Canara Bank Car Loan Eligibility Calculator

Canara Mobile, the vehicle loan offered by Canara Bank is available to customers to buy new and used four wheelers. Canara Bank helps you achieve the dream of owning your own car. You can avail of a loan up to 90% of the value of the car on the road. There is no maximum limit on the amount of a loan you can avail. For used cars, you can get finance for up to 75% of what is agreed or the value of the car. The used car loan has a ceiling limit of Rs. 15 lakhs. The car should not be more than 5 years old. Repay the loan in easy EMIs up to 84 months for new cars and 60 months for pre-owned vehicles. You can also check your monthly EMIs your free car loans are available only to those who are 21 years and above. The loan should usually be completed by the retirement age.

How does CIBIL scores affect your Canara Mobile Eligibility?

CIBIL scores are important when you apply for a loan. CIBIL is the Credit Information Bureau India Limited. CIBIL notes every credit customer’s history. It does not take into account your debit history. Upon loan application, a bank will make a hard inquiry on your CIBIL score. Many hard inquiries can drop your score. So when you are shopping for loans, be aware of the multiple hard inquiries by banks. The bank will take a look at your score and accordingly determine if you are eligible for a car loan. Low scores depict a negative picture of your credit history, which could mean default on payments, late payments, over the credit limit expenditure and so on. So banks will be reluctant to loan you money. A good or average score around 750 will give banks an assurance that you will be a good customer as you have proved in the past.

How to increase your Canara Bank Car Loan Eligibility?

In order to increase your eligibility, there are a few measures you can take that will definitely help.

• Salary account – If your salary is being deposited at Canara Bank, this will increase your eligibility. Sometimes this may not be a choice as your company might decide which bank they credit your salary. But if its possible, a salary account will help.
• Co-applicant – Add your spouse’s income to the loan to increase the total income. This will help you meet the income requirements or increase the loan amount. You can also make any immediate relative a co-applicant.
• Pay off your debt – As a general rule, it’s always better to clear prior debt before you apply for a loan. This will clear up your debt-to-income ratio and you will be able to secure a better loan.
• CIBIL score – You can purchase your credit score on the CIBIL website. Find out why your score may be low and take measures to fix it.

Canara Bank Car Loan Eligibility Calculators

Use eligibility calculators that are available on the Internet to find out if you are eligible for Canara Bank Mobile, the car loan offered by Canara Bank. Input basic details such as income, age, residential city, car brand, car model and you can estimate the loan amount you will need. You can also find out the different tenures in which you may repay the loan. Using a Canara Bank Car Loan Eligibility calculator will help you determine if you are eligible before you apply for a loan. This will make the loan process easier for you. You could also take measures to change what’s wrong in your profile beforehand.