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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
Details
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
Benefits

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

  • 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).

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