Canara Bank offers car loans, known as Canara Vehicle Loan. Canara Bank interest rates ranging from 8.80% to 9.45%.
The main features and benefits of the Canara Vehicle are mentioned below:
|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.|
The eligibility criteria to avail the Canara Vehicle Loan are mentioned below:
Some of the ways that individuals can increase their eligibility for a Canara Vehicle Loan are mentioned below:
|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|
The documents that must be submitted to avail a car loan with Canara Bank are mentioned below:
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.
Canara Bank provides car loans for used cars under the below-mentioned conditions:
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%|
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.
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.
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.
The calculation of interest is done on a daily reducing balance basis.
Yes, it is possible for an individual to prepay the loan. No prepayment fees will also be levied.
Individuals can get details on the car loan by one of the below-mentioned ways:
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