Canara Bank Two Wheeler Loan

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Canara Bank Two Wheeler Loan

Canara Bank Two Wheeler Loan Features

Canara Bank Two Wheeler Loan Interest Rate 11.83%* per annum
Min Loan Amount ₹ 10,000
Max Loan Amount
(Loan to Value)
Loan up to 90% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 4 years
Lowest EMI / Lac ₹ 2,625
Minimum Net Monthly Income Salaried – ₹ 7,000, Self Employed – ₹ 6,000
Age Criteria 21 years(At Application) to 65 years(At Loan Maturity)
Types of Vehicle For All New Two-Wheelers (Bikes, Superbikes, etc.)
Processing Fee Up to 3% of the Loan Amount.
Foreclosure Charges 3% – 10% Based on the time of foreclosure ( Foreclosure not allowed during the first 3 months)
Basic Documentation ID Proof, Address Proof, Bank Statement

Canara Bank Two Wheeler Loan

Canara Bank Two Wheeler Loan has gotten basic for an individual to fulfil his dream about buying another bike at any cost with any financial resource. Canara Bank is giving a staggering possibility by giving Two Wheeler Loans Lowest Interest Rates and Affordable EMIs.

Advantages of Canara Bank Two Wheeler LoanCanara Bank Two Wheeler Loan

Two Wheeler Loan is an essential drive need and has become a noteworthy bit of our life. Various people need to visit better places, and they require a bike for that, as time is key for us all. A gigantic populace of the school going understudies requires a commute. Here is the credit is given by Canara Bank for purchasing Two Wheelers at sensible expenses and clear Process.

  1. Worth the upside of incredibly low-intrigue charges.
  2. Quick Disbursal of Loan Amount
  3. Versatile EMI cost, elective on any day of the month.
  4. Moderate two-wheeler interest rate
  5. Fundamental Repayment and Prepayment Methods

Canara Bank Two Wheeler Loan Eligibility

Your ability to repay the credit is the best factor in picking whether you’ll be qualified or not for the Canara Bank Two Wheeler Loan. Coming up next are the significant standards:

  • An individual between the age of 21 to 65 years can apply for the new development.
  • In case you have an ordinary month to month compensation of Rs 7000, you’re set up for the Canara Bank Two Wheeler Loan.
  • Cibil Score obviously impacts your capacity for headway. If you have a low cibil score, the chances of your application being absolved are high.

Canara Bank Two Wheeler Loan Interest Rate, Fees and Charges

Interest Rate Starts at 11.83% p.a.
Processing Fee Up to 3% of the loan amount (maximum)
Prepayment Charges From 3% to 10% of the outstanding principal
Pre-payment charges Within 4 to 6 months – 10% of principal outstanding
Within 7 to 12 months – 6% of principal outstanding
13-24 months – 5% of principal outstanding
Post 24 months – 3% of principal outstanding
Prepayment is not allowed within three months of EMI repayment

Canara Bank Two Wheeler Loan Documents Required

1. Salaried Individual

Category Documents Required
Identity Proof(Any 1) Driving Licence
Aadhaar Card
Passport
Voter ID
Address Proof(Any 1) Driving Licence
Aadhaar Card
Passport
Voter ID
Compulsory Documents PAN Card
Bank Statement Bank statement of last 3 months

2. Self-Employed Individual

Category Documents Required
Identity Proof(Any 1) Driving Licence
Aadhaar Card
Passport
Voter ID
Address Proof(Any 1) Driving Licence
Aadhaar Card
Passport
Voter ID
Required Documents PAN Card
Bank Statement Bank statement of last 3 months

Canara Bank Two Wheeler Loan EMI Calculator

The applicant has the decision to understand the EMI’s before profiting Canara Bank Two Wheeler Loan. In like manner, you can without a very remarkable stretch check through the association underneath:

Two Wheeler Loan EMI Calculator

Canara Bank Two Wheeler Loan Types

Canara Bank offers different sorts of credits to its customers and you have the decision of picking one of them as per your necessities-

Bike Loan – If you wish to buy a bicycle and wish to back it then Canara Bank has the best suggestion for you. You can profit this improvement at a drawing early expense of 12%.

Super Bike Two Wheeler Loan – If you’re wanting to buy a Superbike and are scanning for holds, by then this is the best methodology open for you at a connecting with financing cost of 11.83%.

Compare Bike Loan Interest Rates of Canara Bank with other banks

Bank

Two Wheeler Loan Interest Rates*

Lowest EMI Per ₹ 10 Thousand For Max Tenure

Canara Bank

9.00%

₹ 318 for 3 years

SBI

16.05%

₹ 352 for 3 years

HDFC Bank

9.10%

₹ 249 for 4 years

Axis Bank

10.85%

₹ 217 for 5 years

Bajaj Auto Finance

13.26%

₹ 338 for 3 years

IndusInd Bank

21.00%

₹ 377 for 3 years

Canara Bank Two Wheeler Loan Pre Calculated EMI

Rate 4 yrs 3 yrs 2 yrs 1 yr
11.83% 2625 3313 4699 8876
12.00% 2633 3321 4707 8884
12.50% 2658 3345 4730 8908
13.00% 2682 3369 4754 8931
13.50% 2707 3393 4777 8955
14.00% 2732 3417 4801 8978
14.50% 2757 3442 4824 9002
15.00% 2783 3466 4848 9025
15.50% 2808 3491 4872 9049
16.00% 2834 3515 4896 9073
16.50% 2859 3540 4920 9096
17.00% 2885 3565 4944 9120

Factors Affecting Two-wheeler Loan Application

Canara Bank is a bank based in India. Although two-wheeler loans are widely avoided, the deal that is granted to applicants is determined by a variety of factors:

  • CIBIL score: One of the most essential factors in deciding your interest rate is your credit score. For these loans, most creditors have a predetermined rate. You might be able to get a lower interest rate if you have excellent credit. If your credit score is low, though, the lender will almost certainly charge you a higher interest rate.
  • Today’s financial situation: Each lender has a one-month income requirement that must be met. Your loan will be less expensive if you have a higher income. This typically indicates you’ll get a large portion of your debt. If you have a lesser income, you may be charged a higher interest rate.
  • Your workplace address: The interest rate you’re given may be influenced by where you work and the firm you work for. A reputable business may signify that you have stable employment and a stable income. As a result, lower interest rates may emerge.
  • Nature of Employment: Depending on whether you’re self-employed or employed, lenders may charge you a different interest rate.
  • Your age: a significant impact on the interest rate you pay is of the age. If you’re nearing retirement, for example, your loan may cost you extra. This is because approaching retirement age normally means having a reduced ability to repay a debt.
  • Client-lender relationship: You may be able to acquire a higher interest rate if you already have a relationship with a lender. You can receive better loan conditions if you have a solid relationship with a bank.

How to Apply for Canara Bank Two Wheeler Loan

  1. You can apply for Canara Bank Two Wheeler Loan online by visiting Dialabank‘s online entryway.
  2. Fill the  Application Form for Two Wheeler Loan
  3. Our Relationship Managers will connect with you at 9878981166
  4. Get changed help and pick the most real offer reliant on your necessities.

Canara Bank Two Wheeler Loan Two Wheeler Loan for Top Selling Bikes

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 Two Wheeler Loan

✅ What is Canara Bank Two Wheeler Loan?

Canara Bank gives the facility of Two Wheeler loans to the people who want to fulfil their dream of having their own 2 wheeler. There are some features and benefits of taking auto loan from Canara Bank:

  • Low processing fee
  • Zero prepayment charges
  • Easy documentation

✅ How can I get a Two Wheeler Loan from Canara Bank? 

To avail a Two wheeler loan from Canara Bank customers needs to meet the following conditions:

  • The age of the applicant should be between 21 and 65 years.
  • Applicants must have a stable income(Differs for salaried and self-employed customers).

You can also visit Dialabank to get assistance to apply for the Canara Bank Two Wheeler Loan.

✅ How does Canara Two Wheeler Loan work?

Visit the Bank website or branch office and do the following

  • Submit the signed loan application form
  • Attach Photographs
  • Income Tax PAN Copy
  • Identity Proof – Driving License/ PAN/ Passport/ Voter ID
  • Address Proof – Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Form 16, last 3 months payslip, bank statement of 3 months showing salary credit and any EMI debit

✅ What is the Two Wheeler Loan interest rate in Canara Bank?

Canara Bank offers interest for Two Wheeler Loan starting at 13.55% and going up to 15.30%. The rates are expected to fluctuate depending upon the loan factors.

✅ How to check the Two Wheeler Loan status in Canara Bank?

To check the loan status you can do any of the following:

  • Visit the Bank’s Branch Office.
  • Check online on the Bank’s website.
  • Contact customer care.

✅ How to calculate the Two Wheeler Loan interest in Canara Bank?

To calculate the interest rate for Canara Bank Two Wheeler Loan visit Dialabank.

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

The loan amount depends upon the value of the bike. Canara Bank offers to finance 75% – 80% of the On Road Price of the vehicle.

✅ What is the Loan tenure of Canara Bank Two Wheeler Loan?

Minimum – 12 Months.

Maximum – 60 Months.

✅ Can I get a 100% Two Wheeler Loan from Canara Bank?

No, Canara Bank can only fund 75%-85% of the on-road price of the vehicle, as the on-road price includes other charges and taxes as well. 

✅ How much processing fee is applicable to Canara Bank Two Wheeler Loan?

Canara Bank asks for a processing fee of 0.25 % of the loan amount with a minimum of Rs. 250 and a Maximum of Rs. 1000 with applicable service tax.

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

Canara Bank allows the customers to pay the EMIs through the following modes.

  1. Online Payment
  2. Post-dated cheques (PDCs)

Online payment is one of the safest and easiest modes of payment as the customer needs not to submit PDCs in a timely manner.

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

Canara Bank does not charge any fee for the prepayment of the loan.

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

Yes, you can get a new loan on your existing Two wheeler loan. The EMIs will be calculated according to the total amount of both loans. You can also choose to keep the EMIs separate.

✅ Do I need to provide a guarantor to avail of a Two Wheeler Loan from Canara Bank?

A third person guarantor is not compulsory for the Two Wheeler Loan. However, if some conditions are not met a guarantor may be required.

✅ How to get Canara Two Wheeler Loan Statement?

  • Visit the Canara Bank website and log in from your account
  • Check the loan status and download the statement
  • The statement can also be downloaded through a mobile application

✅ How to Pay Canara Bank Two Wheeler Loan Interest Online?

Customers can pay the interest amount on the Canara Bank website. To do so

  • Visit the Canara Bank site, log in, enter the amount, and select your bank.
  • Login to Your Bank’s Website Net Banking.
  • Confirm Payment.
  • Receive Confirmation.

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

Canara Bank provides the customers with the option to go for a moratorium in case they fail to pay interest for 3 months.

✅ How can I apply for EMI Moratorium on Canara Two Wheeler Loan?

Customers can apply for the EMI moratorium by contacting the bank.

  • SMS or e-mail.
  • Canara Bank’s website.
  • Visiting the nearest bank branch.

✅ What is the number for the Canara Two Wheeler Loan agent?

We at Dialabank are keen to provide you assistance for Canara Two Wheeler Loan, you can reach out to us at 9878981166.

✅ Can I close Canara Two Wheeler Loan online?

There are multiple ways through which you can close the Canara Bank Two Wheeler Loan:

  1. Go to the bank website and apply for loan closure.
  2. Apply for loan closure through the mobile application.
  3. Visit the nearby bank branch.

✅ What is Canara Two Wheeler Loan Customer Care Number?

Canara Bank Customer Care representatives can be contacted at 1800 425 0018.

✅ How can I get NOC from Canara Bank for Two Wheeler Loan?

Once your loan is closed, the bank will issue a NOC within 3 working days and send it on your registered Email Id. A physical copy of the NOC can also be issued as per the customer’s demand

News for Canara Bank Two Wheeler Loan

2021-02-26:

Canara Bank hosted a Mega Retail Expo in Mumbai on January 26th, 2021. At Gala Auditorium, Patuck Campus in Santacruz, Canara Bank hosted a major retail exhibition camp (East). Home, personal, LAP, two-wheeler automobile, and gold loans, as well as business and mudra loans, were among the items showcased by the shops during the expo. Through the expo, a total loan amount of Rs. 224.30 crores were sanctioned.

2021-03-16:

Broker’s Recommendation: Buy Canara Bank. Due to treasury gains, the bank recorded a solid performance in Q3FY21, with a PAT of 700 crore (other income grew 35 per cent sequentially). Canara Bank’s Pro-forma GNPA fell sequentially to 9% from 9.8% in Q2FY21, owing to recoveries and write-offs, in contrast to other PSBs.

2020-12-11:

Canara Bank Ltd., a state-owned bank, announced on Friday that it has raised Rs 2,000 crore in equity capital by offering over 19 lakh shares to qualified investors. In the bank’s qualifying institutional placement issue, the Life Insurance Corporation of India emerged as the top investor. Canara Bank stated in a regulatory filing that the board’s subcommittee authorised the allocation of 19,32,36,714 equity shares to eligible qualified institutional purchasers at an issue price of Rs 103.50 per equity share, aggregating up to Rs 2,000 crore. The QIP began on December 7 and ended on December 10.

2020-01-14:

Canara Bank, a state-owned bank, announced a 40-basis-point (bps) cut in its repo-linked lending rate (RLLR) to 6.90 per cent on Saturday. Meanwhile, the Bengaluru-based bank lowered its marginal cost of fund-based lending rate (MCLR) across all tenors by 20 basis points. The new loan rates will take effect on June 7, according to a statement from Canara Bank.

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