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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    We found 1 Canara Bank Car Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
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    Loan Amount
    Tenure Range
    8.90% - 8.95% Fixed
    Up to ₹5,000
    10L - 25L
    7 Years
    Response Time Within 30 minutes
    What you'll love
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    Eligibility Criteria

    Canara Bank Car Loan Eligibility Calculator is Rated as "Blown Away!" by 33 Users

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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.
    Apply for Car Loan Online

    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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  • Car Loan Reviews

    • 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? 0
      , 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? 0
      , jaipur
      Reviewed on May 16, 2017
    • Canara Bank Car Loan
      "Good in rate of interest"
      0.5 5.0/5 "Blown Away!"
      Initially I applied for a car loan with different bank. But I was not satisfied with interest rate, as it is little high so I approached Canara bank where I got the rate of interest for 8.95% so I happily continued with Canara bank and I got the loan as well.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 06, 2017
    • Canara Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got an amazing offer on the rates for my car loan. I had taken it from Canara bank. The process was also pretty smooth and easy. The services was good. There was no processing charges . Overall I could say that it was a hassle free process in getting this loan. Another advantage is they don't have any pre closure charges too.
      Was this review helpful? 0
      , hosur
      Reviewed on May 05, 2017
    • Canara Bank Car Loan
      "Very helpful service"
      0.5 5.0/5 "Blown Away!"
      Applied car loan with canara bank, the response and the follow up was good with my car loan application. The rate of interest and the charges levied low with my car loan disbursement. They just took 2 days to disburse my car loan. I can say it was very helpful service.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Apr 19, 2017
    • Canara Bank Car Loan
      "Champion service for car loan"
      0.5 5.0/5 "Blown Away!"
      I was overwhelmed by the service offered by CANARA bank, when it comes to Car loan as without any hesitation they were able to provide the car loan. It was unbelievable. I met the Branch Manager there he was able to process the loan with ease. Within 15 minutes they were able to complete the loan process, on top of that they were not in need of any documents too.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Dec 15, 2016
    • Canara Bank Car Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I got an good offer on the rates for my car loan. I have taken it from Canara bank. The process was also pretty smooth and easy. The services was good. The processing charges was also reasonable. Overall I could say that it was a hassle free process in getting this loan.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 06, 2016
    • Canara Bank Car Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      I had taken a car loan from Canara Bank. The process was very fast and easy. I got the loan on the same day. The services were good. They cooperated well. The rate of interest was also pretty normal. The processing charges was reasonable too. Good overall.
      Was this review helpful? 1
      , tuticorin
      Reviewed on Jul 23, 2016
    • Canara Bank Car Loan
      "Excellent services "
      0.5 5.0/5 "Blown Away!"
      Canara bank was near to my office that was the reason why I had chosen Canara bank. I had submitted all the necessary documents to them and got a car loan. The data and information given by the bank was crystal clear. Their executives were also friendly. One of the officials named Sowmya processed my application fast and disbursed my loan in 30 minutes.
      Was this review helpful? 0
      , kochi
      Reviewed on May 19, 2016
    • Canara Bank Car Loan
      "Nominal interest"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with the Canara Bank and the interest rate was around 10.5% is fixed. The loan amount got disbursed within two to three days of time. Documentation process was an easy one like it was same as other banks and the processing charges were also a good one like it was around one thousand Rupees. There are no drawbacks with them and am happy and they need to improve their customer service like they have recruit young employees.
      Was this review helpful? 0
      , mangalore
      Reviewed on May 03, 2016
    • Canara Bank Car Loan
      "Smooth & convenient loan"
      0.5 5.0/5 "Blown Away!"
      I have taken the car loan with Canara Bank as they had offered me a good rate of 9% with a processing fee of just Rs.500 and there are no foreclosure charges as well. The loan processing and documentation overall took 3 days and it was a pretty smooth and convenient loan experience.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 30, 2016
    • Canara Bank Car Loan
      "Efficient"
      0.5 4.0/5 "Great!"
      Canara bank car loan is fine. They were very prompt . I am holding this car loan for 5 years. My current account is with Canara bank therefore I preferred Canara for the car loan. Interest rate is good . Processing fee is very good. I was asked to pay the normal EMI. Payment options are excellent when it comes to Canara bank.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Apr 15, 2016
    • Canara Bank Car Loan
      "Extremely good..."
      0.5 5.0/5 "Blown Away!"
      Extraordinary as the customer service is very good in Canara bank while applying for the car loan. Processing time is very short than other private banks. For me interest rate is 8.5% and this is an employee offer. Processing charge is just nil. For me the prepayment period is about 15 years and this differs from normal payment mode.
      Was this review helpful? 0
      , bidar
      Reviewed on Jan 18, 2016
    • Canara Bank Car Loan
      "Excellent approval "
      0.5 5.0/5 "Blown Away!"
      Within one hour the car loan was disbursed by canara bank as i have the saving account so there is no need of verification. I visit the bank and submitted the required documents . They gave 10.75% interest rate. They charged only 1% processing fee .
      Was this review helpful? 2
      , patna
      Reviewed on Dec 22, 2015
    • Canara Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from canara bank and they gave the delivery order within 48 hour after submitting the documents. Interest rate and processing fee were normal. They checked my cybil and collected the minimal documents for the process.
      Was this review helpful? 2
      , kharagpur
      Reviewed on Nov 26, 2015
    • Canara Bank Car Loan
      "Bit delayed!"
      0.5 5.0/5 "Blown Away!"
      The car loan application is little bit delayed from Canara Bank. It took around 12 days fro the loan amount to be disbursed. Documentation was done as per the bank norms. But they offered me 70% of the vehicleâ??s on road price as the loan amount. It would be nice if they disburse the loan amount at the earliest!
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 23, 2015
    • Canara Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I havenâ??t faced any issue with the service provided by Canara Bank based on the car loan.They have applied interest around 10.4% for the loan.They have to work on the response provided towards the customer in the loan process.I would like to recommend about Canara Bank to others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 24, 2015
    • Canara Bank Car Loan
      "Car loan"
      0.5 4.0/5 "Great!"
      Canara bank car loan process is fine. The best part is the interest rate which was a floating interest rate. For closing this account I have contacted the Branch Manager and he has instructed me and the loan was closed within a day time. The charge on the car was removed successfully.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2015
    • Canara Bank Car Loan
      "Good!!!"
      0.5 4.0/5 "Great!"
      Canara bank was good. Documentation part was easy , an executive came to me and collected my documents. I did not get an option to visit the bank very regularly. Within 15 days they have sanctioned my car loan. I am happy with the interest rate, it was around 12%, charges were minimum. Over all service was good with Canara bank.
      Was this review helpful? 0
      , dehradun
      Reviewed on Sep 21, 2015
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