1. Who can apply for a Canara Vehicle Loan?

Individuals, professionals, reputed firms, and companies are eligible to apply for a Canara Vehicle Loan. Salaried individuals should have a minimum annual gross income of ₹3 lakh. while self-employed applicants should have a minimum annual gross 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., subject to eligibility criteria.

2. What types of vehicles can be financed under the Canara Vehicle Loan?

The loan can be availed for the purchase of a brand new four wheeler including Jeep, Van, electric four-wheeler, Purchase of Pre-Owned 4-Wheeler that are not more than three years old.

3. How much vehicle loan can I get?

There is no upper limit on the vehicle loan amount for new vehicles, subject to the applicant's eligibility and repayment capacity. For pre-owned vehicles, the loan amount will be sanctioned based on the applicants eligibility and applicable margin norms.

4. What percentage of the vehicle cost can be financed?

Up to 90% of the cost of a new vehicle can be financed, depending on the applicant's eligibility and applicable margin requirements.

5. Can I get a vehicle loan for a second car?

Yes. A loan can be availed for the purchase of a second or subsequent vehicle, provided the applicant meets the Bank's eligibility criteria.

6. Is financing available for used cars?

Yes. Used cars that are not more than three years old are eligible for financing. the loan amount will be sanctioned based on the applicants eligibility and applicable margin norms.

7. What is the repayment tenure for the vehicle loan?

The maximum repayment period for vehicle is as under:
· New vehicles: Up to 84 months.
· Pre-owned vehicles: Up to 60 months or the remaining useful life of the vehicle, whichever is lower.

8. What are the processing charges for Canara Vehicle Loan?

The Processing charges are 0.25% of the loan amount, subject to a minimum of ₹1,000 + GST and a maximum of ₹5,000 + GST.

9. Is there any prepayment penalty on the vehicle loan?

No. The vehicle loan can be prepaid at any time without any prepayment charges.

10. What interest rate is offered on the vehicle loan?

The Vehicle loan is offered at competitive interest rates on a reducing balance basis. The applicable rate of interest depends on the applicant's profile and the Bank's prevailing policy.

11. How much down payment is required for a vehicle loan?

The required down payment depends on the vehicle cost and the applicant category.

12. Can companies or firms apply for this vehicle loan?

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

13. What documents are required to apply for a vehicle loan?

Applicants typically need:
· Loan application form with photographs
· KYC documents and address proof
· Salary slips or income proof/ITR
· Bank statements
· Vehicle quotation from an authorised dealer
· Valuation report for used vehicles (if applicable)

14. How quickly is the vehicle loan approved and disbursed?

Canara Bank strives to ensure quick approval and timely disbursement of vehicle loans, subject to the applicants meeting the eligibility criteria and completion of required documentation and verification process.

15. Why choose Canara Vehicle Loan?

Canara Vehicle loan offers high financing, competitive interest rates, flexible repayment tenures, minimal processing charges, and quick loan processing, making it a convenient financial solution for purchasing a branch new or pre-owned vehicle.