Home  »  Banking  »  Loans  »  Car Loan  »  Canara Bank Car Loan

Canara Bank Car Loan

Loan Name Interest Rate Processing Fee Loan Amount Tenure
Canara Vehicle Loan 9.00% - 9.65%, Floating 1,000 to ₹5,000 90% of on-road price of vehicle 84 months
Documents Required

  • Duly filled in application form along with 2 recent passport size photographs of applicant/guarantor.
  • Latest salary certificate for 3 months
  • Form 16 or Income Tax Returns or ITAO for previous 3 years
  • Aadhar Card or Driving License or LPG Bill, Utility Bills (electricity, water bill), telephone bill
  • Passport, Election Voters ID Card, PAN Card
  • Statement of bank account for the last 6 months

  • Lower interest rates
  • Equated Monthly Installments are easy on the pockets of buyers
  • No Hidden Charges
  • Minimal Processing Charges or Fees

  • Any individual who is a professional or self-employed or is working in a reputed firm or company is eligible to secure a car loan.
  • A Hindu Undivided Family is not eligible to secure a car loan with Canara Bank.
  • The income of the salaried individuals should be minimum Rs 3 lakhs per annum and minimum net take home after proposed instalment should not be less than 25% or Rs 12,000 (whichever is high).
  • For others, the minimum gross annual income should be Rs 3 lakhs per annum as per the latest ITR/ITAO subject to 3 years of gross annual average annual income of not less than Rs 2,50,000.
Other Details

  • Processing fee on a car loan is 0.25% of loan amount (minimum of Rs 1000 and a maximum of Rs 5000)
  • The Canara Bank also avails loans to the used cars which are not older than 5 years. The funds provided to used cars are restricted to 75% of the value of the car or 75% of the agreed price of the car as assured by the automobile engineer or Rs 15,00,000 (whichever is lower).


More Headlines

Get Latest News alerts from Goodreturns

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more