If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Canara Bank Car Loan

    Canara Bank Car Loan
     4.5 / 5.0   by 9 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Canara Bank is an Indian state-owned bank headquartered in Bangalore, Karnataka. It was established in 1906, making it one of the oldest banks in the country. The bank was nationalised in 1969. Canara Bank occupies a premier position in the comity of Indian banks with an unbroken record of profits since its inception. Read on to learn about the eligibility and documentation requirements for the Canara Bank car loan.


    You’re probably eligible for an Canara Bank Car Loan if you are

    01
    02
    03
    04
    Canara Bank Car Loan Minimum Age

    At least 21 years old

    Canara Bank Car Loan Maximum Age

    Less than 60 years old

    Canara Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Canara Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Canara Bank Car Loan amount eligibility is based on these factors

    01
    02
    03
    Canara Bank Car Loan Minimum Salary

    Minimum income required
    Rs.3.00 lacs per annum

    Canara Bank Car Loan Maximum Loan to Value

    Loan capped @
    90% of the ex-showroom price

    Canara Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Canara Bank Car Loan amount by these steps

    01
    02
    Canara Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Canara Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Canara Bank Car Loan

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 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 RatesUpdated on 03 Jul 2015

    Canara Bank Car Loan Details
    Interest Rate (Monthly reducing balance) 10.25% to 10.30%
    Processing Fees 0.25% on the loan amount with a minimum of Rs.1000/- and maximum of Rs.5000/-
    Pre Closure Charges Nil
    Loan Tenure 1 year to 7 years

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    Canara Bank Car Loan Reviews

    100 % of our customers would recommend this bank. (9 out of 9) Write Review
    Customer Reviews
    Page 1 of 1 1
    • Validated User
      (0)

      I took car loan from Canara bank. I faced little difficulty to get my loan approved. It took around 1 month to get my loan. The response was not that good. No proper communication was there. Unless I call and ask there was no response from the customer service. The bank should improve in responsiveness and there must be direct communication to the customers. Other than this the interest rate and charges are okay with it. It was good experience.

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      mathialagan took a Car Loan from CANARA BANK Reviewed on
    • Validated User
      (0)

      My feedback for Canara bank car loan is really good. Their communication is excellent. There was no delay within 15 days of time the loan was processed. They took around a week time to collect the documents to conduct verification etc. The only drawback here is I have requested them to fix my ECS date before 12th and they have fixed that accordingly . However they are charging about rs 60 extra I am not sure why. They were offering around 10.5% as interest.

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      mathialagan took a Car Loan from CANARA BANK Reviewed on
    • Fast process...
      https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
      , bangalore
      Recommend Recommended by user
      Validated User
      (0)

      My relationship with Canara bank is about 15 years so they did not bother me much in getting car loan. Everything done in an hour and followed to the next day I bought the car. I just visited the branch and the employees did everything for me and just I signed the form to get things done.

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      abhilash took a Car Loan from CANARA BANK Reviewed on
    • Validated User
      (2)

      Canara bank car loan is really good. Its a better one. Its a nationalized bank so its much better than others. The best part was the interest rate which was very good at that point of time. This loan was taken around 2008. I have closed the loan the tenure is 6 years. They took around a week â??s time to close the loan.

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      sreejith took a Car Loan from CANARA BANK Reviewed on
    • Validated User
      (4)

      My opinion about Canara Bank car loan is good, because there was no hidden cost, they are very transparent. I am happy with the interest rate offered by Canara bank as they are providing 10.50% . The best part is processing fee is zero or nil. I am very much about to take a loan with Canara Bank as its a Nationalised, Its very secured. It could be have been better if they have good online facility.

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      ramesha took a Car Loan from CANARA BANK Reviewed on
    • Validated User
      (2)

      Canara Bank car loan the experience was really good and the customer service executives are very friendly in approach and the rate of interest was also less when compared with other banks and i got the car loan approved and on the same day the overall service was good.

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      kiran took a Car Loan from CANARA BANK Reviewed on
    • Validated User
      (2)

      Canara Bank car loan it is good I got complete the procedure with in one day and the loan was disbursed the next day nothing unique the loan was disbursed quite well no suggestions for them to improve and I got the best interest rate also and their overall service is fine

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      pravesh took a Car Loan from CANARA BANK Reviewed on
    • Validated User
      (3)

      Last week I have taken the car loan from Canara bank after comparing the rate of interests with all the banks in the market. I don't have much exposure to Canara bank. I felt that the rate of interest was very less with Canara bank which is the only reason for choosing the bank.

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      vishnu took a Car Loan from CANARA BANK Reviewed on
    • over all a good service
      https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
      , bangalore
      Recommend Recommended by user
      Validated User

      Applied for Car Loan through Canara Bank.The service provided by Canara Bank is good.The executive were quick and polite.They gave me all the information .In the morning I went to the bank to apply for loan, they did not ask me for any documents and by 2 in the afternoon I had the Demand Draft in my hand.

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      suresh took a Car Loan from CANARA BANK Reviewed on
    Customer Reviews
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