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 Mobile is available to all customers who meet the eligibility requirements. The car loan criteria is as follows:
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.
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.
In order to increase your eligibility, there are a few measures you can take that will definitely help.
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.
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