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  • Canara Bank Car Loan

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  • Canara Bank offers car loans, known as Canara Vehicle Loan, to its customers with the interest rates ranging from 8.80% to 9.45%.

    Features and Benefits of Canara Vehicle Loan

    The main features and benefits of the Canara Vehicle are mentioned below:

    • The interest rate that is charged is low.
    • No hidden charges are levied.
    • The processing charges that are levied are minimal.
    • The monthly instalments can be chosen by the customer. The loan can be availed for a duration of up to 84 months.
    • Individuals can avail a car loan for new cars as well as for used cars.
    • The loan can be availed for all types of cars and does not depend on the car model and manufacturer.
    • In the case of used cars, the tenure of the loan can be up to 60 months.
    • No foreclosure charges are levied by the bank in case individuals wish to close the loan before the maturity date.
    • Finance is provided by the bank for most of the car’s value. Therefore, it is easy for an individual to own a car.
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    We found 1 Canara Bank Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.00% - 9.65% Floating
    0.25% (₹1,000 - ₹5,000)
    Up to 90% of cars value
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria

    Table of Contents



    Canara Bank Car Loan Fees and Charges

    Feature Charges
    Processing Fee 0.25% of the loan amount that is being availed will be charged as a processing fee. However, the processing fee can be a minimum of Rs.1,000 and a maximum of Rs.5,000.
    Financing Depending on the price of the car, 80%, 85%, and 90% of the on-road price of the car can be availed as a loan.
    Foreclosure charges No foreclosure charges are levied in case the loan is closed before maturity.

    Eligibility criteria

    The eligibility criteria to avail the Canara Vehicle Loan are mentioned below:

    • Individuals who are self-employed or professionals, or work for a reputed organisation will be eligible to avail a car loan.
    • Hindu Undivided Families (HUFs) are not eligible to avail a car loan with Canara Bank.
    • Reputed firms and companies are also eligible to avail a car loan with Canara Bank.
    • In the case of salaried employees, the minimum gross salary that they make in a year should not be less than Rs.3 lakh. However, the minimum take-home salary after the reduction of the car loan instalment should not be less than Rs.12,000 or 25% of the individual’s take-home salary.
    • Other individuals must also make a minimum gross yearly income of at least Rs.3 lakh as per the latest Income Tax Returns. However, the average annual income of the individual must not be less than Rs.2.5 lakh over the last 3 years.

    Canara Bank EMI Calculator

    Factors Affecting Canara Bank Car Loan Eligibility

    Some of the ways that individuals can increase their eligibility for a Canara Vehicle Loan are mentioned below:

    • Maintain a good credit score: Individuals who have a good credit score have more chances of getting their car loan approved. Having a credit score of 750 and above will provide the lender with an impression that the individual will be able to pay the loan amount on time.
    • Availing a lower loan amount: Banks and other lenders usually approve the loan in case the loan amount is low. Apart from banks being comfortable in providing the loan, the car loan interest rate, that will be levied is also low.
    • Shorter duration: Individuals who choose a shorter repayment tenure can avail the loan at lower interest rates. Therefore, it is recommended that individuals opt for shorter tenure when opting for a car loan. The chances of getting the loan approved also increases since individuals will have to pay to close the loan quicker.
    • Low debt-to-income ratio: Before approving the car loan, banks check the individual’s debt-to-income ratio. In case the individual has a significant balance between their income and expenses, the chances of getting the loan approved at lower interest rates increases.

    Comparison of Car Loan interest rates of top banks with the lowest EMI for 7 years

    Name of the Bank Rate of interest (p.a.) Amount (p.a.)
    Canara Bank 8.80% - 9.45% Rs.1,599
    Central Bank of India 7.05% Rs.1,512
    State Bank of India 9.15% - 12.40% Rs.1,617
    Axis Bank 9.25% onwards Rs.1,622
    YES Bank 9.75% onwards Rs.1,647
    Punjab National Bank 8.90% - 9.35% Rs.1,604
    ICICI Bank 9.30% - 12.85% Rs.1,624
    HDFC Bank 10.35% to 11.10% Rs.1,642

    Documents Required

    The documents that must be submitted to avail a car loan with Canara Bank are mentioned below:

    • The completely filled application form must be submitted.
    • 2 passport-size photographs of the applicant.
    • Last 3-months' salary slips or payslips must be submitted.
    • Address proof such as telephone bill, water bill, electricity bill, LPG bill, Driving License, or Aadhaar card must be submitted.
    • Last 6 months bank statement.
    • Income Tax Returns for the last 3 years or Form 16 must be submitted.
    • ID proof such as Permanent Account Number (PAN) Card, Aadhaar Card, Voter ID, or Passport must be submitted.

    Contributions

    Depending on the cost of the car, the contributions made by the bank and the individual will vary. Given in the table below are the contributions that will be made by the bank and the individual depending on the price of the car:

    Price of the car Individual’s contribution (%) Loan provided by Canara Bank (%)
    Up to Rs.10 lakh 10 90
    Above Rs.10 lakh and below Rs.25 lakh 15 85
    Above Rs.25 lakh 20 80

    Canara Bank provided 80%, 85%, or 90% of the on-road price of the car depending on the value of the car. In the case of new vehicles, the loan that is provided on the on-road of the car is inclusive of insurance premium, registration charges, life tax, invoice value, and any other accessories.

    Used Car Loan

    Canara Bank provides car loans for used cars under the below-mentioned conditions:

    • The car must not be older than 5 years.
    • The tenure of the loan can be a maximum of 60 months.
    • Up to 75% of the car’s value or the agreed price can be financed. The car value must be accessed by an automobile engineer and can be a maximum of Rs.15 lakh, whichever is lower.

    Rate of interest

    The rate of interest that is charged to avail a car loan with Canara Bank is mentioned in the table below:

    Description Interest Rate Current rate of interest
    In case the vehicle is registered under the name of a woman One Year MCLR + 0.30% to 0.85% depending on the score that is linked to CIC 8.80% to 9.35%
    Other borrowers One Year MCLR + 0.35% to 0.95% depending on the score that is linked to CIC 8.85% to 9.45%

    Repayment schedule

    Canara Bank provides a convenient repayment schedule for individuals who have availed a car loan. In the case of new cars, the loan tenure can be up to 84 months, but for used cars, the tenure of the loan can be up to 60 months.

    FAQs

    1. What are the different vehicles that can be financed under the Canara Bank car loan?
    2. Various types of four-wheelers such as vans and jeeps can be financed under Canara Vehicle Loan. The vehicle can be pre-owned or brand new.

    3. Is there any other income that is considered when determining the income eligibility?
    4. The income of the spouse, income from any investments, or rental income may also be considered when determining the income eligibility. However, documentary evidence must be submitted for it to be considered.

    5. How is the calculation of interest done?
    6. The calculation of interest is done on a daily reducing balance basis.

    7. Is it possible for an individual to prepay his/her loan?
    8. Yes, it is possible for an individual to prepay the loan. No prepayment fees will also be levied.

    9. What is the procedure to approach the bank in case the individual wants to avail a car loan?
    10. Individuals can get details on the car loan by one of the below-mentioned ways:

      • Visiting the Canara Bank website.
      • Calling the Canara Bank call centre (1800 425 0018).
      • Giving a missed call to 09268592685. Individuals will receive an SMS about the details of the car loan.
      • Individuals can also visit any Canara Bank branch to get details on the car loan.

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    Canara Bank Car Loan Reviews

    • Canara Bank Car Loan
      "Good and easy way for the car loan"
      0.5 5.0/5 "Blown Away!"
      My car loan with Canara bank experience is satisfactory, the field executive came to my place and done the process. Still my loan is active condition, every month the money goes through auto debit facility without any hassles and their bank staff are very helpful on my queries.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Sep 19, 2019
    • Canara Bank
      Canara Bank Car Loan
      "Recommendable Bank"
      0.5 5.0/5 "Blown Away!"
      I am an employee of Canara Bank, I got the car loan easily. I just submitted the quotation and pay slip for the loan process, I availed the loan amount of Rs. 3.6 lakhs with the duration of 10 years this loan period is eligible only for the employees.
      Was this review helpful? 9
      , panipat
      Reviewed on Sep 13, 2019
    • Canara Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Car loan through Canara Bank directly .The rate of interest was less and the processing fee was nominal.I have applied for the loan amount of 5lakhs for the tenure of 2years .The loan amount got on time and it was sufficient .The premium is deducted through EMI .
      Was this review helpful? 4
      , chennai
      Reviewed on Apr 13, 2019
    • Canara Bank Car Loan
      "Very Delayed process"
      0.5 3.0/5 "Satisfactory"
      I was requested for 7 lakh amount for my car loan in Canara bank . They almost taken one month for sanctioning a loan . It was a very tortoise process . At last I purchased a Tata volt car with this loan . Interest rate is very nominal like other banks .
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 12, 2019
    • Canara Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with CANARA BANK . The tenuity period is sufficient , my application was taken care by CANARA and they processed it keeping my documents . Rate of interest if i see its reasonable compare to market value. I am happy with Overall services..
      Was this review helpful? 5
      , hyderabad
      Reviewed on Mar 11, 2019
    • Canara Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan with Canara bank few years back and it was a good experience, the loan amount was sufficient and the rate of interest was nominal when compared to others. Customer service was good and they responded on time. Tenure period for this loan is for 3 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 18, 2019
    • Canara Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with canara bank from past one year, the loan amount they have given me was sufficient, the rate of interest they have charged me was nominal, and they have charged me processing fee that too was nominal, the loan process was smooth, there was no hidden charges, overall service is good.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 27, 2018
    • 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? 3
      , 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? 1
      , 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? 7
      , 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? 2
      , 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? 3
      , 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? 5
      , 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? 5
      , 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? 2
      , 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? 3
      , 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? 1
      , 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? 1
      , 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? 1
      , bangalore
      Reviewed on Sep 30, 2017
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