Canara Bank Car Loan
Last Updated : Jan. 11, 2019, 6:05 p.m.
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
| Particulars | Description |
|---|---|
| Interest Rate | 7.30% Onwards |
| Loan Amount | For 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 Fee | 0.25% on the loan amount with a minimum of ₹1000/- and maximum of ₹5000/- |
| Repayment Tenure | New Cars : Upto 7 Years Pre-owned Cars (not older than 5 years) : 5 years |
| Prepayment Charges | NIL |
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 ₹ ) |
|---|---|---|---|---|---|
| 500000 | 1 | 8.75%-8.95% | 43,668-43,714 | 24,014-24,570 | 5,24,014-5,24,570 |
| 500000 | 2 | 8.75%-8.95% | 22,785-22,831 | 46,841-47,942 | 5,46,841-5,47,942 |
| 500000 | 3 | 8.75%-8.95% | 15,842-15,888 | 70,303-71,976 | 5,70,303-5,71,976 |
| 500000 | 4 | 8.75%-8.95% | 12,383-12,431 | 94,396-96,671 | 5,94,396-5,96,671 |
| 500000 | 5 | 8.75%-8.95% | 10,319-10,367 | 1,19,117-1,22,023 | 6,19,117-6,22,023 |
| 500000 | 6 | 8.75%-8.95% | 8,951-9,000 | 1,44,462-1,48,026 | 6,44,462-6,48,026 |
| 500000 | 7 | 8.75%-8.95% | 7,981-8,032 | 1,70,425-1,74,676 | 6,70,425-6,74,676 |
Canara Bank Car Loan Eligibility Criteria
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Minimum Income | Minimum gross salary of Rs 3 lacs per annum | Gross annual income of Rs 3 lacs per annum |
| Employment/Business Continuity | N.A. | N.A. |
Canara Bank Car Loan Documents Required
| Proofs | Salaried Professionals | Self-employed |
|---|---|---|
| Identity Proof | Passport, PAN Card, Voter Id, Driving licence( Laminated, Recent, Legible), two passport size photographs with application form | Passport, PAN Card, Voter Id, Driving licence( Laminated, Recent, Legible), two passport size photographs with application form |
| Income Proof | Latest salary certificate and Form No.16 | ITAO/ IT Return, Financial statements |
| Address Proof | Ration Card/Driving licence/Voter Card/Passport /Telephone Bill/ Electricity Bill/Life Insurance Policy | Ration 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.