Canara Bank
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|FAQs ON CANARA VEHICLE LOANS (FOUR WHEELERS) |
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|Who are eligible to avail Canara Vehicle Loans? |
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|All individual borrowers / professionals / reputed firms / companies are eligible for availing loans. |
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|Which type of vehicles are financed under Canara Vehicle Loans (Cars) ? |
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|We finance all kinds of four wheelers including Jeeps, Vans - both brand new and pre-owned vehicles. |
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|What is the maximum eligible amount under Canara Vehicle Loan Scheme for Cars? |
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|There is no upper limit on the loan amount for purchase of brand new cars. We finance upto 90% of the total value inclusive of invoice |
|value, life tax, registration charges, insurance premium and other accessories. |
|However, for purchase of pre-owned vehicles, not older than 5 years, finance shall be least of the following: |
|75% of the value of vehicle as appraised / assessed by an automobile engineer. |
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|75% of the price agreed to between the seller and buyer. |
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|75% of the original purchase price of the vehicle. |
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|Rs.6.00 lacs (after maintaining a minimum margin of 25%) |
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|What is the margin amount required to borne by me? |
|If you are buying a brand new car, you have to bring in only 10% of on-road-price |
|If you are buying a pre-owned car, you have to bring in 25% of the project cost. |
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|What are the documents required to be submitted? |
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|For purchase of brand new vehicles (cars): |
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|Original invoice |
|photographs of the borrower and guarantor, |
|salary certificates / income proof, |
|Proof of address |
|Proof of Identity |
|Proof of employment (in case of salaried employees) |
|Post Dated cheques, if salary / operative account maintained with other Bank |
|Pass sheet of Salary account for last six months (if salary account not maintained with our Bank) |
|ITAO / ITR |
|RTO forms |
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|Additional documents for purchase of pre-owned vehicles (Cars): |
|Agreement entered into with the vendor of the vehicle |
|Valuation report by an automobile engineer, specifying the future life of vehicle |
|Original invoice |
|Copy of R C book / Tax card |
|Copy of insurance |
|Original “B” Extract issued by RTO authorities containing full details of the vehicle viz., Name of the owner, registration number, model, |
|engine and chassis numbers, HP details, tax paid particulars, details of NOC given if any, insurance details |
|RTO forms |
|What is the maximum repayment tenure permitted? |
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|Maximum repayment tenure permitted is 72 months; Very selectively considered upto 84 months. |
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|What are the lending rates? |
|Our lending rates are floating and are linked to Base Rate. |
|Loan will be cheaper by 25 bps if you opt for shorter repayment period (within 36 months) or offer to bear minimum 50% margin. |
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|Present card rates are as under: |
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|Name of variant |
|Rate of Interest |
|Rate of interest w.e.f. 04/02/2013 |
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|Minimum 10% margin & repayment period more than 36 months |
|Base Rate* + 0.75% |
|10.25* + 0.75 = 11.00% |
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|Minimum 10% margin & repayment period 36 months or less |
|Base Rate* + 0.50% |
|10.25* + 0.50 = 10.75% |
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|Minimum 50% margin irrespective of repayment tenor (stretching upto maximum permissible tenure) |
|Base Rate* + 0.50% |
|10.25* + 0.50 = 10.75% |
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|*Base Rate is subject to periodical changes |
|How is the interest charged/calculated? |
|Interest is calculated on daily reducing balance basis. |
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|Do I have to pay any additional charges? |
|You have to pay nominal processing charges @ 0.1% on the loan amount – |
|Minimum Rs.250/-; and maximum Rs.500/- |
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|How do I approach Canara Bank for a Car Loan? |
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|You can approach us in any of the following ways |
|Apply online by logging on to our website – |
|Call our Call Center 1800 425 0018 |
|You can just walk into any of our branches |
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|How much time will it take for my loan to be approved? |
|The loans are generally approved within 48 hours of submission of application. |
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|Who can be a personal guarantor? |
|Personal guarantee can be given by any of your acquaintances, preferably our customers having adequate net worth. |
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|What security/collateral do I have to provide? |
|No additional security/collateral needs to be provided, apart from the hypothecation of car against which the loan is granted. |
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|How do I repay the loan? |
|If you have your salary account with us, you can give standing instructions for debiting your account. |
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|If you have your salary account with any other Bank, you can give post dated cheques and ECS mandate to your Bank. |
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|Can I prepay my loan? |
|Yes. We do not charge any prepayment fee. |
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|Do I need to open an account with Canara Bank for availing and/ or servicing the loan? |
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|Though opening an operative account with us is not mandatory, we would appreciate opening an account with our Bank so that you can avail a |
|variety of value added services. |
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|What are the stages involved in availing a loan? |
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|The stages involved are: |
|Application; Processing; Documentation; Sanctioning; Disbursement |
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|Can I get a loan for purchasing a used car? |
|Car loans are available for purchase of passenger cars - new as well as used. |
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