Canara Bank Car Loan

Why Choose Canara Bank for Your Car Loan?

Depending on the cost of the car, the contributions made by the bank and the individual will vary. Given in the table below are the contributions that will be made by the bank and the individual depending on the price of the car:

Canara Bank finances 80%, 85%, or 90% of the car's on-road price, depending on its value. For new cars, this on-road price covers the invoice value plus insurance, registration, road tax, and accessories.

Canara Bank Used Car Loan

Canara Bank provides car loans for used cars under the below-mentioned conditions:

• The car must not be older than 5 years.
• The tenure of the loan can be a maximum of 60 months
• Canara Bank finances up to 75% of the car's value or its agreed price, whichever is lower capped at Rs.15 lakh. An automobile engineer must assess the car's value first.

Car Loan Repayment Schedule – Canara Bank

Canara Bank offers a flexible repayment schedule. You can take up to 84 months to repay a new car loan, or up to 60 months for a used car loan.

Features and Benefits of Canara Vehicle Loan

The main features and benefits of the Canara Vehicle are mentioned below:

• The interest rate charged is low. 
• No hidden charges are levied.
• The processing charges that are levied are minimal.
• You can choose your own EMI amount, with a loan tenure of up to 84 months.
• Individuals can avail a car loan for new cars as well as for used cars.
• The loan can be availed for all types of cars and does not depend on the car model and manufacturer.
• In the case of used cars, the tenure of the loan can be up to 60 months.
• No foreclosure charges are levied by the bank in case individuals wish to close the loan before the maturity date.
• Finance is provided by the bank for most of the car's value. Therefore, it is easy for an individual to own a car.

Canara Bank Car Loan Eligibility Criteria

The eligibility criteria to avail the Canara Vehicle Loan are mentioned below:

• Individuals who are self-employed or professionals, or work for a reputed organisation will be eligible to avail a car loan. 

• Hindu Undivided Families (HUFs) are not eligible to avail a car loan with Canara Bank. 

• Reputed firms and companies are also eligible to avail a car loan with Canara Bank. 

• In the case of salaried employees, the minimum gross salary that they make in a year should not be less than Rs.3 lakh. 

• Other individuals must also make a minimum gross yearly income of at least Rs.3 lakh as per the latest Income Tax Returns. However, the average annual income of the individual must not be less than Rs.2.5 lakh over the last 3 years. 

Documents Required for Canara Bank Car Loan

The documents that must be submitted to avail a car loan with Canara Bank are mentioned below:

• The completely filled application form must be submitted.
• 2 passport-size photographs of the applicant.
• Last 3-months' salary slips or payslips must be submitted.
• Address proof such as telephone bill, water bill, electricity bill, LPG bill, Driving License, or Aadhaar card must be submitted.
• Last 6 months bank statement.
• Income Tax Returns for the last 3 years or Form 16 must be submitted.
• ID proof such as Permanent Account Number (PAN) Card, Aadhaar Card, Voter ID, or Passport must be submitted.

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