Canara Bank Car Loan Interest Rate

The following are the key features and benefits of the Canara Vehicle:

• The processing fees are kept to a minimum.
• The customer can select monthly installments. The loan can be taken out for a period of up to 84 months.
• The bank provides financing for the majority of the car's worth. As a result, it is simple for a person to own a car.
• Individuals can obtain a car loan for both new and old vehicles.
• The car loan rate of interest Canara Bank levied is lesser.
• There are no hidden fees.
• The loan is available for all sorts of vehicles and is not based on the model or manufacturer.
• In the case of used cars, the loan term might be up to 60 months.
• The bank does not charge foreclosure fees if borrowers want to pay off their loans before the maturity date.

Here is the Canara Bank interest rate 2024 for car loans -

Some of the major attributes that affect the Canara Bank car loan interest rates are-

Individuals with good credit have a better chance of getting their vehicle loan authorized. A credit score of 750 or higher gives the lender confidence that the individual will be able to repay the loan on time.

Individuals who choose a shorter repayment period will be able to obtain the loan at a reduced interest rate. As a result - it is recommended that individuals choose a car loan with a shorter term. Individuals will have to pay to complete the loan faster, which raises the chances of it being accepted.

If the loan amount is small, banks and other lenders will frequently grant it. Aside from banks being willing to make the loan, the interest rate on the auto loan will be low.

Banks examine an individual's debt-to-income ratio before approving a car loan. If the individual has a significant income-to-expense ratio, the chances of obtaining the loan granted at a lower interest rate grow.

The following are the eligibility requirements for obtaining a Canara Bank car loan-

• Canara Bank's car loan is available to self-employed persons or professionals who work for reputable organizations.
• When it comes to salaried personnel, the minimum annual gross compensation is Rs. 3 lakhs. However, after taking into account the car loan installment, the minimum in-hand wage should be at least Rs. 12,000, or 25% of the individual's in-hand salary.
• Canara Bank does not accept applications from Hindu Undivided Families (HUFs).
• According to the Income Tax Returns submitted, other persons must also have a minimum gross annual income of Rs. 3 lakhs. In the previous three years, the applicant's average monthly salary should have been at least Rs. 2.5 lakhs. Canara Bank accepts car loan applications from reputable businesses and organizations.

The following documentation must be supplied in order to obtain a car loan from Canara Bank-

• A properly filled application form must be submitted.
• Two current passport-size pictures of the applicant are required.
• Salary stubs or payslips from the previous three months must be presented.
• Form 16 or prior three years' income tax returns
• A permanent Account Number (PAN) Card, Aadhaar Card, Voter ID, or Passport must be given as identification.
• Address proof must be provided, such as a telephone bill, water bill, electricity bill, LPG bill, driving license, or Aadhaar card.
• Bank statement over the previous six months.

There are two simple ways to apply for a car loan from Canara Bank-

• You can visit the nearest Canara Bank and a representative will walk you through the process of application.
• The second method to this is visiting the official portal and doing it online.

• Processing Fees - 0.25%
• Pre-Closure Charges - Nil