If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    Canara Bank Car Loan Eligibility Calculator

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    9.80% - 9.85% Fixed
    Up to ₹5,000
    Response Time Within 30 minutes

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    Canara Bank Car Loan Overview

    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.


    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.

    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.

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