Whenever you plan on buying a car, you have to be prepared for various steps. The initial step is to decide the model of the vehicle you want to purchase. The next step is to decide on how to finance the car. When opting for a car loan, you have to compare it with the interest rates given by various lenders and choose the one which suits your needs. The maximum amount of money you can avail of for a loan will vary from lender to lender. Now we'll see in detail the documents required for getting a car loan in Canara Bank.
Features:
The key features of the Canara Bank Car Loan are:
- Low-interest rates.
- Hidden charges are not demanded.
- Minimum processing charges.
- Monthly installments are decided according to the customers' choice, and the tenure can be up to 84 months.
- Loans can be availed for all types of cars (used cars as well), and it does not depend on the model or the manufacturer.
- In the case of used cars, the loan duration can be up to 60 months.
- Foreclosure charges are not imposed in case of closing the loan before the maturity date.
- The processing fee can range between Rs.1000 and Rs.5000.
- 80%, 85%, and 90% of the car's on-road price can be availed as a loan depending on the cost of the car.
To know more details:
- Visit the Canara Bank website.
- Call the Canara Bank call centers (1800 425 0018).
- Give a missed call to 09268592685. Individuals would receive a message (SMS) about the information regarding car loans.
- One can also visit any Canara Bank branch to get more information on the car loan.
Eligibility:
The following are the eligibility criteria to get a car loan in Canara Bank:
- Individuals that are self-employed or professionals or work for a reputed organization are eligible.
- Hindu Undivided Families (HUFs) are not eligible.
- Reputed firms and companies are also eligible.
- Having a good credit score can increase the chances of your loan being approved. A CIBIL score of more than 750 will make a good impression on the borrower.
In the case of used car loans, the car should not be older than five years. A car loan can finance up to 75% of the price of the car. An automobile engineer assesses the value of the car, and the maximum value must be about Rs.15 lakhs.
Documents Required:
The following documents are required to avail of a car loan in Canara Bank:
- The application form must be submitted after filling in the required details completely.
- Two passport-sized photos of the applicant.
- A salary slip of the past three months has to be submitted.
- Address proof required (Telephone bill, Water bill, Electricity bill, LPG bill, Driving License, or Aadhaar card).
- Bank statement for the past six months.
- Income Tax Returns for the previous three years or Form 16 is essential.
- ID proof is a must (Permanent Account Number (PAN) Card, Aadhaar Card, Voter ID, or Passport).
Repayment: Canara Bank offers a suitable repayment schedule for individuals who opt to avail of a car loan. In the case of new cars, the loan duration can be up to 84 months, yet for used cars, the car loan duration can be up to 60 months.
Conclusion: Car loans let you fulfill your dreams of owning a car. Canara Bank Car loan EMI calculator assists you to evaluate the total amount of EMI to be paid per month against the loan taken for purchasing the new car. No upper limit is set for loan amounts while buying a new car. All the types of four-wheelers can be financed under the Canara Bank car loan. Hence this is the best choice to opt for a Car Loan.
Must Read:- Calculating before Applying for a Car Loan
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