Explore the Best Vehicle Loans for Your Needs

No upper limit in Vehicle loan quantum.
Upto 90% financing for new vehicle.
Minimal processing charges.
Lower Rate of Interest.
Reducing Balance Interest Rate.
No pre-payment penalty.
Quick Vehicle loan approval & disbursement.
Avail Loan to buy Pre-Owned Vehicle.
Financing of 2nd & subsequent vehicle purchases.

For Individuals

Loan can be availed by individuals for personal use :

Purchase of Brand New 4-Wheeler including Jeep, Vans-Both.
Purchase of Pre-Owned 4-Wheeler, not older than 3 years.
Purchase of New Electrical 4-Wheeler.

Individuals may apply singly or jointly with other eligible individuals.

For Corporates

Loan can also be availed by Companies / Firms for professional use i.e. purchase of vehicle for usage by their Directors / employees.

Quantum

No upper Limit.
For Pre owned cars max Rs.50 Lakh (subject to required margin norms).

Processing charges

0.25% on the loan amount with a minimum of Rs.1000/-+GST and maximum of Rs.5000/-+GST.
Bank is celebrating Retail Loan Festival and waiver of 100% processing charges from 01.09.2024 to 31.12.2024.

Repayment Tenure

Maximum period:
84 months for new vehicles.
60 months for Preowned vehicles.

Margin

Margin for new vehicle

Loan Amount	Margin for Central/State Govt/Autonomous bodies/PSU Emp.	All other customer
Up to Rs.10.00 Lakh	10%	10%
Above Rs.10.00 Lakh and up to Rs. 25.00 Lakh	10%	15%
Above Rs. 25.00 Lakh	20%	20%

*Accessories can be financed limited up to Rs. 25,000/- amount.

Margin for Pre-owned vehicle Maximum Loan quantum of Rs.50.00 lakh (after maintaining a minimum margin of 50%).

Used Cars

We also finance used cars (not older than 3 years) at the same low interest rates. We finance 60% of the agreed price or 60% of the value of the car or 60% of the original value of the vehicle, as assessed by an automobile engineer or Rs. 50.00 Lakh whichever is lower.

All the individual borrowers/professionals/reputed firms/companies.
Individuals
- Salaried Individuals Minimum gross salary of Rs 3.00 Lakh p.a.
- Other than Salaried Individuals Minimum gross annual income of Rs.3.00 Lakh p.a. as per latest ITR/ITAO subject to 3 years Gross Average Annual Income of not less than Rs. 2.50 Lakh.
Corporates
With subject to the satisfactory credit worthiness in respect of firms/companies by their net worth, repaying capacity, etc.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicant or guarantor.
KYC documents of applicant/Co-applicant or guarantor.
Proof of Residence (Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
In case of salaried persons : Latest 6 months’ salary slips (including Co-applicants) and Form No.16 & ITR if any. supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns & in case of NRI copy of work permit.
In case of self-employed persons : IT Returns filed for the past three assessment years along with Balancing sheet/Profit & Loss accounts if any.
Quotation of Vehicle from Authorized Dealer.
Valuation Report of Automobile engineer in respect of use vehicles (if applicable).

Canara Green Wheels

Canara Vehicle to Agriculturists