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Canara Vehicle Loan

Finance for new, electric and pre-owned four-wheelers, including second or subsequent vehicles, with up to 90% new-vehicle financing and ₹3 lakh minimum annual gross income for individuals.

Interest rateCompetitive reducing-balance interest; exact rate depends on the applicant profile and prevailing Bank policy, with no numeric percentage on the reviewed page.Maximum amountNo upper limit for new vehicles, subject to eligibility and repayment capacity. Pre-owned cars may receive up to ₹50 lakh subject to required margin; new vehicles can be financed up to 90% of cost.TenureNew vehicles: maximum 84 months. Pre-owned vehicles: maximum 60 months or remaining useful life, whichever is lower.
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Quick eligibility check

Canara Vehicle Loan

0 of 5 answered

Answer what you know. This guide compares your answers with the criteria published for this product; it is not an approval decision. Your answers stay on this device.

1Does your annual income meet this requirement: Salaried and other-than-salaried individual applicants need minimum gross annual income of ₹3 lakh?

Published source: Minimum income

2Does your annual income meet this requirement: non-salaried applicants also need three-year gross-average annual income of at least ₹2.50 lakh?

Published source: Minimum income

3Do you meet this requirement: Individuals, professionals, reputed firms and companies may apply?

4Does your annual income meet this requirement: Salaried and self-employed individuals need ₹3 lakh annual gross income?

5Does your annual income meet this requirement: self-employed applicants also need three-year average annual gross income of at least ₹2.50 lakh?

0 of 5 answeredAnswer the remaining questions to see your checklist result.
✓ Manually checked 30 Aug 2026 · active
Offered byCanara Bank

India; Canara branches

Key facts

What the official sources publish

Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.

Loan typeVehicle loan for a brand-new four-wheeler, new electric four-wheeler, pre-owned four-wheeler not older than three years, and second or subsequent vehicle purchases.View source
The official page lists new, electric, pre-owned and second-vehicle purposes.
Source
Canara Vehicle
Page / section
Purpose;
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Interest rateCompetitive reducing-balance interest; exact rate depends on the applicant profile and prevailing Bank policy, with no numeric percentage on the reviewed page.View source
Canara describes competitive reducing-balance pricing without a numeric rate.
Source
Canara Vehicle
Page / section
Benefits; — interest rate
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
BenchmarkNot published on the reviewed product page; no benchmark or spread is stated.View source
The complete page gives no benchmark or spread.
Source
Canara Vehicle
Page / section
Complete page
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
APRNot published on the reviewed product page.View source
No annual percentage rate is displayed.
Source
Canara Vehicle
Page / section
Complete page
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Minimum incomeSalaried and other-than-salaried individual applicants need minimum gross annual income of ₹3 lakh; non-salaried applicants also need three-year gross-average annual income of at least ₹2.50 lakh.View source
Canara publishes ₹3 lakh current income and ₹2.50 lakh three-year average for non-salaried applicants.
Source
Canara Vehicle
Page / section
Eligibility; — who can apply
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Maximum amountNo upper limit for new vehicles, subject to eligibility and repayment capacity. Pre-owned cars may receive up to ₹50 lakh subject to required margin; new vehicles can be financed up to 90% of cost.View source
The page states no upper limit for new vehicles, 90% financing and ₹50 lakh pre-owned cap.
Source
Canara Vehicle
Page / section
Benefits; Quantum;
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
TenureNew vehicles: maximum 84 months. Pre-owned vehicles: maximum 60 months or remaining useful life, whichever is lower.View source
The official repayment rows and publish 84 and 60 months with useful-life cap.
Source
Canara Vehicle
Page / section
Repayment Tenure;
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Processing fee0.25% of loan amount, minimum ₹1,000 plus GST and maximum ₹5,000 plus GST. A 50% processing-charge waiver is published for 1 July 2026 to 30 September 2026.View source
Canara publishes the fee band and dated waiver.
Source
Canara Vehicle
Page / section
Processing charges
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Prepayment / foreclosureNo prepayment charges.View source
The official page says the vehicle loan can be prepaid without charges.
Source
Canara Vehicle
Page / section
Benefits; — prepayment
Accessed
30 Aug 2026
Confidence
high
Open official source ↗

Benefits and features

  • Up to 90% financing for a new vehicle
  • No upper limit for new-vehicle quantum
  • Pre-owned cars up to ₹50 lakh subject to margin
  • New vehicle tenure up to 84 months; used up to 60 months
  • 0.25% processing fee, ₹1,000+ minimum and ₹5,000+ maximum
  • No prepayment penalty
  • 50% processing-charge waiver from 1 July 2026 to 30 September 2026

Eligibility

  • Individuals, professionals, reputed firms and companies may apply. Salaried and self-employed individuals need ₹3 lakh annual gross income; self-employed applicants also need three-year average annual gross income of at least ₹2.50 lakh.

Passing a listed condition does not mean the bank will approve an application.

Documents the bank lists

  • Application with photographs; and residence proof
  • Salaried: six months salary slips, Form 16/ and employment proof
  • Self-employed: three years and balance sheet/P&L where applicable
  • Authorised-dealer vehicle quotation
  • Automobile-engineer valuation for used vehicles where applicable

Related official documents

Canara Vehicleofficial-product-page · current · accessed 30 Aug 2026
↗

Plan before applying

Try the numbers

Private, instant and based on the values you enter.

Try your numbers

Loan repayment estimate

See what the loan could cost each month. Move any slider to try a different amount, rate or repayment time.

One monthly payment₹21,696twenty-one thousand six hundred ninety-six rupees
Interest paid over the full loan₹27,06,939twenty-seven lakh six thousand nine hundred thirty-nine rupees
Everything you repay₹52,06,939fifty-two lakh six thousand nine hundred thirty-nine rupees

This is only an estimate, not a bank or insurer offer. The final amount can change because of taxes, fees, rate changes and provider rules.

Use the published table

Find the exact published value

Choose a table, then pick its row and column. This shows the exact entry published by the bank or insurer without making you scan every cell.

Vehicles · Published termNew, electric and pre-owned four-wheelers; used vehicle not older than 3 years; second vehicle allowed

This value is copied from Canara Vehicle published terms. Check the table notes before relying on it.

Source: Canara Vehicle · Purpose; Quantum; Eligibility; Margin; Processing; Repayment; Open official source ↗

Published tables

Complete rates, limits and schedules

Tables preserve every reviewed row and column from the cited official source.

Table 1 · 7 rows · 2 columnsCanara Vehicle published termsVehicle scope, income, financing, margin, fees and repayment terms from Canara's official page.View tableHide table

Scroll sideways to view every column

Canara Vehicle published terms
AreaPublished term
VehiclesNew, electric and pre-owned four-wheelers; used vehicle not older than 3 years; second vehicle allowed
Income₹3 lakh annual gross income; non-salaried three-year average at least ₹2.50 lakh
QuantumNo upper limit new; up to 90% new-vehicle cost; used up to ₹50 lakh
Tenure84 months new; 60 months or useful life used, whichever lower
MarginNew vehicle 10%/15%/20% bands by amount and applicant; used minimum 50%
Charges0.25%; ₹1,000 + minimum and ₹5,000 + maximum; dated 50% waiver
PrepaymentNo prepayment charges
Canara Vehicle · Purpose; Quantum; Eligibility; Margin; Processing; Repayment; · accessed 30 Aug 2026Open official source ↗

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