How much margin money I have to pay for Canara Bank Vehicle Loan to buy a used car?
Margin money of minimum 25% of the value of the vehicle or agreed price, is mandatory for loan availed for purchasing a used car.
Which types of vehicles are financed under Canara Vehicle Loans?
All kinds of used four wheelers including Jeeps, Vans, and Passenger Cars etc.
While determining the income eligibility, whether any other type of income can be considered?
Any other income declared by the applicant like rental income / income from investment /income of the spouse can also be considered for loan eligibility, subject to production of documentary evidence.
What security or collateral I have to provide?
Hypothecation of car against for which the loan is granted, is mandatory for the primary security. Additionally, a personal guarantee of a person good for loan amount and acceptable to Bank.