Canera Bank Car Loan: Interest Rate, Eligibility, Processing Fee & Customer Care

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CANARA BANK CAR LOAN 

ABOUT CANARA BANK CAR LOAN :

Canara bank is one of the largest and oldest public sector banks owned by the government of india. It’s headquarters at Bengaluru and established in 1906. Every individual wants a car for their work or personal use. Watching daily a new different car is arriving in the market and we just got attracted with the features of the car and wish to buy it. Some of us can buy it but most of people can't afford to buy it. Then they go for cheap cars that fit in our budget. Now the question here is how can we buy our dream car with a low budget? To overcome this problem we have car loan facilities.

Canara Bank offers car loans at a simple application process, has attractive interest rates, can be repaid back in convenient EMIs and comes with no hidden charges. If you wish to buy a new or a used car, then you must consider the Canara Bank plans as it is an affordable option with a lot of additional benefits.

Canara Bank loan for a new car can be availed to buy a new car of any model and there is no upper limit for the loan amount. 

BENEFITS OF CANARA BANK CAR LOAN :

1. No foreclosure charges :

Canara Bank did not charge any foreclosure for car loan. No foreclosure charges are collected by the bank in case individuals wish to close the loan before the maturity date.

2. Low interest rate :

The minimum interest rate of Canara Bank car loans is 7.75% and the maximum interest rate is 10.30%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a car loan at an attractive and lower interest rate.

3. Low processing charges :

The Canara bank charges low processing fees of 0.25% of the loan amount .However, the processing fee can be a minimum of Rs.1,000 and a maximum of Rs.5,000.

4. Hassle free loan process :

Canara Bank provides car loan approval in a very speedy way for the customers so they don't have to waste their precious time for the loan process. The process of Canara Bank car loan is hassle free.

5. Maximum loan amount :

Canara Bank offers a maximum loan amount of Rs 25 lakh. Depending on the price of the car, 80%, 85%, and 90% of the on-road price of the car can be availed as a loan.

ELIGIBILITY CRITERIA FOR CANARA BANK CAR LOAN :

ELIGIBLE

Salaried employees, self employed and professionals, partnership firms, public and private limited companies 

AGE

For Salaried employees : 21 years to 60 years 

For self employed : 21 years to 65 years

INCOME

For salaried employees : minimum gross salary Rs.3 lakh p.a.

For self employed : inimum gross annual income Rs.3 lakh p.a.

FEES AND CHARGES OF CANARA BANK CAR LOAN :

TYPE 

CHARGES

Processing fee

0.25% of the loan amount that is being availed will be charged as a processing fee. However, the processing fee can be a minimum of Rs.1,000 and a maximum of Rs.5,000.

Foreclosure charges

No charges apply 

DOCUMENTS REQUIRED FOR CANARA BANK CAR LOAN :

  1. ID PROOF : Aadhar card, pan card, passport, voter id

  2. ADDRESS PROOF : Electricity bill, registry, rental agreement, voter id, Aadhar card

  3. INCOME PROOF : Last 3 months salary slip, Last 6 months bank statement, Last 3 years Income Tax Return, Form 16

COMPARE OTHER BANK CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank 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%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

HOW TO CALCULATE EMI OF CANARA BANK CAR LOAN :

The calculator uses the below formula to calculate an EMI.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

OTHER PRODUCTS OF CANARA BANK :

  1. Canara Bank Car Loan 

  2. Canara Bank Education Loan 

  3. Canara Bank Home Loan

  4. Canara Bank EMI Calculator   

HOW TO APPLY FOR CANARA BANK CAR LOAN :

There are two ways to get a car loan with CANARA BANK i.e.

  1. Offline Method : By visiting near Canara Bank branch.

  2. Online Method : 

  • Initially visit Canara bank official website

  • At home page click on go to “Personal Banking” section

  • Now go to on “ Loan Products” 

  • Select the “Canara Vehicle”

  • Click on apply now and complete the application form carefully

  • Attached all mandatory documents with the application form and submit it

  • Now wait for few minutes and you will notify soon whether you are eligible for loan or not

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

Q1. What is the minimum and maximum tenure of Canara Bank car loan?

The minimum and maximum tenure period of Canara Bank car loan is 1 to 7 years.

 Q2. How much loan amount should be offered by Canara Bank car loan?

The maximum loan amount is Rs. 25 lakh should be offered by Canara Bank car loan.

 Q3. What age is required for a Canara Bank car loan?

The age should be at least 21 years to 60 years for salaried employees and 21 years to 65 years for self employed for a Canara Bank car loan .

 Q4. How much processing fee is charged by Canara Bank car loan? 

Canara Bank car loan charges processing fee is 0.25% of the loan amount (Minimum Rs.1000 and Maximum Rs.5000).

 Q5. What is the interest rate charged by Canara Bank car loan?

The interest rate charged by Canara Bank car loan is 7.75% to 10.30%.

 Q6. What charges apply in Canara Bank car loan?

There is nil charges are apply in Canara Bank car loan.

Last Updated on : 26/Jul/2020

Know More About

Canera Bank Car Loan

You're eligible for a Canera 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

Canera Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Canera 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