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  • Canara Bank Car Loan Eligibility Calculator is Rated as "Blown Away!" by 50 Users

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    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 loan EMI calculator tool online.

    Canara Bank Car Loan Eligibility

    Canara Mobile is available to all customers who meet the eligibility requirements. The car loan criteria is as follows:

    • Salaried individuals with a minimum gross salary of Rs. 3 lakhs per annum.
    • Professionals, reputed firms and companies with an average gross annual income of Rs. 3 lakhs minimum. This average is based on the last 3 years and as per ITAO/ITR.
    • Net take home salary (NTHS) for both, after taking into account the installment of the proposed Canara Mobile loan, should be 40% with Rs. 12,000 per month minimum.

    Factors affecting Canara Bank Car Loan Eligibility

    When you are seeking a car loan from Canara Bank, a number of factors play a role in determining your approval. The following are the factors that could determine your eligibility.

    • Age – Banks usually limit the minimum and maximum age limit. This has not been specified with Canara Bank, but usually car loans are available only to those who are 21 years and above. The loan should usually be completed by the retirement age.
    • Income – Canara Bank requires potential loan customers to be earning a certain amount in order to be able to avail of a loan. The minimum income limit set for Canara Mobile is Rs. 3 lakhs per annum.
    • Other debt – If you have any other debt, this will eat into your debt-to-income ratio. Canara Bank states that including car loan, the net take home salary should be 40% with a minimum of Rs. 12,000 per month. This is to ensure you have enough salary to take care of daily needs and other commitments. You should have enough income to live and not be swallowed by debt.
    • CIBIL score – CIBIL is the credit bureau of India which keeps a track of everyone’s credit history. Your credit score needs to be good in order for banks to be assured that you are a credible customer. When they give you a loan, it is a risk for them. Credit scores help them get a picture of what kind of customer you have been in the past.

    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.
    Apply for Car Loan Online

    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.

    Car Loan Reviews

    • Canara Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with CANARA BANK 20 years back. The loan amount was 10 lakhs and the interest rate was satisfactory . The tenure period was 15 years . The customer service and responses was very good. The documentation was very smooth,
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 14, 2018
    • Canara Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting the loan had been very good and the tenure of the loan is four years. The loan amount which they had given is satisfactory and the interest rate with them also had been good as well. There has not been any issues faced with the banking services which they had been providing.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 25, 2018
    • Canara Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with CANARA BANK 6 years back. The loan amount was 7 lakhs and the interest rate was satisfactory . The tenure period was 7 years but i have pre closed to with in 3 years . There is no charge for pre closure here and the loan process was also very easy . They haves sanctioned the loan within the committed time.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jun 12, 2018
    • Canara Bank Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with CANARA BANK 3 years back. The loan amount was 7 lakhs an the interest rate was satisfactory The tenure period was 5 years . They have sanctioned the loan with the committed time and there is no processing fee .My overall experience was really good.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 03, 2018
    • Canara Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Canara bank.The loan amount is four lakhs.The rate of interest is nominal as compared to others.The tenure is for four years.I pay an EMI amount of 7900 through an ECS payments.The loan was quickly processed within the TAT.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 19, 2018
    • Canara Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my car loan with CANARA BANK for about 8 years. The loan amount was 3.5 lakhs and the Interest rate was satisfactory . The tenure period was 7 years. The loan process was very good and they have sanctioned the loan with the committed time. The loan process was very good and I would like to recommend this bank to others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2018
    • Canara Bank Car Loan
      "Better service"
      0.5 4.0/5 "Great!"
      Canara bank has approved my car loan around 9 years ago. The customer support is good with the Canara bank, they have offered me the car loan within 15days of time. I have got the car which I choose . The rate of interest and the charges are nominal with the Canara bank car loan services. The customer support gave me good response in regards to my car loan application.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 18, 2017
    • Canara Bank Car Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      For car loan, Canara Bank gave me simple interest around 9.6% for the amount of Rs. 4 lakhs and purchased Maruthi swift diesel car. They gave me 100% on road price for the tenure of seven years but I closed my loan on second years without any foreclosure charges.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 09, 2017
    • Canara Bank Car Loan
      "Very quick approval"
      0.5 4.5/5 "Excellent!"
      The loan process was good with Canara Bank. My car loan was taken before 3 years. They offered 3L with interest rate of 11%. I pay premium nearly 6500 rupees through ECS. The documentation process is good and provided a doorstep service. The total duration is 3 years, its almost completed.
      Was this review helpful? 0
      , vadodara
      Reviewed on Nov 22, 2017
    • Canara Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      Within 5days of time the canara bank has disbursed my car loan. The customer support was good with Canara bank. They have offered more than the requirement loan amount. The rate of interest and the charges are high with canara bank when compared with ICICI bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 16, 2017
    • Canara Bank Car Loan
      "Faster Approval"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with Canara Bank. I have chosen this bank because of the good interest rate and minimal documentation procedure. The response is good. They have disbursed the loan within 30minutes. It was an excellent service to me.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 08, 2017
    • Canara Bank Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I would say the Canara bank car loan service is excellent . The customer support is good with CANARA bank. The charges are very less with CANARA BANK CAR LOAN Service . The rate of interest is 9.9% which is very low when compared with others banks. The customer support is good with Canara bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2017
    • Canara Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I used a CANARA BANK car loan before applying this car loan. I have closed that car loan in CANARA BANK after sometime. Customer support is good. I started this car loan from CANARA BANK for 7.75% as floating rate of interest. I negotiated it and they provided it to 7.75% from 8%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 30, 2017
    • Canara Bank Car Loan
      "At the moment is good"
      0.5 3.0/5 "Satisfactory"
      CANARA Bank car loan is much better than private bank, as they are very much customer friendly. They are considering customers current repayment track record which is good but it is too early for me to comment about Canara bank. The way the file is going is really good I would like to rate them 3.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Sep 28, 2017
    • Canara Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with the Canara bank and the response is very good . The rate of interest is also very good like its around 8.75% and the loan amount got disbursed to my account with in a day of time. Processing procedures are really a good one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 23, 2017
    • Canara Bank Car Loan
      "Cordial Staff"
      0.5 5.0/5 "Blown Away!"
      I maintain a good relationship with the staff at Canara Bank. They are very cordial and customer centric. Whenever I approach them for a query, they are supportive as well. I had taken a car loan and it was a smooth process with a fantastic rate of interest.
      Was this review helpful? 1
      , shimoga
      Reviewed on Jul 11, 2017
    • Canara Bank Car Loan
      "Great service"
      0.5 4.5/5 "Excellent!"
      The documentation and the verification process was smooth with Canara bank for the car loan . Within a week time they have disbursed my car loan. The rate of interest was nominal with Canara. The customer service and the response was good. I am happy with the loan amount. The required loan amount was provided by Canara bank. I would say it was a good service offered by Canara bank.
      Was this review helpful? 1
      , pune
      Reviewed on Jul 01, 2017
    • Canara Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The Canara bank actually values their customer and one of the Branch Manager took personal interest in concern to my car loan application and , they had approved the loan and after clearing my Cibil they had disbursed my loan with in 3hours of time. The rate of interest is nominal and competitive. Overall, I am satisfied with the CANARA BANK service.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 06, 2017
    • Canara Bank Car Loan
      "Quick Service"
      0.5 4.0/5 "Great!"
      In 2015, I had taken a car loan with Canara Bank. The interest rate was of 11%. I went to the bank and discussed with the manager about the loan, immediately they gave me the application form and processed the loan within 30 minutes. Actually that was year end so they processed it as soon as possible.
      Was this review helpful? 1
      , salem
      Reviewed on May 24, 2017
    • Canara Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Canara Bank car loan process is great, my experience was really good with Canara bank and the customer service executives are very friendly in approach and the rate of interest was 9.67% approximately. I got the car loan approved and on the same day the interesting part is after loan got disbursed bank executives came to my place to collect the documents. All in all, it was a very good service provided by them.
      Was this review helpful? 1
      , jaipur
      Reviewed on May 16, 2017
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