Canara Bank Car Loan in Purnea, Bihar

Avyud Finance offers Car Loan from Canara Bank for purchasing new and pre-owned Cars based on a fixed rate of interest. This particular rate of interest will remain the same throughout the tenure of the loan. All individual borrowers, professionals, reputed firms, companies are eligible for Avyud Finance’s Car Loan.

EMI Calculator

Loan Amount

₹

500000

No. of Months

months

Rate of Interest

Monthly EMI

₹

₹ 32,124.56

Total Interest

₹

10,622.78

Principal Amount

₹

500000

Payable Amount

₹

160,622.78

Pay No.	Begining Balance	EMI	Principal	Interest	Ending Balance
1	150000.00	32124.56	28637.06	3487.50	121362.94
2	121362.94	32124.56	29302.87	2821.69	92060.07
3	92060.07	32124.56	29984.16	2140.40	62075.91
4	62075.91	32124.56	30681.30	1443.26	31394.61
5	31394.61	32124.56	31394.64	729.92	-0.03

Canara Bank Car Loan Important Information

For buying new or used four wheeler

In convenient Equated Monthly Installments upto 84 months ( 60 months in case of second hand cars). So, step into any of our branches and drive away your dream car.

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 car, as assessed by an automobile engineer or Rs. 50.00 Lakh whichever is lower

Eligibility Criteria for Canara Bank Car Loan

All individual borrowers / professionals / reputed firms / companies are eligible. However, HUF is not eligible

Salaried individuals should have a minimum gross salary of Rs.3.00 lacs p.a. Minimum NTH after proposed installment should not be less than 25% or Rs.12,000/- whichever is higher.

Other than salaried individuals should have a minimum Gross Annual Income of Rs. 3.00 lakhs p.a. as per latest ITR/ITAO subject to 3 years Gross Average Annual Income of not less than Rs. 2.50 lakhs. Minimum NTH after proposed installment should not be less than 25% or Rs.12,000/- whichever is higher.

Documents Required for Canara Bank Car Loan

Duly filled up and signed car loan application form along with photographs

KYC (Know Your Customer) documents

Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card

Income Proof-Latest salary slip showing all deductions or Form 16 along with recent salary certificate

Bank Statement or Bank Pass Book of having entries of last 6 months

Proof of Address - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement

Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)

Fees & Charges for Canara Bank Car Loan

0.25% on the loan amount with a minimum of Rs.1000/- and maximum of Rs.5000/-.

FAQ for Canara Bank Car Loan

Who is eligible to avail Canara Car Loans?

All individual borrowers / professionals / reputed firms / companies are eligible for availing loans. HUF is not eligible for Canara Car loan.

Which types of Cars are financed under Canara Car Loans?

We finance all kinds of four wheelers including Jeeps, Vans - both brand new and pre- owned.

What is the income criteria for availing a car loan?

Salaried Class:

Salaried Individuals should have a minimum gross salary of Rs.3.00 lacs p.a. Net take home (NTH) salary after taking into consideration the installment of the proposed loan should be 40% with a minimum of Rs.12000/- p.m.

Other than Salaried Class:

This category should have a minimum gross average annual income of Rs.3.00 lacs p.a.(Average of last 3 years and as per ITR/ITAO).Net take home after taking into consideration the installment of proposed loan should be 40% with a minimum of Rs12000/-. p.m.

What is the margin amount?

If you are buying a brand new car, you have to bring in following margin on on-road- price i.e. total value inclusive of invoice value, life tax, registration charges, insurance premium and other accessories

10% in case of loan upto Rs. 10.00 Lacs
15% in case of loan above Rs. 10.00 Lacs & upto Rs. 25.00 Lacs
20% in case of loan above Rs. 25.00 Lacs
If you are buying a pre-owned car, you have to bring in 25% of the project cost.

What is the maximum repayment tenure permitted?

In the case of a New Car, the maximum repayment period is 84 months.
In case of old Car, maximum repayment period is upto future life of the Car as specifically mentioned in the valuation report of qualified automobile Engineer or 60 months whichever is less.

Note: This content is taken from Canara Bank website

Purpose for Car Loan

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