Canara Bank Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Canara Bank Car Loan Key Features

Canara Bank Car Loan Interest Rate Starts @ 7.35%
Min Loan Amount ₹ 1,00,000
Max Loan Amount
(Loan to Value)
Loan up to 90% of On Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,524
Minimum Net Monthly Income ₹ 25,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges No foreclosure charges
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Canara Bank Car Loan

Canara Bank is founded in 1906 and owned by the Government in 1906. This bank provides a variety of services and products. This bank has also global presence.

Canara Bank offers Car Loans at reasonable interest rates to the consumer for buying their dream car either new or second hand. It is an accessible loan which can be acquired by anyone who has a good credit/CIBIL score.

Advantages of Canara Bank Car Loan

Canara Bank Car Loan

Canara Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum ₹ 25000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Canara Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate [email protected]% [email protected]%
Processing fee 0.40% of the principal amount Up to 0.25% (Max Rs. 5,000)
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges No foreclosure charges No foreclosure charges
Penal Interest 2% per month 2% per month
Part Payment charges 3% of the paid amount 3% of the paid amount
Cheque/Instrument Swap Charge NIL NIL
Documentation Charge Rs.1000 per instance Rs.1000 per instance
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge NIL NIL
Cheque Bounce/Instrument Return Charges Rs.750 per instance Rs.750 per instance
Issuance of Duplicate Statement Charges Rs. 10 per page Rs.10 per page
Loan Cancellation/Re-booking Charges NIL NIL
Issuance of Credit Report NIL NIL

Canara Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Canara Bank Car Loan EMI Calculator

The applicant has the option to check out the EMI’s before getting a Car Loan. You can easily check through the link below:

Car Loan EMI Calculator

Canara Bank Car Loan Types

Canara Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  If you are thinking to buy a new car, it is the scheme for you. You can get a Car Loan from Canara Bank for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car then you must choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you require urgent funds where you can keep your cars as an assurance with the bank.

Canara Bank Car Loan Pre Calculated EMI

How to Apply for Canara Bank Car Loan?             

  1. Visit Dialabank and fill a form.          canara bank car loan
  2. Wait for a call from our Relationship Manager who will guide you throughout the procedure.
  3. You can compare different offers of various banks and choose according to your suitability.
  4. You can easily apply for a Car Loan through Dialabank and enjoy offers.

Canara Bank Car Loan for Top Selling Cars

Other Available Products from Canara Bank

Canara Bank Personal Loan Canara Bank Gold Loan Canara Bank Home Loan
Canara Bank Credit Card Canara Bank Two Wheeler Loan Canara Bank Education Loan

FAQs for Canara Bank Car Loan

✅ What is Canara Bank Car Loan?

Canara Bank Car Loan is a car loan provided to you for purchasing a new as well as a used car.

✅ How can I get Car Loan from Canara Bank?

You can get a car loan from Canara Bank through visiting the nearest branch of Canara Bank. You will get satisfaction to apply from anywhere.

✅ How does Canara Bank Car Loan work?

Canara Bank provides car loan at reasonable interest rates. You can get a car loan approval faster. Canara Bank offers a flexible loan tenure period.

✅ What is the Car Loan Interest Rate in Canara Bank?

The interest rate charged by Canara Bank for a car loan starts at 7.35%.

✅ How to check Car Loan status in Canara Bank?

You must visit the Canara Bank branch to check your car loan status. Also, you can use the Canara Bank’s net banking services to check your car loan status.

✅ How to calculate Car Loan interest in Canara Bank?

For the calculation of your car loan interest in Canara Bank, the following information is required:

  • Loan tenure
  • Rate of interest
  • Loan amount
  • You can calculate car loan interest for Canara Bank through the EMI Calculator.

✅What is the maximum loan amount I can avail on Car Loan from Canara Bank?

You can get a maximum loan amount for a car loan from Canara Bank is up to 90% of On Road Price.

✅ What is the loan tenure of Canara Bank Car Loan?

The loan tenure duration for a car loan from Canara Bank ranges from 1 to 7 years.

✅ Can I get 100% Car Loan from Canara Bank?

You can get loan up to 90% of On Road Price for a car loan from IDBI. To avail a 100% Car loan, you must visit the online platform of Dialabank.

✅ How much processing fee is applicable on Canara Bank Car Loan?

Canara Bank charged a processing fee is 0.40% of the principal amount for getting a car loan.

✅ What are the EMI options available on Canara Bank Car Loan?

Your car loan EMIs are automatically subtracted from your bank account. Also, you can pay your car loan EMI through the net banking services of Canara Bank.

✅ What are the charges for Prepayment in Canara Bank Car Loan?

Canara Bank does not have any prepayment charges for availing a car loan.

✅ Can I get a top-up loan on my existing Canara Bank Car Loan?

Yes, you can get a top-up loan on your existing Canara Bank for a car loan. Also, you can get a top-up car loan by visiting the online platform of Dialabank.

✅ Do I need to provide a guarantor to avail a car loan from Canara Bank?

Yes, there is a need for a guarantor for getting a car loan from Canara Bank. It will increase your car loan eligibility.

✅ How to get a Canara Bank Car Loan Statement?

For getting a car loan statement of Canara Bank, you can use Canara Bank’s mobile banking app. Also, you can visit Dialabank online and fill a simple form there and get offers.

✅ How to pay Canara Bank Car Loan interest online?

You can pay your car loan interest through the net -banking services of Canara Bank. For getting a low-interest car loan, you must visit Dialabank online.

✅ What if I can’t pay the interest on Canara Bank Car Loan for 3 months?

If you can’t pay the interest on Canara Bank for Car Loan for 3 months, then it will add up to the outstanding loan amount and repayment charges will reframe.

✅ How can I apply for EMI Moratorium on Canara Bank Car Loan?

You can apply for EMI Moratorium on Canara bank through visiting the nearby branch of Canara bank or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅ What is the number for Canara Bank Car Loan agent?

The number for Canara Car Loan agent is 1800-425-0018.

✅ Can I close Canara Bank car loan online?

You can close your car loan from Canara Bank by using the net-banking page of Canara Bank. You have to log in with your details on the net -banking page and pay your car loan.

✅ What is Canara Bank Car Loan Customer Care Number?

The customer care number of Canara Bank for car loan queries is 1800-425-0018.

✅ How can I get NOC from Canara Bank for a car loan?

You can get a car loan NOC from Canara Bank when you clear your car loan amount.

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