Skip to main content

Canara Bank Car Loan

Rajat
  • Updated

  

Interest Rate Range   Processing Fee Range
Loan Amount
Tenure Range 
8.60% - 9.25%
Floating		 1,000 to ₹5,000

-
7 Years

 

Documents Required
  • KYC-PAN, address & ID proof
    Income proof, bank statement and one photograph
Think about
  • Application available only in division
  • This provider isn't a spouse. Stop by its website/branch office for more details. Trademarks, logos and other intellectual property belong to their respective owners.
  • Guarantor required
Perks
  • Part-payment available
  • E-approval 
Eligibility Criteria
 
  • Salaried professionals Using a regular source of income and the Mandatory repayment Ability
  • Self-employed businessmen, proprietary firms and corporate companies also qualify for a car loan provided they Reveal the required Gains and cash flow to repay the loan
  • Customers Trying to avail a Canara Bank car loan using Hindu Undivided Family (HUF) will not be eligible to do so     
 
 

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 Rates

Canara Bank Car Loan Details
 
Interest Rate 8.70% to 9.35%
Processing Fees 0.25% on the loan amount with a minimum of Rs.1000/- and maximum of Rs.5000/-
Pre-closure Charges Nil
Loan Tenure 7 years

 

Features of a Canara Bank Car Loan

  • The customer has to pay inspection charges of Rs.200 per inspection subject to a maximum of Rs.600 per year.
  • Clients can easily repay their car loan at any time and the bank doesn't charge any pre-closure charges for that.
  • Clients can avail Canara Bank car loans with advance tenures extending up to 84 months for new cars. On the other hand, the bank Provides a maximum loan repayment plan of 60 months in case the debtor has decided to purchase a second-hand car
  • The Canara Mobile - Vehicle Scheme provides car loans for all sorts of automobiles, despite the create and the model.
  • Canara Bank clients can avail a car loan on another automobile, subject to them having no overdue pending in their earlier car loans.
  • Offering the Canara Vehicle strategy at convenient EMI repayments competitive interest rates and effortless application procedures, this automobile loan from Canara Bank is among the most value added investment in the market of today. Customers seeking to put money into a car should think about this car loan strategy as an alternative with a lot of advantages. They're also able to avail waivers and discounts on fees while offering a Canara Bank car loan.
  • While availing this loan, the customer has to ensure that the minimum NTH after the EMI proposed by the bank is not lower than Rs.12,000 or 25% of the loan - whichever is more.
  • The lender finances up to 90% of the car value in the event of loan amounts around Rs.10 lakh, 85 percent of the vehicle value for loan amounts between Rs.10 lakh along with Rs.25 lakh and around 80 percent of the car cost for loan amounts over Rs.25 lakh. The percentages include life tax the invoice value, registration charges, accessories and insurance of the car that you've selected.

 

Related articles

Comments

0 comments

Please sign in to leave a comment.