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Canara Bank Car Loans

Avail Fast & Easy Car Loans from Canara Bank.

Canara Bank Car Loan Interest Rates

Best Canara Bank Car Loans at low interest rates.

Canara Bank Car Loan Comparison

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Canara Bank Car Loan

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Canara Bank Car Loan Overview

Canara Bank Car Loan Canara Bank Car Loan offers for your Dream Car.

Canara Bank will provide you loan upto 90% of the on road price. There is no ceiling on maximum loan amount with 0.1% on the loan amount with a minimum of Rs.250/ and maximum of Rs.500/. as processing fees. Check your Eligibility Now!

Fill the form above and check your car loan eligibility instantly and get e-approved in minutes.

Benefits of Canara Bank Car Loans:
  • Loan may be granted upto 90% of the total value inclusive of invoice value, life tax, registration charges, insurance premium and other accessories.
  • Repayment in convenient EMIs of 48 months. Selectively 60 months also considered.
  • 0.1% processing fees.
  • Low interest rates.

Canara Bank Car Loan FAQs

  1. How much finance can I get for my New Car?
    Canara Bank will provide you loan upto 90% of the on road price. There is no ceiling on maximum loan amount.

  2. Who is eligible for a Canara Bank Car Loan?
    Individuals including professional and salaried class are eligible to get a Car loan from Canara Bank.

  3. Can I get a car loan for used car from Canara Bank?
    Yes, Canara Bank also finance used cars (not older than 5 years) at the same low interest rates. They finance 75% of the agreed price or 75% of the value of the car, as assessed by an automobile engineer or Rs.6 lakh whichever is lower.

  4. Do I need a loan guarantor?
    No, a personal guarantor is not usually required for your Canara Bank car loan. It is applicable only during instances where your credit profile does not match the lender’s requirements. Even then this can be taken care of by simply taking on a co-applicant.

  5. What are the Canara Bank car loan tenure options?
    The Canara Bank car loan tenure is upto 6 years.

  6. If my income and budget does not support a particular loan amount, then can I opt for a joint loan with someone else?
    Of course you can. You can club the income of your spouse or a parent and take a loan based on the combined income. In this case, the spouse or parent becomes the co-applicant of the loan.

  7. When can I prepay the loan? Is part prepayment possible?
    Yes, you can prepay your Canara Bank Car loan.

  8. Can I opt to sell my car before my loan repayment ends?
    This is not possible as you have pledged your car as security for the loan. If you must do so, then you will need to obtain an NOC (No Objection Certificate) from the bank.

  9. What happens after I complete the repayment of my loan?
    When the last EMI has been paid the bank’s legal claim to the car ceases to exist. The bank will issue a Form 35 along with an NOC to the RTO canceling the bank’s name from the RC book. The same process is followed for your insurance policy as well.

  10. Does BankBazaar.com charge me for its services?
    No. BankBazaar.com’s services come to you free of charge.

  11. How will the security and privacy of my data be ensured?
    BankBazaar.com will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

Canara Bank Car Loan Eligibility & Documentation

Canara Bank Car Loan Eligibility:

  • Salaried individual
  • Self employed individual
  • Aged above 18 years
  • Good repayment capacity with fixed & stable income source

Canara Bank Car Loan documentation: Car loan documentation process is minimal and generally banks require the following document:

  • Stipulated Loan application with 2 passport size photos.
  • Latest salary certificate and Form No.16 / Income – proof like ITAO/ IT Return, Financial statements as the case may be.
  • Proforma Invoice or valuation report (as the case may be)
  • RTO Forms

Canara Bank Car Loan Interest RatesUpdated on 20 April 2014

Details of Canara Bank Car Loan

Canara Bank Car Loan Interest Rate.(Daily reducing balance)
10.45% to 10.7% floating Check Customized Interest Rates Now!
Processing Fees
0.1% of Loan Amount, with minimum of Rs 250 and maximum of Rs. 500
Preclosure charges
Nil
Canara Bank Car Loan Tenure
1 year to 6 years
Canara Bank Car Loan Amount
Upto 90% for new vehicles. 75% for old vehicles with maximum as Rs 6 lakhs
Guarantor Requirement
Guarantor is mandatory

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