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Canara Bank Car Loan interest rate currently ranges from 7.30% p.a. to 9.90% p.a.
Features | New Car Loan Scheme |
---|---|
Interest Rate |
7.75% - 10.30% p.a. |
Processing Charges |
0.25% on the total loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.5,000 |
Loan Amount |
Up to 90% of the total value which includes life tax, invoice value, registration charges, etc. |
Repayment Period |
|
Prepayment Charges |
Nil |
Income Criteria |
Salaried individuals – Rs.3 lakh per annum |
Margin Amount |
|
Security/Collateral |
|
Types of Vehicles |
All four-wheelers (including vans and jeeps) |
The Canara Bank car loans for purchasing new and pre-owned vehicles are based on a fixed rate of interest. This particular rate of interest will remain the same throughout the tenure of the loan. The interest rates for Canara Bank Car Loan range between 7.30% and 9.90%, depending on multiple factors. The interest rate you are eligible for will be dependent on various factors, which have been mentioned below:
The following entities are eligible to borrow car loan from Canara Bank:
There are various ways in which you can borrow a car loan from Canara Bank. You can do so on their official website – www.canarabank.com. You can also contact their customer care department on 1800 425 0018. You can also give them a missed call on 09268592685 to receive an SMS with information regarding the car loan. If none of the above-mentioned methods are convenient, you can always visit the nearest Canara Bank branch.
Canara Bank finances 60% of the price or 60% of the total value of the car after the assessment of the vehicle has been done by an automobile engineer or Rs.15 lakh, whichever amount is lower.
The interest rate is computed on a daily reducing balance basis.
No. A member of the Hindu Undivided Family (HUF) cannot borrow a loan under this scheme.
Maruti Suzuki, the biggest automaker in India, has grabbed the title of being the first auto manufacturer who produced 2 crore cars in India. All the representatives of the company along with the MD and CEO of Maruti Suzuki India Limited, Kenichi Ayukawa, celebrated the production of the 20 millionth Maruti car, a Vitara Brezza, at the Gurugram plant of Maruti. As a matter of fact, while Maruti produced its first 50 lakh cars in a period of more than 21 years, the last 50 lakh cars were produced in a short span of only 38 months. This distinctive achievement has been attained by Maruti in 34 years and 6 months since the beginning of its production in December 1983. In the last 3 years, on an average every month Maruti has produced more than 1.3 lakh cars every month.
26 July 2018
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