Tag Archives: canara bank car loan EMI calculator

Canara Bank Car Loan Interest Rate and EMI Calculator May 2019

(Updated on 07.05.2019) Canara Bank Car Loan EMI Calculator May 2019 – Loansninsurances.com provides a simple tool to calculate Car Loan EMI on the basis of ✓ Interest Rate ✓ Loan Tenure ✓ Processing Fee & more.

Canara Bank Car Loan – Quick, Easy & Instant Approval Online

Professional Details
Loan Amount
Yearly Income
Disclaimer: We do not provide Personal Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

Canara Bank Car Loan

Canara Bank provides the best-in-class car loan in India. Canara Bank Car Loan is loaded with lots of benefits to cater to the varied requirements of every customer. Canara Bank Car loan is the widely preferred car loan among customers for its easy documentation and quick loan processing. Canara Bank car loan is highly customized to make the entire process of acquiring the car loan simple and as comprehensive as possible. Canara Bank car loan can be used both for buying any new model car and any used car.

Canara Bank Car Loan Features

  • Canara bank home loan for all class of people. HUF are not eligible for car loan.

  • There is no upper limit for car loan availed for a new car.

  • Car Loan can be availed for both new car and old car.

  • Longer car loan tenure for both new car and old car.

  • Car loan can be availed for old car if and only the car is not more than 5 years old.

  • Assured benefits on every car loan.

  • Interest calculated on Daily Reducing Balance.

  • No prepayment fee on Canara Bank car loan.

Canara Bank Car Loan Interest Rates

Interest Rates

8.75% onwards

Processing Fee

0.25% on the loan amount subject to a minimum of Rs.1000/- and a maximum of Rs.5000/-

Loan Tenure

84 months for new car, 60 months for old car

Loan Amount

No upper limit on new car

Canara Bank Car Loan Interest Rate Details



Interest Rates

Canara Vehicle Loan

Central Government Employees, Defence and Paramilitary Personnel


Canara Vehicle Loan to Agriculturists

Women Borrower (First borrower being woman in case of Joint Borrowers)


For others


Two-Wheeler- Canara Vehicle


Canara Bank Car Loan EMI Calculator

Canara Bank Car Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Car loan EMI within seconds.
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

Canara Bank Car Loan Contribution

Canara bank car loan is available in accordance with loan amount and borrower’s requirement. A detail has been given below:

From Borrower’s side for New Car:

  • 10% of the cost for loan upto Rs. 10.00 Lacs,

  • 15% of the cost for loan above Rs. 10.00 Lacs and up to Rs. 25.00 Lacs

  • 20% of the cost for loan above Rs. 25.00 Lacs.

From Bank’s side for New Car:

  • Canara Bank will provide 90%/85%/80% of the on road price of all new cars.

  • There is no upper limit on maximum canara bank car loan amount.

From Bank’s side for pre-owned Car:

  • 75% of the value of vehicle as appraised / assessed by an automobile engineer.

  • 75% of the price agreed between the seller and buyer.

  • 75% of the original purchase price of the vehicle.

  • Rs.15.00 lacs (after maintaining a minimum margin of 25%)

Canara Bank Car Loan Eligibility

  • Canara Bank car loan can be availed by all individual borrowers, professionals, reputed firms and companies are eligible

  • HUF is not eligible.

  • Salaried individuals must have a minimum gross salary of Rs.3.00 lacs p.a. Net Take Home Salary should not be less than 25% or Rs.12,000/- whichever is higher.

  • For other salaried individuals the minimum Gross Annual Income should be Rs. 3.00 lakhs p.a. as per latest ITR/ITAO subject to 3 years Gross Average Annual Income of not less than Rs. 2.50 lakhs.

  • 60 months loan tenure for car loan being availed for pre-used cars.

  • Canara bank car loan for four wheeler including Jeeps, Vans – both brand new and pre- owned.

Canara Bank Car Loan Documents

  • Statement of bank account for last 6 months.

  • 2 passport size photographs, completed application form.

  • Address Proof: Passport/ PAN Card/ Voters ID card/ Driving License etc.

  • Proof of Identity: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

  • Income Proof: Latest Salary Slip, Form 16; Income Proof: ITR for last 2 years.

  • Other documents may require to submit while availing Canara Bank Car Loan.

Canara Bank Car Loan FAQs

1) Who are eligible for Canara Bank Car Loan?

Canara Bank Car Loan can be availed by individual borrowers, professionals, reputed firms and companies. However, HUFs are not eligible for Canara bank car loan.

2) Which types of Vehicles are financed under Canara car loans?

Canara bank car loan be availed for all kinds of cars, from new branded cars to pre-used cars. Canara bank car loan is available is available for both new cars and old cars (should not be more than 5 years old).

3) What is the maximum eligible amount under Canara car loan schemes for Cars?

There is no ceiling on maximum loan amount. Canara bank offers car loan up to 90%/85%/80% of the total value inclusive of invoice value, life tax, registration charges, insurance premium and other accessories.

4) What is the maximum repayment tenure for canara bank car loan?

The maximum repayment period is 84 months for car loan taken for new car. In case of old vehicle, maximum repayment period is up to 60 months.

5) How is the interest charged/calculated?

For Canara bank car loan, interest is calculated on daily reducing balance basis.

6) What security/collateral do I have to provide for canara bank car loan?

  • Hypothecation of car against which canara bank car loan is sanctioned.

  • Personal guarantee of a person as a guarantor to repay the loan amount is acceptable to Canara Bank.