In order to provide car loans to various segments of Indian society, Canara Bank has introduced multiple types of car loans. The following are the features of these major types of car loans.
Canara Mobile - Canara Bank Car Loan
Canara Bank car loan can be availed for the purchase of both second hand cars and new cars. This car loan can be availed by salaried persons, self-employed professionals, reputed companies and firms. Apply for an Canara Bank car loan and take benefit of a hassle-free loan application and sanction process. Canara Bank car loan scheme can be availed for the finance of cars of any make and model.
Canara Mobile - Vehicle loan if offered at simple application process, has attractive interest rates, can be repaid back in convenient EMIs and comes with no hidden charges. Owing to these benefits, Canara Bank car loan is one of the most sought for car loan in the market. If you wish to buy a new or a used car, then you must consider the Canara Bank plans as it is an affordable option with a lot of additional benefits.
Canara Bank loan for a new car can be availed to purchase a new car of any make and model and there is no upper limit for the loan amount. Canara Bank used car loan finances the purchase of a second hand car not more than 5 years old.
Canara Bank auto loan comes with a number of benefits and features such as:
- Canara Bank offers new and used car loan.
- Canara Bank car loans can be availed for the purchase of all types of cars, irrespective of the model and the make.
- For loan amount of up to Rs 10 lakhs, the Bank finances up to 90% of the cost of the car
- For loan amount between Rs 10 lakhs and Rs 25 lakhs, 85% of the car value is sanctioned as loan amount.
- For loan amounts above Rs 25 lakhs, up to 80% of the car cost is financed.
- The above mentioned percentages are inclusive of invoice value, life tax, registration charges, insurance premium and other accessories.
- Tenure for a car loan can go up to 84 months.
- Processing fee for Canara Bank car loan is 0.25% of the loan amount. The minimum limit is Rs 1000/- and maximum is Rs 5000/- for all types of new cars.
- Car loans offered by Canara Bank can be paid back at any time before the loan maturity date and the bank does not charge any foreclosure charges.
- Canara Bank car loans can also be availed a car loan on a second car provided the customer has no overdues on his earlier car loans.
- Cars not more than one month old can be financed under the new car scheme.
Canara Bank Pre-owned car loan
Canara Bank car loan can also be availed for the finance of used cars. The second hand cars for should not be older than 5 years. Used car loans can be availed at the same low interest rates. The Bank finance 75% of the value of the car, as assessed by an automobile engineer or Rs.15.00 Lakh whichever is lower.