Canara Bank Vehicle Loans for Agriculturists

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

Purpose	Purchase of Four wheelers (LMVs) of all types i.e., both Brand new & Pre-owned, by Agriculturists whose major annual income is from Agriculture
Quantum	No upper Limit and maximum quantum shall not exceed One year's annual income of the Borrower/Borrowers In case of Old Vehicle (not more than 3 years old), finance will be the least of the following: 60% of the value as appraised by an automobile engineer. 60% of the agreed price between seller and buyer. 60% of the original purchase price of the vehicle. Rs. 50.00 lacs (with minimum 50% margin).
Income Proof & NTH (Net Take Home)	For loans up to Rs.10 Lacs: ITR desirable. If not available, income certificate from Tahsildar / Revenue Officer / District Authorities can be accepted. For loans above Rs.10 Lacs: ITR declaring agricultural income is compulsory. Without ITR, must submit acceptable documentary proof. NTH should be 40% of gross annual income after loan EMI, minimum Rs.1.50 lacs p.a. Non-agricultural income (salary/business/profession) may be considered if declared in ITR or supported with acceptable documents.
Processing charges	0.25% on loan amount, min Rs.1000/- + GST, max Rs.5000/- + GST 50% waiver on processing charges from 01.04.2025 to 30.06.2025 (Retail Loan Festival)
Repayment Tenure	Max 84 months for new vehicles For used vehicles: Max 60 months or remaining useful life (certified by automobile engineer), whichever is lower Repayment frequency (monthly/quarterly/half-yearly/yearly) based on borrower's income pattern or cropping cycle
Margin	Margin for new vehicle: 4 Wheeler Loan Amount Existing Customers New Customers Up to Rs.10.00 Lakh 10% 20% Above Rs.10.00 Lakh up to Rs.25.00 Lakh 15% 25% Above Rs.25.00 Lakh 20% 30%

*All other terms and conditions shall apply.

All agriculturists owning and cultivating agricultural lands of more than 5 acres of irrigated lands/10 acres of dry lands in their name/s with 2 years of satisfactory dealing with us.
In case of agriculturists engaged in Dairy farming, Poultry farming, Plantation Crops and Horticultural produce, the minimum land holding requirement does not apply, instead they should have minimum gross annual income is Rs.4.00 lacs.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
KYC documents of applicant/ Co-applicants or guarantor.
Proof of Residence (Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc.,
Agricultural income Proof:
ITR, incase of non-availability of ITR, Income Certificate issued by the Tahsildar/ Mandal Revenue Officer/District Revenue Authorities or any competent authority (Permitted by the State Govt. to issue such certificates) may be accepted as proof of income.
Quotation of Vehicle from Authorized Dealer.
Valuation Report of Automobile engineer in respect of used vehicles (if applicable)

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