Canara Bank Car Loan

About Canara Bank Car Loan

You spend a considerable amount of time deciding to buy the car as its possession requires a great deal of planning and execution. The moment you decide to buy the car, the next thing that comes to your mind is the lender to whom you can approach for a loan as paying the whole price of the vehicle in one go may disturb your finances. So, the focus should be on getting a higher amount of loan at lower interest, minimal processing fee & other charges. All that are available at Canara Bank, a public lender which provides a car loan at attractive interest rates to help you buy your favourite 4-wheeler. Looking forward to a complete description of the bank’s car loan offer? Get down to the information as stated below.

Canara Bank Car Loan Interest Rates

ParticularsDescription
Interest Rate8.70% for Central Govt & Defense employees; 8.70%-9.25% for Women borrowers & 8.75%-9.35% for general borrowers
Loan AmountFor New Cars:

Minimum Loan: upto ₹10,00,000

Maximum Loan: ₹25,00,000 & above

For Pre-owned Cars: 75% of the agreed price or 75% of the value of the car, as assessed by an automobile engineer or ₹ 15,00,000/- whichever is lower.

Processing Fee0.25% on the loan amount with a minimum of ₹1000/- and maximum of ₹5000/-
Repayment TenureNew Cars : Upto 7 Years

Pre-owned Cars (not older than 5 years) : 5 years
Prepayment ChargesNIL

Canara Bank Car Loan EMI Calculator

Before availing a car loan, make sure you have a hang of the EMI amount that is payable from your pocket at different periods of the tenure. To figure out the EMI, you should use the bank’s car loan EMI calculator. Not only the EMIs, you can also get to know the total interest outgo and the overall payment with the help of a calculator. If you are looking to avail a 7-year car loan of Rs. 5,00,000 and want to be updated of the EMIs, read out the table below.

Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at Canara Bank

Loan Amount
(in ₹ )
Loan Tenure
(In years)
Interest Rate(in % p.a.)EMI(in ₹ )Total Interest Outgo(in ₹ )Total Amount(EMI+Interest) (in ₹ )
50000018.75%-8.95%43,668-43,71424,014-24,5705,24,014-5,24,570
50000028.75%-8.95%22,785-22,83146,841-47,9425,46,841-5,47,942
50000038.75%-8.95%15,842-15,88870,303-71,9765,70,303-5,71,976
50000048.75%-8.95%12,383-12,43194,396-96,6715,94,396-5,96,671
50000058.75%-8.95%10,319-10,3671,19,117-1,22,0236,19,117-6,22,023
50000068.75%-8.95%8,951-9,0001,44,462-1,48,0266,44,462-6,48,026
50000078.75%-8.95%7,981-8,0321,70,425-1,74,6766,70,425-6,74,676

Canara Bank Car Loan Eligibility Criteria

ParametersSalaried ProfessionalsSelf-employed
Age21-60 years21-65 years
Minimum IncomeMinimum gross salary of Rs 3 lacs per annumGross annual income of Rs 3 lacs per annum
Employment/Business ContinuityN.A.N.A.

Canara Bank Car Loan Documents Required

ProofsSalaried ProfessionalsSelf-employed
Identity ProofPassport, PAN Card, Voter Id, Driving licence( Laminated, Recent, Legible), two passport size photographs with application formPassport, PAN Card, Voter Id, Driving licence( Laminated, Recent, Legible), two passport size photographs with application form
Income ProofLatest salary certificate and Form No.16ITAO/ IT Return, Financial statements
Address ProofRation Card/Driving licence/Voter Card/Passport /Telephone Bill/ Electricity Bill/Life Insurance PolicyRation Card/Driving licence/Voter Card/Passport /Telephone Bill/ Electricity Bill/Life Insurance Policy

Canara Bank Car Loan Application Form

You have two options when it comes to applying for a car loan. Either you can go online and submit a filled in application form or visit the nearest bank branch to do the same. In my view, the former option is convenient as you can apply from your mobile or computer at office or home. You are required to fill in the relevant details and submit the form along with necessary documents for the processing of your loan application.

 

 

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EMI Calculator