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
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    Fees & Charges

    Promised Interest Rate

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    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

    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

    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

    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 05 Sep 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

    About Canara Bank

    Established in 1906, Canara Bank is one of the premier banking institutions in India with a wide array of financial services, well known for its Core banking services. Keeping the needs of its customers in the forefront, Canara Bank has over past hundred years strived to achieve excellence in every aspect of banking. Being one of the oldest and most trusted bank in India, Canara Bank has carved a niche for itself promoting growth, development, and constant innovation using modern technology for providing custom made banking services to its large clientele.

    Why choose a Canara Bank Car Loan?

    Canara Mobile - Vehicle is a unique car loan scheme provided to customers wanting to purchase and own their dream cars without any hassles. Adding to the excitement of owning their own car, customers can buy any make and model of a car using a Canara Bank car loan, enjoying great returns on their investments

    Offering the Canara Mobile - Vehicle scheme at competitive interest rates, convenient EMI repayments and easy application procedures, this car loan from Canara Bank is one of the most value added investment in today’s market. Customers looking to invest in a car should definitely consider this car loan scheme as an affordable option with a lot of add-on benefits. They can also avail various discounts and waivers on fees while availing a Canara Bank car loan.

    Features of a Canara Bank Car Loan

    The Canara Mobile - Vehicle Scheme provides car loans for all types of cars, irrespective of the model and the make.

    Canara Mobile’s most unique feature is the amount of loan coverage that Canara Bank offers. Generally, there is no cap applied on the upper limit of the loan amount for purchase of new cars. Canara Bank finances a huge chunk of the total value of the car, which makes it very easy for an individual to own a car.

    • The bank finances up to 90% of the car value in case of loan amounts up to Rs 10 lakhs, 85% of the car value for loan amounts between Rs 10 lakhs and Rs 25 lakhs and up to 80% of the car price for loan amounts above Rs 25 lakhs. The mentioned percentages include the total invoice value, life tax, registration charges, accessories and insurance.
    • For new cars, a loan margin of 10% on the on-road price is expected for loan amounts up to Rs 10 lakhs, 15% in the case of loan amounts ranging above Rs 10 lakhs up to Rs 25 lakhs and 20% for loan amounts above Rs 25 lakhs.
    • Customers can avail Canara Bank car loans with loan tenures extending up to 84 months.
    • Canara Bank imposes a processing fee of 0.25% of the loan amount with a minimum being Rs 1000/- and a maximum of Rs 5000/- for all types of new cars.
    • Customers can easily repay their car loan at any time and the bank does not charge any pre closure charges for that.
    • Canara Bank customers can avail a car loan on a second car, subject to them having no overdues pending on their earlier car loans.
    • Vehicles which are not more than one month old will be considered as eligible to be financed under the new car scheme by Canara Bank.

    Apply for a Canara Bank Car Loan on BankBazaar.com

    Apply for Canara Bank car loans easily on Bankbazaar.com within just four steps. We make it easy for you to navigate on our website by simply following the below given steps.

    1. Access the navigational menu located at the top of the page on the Bankbazaar home page. A separate menu for loans is available here. A customer should open up the loans drop down menu and select car loans as his desired option. Under the car loan menu, the entire list of banks offering car loans have been listed in alphabetical order. Please select the link which reads as Canara Bank car loan. This link will lead you to the Canara Bank car loan webpage which will show the next steps to be taken.
    2. On the Canara Bank car loan page, our customers can check their eligibility criteria for car loans , search for the different types of car loans that Canara Bank offers, get the Canara Bank car loan amount eligibility, tips to improve their eligibility and also the required documentation to be submitted while applying for a Canara Bank car loan.
    3. After qualifying for a Canara Bank car loan by meeting the required eligibility criteria, easily apply for a Canara Bank car loan on this page using the ‘Apply now’ feature.
    4. Customers submitting their applications online will receive an instant e-approval from Bankbazaar. Then their applications will be transferred to Canara Bank for further processing and a Canara Bank executive will get in touch with the customer within a short period of time. Customers can also track their applications through SMS alerts and emails.

    Canara Bank Car Loan Interest Rate

    Canara Bank offers car loans with floating interest rates which are linked to the current base rate of the bank. The Canara Mobile Vehicle scheme comes with an interest rate of 10.70% which is 0.50% more than the current base rate of Canara Bank. This floating interest rate is calculated based on the daily reducing balance and applies for all types of loan margins and loan tenures.

    Canara Bank Car Loan Eligibility

    Salaried professionals with a regular source of income and the required repayment capacity are eligible to avail a Canara Bank car loan.

    Self-employed businessmen, proprietary firms and corporate companies also qualify for a car loan provided they show the required profits and cash flow to repay the loan.

    Customers wanting to avail a Canara Bank car loan using Hindu Undivided Family (HUF) will not be eligible to do so.

    Documents required

    Applicants need to submit the mentioned documents while availing a Canara Bank car loan - filled in application form, two passport size photographs, latest salary certificate, form 16, income proofs like ITAO/ IT Returns, financial statements etc., Proforma Invoice, required guarantee, co-obligation and the necessary RTO forms.

    Income Criteria

    Salaried applicants need to have a minimum gross salary of Rs 3 lakhs per annum for the previous three years. The net take home should be 40%, the minimum being Rs 12,000/ per month, after considering the monthly instalment amount to be paid.

    Self-employed businessmen should have an annual average income of Rs 3 lakhs for the last three years as per IT returns filed.

    As a special case, if customers choose to declare other sources of incomes like rental income, income from investments or income of the spouse, the bank approves the eligibility based on the documentary evidences produced.

    Canara Bank Car Loan EMI Calculator

    EMI calculators are available on the Finance Tools menu under the main menu on the BankBazaar home page, which can help a customer calculate his monthly EMIs he will be paying for a Canara Bank car loan. BankBazaar’s Car Loan EMI calculator is designed to efficiently calculate the Canara Bank EMI payment details in a few seconds. Applicants are advised to follow a simple process to instantly calculate their Canara Bank car loan EMIs.

    1. On the main menu, please select the ‘Finance Tools’ drop down menu, which opens up to the EMI calculator option. Selecting this link will take you to the Car loan EMI calculator option specifically leading you to the EMI calculator page.
    2. Separate ruler scales are available on the EMI calculator page representing the ranges of the ‘loan amount’ and ‘tenure’ that can be selected by customers.
    3. Customers need to enter certain details like the required loan amount and the tenure of the Canara Bank car loan taken to calculate their EMIs. The pre-populated values can be changed to suit the customer’s details.
    4. Then the interest rate charged by Canara Bank for car loans has to be entered along with the processing fee charged. The default value is already populated in the field and can be changed if required.
    5. Clicking on ‘calculate’ will give a customer details of his Canara Bank car loan EMI payments along with the breakup of the total interest to be paid.
    6. Customers facing any issues or problems while navigating through these pages, can contact our friendly customer care team who will be available at 91 44 6651800

    Canara Bank Car Loan FAQs

    Can customers check their Canara Bank car loan status online?

    Customers who have applied through BankBazaar can check their Canara Bank loan status using SMS alerts and emails. Applicants also have the option of checking their Canara Bank loan status online on the Canara Bank website.

    Where can customers get the Canara Bank car loan application form?

    The Canara Bank car loan application form is available on the Canara Bank website.

    Is the Canara Bank car loan statement available online?

    Customers can download their Canara Bank car loan statements from the Canara Bank portal.

    What are the Canara Bank car loan prepayment charges levied on a customer?

    Canara Bank imposes zero penalty charges on customers looking to pre-close their car loans.

    Are customers required to submit security or collaterals while availing a Canara Bank car loan?

    Hypothecation of the purchased car against the loan amount and having a personal guarantor for an applicant is acceptable to the bank.

    Can a customer contact the Customer service desk for more details on Canara Bank Car Loans?

    Our friendly customer Care helpdesk is available at 91 44 6651800 and will be glad to help customers with any queries regarding Canara Bank car loans.

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    Canara Bank Car Loan Reviews

  • Page 1 of 1
    • Car Loan
      "Good One..."
      0.5 3.0/5 "Satisfactory"
      It was an easy process for me to get a car loan from canara bank since the manager was my relative. I did not face any difficulties. I needed the loan immediately and they provided it ion 8-10 days. The charges are high in canara bank. They are government sector, I donâ??t think that they can improve more. But it will be good if they can continue this service. Moreover they have reliability.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 26, 2015
    • Car Loan
      "reasonable rate"
      0.5 4.0/5 "Great!"
      The service provided by Canara Bank based on the car loan was really excellent.The process took sometime but it was not a issue because once the documents were submitted the process was really smooth.The interest rate applied for this loan was reasonable rate offered.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 21, 2015
    • Car Loan
      0.5 5.0/5 "Blown Away!"
      The customer service in Canara bank is excellent. The called me and came to collect the documents within 20 minutes. My Car Loan application was processed in 2 days. I am very much satisfied with the offer. They provide part payment option. Pre-closure can be done but charges are applicable. EMI can be increased according to our convenience. It is beneficial.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Jul 22, 2015
    • Car Loan
      0.5 4.0/5 "Great!"
      My experience with Canara bank was good for the car loan. The rate of interest charged is very less and the best part about this bank is they are offering around 95% of the on road price for 7 years. The service center is nearby to my place and it is very easy to visit the bank.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 18, 2015
    • Car Loan
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 11, 2015
    • Car Loan
      "Really good "
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 1
      , chennai
      Reviewed on May 22, 2015
    • Car Loan
      "Fast process..."
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 13, 2015
    • Car Loan
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , bangalore
      Reviewed on Mar 24, 2015
    • Car Loan
      "Very good car loan"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 4
      , shimoga
      Reviewed on Sep 19, 2014
    • Car Loan
      "Very Good"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 2
      , kolhapur
      Reviewed on Aug 16, 2014
    • Car Loan
      "Lowest interest rate"
      0.5 5.0/5 "Blown Away!"
      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
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 29, 2014
    • Car Loan
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 3
      , bangalore
      Reviewed on May 28, 2014
    • Car Loan
      "over all a good service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 19
      , bangalore
      Reviewed on Apr 30, 2014
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