Car Loan 

Canara Bank Car Loan – Interest Rates 2024, EMI Eligibility Calculator

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Canara Bank Car Loan Interest Rates 2024. Find details on Eligibility, Income Criteria, Processing fees, Documents list, Per month EMI & ROI online at deal4loans. You can take loan for New Car and Used Car through Canara Bank at lowest Rates.

Canara Bank Car Loan Interest Rates 2024

Interest Rates 9.15% to 11.95%
Repayment Period 7 Years
Lowest EMI per Lakh Rs. 1,581
Maximum loan amount Upto 90% of on road price
PROCESSING CHARGES NA

Compare, Calculate & Save more on Interest Rates & EMIs

Professional Details
Loan Amount
Occupation
Annual Income
City

Eligibility for Canara Bank Car Loan:

Salaried persons, professionals and business people, with qualifying income and required repayment capacity. Reputed firms and corporates are also eligible.

HUF not eligible

✔ At least 21 years old
✔ Minimum income required for business man are Rs 3 Lakh and Rs 2.5 lakh for salaried individuals.

Compare – Car Loan Interest Rates

Canara Bank Car Loan EMI Calculator

Canara Bank car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI. For calculation you have to just select the right loan amount, Interest Rate and Repayment period.

Calculate Loans EMI Online
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

For an example, You can take a loan amount of Rs.8 lakh for Maruti Ciaz or Honda City car for 6 years repayment period at 7.45% rate of interest than you emi calculations are as follows:

  • Loan Amount = Rs. 8,00,000
  • Monthly Installment (EMI) = Rs. 13,813
  • Total Interest Amount = Rs. 1,94,516
  • Total Amount (Principal + Interest) = Rs. 9,94,516

    • Year Principal Interest Balance Amount
    1 Rs. 109,856 Rs. 55,900 Rs. 690,144
    2 Rs. 118,327 Rs. 47,429 Rs. 571,817
    3 Rs. 127,449 Rs. 38,307 Rs. 444,368
    4 Rs. 137,274 Rs. 28,482 Rs. 307,094
    5 Rs. 147,859 Rs. 17,897 Rs. 159,235
    6 Rs. 159,320 Rs. 6,499 Rs. 0

    Your Dream Car. Your contribution and Canara Bank
    ✔ For buying a brand new car, bring just 10% of the cost for loan upto Rs. 10.00 Lacs, 15% of the cost for loan above Rs. 10.00 Lacs & upto Rs. 25.00 Lacs and 20% of the cost for loan above Rs. 25.00 Lacs. Canara Bank will provide you loan upto 90%/85%/80% of the on road price. There is no ceiling on maximum loan amount

    ✔ For new vehicles, loan may be granted upto 90%/85%/80% of the total value inclusive of invoice value, life tax, registration charges, insurance premium and other accessories.

    USED CAR LOAN By Canara Bank

    used cars (not older than 5 years) at the same low interest rates. We finance 75% of the agreed price or 75% of the value of the car, as assessed by an automobile engineer or Rs.15.00 Lakh whichever is lower.

    Repayment to suit your pocket:

    ✔ Maximum Equated Monthly Instalments upto 84 months ( 60 months in case of second hand vehicles ). So, step into any of our branches and drive away your dream car.

    FAQs ON CANARA VEHICLE LOANS (FOUR WHEELERS)

    Who are eligible to avail Canara Vehicle Loans?
    All individual borrowers / professionals / reputed firms / companies are eligible for availing loans. HUF is not eligible for Canara Vehicle loan.

    Which type of vehicles are financed under Canara Vehicle Loans ?
    We finance all kinds of four wheelers including Jeeps, Vans -both brand new and pre-owned .

    What is the income criterion for availing car loan?

    Minimum gross salary/Annual Average income (Average of last 3 years and as per ITR/ITAO) should be Rs. 3.00 lacs p.a..NTH (Net Take Home) after taking into consideration the installment of proposed loan should be 40% with a minimum of Rs. 12,000/ -p.m.

    While determining income eligibility, whether any other type of income can be considered?

    Any other income declared by the applicant like rental income / income from investment
    / income of the spouse can also be considered subject to production of documentary evidence.

    What is the maximum eligible amount under Canara Vehicle Loan Scheme for Cars?

    There is no upper limit on the loan amount for purchase of brand new cars. We finance upto below-mentioned percentage of the total value inclusive of invoice value, life tax, registration charges, insurance premium and other accessories.

    Upto 90% in case of loans upto Rs. 10.00 Lacs
    Upto 85% in case of loans above Rs. 10.00 Lacs & upto Rs. 25.00 Lacs
    Upto 80% in case of loans above Rs. 25.00 Lacs

    For more details, please visit our nearest branch or call to toll free no. 1800 425 0018.

    Other available Products of Canara Bank
    Canara Bank Personal Loan
    Canara Bank Home Loan
    Canara Bank Credit Card
    Canara Bank Education Loan

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