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Get car loans that are best matched to your credit profile
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Do you want to own a car? Or do you wish to upgrade your existing car to a newer model? Or maybe are you thinking of having a second car in the family? Buying a car today is not as difficult as it used to be a couple of years back. The need to own a four wheeler has expanded many folds and so have the financing options to help you get there.
With more and more car models coming into the market, we are spoilt for choice! It is no surprise then, that the desire to own a car is high on the priority list for both urban and rural earners. It has also become easier to borrow finance for this purpose as many lending institutions offer various loans to suit your needs. If you have a steady source of income, buying a car is closer to reality than what you think, depending on your credit eligibility.
A car loan is a type of personal loan that helps you purchase a car by paying the total price in monthly instalments instead of paying the full price all at once. The bank or the lender will pay the full amount of your car and you will need to pay the bank/lender in monthly instalments or EMIs (Equated Monthly Instalments) with an interest fee.
Normally, loans are offered with some security however, in this case, the car itself is used as a collateral. This means if you fail to pay the entire debt to the bank, your car will be repossessed by the bank to pay off the debt.
Before taking a car loan, you must calculate the cost of the loan including the interest, credit scores, own income budget, down payments and other terms & conditions. Today, many banks offer loan upto 100% price of your car and/or complete financing of the on-road price.
Now that you have decided to buy a car and need financing assistance, it is quite normal to get confused with the number of options available in the lending market. How do you figure this out? Firstly, you will need to assess your overall financial situation and estimate the budget to pay off the loan. Secondly, it is important to check your basic eligibility for taking a car loan. Credit score is can be checked with leading financial services providers like www.creditmantri.com and some of the other leading banks. Why is this important? Your credit score is a critical point for consideration used by all banks and lending institutions before offering a loan.
Once you are convinced that your finances are in order, compare two car models of your choice within the budget and work out the loan details (loan period, EMIs, interest, down payments etc.) with your preferred bank.
Headquartered in Bangalore, Canara Bank is one of the largest public sector banks in the country, owned by Government of India. With more than 100 years existence in the banking sector, Canara Bank has been known for its customer centric outlook. With a domestic network of 6200+ branches, the bank provides all kinds of financial services like personal banking, corporate banking, NRI accounts and digital banking services. In fact, Canara Bank has a separate dedicated portal for car loan which provides you with easy access to EMI options, EMI calculator, Quick quote, various Car Offers and other related details.
The following details will give you a quick idea on the Car Loan Eligibility criteria followed by Canara Bank
If you are an agriculturist by profession, you can check for car loan eligibility for agriculturists by Canara Bank. The basic loan eligibility required is the ownership of more than 5 acres of irrigated land or 10 acres of dry land in your name with 2 years of dealing with the bank. Income Proof and other documents would be required to be submitted to avail this type of loan.
What are the documents required by Canara Bank if you wish to apply for a car loan? Read on.
Canara Bank offers attractive rate of interest for its car loan. If you are a woman purchasing a car with the help of Canara Bank car loan o the vehicle is registered in a woman’s name, you are eligible for a special interest rate ranging from 8.90% to 9.45%. Other borrowers are offered interest rates from 8.95% to 9.55%. These interest rates are applicable for one year MCLR.
There are some fees and charges to be borne by the applicant while taking a car loan. Canara Bank details for such charges are mentioned below. It is suggested that you check these charges that are levied by the bank at the time of application as it is subject to change at any time by the bank.
The easiest and fastest way to apply for a car loan is by visiting the website of the bank. Here, you can submit your enquiry on the basis of your eligibility details. The bank personnel should be able to respond back with more information and other details for processing your loan in a day’s time. The application form is also available for download and completion thereafter.
You can also check with the Canara Bank Call Centre at 1800 425 0018 for applying a car loan.
Alternatively, you can visit the nearest branch of Canara Bank and directly enquire with the bank executives. In this case, you can check for any queries or doubts regarding the car loan. If you are satisfied, the application form can be submitted then and there for a faster approval.
The first step in ensuring that you are not rejected a car loan is to check for your credit score. www.creditmantri.com will help you understand your scores at the click of a button. You can manage any pending credit dues to increase your score and then apply for the car loan.
You can estimate the monthly EMIs by using the Car Loan EMI calculator on the Canara Bank website. Another way to quickly determine your monthly outflow is the CreditMantri EMI calculator. Once the loan amount, tenure and interest rate is fed into the calculator, it will show the estimated monthly loan repayment to be done. You can enter different combinations of loan amount tenure to arrive at a figure that is comfortable to your financial situation.
1. What is the Canara Bank Car Loan eligibility?
If you are an individual/professional/ above the age of 21 years and/or reputed firms/companies, then you are eligible to avail a car loan from Canara Bank. Other terms & conditions include steady source of income, correct documentation and credit score.
2. Is there any other type of income that will be considered other than monthly salary?
Yes. If you can show declared income like rental income/investment returns/spouse income, it can be considered subject to documentary evidence.
3. What is margin amount?
If you are buying a new car, the bank expects you to pay the following margin amounts of the on-road price:
10% in case of INR 10 lakhs loan
15% in case of INR 10 lakhs and upto INR 25 lakhs loan
20% in case of INR 25 lakhs and above loan
In case of pre-owned car, you have to put in 25% of the total value.
4. Where can I find a car loan interest calculator?
www.creditmantri.com offers the quickest and the most reliable EMI calculator. You can use various combinations of loan amount, tenue and interest rate to arrive at a comfortable monthly payment.
5. What is the security that I need to give the bank for taking a car loan?
Normally, the car itself is the security that is taken by the bank against the car loan. The vehicle is hypothecated to the bank till such time that the prepayment is completely done.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.