Canara Bank Car Loan | Canara Bank Vehicle Loan – Do you reside in India and looking for Vehicle Loan to own a car? Apply for Canara Bank Vehicle/Car Loan Application Form. The Canara Bank Vehicle Loan Application Form. The application form is out via online through registration form portal
Brief about Canara Bank
Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry.
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Canara Bank Used Car Loan
We also finance used cars (not older than 3 years) at the same low interest rates. We finance 60% of the agreed price or 60% of the value of the car or 60% of the original value of the vehicle, as assessed by an automobile engineer or Rs. 50.00 Lakh whichever is lower.
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Eligibility/Requirements for Canara Bank Vehicle Loan Application Form
- All individual borrowers / professionals / reputed firms / companies are eligible. However HUF is not eligible.
- Salaried individuals should have a minimum gross salary of Rs.3.00 lacs p.a. Minimum NTH after proposed installment should not be less than 25% or Rs.12,000/- whichever is higher.
- Other than salaried individuals should have a minimum Gross Annual Income of Rs.3.00 lakh p.a. as per latest ITR/ITAO OR should have a minimum Gross Annual Income of Rs.3.00 lakh p.a. as per latest ITR/ITAO subject to 3 years’ Annual Average Gross Income not less than Rs.2.50 lakh.(in case if they are engaged in business/profession for more than 3 years). Minimum NTH after proposed installment should not be less than 25% or Rs.12,000/- whichever is higher.
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Canara Bank Vehicle/Car Loan Interest Rate
Rates of Interest of all Retail Lending Schemes are linked to REPO LINKED LENDING RATE
RLLR OF THE BANK – 9.25%* w.e.f 12.06.2023.
The reviewed rate will be applicable only to new accounts opened on or after 12.06.2023 & accounts completing 3 years under RLLR regime on or after 12.06.2023.
The accounts having not completed 3 years under RLLR regime will continue to be at earlier RLLR i.e. 9.40%. – Click here for Rate of Interest
How to Repay Canara Bank Car Loan
In convenient, Equated Monthly Installments up to 84 months (60 months in case of second hand vehicles). So, step into any of our branches and drive away your dream car.
Canara Car Processing Charge
0.25% on the loan amount with a minimum of Rs.1000/- and maximum of Rs.5000/-.
Bank is celebrating Retail Loan Festival and waiver of 50% processing charges from 12.04.2023 to 31.08.2023
How to Apply for Canara Bank Loan (Car/Vehicle loan)
Apply online here – CLICK HERE
