Canara Bank Car Loan Interest Rate: Canara Bank, one of the leading public sector banks in India, offers attractive car loan schemes to help customers buy their dream car. Before applying for a car loan, it is important to know the interest rates offered by the bank. In this article, we will discuss Canara Bank’s car loan interest rate in detail.
Canara Bank offers car loans at competitive interest rates starting from 7.30% per annum. The interest rate offered by the bank depends on various factors such as the loan amount, repayment tenure, credit score, income, and other eligibility criteria. The interest rate is calculated on a daily reducing balance basis, which means the interest is charged on the outstanding loan amount on a daily basis.
Car Loan Interest Rate Table
The following table shows the interest rates offered by Canara Bank for different loan amounts and repayment tenures:
|Loan Amount (in INR)||Repayment Tenure (in years)||Interest Rate (per annum)|
|Up to 10 lakhs||7||7.30% – 8.30%|
|Up to 25 lakhs||7||7.30% – 8.30%|
|Up to 10 lakhs||8||7.30% – 8.30%|
|Up to 25 lakhs||8||7.30% – 8.30%|
|Up to 10 lakhs||9||7.30% – 8.30%|
|Up to 25 lakhs||9||7.30% – 8.30%|
Eligibility Criteria for Canara Bank Car Loan
The following are the eligibility criteria to avail a car loan from Canara Bank:
- The applicant must be a resident of India or an NRI.
- The applicant must be above 18 years of age and should have a valid driving license.
- The applicant should have a stable income source to repay the loan.
- The loan amount should not exceed the value of the car.
Documents Required for Canara Bank Car Loan
The following are the documents required to apply for a car loan from Canara Bank:
- Proof of identity (PAN Card, Aadhaar Card, Passport, Voter ID, Driving License)
- Proof of address (Aadhaar Card, Passport, Utility Bill)
- Proof of income (Salary Slips, Income Tax Returns, Bank Statements)
- Vehicle documents (Registration Certificate, Insurance Certificate)
How to Apply for Canara Bank Car Loan
You can apply for a Canara Bank car loan in the following ways:
- Online Application: Visit the Canara Bank official website, go to the ‘Loans’ section, and select ‘Vehicle Loan’. Fill in the required details and submit the online application. You can also track your application status online.
- Offline Application: Visit the nearest Canara Bank branch, collect the car loan application form, fill in the required details, attach the necessary documents, and submit the application to the bank.
- Contacting the Bank: You can also contact Canara Bank customer care to know more about the car loan application process, eligibility criteria, interest rates, and other details. You can apply for a car loan by following the instructions provided by the customer care representative.
Canara Bank offers attractive car loan schemes at competitive interest rates to help customers buy their dream car. It is important to check the interest rates, eligibility criteria, and documentation required before applying for a car loan. Customers can apply for a car loan online or by visiting the nearest bank branch.