{"id":4751,"date":"2018-05-28T23:38:53","date_gmt":"2018-05-28T18:08:53","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=4751"},"modified":"2019-09-25T12:15:17","modified_gmt":"2019-09-25T06:45:17","slug":"canara-bank-car-loan-interest-rates","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/canara-bank-car-loan-interest-rates\/","title":{"rendered":"Canara Bank Car Loan Interest Rates"},"content":{"rendered":"

Car Loan Interest Rates vary based on a number of factors. These interest rates are one of the main deciding reasons behind a person\u2019s choice for a particular car loan. Canara Bank offers attractive interest rates that varies between 9.90% to 9.95%. Apart from this, loan tenures are also flexible with the bank offering a time period of upto 84 months.The best part is that Canara Bank does not have a maximum limit per say in terms of the loan amount that is offered. These loans are provided for all individuals, either self employed or salaried customers as long as the minimum amount they earn is Rs.3 lakhs per annum.<\/p>\n

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Canara Bank Car Loan Rates Table<\/h2>\n\n\n\n\n\n\n\n\n
Base Rate<\/strong><\/td>\n9.65%<\/td>\n<\/tr>\n
Rate of Interest(fixed)<\/strong><\/td>\n\n
    \n
  • First time female borrower in case of a joint loan – 9.90%<\/li>\n
  • Male borrower – 9.95%<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Processing Fee<\/strong><\/td>\n0.25% on the amount of loan between Rs. 1000 and Rs. 5000<\/td>\n<\/tr>\n
Loan Amount<\/strong><\/td>\n80%\/85%\/90% of the price of the car and this includes life tax, invoice value, insurance premium, registration charges and also accessories<\/td>\n<\/tr>\n
Loan Tenure<\/strong><\/td>\nUp to 84 months<\/td>\n<\/tr>\n
Minimum annual income required<\/strong><\/td>\nRs. 3 lakhs annually<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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How to calculate interest rate on the Canara Bank Car Loan?<\/h2>\n

The payment option that is chosen to\u00a0pay car loans in EMI\u00a0or Equated Monthly Installments which basically is the principal amount along with the interest amount that is based on the rate of interest previously determined by the bank. EMIs are paid over a tenure suitable to the applicant and with the progress in the tenure, there is a reduction in the interest amount and increase in the principal amount.<\/p>\n

A formula for calculating the EMI on car loan is given below-<\/p>\n

E = P*r*[(1+r)^n\/((1+r)^n-1)]<\/p>\n

Where\u00a0E\u00a0<\/strong>stands for the Monthly EMI,\u00a0P<\/strong>\u00a0is the principal amount,\u00a0r<\/strong>\u00a0refers to the interest rate applicable per month and\u00a0n<\/strong>\u00a0stands for the number of years.<\/p>\n

Factors affecting Canara Bank Car Loan Interest Rates<\/h2>\n

There are many different determinants when it comes to deciding the\u00a0car loan interest rates\u00a0for Canara Bank. Based on this and the tenure chosen by the borrower, the final amount of EMI or Equated Monthly Installment that is to be paid also varies. Some of these important factors are listed below.<\/p>\n