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Instantly Get Best Canara Car Loan Rates from & Save Thousands

  • Some fields are incorrect or have not been filled in. Please correct this to proceed.
  • Slowly start typing your employer's name and choose from the recommendations provided. If you do not see your employer on our list, simply type the name in this field.
  • This is your gross monthly salary as per your monthly payslip prior to deductions (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components)
  • Type in the model of car you'd like to purchase. You can change your mind at any time, though this may change your rate & eligibility.
  • Please choose the bank account into which you receive your salary via direct deposit.If you receive your salary via cash or check, please choose 'I dont have one'.
    • Self-employed? Click here
    *Based on your final credit screening criteria, your eligibility may differ.
Details of Canara Bank Car Loan. Use our calculator to compare offers from multiple banks
Canara Bank Car Loan Interest Rate
(Daily reducing balance)		 13.75% floating
Processing Fees 0.1% of Loan Amount, with minimum of Rs 250 and maximum of Rs. 500
Preclosure charges Nil
Canara Bank Car Loan Tenure 1 year to 6 years
Canara Bank Car Loan Amount Upto 90% for new vehicles
75% for old vehicles with maximum as Rs 6 lakhs
Guarantor Requirement Guarantor is mandatory

 Canara Car Loan FAQ:

How BankBazaar.com helps you get the best deal on a car loan

  1. Lowest interest rates: We have negotiated with HDFC Bank, Axis Bank & other leading banks to get you the best car loan rates.
  2. Speed: Get car loan quotes customized to your profile online in 2 minutes.
  3. Easy comparison: Compare car loan offers on the basis of EMIs & customer satisfaction.
  4. Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your car loan options.
  5. Privacy: Get customized loan quotes without sharing any contact info. Your application is sent only to the lender you choose, and is never shared with anyone else.
  6. Trust: BankBazaar is a completely neutral marketplace and will never promote one lender over another.
  7. Free: BankBazaar.com does not charge you any fees to use our services.

How to get a car loan on BankBazaar.com

  1. Use the eligiblity calculator above to receive customized car loan quotes in a few seconds
  2. Compare the car loan offers you receive and apply for the one you like
  3. Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
  4. BankBazaar will update you on your auto loan application status via email & SMS alerts

Your Canara car loan eligibility and Canara car loan interest rate

Both salaried and self-employed people are eligible for Canara car loans, as long as they have steady income. A Canara car loan can be used to purchase either a new car or a used car. Most banks offer car loans which can be repaid over a period of up to 5 years. The car loan amount you are eligible for and the car loan interest rate you will be charged are dependent on factors such as income, employment history, car make & model, and whether the car is new or used. Banks typically limit the monthly payment (EMI) on your auto loan to about 50% of your monthly income, and will also cap the overall loan amount to about 80% of the ex- showroom price of your car (This cap may be relaxed for existing customers of a bank, but is stricter for used cars).

Typical fees and charges payable for a Canara car loan

  1. Lenders charge a processing fee of about 1% of the loan amount, but this fee is usually capped.
  2. If you repay your car loan earlier than the agreed time frame, lenders charge a foreclosure penalty of about 4% of the foreclosed loan amount.

Comparing car loan quotes from different banks/NBFCs

  1. Banks quote interest rates in many different ways (ex. monthly reducing rate, flat rate), hence just looking at the interest rate value alone might not give you a true picture of which car loan quote is the best, so you should always check on what the EMI is. The processing fee should also be considered when comparing auto loan quotes.
  2. The amount you are eligible for will vary by bank, hence choose a lender who lends you enough for you to afford the down-payment on the car.
  3. In case you wish to buy your car very quickly, also consider the average time taken by the bank to disburse a car loan.

Important Note About Your Mobile

  • It seems that your number is registered on the National Do-Not-Disturb (DND) list. Due to newly revised guidelines of TRAI (Telecom Regulatory Authority on India), we will not be able to update you on your car loan offer unless you provide proof of consent for Bankbazaar to call you by completing ONE of the following:
  • SMS US: SMS "CALL ME" to +91-9773467070 from +91-. Thank you for your consent.
  • OR
  • CALL US: Call 044-43981801 from +91-. Thank you for your consent.
  • After completing one of the above, in order to continue staying updated with status/approvals/scheduling of your car loan application via phone, please do ONE of the following:
    Send "START 1" to 1909 to activate partial-DND, allowing you to receive SMS alerts from all 'Banking/Insurance/Financial Products/Credit Cards' companies
    Send "STOP" to 1909 to de-register from DND
    TRAI guarantees to activate registration/de-registration requested within 7 days.