Canara Bank Two wheeler Loan Interest Rate
Canara Bank Two wheeler Loan Interest Rates India Mar 2020
| Interest Rates | 13.55% |
| Maximum Loan Amount Eligibility | 0% of On Road Price |
| Maximum Loan Tenure | 3 years |
| Lowest EMI per Rs. Ten Thousand Loan Amount | ₹ 340 |
| Processing Fee | 0.25 % of the loan amount with Minimum Rs. 1,000 and Maximum Rs. 5,000 |
| Prepayment Charges | Nil charges |
| Interest Calculation | EMI on a monthly reducing balance |
| Age | Between 21 years and 65 years |
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Canara Bank Two wheeler Loan
Canara Bank Auto Loan Interest Rates
Canara Bank bike loan Interest rate calculator works on various inputs like:
- Salary - Higher salary bracket individuals are offered loans at lower interest rates. Canara Bank auto loan rate varies with your net monthly income.
- Employer category – Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Canara Bank has a list of company categories of salaried individuals to which they avail two wheeler loans. So, higher company category leads to low rate of interest.
- Type of two wheeler - Canara Bank interest rate depends upon the type of bike you want to buy. If you have applied loan for a high value two wheeler, then the bank offer low interest rate on your two wheeler.
- Relationship with the Bank – Canara Bank offers special rates, offers and charges to the salary account holders of the bank. Those who have managed their accounts low Canara Bank 2 wheeler interest rate.
Canara Bank Two wheeler Loan Eligibility
Eligibility of 2 wheeler loan in Canara Bank relies upon different factors but the most important factor is your ability to repay the loan. Two wheeler loan calculator calculates eligibility of an applicant depending upon various factors like
- Age: Age plays an important role to know your eligibility and repayment capacity. Canara Bank offers two wheeler loan to individuals who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
- Income: Canara Bank bike loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for two wheeler loan. Canara Bank asks for net monthly income of ₹ 12,000 from salaried professionals.
- CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your two wheeler loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your two wheeler loan eligibility.
Canara Bank Two wheeler Loan EMI
Two wheeler Loan EMI of Canara Bank is a fixed amount that you pay each month towards the repayment of your bike loan till the end of tenure. Lowest EMI offered by Canara Bank is Rs. 340 per ten thousand loan amount at lowest two wheeler loan interest rate of 13.55%. Canara Bank bike loan EMI calculator depends on factors like:
- Auto Loan Canara Bank interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
- Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
- Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount
- Two wheeler loan EMI calculation varies from bank to bank depending upon the method of calculation
Canara Bank 2 Wheeler Loan Apply
Canara Bank gives the facility of bike loan to the people who want to fulfil their dream of having their own 2 wheeler. There are some features and benefits of taking auto loan from Canara Bank:
- Low processing fee
- Zero prepayment charges
- Easy documentation
Documents Required for Canara Bank 2 wheeler Loan
Two wheeler loan Canara Bank documents for salaried employees
- Signed loan application form
- Photographs
- Income Tax PAN Copy
- Identity Proof – Driving License/ PAN/ Passport/ Voter ID
- Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
- Income Documents – Form 16, last 3 months pay slip, bank statement of 3 months showing salary credit and any EMI debit
Two wheeler loan Canara Bank documents for Self-Employed
- Signed loan application form
- Photographs
- Income Tax PAN Copy
- Identity Proof - Driving License/ PAN/ Passport/ Voter ID
- Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
- Income Documents – Last 2 years ITR
- Business existence proof such as VAT/ service tax registration, business address proof, incorporation details in case of companies
Compare Bike Loan Interest Rates of Canara Bank with other banks
Frequently Asked Questions on Canara Bank Two wheeler Loan
Canara Bank bike loan interest rates today are 13.55% to 15.30%.
What is the lowest EMI for ten thousand amount on Canara Bank two wheeler loan?If you apply for a 2 wheeler loan from Canara Bank, your lowest EMI for ten thousand amount will be ₹ 340.
What is the maximum tenure of Canara Bank bike loan?You can repay your bike loan from Canara Bank in a flexible period of maximum 3 years.
How much auto loan I can borrow from Canara Bank?Canara Bank offers you 0% of On Road Price of two wheeler as loan.
How much processing fee is charged by Canara Bank on bike loan?Canara Bank charge a processing fee of 0.25 % of the loan amount with Minimum Rs. 1,000 and Maximum Rs. 5,000 with applicable service tax.
Is age an eligibility factor to get two wheeler loan from Canara Bank ?Yes, age is an important eligibility factor to get Canara Bank two wheeler loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.
Are there any prepayment charges on Canara Bank two wheeler loan?You can foreclose your two wheeler loan from Canara Bank with Nil charges.
