If you really think about it, it's easier getting a loan for a car than a loan for bus fare!

Canara Bank Car Loan

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
9.90% - 9.95% Floating
10L - 25L Up to 90% of car value
7 Years
Response Time Within 30 minutes
What you'll love
Think about
Fees & Charges
Eligibility Criteria

Canara Bank Car Loan is Rated as "Excellent!" by 20 Users

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Canara Bank is an Indian state-owned bank headquartered in Bangalore, Karnataka. It was established in 1906, making it one of the oldest banks in the country. The bank was nationalised in 1969. Canara Bank occupies a premier position in the comity of Indian banks with an unbroken record of profits since its inception. Read on to learn about the eligibility and documentation requirements for the Canara Bank car loan.

You’re probably eligible for an Canara Bank Car Loan if you are

Canara Bank Car Loan Minimum Age

At least 21 years old

Canara Bank Car Loan Maximum Age

Less than 60 years old

Canara Bank Car Loan Eligible Employment Type

Salaried or self-employed
with regular income

Canara Bank Car Loan Minimum Income

Earn more than the minimum
income required

Your Canara Bank Car Loan amount eligibility is based on these factors

Canara Bank Car Loan Minimum Salary

Minimum income required
Rs.3.00 lacs per annum

Canara Bank Car Loan Maximum Loan to Value

Loan capped @
90% of the ex-showroom price

Canara Bank Car Loan EMI

EMIs of other loans lower
your eligibility

Increase your eligible Canara Bank Car Loan amount by these steps

Canara Bank Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

Canara Bank Car Loan Maximum Tenure

Choose longer tenure loan up to 7 years

Documentation needed to apply for an Canara Bank Car Loan

  • 1. Residence proof
  • 2. Photo ID and age proof
  • 3. Signed application form with photograph
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Canara Bank Car Loan Interest RatesUpdated on 13 Feb 2016

Canara Bank Car Loan Details
Interest Rate (Monthly reducing balance) 9.90% to 9.95%
Processing Fees Waived from 17/08/2015 to 31/01/2016
Pre Closure Charges Nil
Loan Tenure 1 year to 7 years

About Canara Bank

Established in 1906, Canara Bank is one of the premier banking institutions in India with a wide array of financial services, well known for its Core banking services. Keeping the needs of its customers in the forefront, Canara Bank has over past hundred years strived to achieve excellence in every aspect of banking. Being one of the oldest and most trusted bank in India, Canara Bank has carved a niche for itself promoting growth, development, and constant innovation using modern technology for providing custom made banking services to its large clientele.

Why choose a Canara Bank Car Loan?

Canara Mobile - Vehicle is a unique car loan scheme provided to customers wanting to purchase and own their dream cars without any hassles. Adding to the excitement of owning their own car, customers can buy any make and model of a car using a Canara Bank car loan, enjoying great returns on their investments

Offering the Canara Mobile - Vehicle scheme at competitive interest rates, convenient EMI repayments and easy application procedures, this car loan from Canara Bank is one of the most value added investment in today’s market. Customers looking to invest in a car should definitely consider this car loan scheme as an affordable option with a lot of add-on benefits. They can also avail various discounts and waivers on fees while availing a Canara Bank car loan.

Features of a Canara Bank Car Loan

The Canara Mobile - Vehicle Scheme provides car loans for all types of cars, irrespective of the model and the make.

Canara Mobile’s most unique feature is the amount of loan coverage that Canara Bank offers. Generally, there is no cap applied on the upper limit of the loan amount for purchase of new cars. Canara Bank finances a huge chunk of the total value of the car, which makes it very easy for an individual to own a car.

  • The bank finances up to 90% of the car value in case of loan amounts up to Rs 10 lakhs, 85% of the car value for loan amounts between Rs 10 lakhs and Rs 25 lakhs and up to 80% of the car price for loan amounts above Rs 25 lakhs. The mentioned percentages include the total invoice value, life tax, registration charges, accessories and insurance.
  • For new cars, a loan margin of 10% on the on-road price is expected for loan amounts up to Rs 10 lakhs, 15% in the case of loan amounts ranging above Rs 10 lakhs up to Rs 25 lakhs and 20% for loan amounts above Rs 25 lakhs.
  • Customers can avail Canara Bank car loans with loan tenures extending up to 84 months.
  • Canara Bank imposes a processing fee of 0.25% of the loan amount with a minimum being Rs 1000/- and a maximum of Rs 5000/- for all types of new cars.
  • Customers can easily repay their car loan at any time and the bank does not charge any pre closure charges for that.
  • Canara Bank customers can avail a car loan on a second car, subject to them having no overdues pending on their earlier car loans.
  • Vehicles which are not more than one month old will be considered as eligible to be financed under the new car scheme by Canara Bank.

Canara Bank offers car loans with floating interest rates which are linked to the current base rate of the bank. The Canara Mobile Vehicle scheme comes with an interest rate of 10.70% which is 0.50% more than the current base rate of Canara Bank. This floating interest rate is calculated based on the daily reducing balance and applies for all types of loan margins and loan tenures.

Salaried professionals with a regular source of income and the required repayment capacity are eligible to avail a Canara Bank car loan.

Self-employed businessmen, proprietary firms and corporate companies also qualify for a car loan provided they show the required profits and cash flow to repay the loan.

Customers wanting to avail a Canara Bank car loan using Hindu Undivided Family (HUF) will not be eligible to do so.

Applicants need to submit the mentioned documents while availing a Canara Bank car loan - filled in application form, two passport size photographs, latest salary certificate, form 16, income proofs like ITAO/ IT Returns, financial statements etc., Proforma Invoice, required guarantee, co-obligation and the necessary RTO forms.

Salaried applicants need to have a minimum gross salary of Rs 3 lakhs per annum for the previous three years. The net take home should be 40%, the minimum being Rs 12,000/ per month, after considering the monthly instalment amount to be paid.

Self-employed businessmen should have an annual average income of Rs 3 lakhs for the last three years as per IT returns filed.

As a special case, if customers choose to declare other sources of incomes like rental income, income from investments or income of the spouse, the bank approves the eligibility based on the documentary evidences produced.

EMI calculators are available on the Finance Tools menu under the main menu on the BankBazaar home page, which can help a customer calculate his monthly EMIs he will be paying for a Canara Bank car loan. BankBazaar’s Car Loan EMI calculator is designed to efficiently calculate the Canara Bank EMI payment details in a few seconds. Applicants are advised to follow a simple process to instantly calculate their Canara Bank car loan EMIs.

  1. On the main menu, please select the ‘Finance Tools’ drop down menu, which opens up to the EMI calculator option. Selecting this link will take you to the Car loan EMI calculator option specifically leading you to the EMI calculator page.
  2. Separate ruler scales are available on the EMI calculator page representing the ranges of the ‘loan amount’ and ‘tenure’ that can be selected by customers.
  3. Customers need to enter certain details like the required loan amount and the tenure of the Canara Bank car loan taken to calculate their EMIs. The pre-populated values can be changed to suit the customer’s details.
  4. Then the interest rate charged by Canara Bank for car loans has to be entered along with the processing fee charged. The default value is already populated in the field and can be changed if required.
  5. Clicking on ‘calculate’ will give a customer details of his Canara Bank car loan EMI payments along with the breakup of the total interest to be paid.
  6. Customers facing any issues or problems while navigating through these pages, can contact our friendly customer care team who will be available at 91 44 6651800

Can customers check their Canara Bank car loan status online?

Customers who have applied through BankBazaar can check their Canara Bank loan status using SMS alerts and emails. Applicants also have the option of checking their Canara Bank loan status online on the Canara Bank website.

Where can customers get the Canara Bank car loan application form?

The Canara Bank car loan application form is available on the Canara Bank website.

Is the Canara Bank car loan statement available online?

Customers can download their Canara Bank car loan statements from the Canara Bank portal.

What are the Canara Bank car loan prepayment charges levied on a customer?

Canara Bank imposes zero penalty charges on customers looking to pre-close their car loans.

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.

Can a customer contact the Customer service desk for more details on Canara Bank Car Loans?

Our friendly customer Care helpdesk is available at 91 44 6651800 and will be glad to help customers with any queries regarding Canara Bank car loans.

Canara Bank Car Loan Reviews

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