Canara Bank Car Loan Details

Purpose:
For buying new or used four wheeler

Eligibility:

• Salaried persons with qualifying income and required repayment capacity.
• professionals and business people with qualifying income and required repayment capacity.
• Reputed firms and corporates are also eligible..

New Car Loans

• Upto 90% finance of the invoice value on a brand new car.
• No ceiling on maximum loan amount!

Used Car Loans

• Finance used cars not older than 5 years
• Finance 75% of the agreed price or 75% of the value of the car, as assessed by an automobile engineer or Rs.6 lakh whichever is lower.

Rate of Interest:(Fixed rate)
(w.e.f 1.12.2004)

• Car loan - 9.50% (fixed)
• Interest is charged on the daily reducing balance. So you don't have to pay interest even for a day extra on the portion repaid by you.

No one can genuinely give you money at zero cost. So, beware of advertisements promising zero percent finance. Try to detect the catches. (Rate of interest is subject to change from time to time)

Repayment to suit your pocket:
In convenient Equated Monthly Instalments upto 72 months. In zero percent finance offers, the terms are normally upto one year only. So, step into any of our branches and drive away your dream car.

Processing Charges:
0.1% on the loan amount with a minimum of Rs.250/- and maximum of Rs.500/-. (Presently, waive till 31st March 2006).

Documents / Formalities

• Stipulated LoanApplication with 2 passport size photos
• Latest salary certificate and Form No.16 / income - proof like ITAO / IT Return, Financial Statements as the case may be
• Proforma Invoice or valuation report (as the case may be)
• Guarantee / co-obligation. Waiver considered selectively
• For used vehicle, other documents as per norms