Canara Bank Car Loan Review | Canara Bank Car Loan Apply Kaise Karen | Canara Bank Car Loan Process

Canara Bank Car Loan Review | Canara Bank Car Loan Apply Kaise Karen | Canara Bank Car Loan Process

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The main features and benefits of the Canara Vehicle are mentioned below:

The interest rate that is charged is low.
No hidden charges are levied.
The processing charges that are levied are minimal.
The monthly instalments can be chosen by the customer.
The loan can be availed for a duration of up to 84 months.Individuals can avail a car loan for new cars as well as for used cars.
The loan can be availed for all types of cars and does not depend on the car model and manufacturer.
In the case of used cars, the tenure of the loan can be up to 60 months.
No foreclosure charges are levied by the bank in case individuals wish to close the loan before the maturity date.
Finance is provided by the bank for most of the car's value.
Therefore, it is easy for an individual to own a car.

Processing Fee

0.25% of the loan amount that is being availed will be charged as a processing fee. However, the processing fee can be a minimum of Rs.1,000 and a maximum of Rs.5,000.

Financing

Depending on the price of the car, 80%, 85%, and 90% of the on-road price of the car can be availed as a loan.

Foreclosure charges

No foreclosure charges are levied in case the loan is closed before maturity.

The eligibility criteria to avail the Canara Vehicle Loan are mentioned below:

Individuals who are self-employed or professionals, or work for a reputed organisation will be eligible to avail a car loan.Hindu Undivided Families (HUFs) are not eligible to avail a car loan with Canara Bank.

Reputed firms and companies are also eligible to avail a car loan with Canara Bank.In the case of salaried employees, the minimum gross salary that they make in a year should not be less than Rs.3 lakh. However, the minimum take-home salary after the reduction of the car loan instalment should not be less than Rs.12,000 or 25% of the individual's take-home salary.

Other individuals must also make a minimum gross yearly income of at least Rs.3 lakh as per the latest Income Tax Returns. However, the average annual income of the individual must not be less than Rs.2.5 lakh over the last 3 years.

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