Canara Bank Car Loan

Whether you are planning to get your first car or upgrading to a luxury car, car loans help you meet the finances you need to make that dream come true. There are many banks in the retail market that offer car loans these days. One such bank that offers you the chance to get a car loan with affordable rates is Canara Bank.

Canara Bank holds a key position in Indian banking and financial services system. Their profit records that have been consistent over the years are a reminder of their exceptional service and management. Their slogan ‘Together we can” is a motto that is imbibed in every employee of Canara bank as they strive to serve its customers with utmost sincerity and dedication.

Canara Bank has a wide network of 5784 branches and over 9153 ATMs all over the country. Not only that they have international presence in global cities such as New York, London, Hong Kong, Moscow, amongst others.

Canara Bank has been awarded with a number of awards over the years. In 2015, they were awarded as ‘India’s Most Trusted Brand’ under India’s Best Banks category. This was after a survey that was done by IBC Infomedia & Media Research Group (MRG). It also won the Dun & Bradstreet award for the Best Bank under Priority Sector Lending as well as Best Retail Growth performer in 2015.

Overview Of Canara Bank Car Loan

Canara bank car loans are known as Canara Mobile – Vehicle. It is an exceptional loan service by Canara bank that gives ordinary Indians a chance to purchase a vehicle of their choice. With their affordable car loan schemes and attractive discounts and fee waivers, Canara Bank car loans are widely sought after.

Canara Bank car loans offer minimal documentation. Their low interest rates make monthly EMI even lower, thereby making it easier on the pocket. You get the option of availing finance for upto 90% of the car value.

Why Pick Canara Bank Car Loan?

Canara Bank car loan is highly sought after for a variety of reasons. Here are some of the factors that you can consider while choosing a car loan provider:

  • Canara Bank does not levy any pre-closure charges at all if you choose to pre-pay your car loan.
  • Canara Bank has one of the lowest Interest rates in the retail car segment.
  • Canara Bank has low EMI repayment structure.
  • By availing car loan from Canara Bank, you can repay your car loan for a longer duration of up to 7 years.

Features of Canara Bank Car Loan

Canara Bank Car Loan offers a variety of features and benefits:

  • Canara Bank offers finance of the car for upto 90% of the car value for vehicles ranging upto 10 lakhs. For vehicles ranging between 10 – 25 lakhs, get 80% of the loan.
  • Canara Bank has one of the lowest processing fees of .25% of the loan amount; minimum is Rs. 1000 and a maximum of Rs. 5000 (depending on the car segment).
  • There are no pre-closure charges levied if you choose to pay your loan ahead of the tenure period.
  • The Car to be financed by Canara Bank must be new and not more than a month old.

Benefits of Applying Canara Bank Car Loan on Letzbank

By applying for a car loan via Letzbank website, you get to access the loan offerings of multiple banks in one window which is both time saving and clear way to choose your financial provider. Letzbank also provides you Instant Quotes that allow you to make comparisons between different banks and make a wise and calculative decision. All you need to do is fill up the online form at Letzbank website. Our services are free of charge.

Canara Bank Car Loan Eligibility

As such the loan eligibility for each bank is different as it rests on a number of factors determined by the bank. However, a healthy credit score and good repayment track record go a long way to ensure you get to avail a loan.

The eligibility criteria set up by Canara Bank for their Car Loan and the documents to be submitted for car loan approval are as follows:

For Salaried Individuals

Eligibility

  • Minimum net yearly income should be a minimum of Rs. 3 lakhs.
  • The take home salary after deducting the proposed monthly EMI should not be less than 25% or Rs. 12,000 (whichever is higher).

Documents Required

  • Proof of Identity.
  • Proof of Age as well as a picture identity proof.
  • Residential Proof.
  • Salary slip of last 3 months and Form 16 or ITR.
  • Last 6 months bank statement.

For Self Employed Individuals

Eligibility

  • Minimum net yearly income should be a minimum of Rs. 3 lakhs.
  • The take home income after deducting the proposed monthly EMI should not be less than 25% or Rs. 12,000 (whichever is higher).

Documents Required

  • Proof of Identity.
  • Proof of age with photo identification.
  • Address Proof.
  • Last 3 years IT Returns with income calculation.
  • Last 3 years audited balance sheet and profit and loss statement.
  • Bank statement for the previous 6 months.

Canara Bank Car Loan Interest Rates

Canara Bank Car Loan interest rates are from 9.90% to 9.95% per annum.

Canara Bank Car Loan EMI Calculator

In order to get your monthly EMI break-up, simply use our EMI calculator located on Letzbank. You are required to enter the total loan amount, the total car loan tenure as well as the rate of interest per annum. When you enter this value, the EMI calculator will evaluate your EMI amount per month.