Duly filled in application form along with 2 recent passport size photographs of applicant/guarantor.
Latest salary certificate for 3 months
Form 16 or Income Tax Returns or ITAO for previous 3 years
Aadhar Card or Driving License or LPG Bill, Utility Bills (electricity, water bill), telephone bill
Passport, Election Voters ID Card, PAN Card
Statement of bank account for the last 6 months
Lower interest rates
Equated Monthly Installments are easy on the pockets of buyers
No Hidden Charges
Minimal Processing Charges or Fees
Any individual who is a professional or self-employed or is working in a reputed firm or company is eligible to secure a car loan.
A Hindu Undivided Family is not eligible to secure a car loan with Canara Bank.
The income of the salaried individuals should be minimum Rs 3 lakhs per annum and minimum net take home after proposed instalment should not be less than 25% or Rs 12,000 (whichever is high).
For others, the minimum gross annual income should be Rs 3 lakhs per annum as per the latest ITR/ITAO subject to 3 years of gross annual average annual income of not less than Rs 2,50,000.
Processing fee on a car loan is 0.25% of loan amount (minimum of Rs 1000 and a maximum of Rs 5000)
The Canara Bank also avails loans to the used cars which are not older than 5 years. The funds provided to used cars are restricted to 75% of the value of the car or 75% of the agreed price of the car as assured by the automobile engineer or Rs 15,00,000 (whichever is lower).
Canara Vehicle To Agriculturists
Up to 9.35%
0.25% of the loan amount+available tax
Min Rs 10 lacs to Rs 25 lacs and above
Up to 7 years
Identity proof- Aadhar Card, PAN card, Driving license, Voter Id card
Latest ITR is required if loan avail up to Rs 10 lacs
Income certificate issued by the Tahasildar/District revenue authorities may be accepted as the proof of income. (In case ITR is not available)
In case of a second-hand vehicle, the tenure period is restricted to future life of the vehicle as stipulated by an adequate automobile engineer or 5 years whichever is less.
Quantum of loan:-
In case of new vehicles
For loan up to Rs 10 lacs-10%
Above Rs 10 lacs up to Rs 25 lacs-15%
Above Rs 25 lacs- 20%
In case of old vehicles:
75% of the original purchase of the vehicle.
75% of the price concur to between the buyer and the seller.
Rs 15 lacs in case of maintaining a minimum margin of 25%
75% of the value of the vehicle as assessed by an adequate automobile engineer.
Mortgage of the vehicle is to be purchased.
Repayment period- Maximum 7 years
All agriculturists must have 5 acres of irrigated lands/10 acres of drylands in their own names.
Must have a minimum gross annual income of 4 lacs in case the agriculturists engaged in Horticulture produce, plantation crops, dairy farming or poultry farming.
Resident Type- Must be an Indian.
Net take-home amount must be 40% of gross annual income
In case any one of the family members is also having agricultural income and aspire to join as a co-borrower the same criteria will applicable for him/her as per the eligibility/repayment capacity.
Canara Bank provides loan facility to agriculturists for the purchase of both New & pre-owned four vehicles as per his/her choice. The loan is available at attractive interest rates and can be repaid in easy instalments.
PROCESSING CHARGES AND INTEREST RATES
0.25% of the loan amount Minimum Rs 1000 to a maximum of Rs 5000