs 5,000.

Q.3 What is the loan amount can I use on a Canara bank car loan?

Canara bank offers finance starting from 80% of on-road price of car. The amount ranges up to 90% of the on-road price of vehicle, depending on the type and model.

Q.4 What kind of security is required to provide to the lender  in order to get a Canara bank car loan?

The vehicle is hypothecated to the lender for the loan term. 

Q.5 How do I repay my Canara bank car loan EMIs? 

You can choose from the following ways to make repayment of your Canara bank car loan EMIs:

  • Post-Dated Cheques
  • Standing Instructions
  • Electronic Clearing Services

Q.6 How do I apply for a Canara bank vehicle loan?

Here are the ways you can opt from to apply for Canara bank vehicle loan:

  • Call Canara bank customer service
  • Visit the nearest branch of Canara bank with all the required documents

Q.7 Can HUFs apply for Canara bank car loan? 

No. Canara bank car loan is not provided to the HUFs.

Last Updated on : 07/May/2021

Know More About

Canara Bank Car Loan

You're eligible for a Canara Bank Car Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Canara Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Canara Bank Car Loan Details
Interest Rate (Monthly reducing balance) 7.75% - 10.3%
Processing Fees 0.25% on the amount of loan (Mini. Rs. 1000 Maxi. Rs. 5000)
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959