Canara Bank Car Loan Interest Rates 2025

For Loans Above ₹15 Lakh

Canara Green Vehicle Loan Rates

(For Electric Vehicles, including Agriculturists)

For Loans up to ₹15 Lakh

For Loans Above ₹15 Lakh

Key Points to Remember:

1. CRG stands for Canara Risk Grade. A lower CRG number (like CRG-Prime or CRG 1) reflects higher creditworthiness and leads to better interest rates.
2. Women borrowers usually enjoy a slightly lower interest rate (0.05% lower) compared to other applicants.
3. Green Vehicle Loans are specifically designed for electric cars and offer competitive interest rates.
4. These interest rates are applicable to salaried individuals, self-employed professionals, and eligible agriculturists.

Factors Affecting Canara Bank Car Loan Interest Rates

The Canara Bank car loans for purchasing new and pre-owned vehicles are based on a fixed rate of interest. This particular rate of interest will remain the same throughout the tenure of the loan.

The interest rates for Canara Bank Car Loan range between 9.15% p.a. - 11.95% p.a., depending on multiple factors. The interest rate you are eligible for will be dependent on various factors, which have been mentioned below

• Vehicle's age - If you choose to purchase a used car, the condition and overall value of the car will play a significant role in determining your eligible rate of interest. The quantum of loan will also get affected by this factor. Hence, it is always recommended to get the used car (you want to purchase) checked by a skilled mechanic.
• Loan tenure - If you choose a relatively longer loan tenure, your interest rate will be lower and vice versa. When you borrow a loan with a long tenure, you are required to pay the EMI over the period of years.
• Credit score - Credit score is basically a validation parameter used by banks to measure your past payment record of loans and other debts. For every payment that you make towards a particular loan, points get added to your credit score. If you have a credit score of 750 or more, your car loan application will get approval easily, in a hassle-free manner.
• Applicant's salary - High income applicants are always a safe bet according to banks. Since their salaries are high, the chances of them paying the loan back on time are high. A borrower whose income is on the lower end will attract a higher rate of interest.
• Reputation of employer - This is applicable in some cases. If you are working in a highly reputed organisation, you are more likely to get a good deal.
• Customer relationship - If you have a good credit history with the bank, you will most definitely get a good deal.

Overview of Canara Bank Car Loan

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