Canara Bank Car Loan – Interest Rates 2018, EMI Eligibility

Canara Bank Car Loan Interest Rates 2018. Find details on Eligibility, Income Criteria, Processing fees, Documents list, Per month EMI & ROI online at

For Which Purpose you can Get Canara Bank Car Loan: For buying new or used four wheeler

Canara Bank Car Loan Interest Rates 2018

✔ Interest Rate (Monthly reducing balance) – 8.60% to 9.15%
✔ Processing Fees – 0.25% on the loan amount with a minimum of Rs.1000/- and maximum of Rs.5000/-
✔ Pre Closure Charges – Nil
✔ Loan Tenure – 1 year to 7 years

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Professional Details
Loan Amount:
Annual Income:

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
✔ Less than 60 years old
✔ Salaried or self-employed with regular income
✔ Minimum income required for business man are Rs 3 Lakh and Rs 2.5 lakh for salaried individuals.
✔ Maximum Loan amount 90% of the ex-showroom price

Canara Bank Car Loan EMI Calculator

use this simple tool to find out how much EMI you will have to pay for your Car Loan. you have to just enter your required loan amount, Interest rates & No of repayment months.

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

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.


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