Canara Bank Car Loan

Overview

Canara Bank provides Car Loan for buying both new cars or used cars.

Car Loans from Canara Bank

For new cars – you need to have 10% of cost for 10 lakhs car loan. 15% of the cost for car loans above 10 lakhs to 25 lakhs. For loans above 25 lakhs you have to bring 20% of the car’s cost. You can get 90% or 85% or 80% of the on road price of the car with no limit on the maximum loan amount.

The best part is you get the loan amount inclusive of the bill value, life tax, and charges for registration, car insurance and any car accessories as well.

For Used Cars – you can avail loans for cars not older than five years at the same interest rates. You can get up to 75% of the car’s value which can go up to 15 lakhs. Based on whichever is lesser your loan amount is disbursed.

Loan Tenure

For new cars – 84 months

For old cars – 60 months

Documents Required for Car Loan

Filled car loan application form
2 passport size photos
Recent salary slip
Form No.16 or any other Income, preferably ITAO/ IT Return
Invoice or the bill report as an estimate of the car loan amount
Surety if applicable, as it is waived in certain cases
RTO Forms

Canara Bank Car Loan Rate of interest (as of 01/01/2014)

The Base Rate = 10.20%

The rate of interest is calculated at Base Rate + 0.50% which stands at 10.70% currently and this includes all the variants
With a minimum margin of 10% and for the repayment period of more than 36 months, the interest is calculated at Base Rate + 0.50% which is at 10.70 percent.
With a minimum margin of 10% and for the repayment period of more than 36 months or less, the interest calculated is at Base Rate + 0.50% which is at 10.70 percent.
With a minimum margin of 50% and irrespective of the repayment period, the interest is calculated at Base Rate + 0.50% which is at 10.70 percent.

Canara Bank Car Loan Duration

7 days for the car loan to be disbursed at the Branch
15 days for the car loan to be disbursed at the Circle
2 to 3 weeks for the car loan to be disbursed at the Head Office

Why Apply for Canara Bank Car Loan from BankBazaar?

Canara Bank car loans available at fixed interest rate, floating interest rates, for used cars, for new cars and for the likes of corporates or individuals, we help you choose the most appropriate car loan suited to your requirements. All you have to do is just enter the details of the loan amount, tenure and your basic details and leave the rest to us. We will ensure that your car loan is processed and at no additional cost.