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

    Canara Bank offers car loans for up to 80% to 90% of the on-road price of the car (on the basis of the cost of the vehicle). There is no upper limit for the loan amount. The bank offers lucrative interest rates ranging from 8.95% to 9.50% p.a. The loan repayment tenure offered by the bank is quite flexible and can be extended to as long as 84 months.
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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
    8.60% - 9.25% Floating
    1,000 to ₹5,000
    -
    7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    Canara Bank Car Loan is Rated as "Blown Away!" by 55 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Canara Bank was founded at Mangalore, Karnataka, in the year of 1906. Being one of the oldest banks, it has witnessed growth in multiple phases. The growth has been constant, especially after the nationalisation in the year of 1969. Ever since, the bank has been growing. At present, Canara Bank has more than 6,307 branches, 4,505 centres, and 9,004 ATMs which are spread all across the country.

    Compare Canara Bank Car Loan

    Name of loan Rate of interest (% p.a.) Loan Amount (Rs.) Processing Fees
    Name of loan Rate of interest (% p.a.) Loan Amount (Rs.) Processing Fees
    Canara Bank Car Loan 8.95% p.a. to 9.50% p.a. (w.e.f. 7 March 2019) Up to 90% of the on-road price of the car 0.25% of the loan amount

    Why should you choose Canara Bank Car Loan?

    There are a number of advantages which can be enjoyed by a customer if he or she opts for Canara Bank Car Loan. Some of these benefits are listed below:

    • Easy application process
    • Lucrative rate of interest
    • Up to 90% financing for vehicles worth up to Rs.10 lakh
    • Up to 85% financing for vehicles worth more than Rs.10 lakh, but less than Rs.25 lakh
    • Up to 80% financing for vehicles worth more than Rs.25 lakh
    • On-site EMI calculator for easy calculation of payable EMI
    • Minimal documentation process

    Fees and Charges for Canara Bank Car Loan

    The fees and charges which are applicable to Canara Bank Car Loan can be summed up as follows:

    • Processing fees: 0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000
    • Prepayment penalty fee: Nil
    • Inspection charges: Rs.200 for each inspection, subject to a maximum of Rs.600 every year
    • CIBIL charges: To be borne by the loan borrower
    • Outsourcing charges: To be borne by the loan borrower
    • Insurance premia: To be borne by the loan borrower

    Eligibility Criteria for Canara Bank Car Loan

    The eligibility criteria for Canara Bank Car Loan can be listed as follows:

    • The applicant should not be a Hindu Undivided Family or HUF. All other persons are eligible to apply for Canara Bank Car Loan.
    • Applicants who are salaried individuals should have a gross salary of at least Rs.3 lakh per annum.
    • The Net Take Home or NTH salary of the applicant should be at least 25% or Rs.12,000 (higher of the two).
    • All other applicants (except for salaried individuals) should have a gross annual income of at least Rs.3 lakh.
    • The 3-year Gross Average Annual Income of these applicants should not be less than Rs.2.5 lakh, as per the latest ITR/ITAO.
    • For individuals who are not salaried, the Net Take Home or NTH of the applicant should not be less than 25% or Rs.12,000 (higher of the two).

    Documents Required to Apply for Canara Bank Car Loan

    The requirement of documents varies from bank to bank. The documents required to apply for a Canara Bank Loan are as follows:

    • Proof of identity such as Voter’s ID card, Aadhaar card, passport, etc.
    • Proof of age such as Aadhaar card, PAN card, etc.
    • Proof of residential address such as ration card, current telephone bill, current electricity bill, etc.
    • Duly filled up application form.
    • Recent passport-sized photographs.
    • Proof of income.
    • Bank account statement

    The applicant might be required to provide some other documents as per the requirement of the bank.

    Frequently Asked Questions (FAQs) on Canara Bank Car Loan

    1. Can I track the status of my Canara Bank Car Loan application online?

      Yes, you can track the status of your Canara Bank Car Loan application online. If you have applied for a Canara Bank Car Loan through BankBazaar, you can log in to your BankBazaar profile and check the status online. In addition to that, BankBazaar will also send you regular updates through email and SMS on the email ID and phone number which you have registered. If you are using the BankBazaar mobile phone app, you can also opt for push notifications.

    2. Where can I get the Canara Bank car loan application form?

      The Canara Bank car loan application form is available on the Canara Bank website. You can download the application form from the official bank website or visit one of the nearest Canara Bank branch offices and collect the application form from there.

    3. What are the types of cars for which I can avail a Canara Bank Car Loan?

      You can apply for a new car of any range. Canara Bank provides loans for different types of cars and there is no upper limit for the loan amount. You can also apply for used car loans through Canara Bank, provided the car is not older than 5 years.

    4. Are customers required to submit security or collaterals while availing a Canara Bank car loan?

      Hypothecation of the purchased car against the loan amount and having a personal guarantor for an applicant is acceptable to the bank.

    5. How can I get in touch with Canara Bank in regard to a car loan?

      You can get in touch with Canara Bank through one of the following ways: 1) You can log in to the official bank website and use the ‘Chat’ option. 2) You can get in touch with the call centre using this number – 1800 425 0018. 3) You can visit one of the nearest Canara Bank branch offices.

    Perfect Car Loan Deals for you

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    Canara Bank Car Loan Reviews

    • 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? 0
      , chennai
      Reviewed on Apr 13, 2019
    • Canara Bank
      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? 0
      , 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? 4
      , 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? 2
      , 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? 2
      , 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? 0
      , 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? 5
      , 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? 1
      , 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? 2
      , 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? 4
      , 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? 4
      , 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? 0
      , 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? 1
      , 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? 0
      , 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? 0
      , 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? 0
      , bangalore
      Reviewed on Sep 30, 2017
    • Canara Bank Car Loan
      "At the moment is good"
      0.5 3.0/5 "Satisfactory"
      CANARA Bank car loan is much better than private bank, as they are very much customer friendly. They are considering customers current repayment track record which is good but it is too early for me to comment about Canara bank. The way the file is going is really good I would like to rate them 3.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Sep 28, 2017
    • Canara Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with the Canara bank and the response is very good . The rate of interest is also very good like its around 8.75% and the loan amount got disbursed to my account with in a day of time. Processing procedures are really a good one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 23, 2017
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