Car loans are one of the many financial services and products offered by Canara Bank, a well-known public sector bank in India. You can determine your eligibility for a car loan using the online calculator provided by Canara Bank.
The calculator is available on the bank's website and mobile application. The calculator estimates the amount of Loan you qualify for by considering several variables, including your age, income, employment status, loan amount, and EMI.
We have compiled a table below with the key elements to assist you in understanding the eligibility requirements for a new automobile loan from Canara Bank:
| Eligibility Criteria | Salaried | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Employment Type | N.A. | N.A. |
| Income | Minimum annual gross income of INR 3 lakhs | Yearly gross revenue of INR 3 lakhs |
| Loan Amount | For New Cars: Minimum Loan: upto INR 10,00,000 Maximum Loan: INR 25,00,000 & above For pre-owned vehicles, the lower of 75% of the agreed price or 75% of the vehicle's value as determined by an automotive engineer or INR 15,00,000 is required. | For New Cars: Minimum Loan: upto INR 10,00,000 Maximum Loan: INR 25,00,000 & above For pre-owned vehicles, the lower of 75% of the agreed price or 75% of the vehicle's value as determined by an automotive engineer or INR 15,00,000 is required. |
| EMI | Maximum 50% | Maximum 50% |
Your age, salary, type of job, the size of the Loan, and the EMI/NMI ratio are just a few of the variables that determine whether you qualify for a car loan from Canara Bank.
You have a better chance of receiving a car loan from the bank if you match the above eligibility requirements.
You can still apply for a car loan even if you don't match the criteria, but your chances of acceptance will be lower.
You must provide the following paperwork to Canara Bank to apply for a car loan:
? Identification document (driver's license, passport, PAN card, voter I.D. card, or Aadhaar card)
? Proof of address (passport, utility bill, Aadhaar card, or rental agreement)
? Income documentation (pay stubs, bank statements, ITRs, and Form 16)
? Passport-sized pictures
? KYC records
An annual income of INR 3 lakh is necessary to qualify for a car loan from Canara Bank.
Canara Bank will loan you up to 90% of the cars sticker price.
An automobile loan from Canara Bank has a maximum EMI/NMI ratio of 50%.
For salaried and self-employed individuals, Canara Bank has age restrictions of 21 to 60 years and 21 to 65 years, respectively.
Yes, self-employed people who match the requirements can apply for a car loan from Canara Bank.