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 Used Car Loan Reviews

    • Canara Bank Car Loan
      "Cordial Staff"
      0.5 5.0/5 "Blown Away!"
      I maintain a good relationship with the staff at Canara Bank. They are very cordial and customer centric. Whenever I approach them for a query, they are supportive as well. I had taken a car loan and it was a smooth process with a fantastic rate of interest.
      Was this review helpful? 1
      , shimoga
      Reviewed on Jul 11, 2017
    • Canara Bank Car Loan
      "Great service"
      0.5 4.5/5 "Excellent!"
      The documentation and the verification process was smooth with Canara bank for the car loan . Within a week time they have disbursed my car loan. The rate of interest was nominal with Canara. The customer service and the response was good. I am happy with the loan amount. The required loan amount was provided by Canara bank. I would say it was a good service offered by Canara bank.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 01, 2017
    • Canara Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The Canara bank actually values their customer and one of the Branch Manager took personal interest in concern to my car loan application and , they had approved the loan and after clearing my Cibil they had disbursed my loan with in 3hours of time. The rate of interest is nominal and competitive. Overall, I am satisfied with the CANARA BANK service.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 06, 2017
    • Canara Bank Car Loan
      "Quick Service"
      0.5 4.0/5 "Great!"
      In 2015, I had taken a car loan with Canara Bank. The interest rate was of 11%. I went to the bank and discussed with the manager about the loan, immediately they gave me the application form and processed the loan within 30 minutes. Actually that was year end so they processed it as soon as possible.
      Was this review helpful? 0
      , salem
      Reviewed on May 24, 2017
    • Canara Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Canara Bank car loan process is great, my experience was really good with Canara bank and the customer service executives are very friendly in approach and the rate of interest was 9.67% approximately. I got the car loan approved and on the same day the interesting part is after loan got disbursed bank executives came to my place to collect the documents. All in all, it was a very good service provided by them.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 16, 2017
    • Canara Bank Car Loan
      "Good in rate of interest"
      0.5 5.0/5 "Blown Away!"
      Initially I applied for a car loan with different bank. But I was not satisfied with interest rate, as it is little high so I approached Canara bank where I got the rate of interest for 8.95% so I happily continued with Canara bank and I got the loan as well.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 06, 2017
    • Canara Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got an amazing offer on the rates for my car loan. I had taken it from Canara bank. The process was also pretty smooth and easy. The services was good. There was no processing charges . Overall I could say that it was a hassle free process in getting this loan. Another advantage is they don't have any pre closure charges too.
      Was this review helpful? 0
      , hosur
      Reviewed on May 05, 2017
    • Canara Bank Car Loan
      "Very helpful service"
      0.5 5.0/5 "Blown Away!"
      Applied car loan with canara bank, the response and the follow up was good with my car loan application. The rate of interest and the charges levied low with my car loan disbursement. They just took 2 days to disburse my car loan. I can say it was very helpful service.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Apr 19, 2017
    • Canara Bank Car Loan
      "Champion service for car loan"
      0.5 5.0/5 "Blown Away!"
      I was overwhelmed by the service offered by CANARA bank, when it comes to Car loan as without any hesitation they were able to provide the car loan. It was unbelievable. I met the Branch Manager there he was able to process the loan with ease. Within 15 minutes they were able to complete the loan process, on top of that they were not in need of any documents too.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Dec 15, 2016
    • Canara Bank Car Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I got an good offer on the rates for my car loan. I have taken it from Canara bank. The process was also pretty smooth and easy. The services was good. The processing charges was also reasonable. Overall I could say that it was a hassle free process in getting this loan.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 06, 2016
    • Canara Bank Car Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      I had taken a car loan from Canara Bank. The process was very fast and easy. I got the loan on the same day. The services were good. They cooperated well. The rate of interest was also pretty normal. The processing charges was reasonable too. Good overall.
      Was this review helpful? 1
      , tuticorin
      Reviewed on Jul 23, 2016
    • Canara Bank Car Loan
      "Excellent services "
      0.5 5.0/5 "Blown Away!"
      Canara bank was near to my office that was the reason why I had chosen Canara bank. I had submitted all the necessary documents to them and got a car loan. The data and information given by the bank was crystal clear. Their executives were also friendly. One of the officials named Sowmya processed my application fast and disbursed my loan in 30 minutes.
      Was this review helpful? 0
      , kochi
      Reviewed on May 19, 2016
    • Canara Bank Car Loan
      "Nominal interest"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with the Canara Bank and the interest rate was around 10.5% is fixed. The loan amount got disbursed within two to three days of time. Documentation process was an easy one like it was same as other banks and the processing charges were also a good one like it was around one thousand Rupees. There are no drawbacks with them and am happy and they need to improve their customer service like they have recruit young employees.
      Was this review helpful? 0
      , mangalore
      Reviewed on May 03, 2016
    • Canara Bank Car Loan
      "Smooth & convenient loan"
      0.5 5.0/5 "Blown Away!"
      I have taken the car loan with Canara Bank as they had offered me a good rate of 9% with a processing fee of just Rs.500 and there are no foreclosure charges as well. The loan processing and documentation overall took 3 days and it was a pretty smooth and convenient loan experience.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 30, 2016
    • Canara Bank Car Loan
      "Efficient"
      0.5 4.0/5 "Great!"
      Canara bank car loan is fine. They were very prompt . I am holding this car loan for 5 years. My current account is with Canara bank therefore I preferred Canara for the car loan. Interest rate is good . Processing fee is very good. I was asked to pay the normal EMI. Payment options are excellent when it comes to Canara bank.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Apr 15, 2016
    • Canara Bank Car Loan
      "Extremely good..."
      0.5 5.0/5 "Blown Away!"
      Extraordinary as the customer service is very good in Canara bank while applying for the car loan. Processing time is very short than other private banks. For me interest rate is 8.5% and this is an employee offer. Processing charge is just nil. For me the prepayment period is about 15 years and this differs from normal payment mode.
      Was this review helpful? 0
      , bidar
      Reviewed on Jan 18, 2016
    • Canara Bank Car Loan
      "Excellent approval "
      0.5 5.0/5 "Blown Away!"
      Within one hour the car loan was disbursed by canara bank as i have the saving account so there is no need of verification. I visit the bank and submitted the required documents . They gave 10.75% interest rate. They charged only 1% processing fee .
      Was this review helpful? 2
      , patna
      Reviewed on Dec 22, 2015
    • Canara Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from canara bank and they gave the delivery order within 48 hour after submitting the documents. Interest rate and processing fee were normal. They checked my cybil and collected the minimal documents for the process.
      Was this review helpful? 2
      , kharagpur
      Reviewed on Nov 26, 2015
    • Canara Bank Car Loan
      "Bit delayed!"
      0.5 5.0/5 "Blown Away!"
      The car loan application is little bit delayed from Canara Bank. It took around 12 days fro the loan amount to be disbursed. Documentation was done as per the bank norms. But they offered me 70% of the vehicleâ??s on road price as the loan amount. It would be nice if they disburse the loan amount at the earliest!
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 23, 2015
    • Canara Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I havenâ??t faced any issue with the service provided by Canara Bank based on the car loan.They have applied interest around 10.4% for the loan.They have to work on the response provided towards the customer in the loan process.I would like to recommend about Canara Bank to others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 24, 2015
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    Canara Bank Used Car Loan is Rated as "Blown Away!" by 35 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Canara Bank Used Car Loans

    Being one of India’s oldest financial institutions, Canara Bank is a customer centric bank providing an extensive array of banking products and services, leveraging the latest technology to deliver on its commitments. Being the most trusted institution in the banking arena, Canara Bank’s name is synonymous with constant innovation, economic growth and also for spearheading the development of under-privileged areas in the country. Sustaining a large clientele comprising of both retail and corporate customers, Canara Bank has evolved into a major financial conglomerate with several subsidiaries, training institutes, sponsored institutes and joint ventures across the globe. Placing the customer’s interests in the forefront, Canara Bank provides a multitude of banking products at very affordable rates. Canara Bank’s product basket comprises of retail loans, corporate banking solutions, NRI banking, agricultural banking and financing for MSMEs. Amongst retail loans, the Canara Mobile - Vehicle scheme is a very popular used car loan product offered by Canara Bank for customers looking to get their used cars financed.

    Features of a Canara Bank Used Car Loan

    Canara Bank finances all types of used cars, not older than 5 years at low interest rates. The Canara Mobile - Vehicle Scheme aims at providing complete financial assistance to a borrower with the bank covering a significant amount of the total value of the used car.

    Quantum of Loan

    Canara Bank provides used car loans up to Rs 15 lakhs after maintaining a minimum margin requirement of 25%. The bank sanctions a particular loan amount for a customer depending on any of the mentioned three factors - 75% of the value of the used car as appraised by an automobile engineer or 75% of the price agreed between the seller and the buyer or 75% of the original cost price of the used vehicle, whichever is lower.

    Loan Margin

    A customer is required to cover a loan margin of 25% of the total cost of the used vehicle while availing a Canara Bank used car loan.

    Loan Repayment

    Borrowers can easily repay their Canara Bank used car loans with monthly installments taken up to a period of 60 months. The maximum repayment period for a used car loan can also be determined based on the expected life of the vehicle as per the valuation report got from an automobile engineer.

    Processing Charges

    Canara bank charges a low processing fee of about 0.25% of the loan amount with the minimum amount being Rs 1000/- and the maximum amount being Rs 5000/- for used car loans.

    Security for the loan

    Canara Bank requires a customer to provide security for their used car loans as hypothecation of the car financed and a personal guarantor as accepted by the bank.

    Pre-Payment Charges

    Canara Bank used car loans can be easily closed at any point in the loan tenure and the bank will not levy any pre-closure charges for the same.

    Eligibility criteria for a Canara Bank Used Car Loan

    Canara Bank sanctions used car loans to salaried individuals with a regular source of income and the necessary financial capability to repay the loan.

    Self-employed businessmen, firms and corporates can also apply for a Canara Bank used car loan, showing the required business profits and cash flow to efficiently repay the loan.

    Customers looking to obtain a Canara Bank used car loan under Hindu Undivided Family (HUF) are not eligible to apply with the bank.

    Income Criteria

    Salaried professionals are required to have a minimum gross salary of Rs 3 lakhs per annum for the last three years. Their net take home should be 40%, with a minimum of Rs 12,000/ per month, after considering the EMI amount to be paid.

    Self-employed businessmen should show an annual average income of Rs 3 lakhs for the last three years according to the Income Tax returns filed.

    Borrowers choosing to declare other sources of incomes like rental income, income from investments or their spouse’s income, can also do so and the bank will approve the eligibility based on the documentary evidences provided.

    Documents required

    1. Filled in application form
    2. Passport size photographs - 2
    3. Latest salary certificate
    4. Form 16
    5. Income proofs -
      • ITAO/ IT Returns
      • Financial statements etc.
      • Proforma Invoice
      • Required guarantee
      • Co-obligation
      • RTO forms.

    Canara Bank Used Car Loan Interest Rates

    Canara Mobile is a special product offered by Canara Bank to finance used cars. Interest rates for this loan depend on the loan date, with new customers paying interest according to MCLR and old customers having an option to stick to existing rates or move to MCLR.

    Canara Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    Canara Bank has migrated to the MCLR based system from April 1, 2017, in accordance with RBI guidelines. MCLR based interest rates depend on the CRR (Cash Reserve Ratio), repo rate, tenure, etc. The current rates are mentioned below.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.00%
    1 month 9.25%
    3 months 9.35%
    6 months 9.40%
    1 year 9.45%

    Used car loan interest rates – July 2017

    Canara Bank has differential rates for used car loan borrowers, with women paying a lower interest compared to men. The table highlights the applicable rates.

    Canara Vehicle loan MCLR Interest for men MCLR Interest for women
    Used car loan 1 year MCLR + 0.50% 1 year MCLR + 0.45%

    Canara Bank Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.65% per annum, effective 7/10/2015
    Prime Lending Rate 14.45% per annum, effective 1/1/2014

    Canara Bank interest rate for used cars (Based on Base Rate)

    Existing customers who wish to continue with the old interest system are expected to pay interest according to the base rate, with the table highlighting current rates.

      Interest for men Interest for women
    Interest rate on basis of base rate BR + 0.30% BR + 0.25%

    Note: Rates mentioned above are applicable as of June 6, 2017. Eligible applicants should check the rates prevailing at time of availing a loan. Interest rates are subject to change without prior notice, at the sole discretion of Canara Bank.

    EMI calculator for Canara Bank Used Car Loans

    Plan and phase out your investments, depending on your financial situation and also understand how much you would be spending on any type of loan you would be availing. Borrowers generally are not clear about how much expense they would incur on a used car loan. Coming to their aid, are used car loan EMI calculators available on the homepage of BankBazaar.com. To get a detailed forecast on the loan repayment schedule of a borrower, certain details like loan amount, tenure, processing fees and interest rates need to be provided into the EMI calculator tool. Customers intending to take a Canara Bank used car loan can get a comprehensive loan repayment statement showing their EMI amounts and also the interests they will pay for the entire tenure of the car loan. Used car loan EMI calculators can efficiently plan out your loan repayment schedule for you and are available under the ”Finance Tools” menu on BankBazaar.com.

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