Canara Bank Car Loan Interest Rate November 2026: 7.75% to 10.95%
The Canara Bank car loan interest rate is 7.75% to 10.95% p.a. in November 2026, floating over the bank's RLLR of 8.25%. Your row depends on your Canara credit grade (CRG-PRIME down to CRG 4), whether the loan is above ₹15 lakh, and whether you are a woman, who pays 0.05% less. Used cars up to 3 years old get the same rates.
Canara Bank car loan in 2026: one grid, three doors
Canara Bank runs no menu of named schemes: one Canara Vehicle loan for new and pre-owned cars, a Green Wheels variant for electric cars, and an agriculturists' version on the same grid.
Three things stand out: the lowest used car floor of the 28 lenders on our car loan hub that price used cars, no upper limit on a new car loan, and a processing fee waived in full from 1 October to 31 December 2026 under the bank's Retail Loan Festival.
Two cautions: the CRG grade is Canara's own credit rating, not a CIBIL band you can look up, and the concession in your rate is held for 3 years from first disbursement, after which it can change.
One contradiction: the rates page prints an RLLR of 8.25% from 9 October 2026, but an older cached copy showed 8.00% from 12 March 2026; we use the live figure.
Canara Bank car loan EMI
Loan amount: ₹8,00,000 at Canara Bank's published rate range. Reducing-balance EMI; processing fees and insurance are extra.
Compare car loan ratesYour monthly EMI
₹16,126
for 60 months
₹9,67,534
Total payable
₹8,00,000
₹1,67,534
Interest is 17.3% of what you repay. A shorter tenure cuts it; a lower rate cuts it more.
Canara Bank car loan interest rate: how the CRG grid sets your number
Every rate is RLLR 8.25% plus a credit risk premium for your grade, minus a concession for your loan size. The premium runs from 0.10% for CRG-PRIME to 2.65% for CRG 4 for women; men pay 0.05% more. Up to ₹15 lakh only PRIME and CRG 1 get a concession (0.20% and 0.10%); above ₹15 lakh every grade does (0.60%, 0.50%, then 0.40%).
| Example | How it adds up | Rate |
|---|---|---|
| Woman, CRG-PRIME, above ₹15 lakh | 8.25 + 0.10 - 0.60 | 7.75% (the floor) |
| Woman, CRG-PRIME, up to ₹15 lakh | 8.25 + 0.10 - 0.20 | 8.15% |
| Man, CRG 4, up to ₹15 lakh | 8.25 + 2.70 + 0 | 10.95% (the ceiling) |
A man with the top grade pays 7.80%. Of the 30 lenders on our car loan interest rates table, only UCO Bank and Bank of Maharashtra print a lower floor, 7.70%.
Used, electric, fixed and floating
A pre-owned car not older than 3 years is financed "at the same low interest rates", so the grid above applies; see our used car loan guide. Green Wheels runs 7.70% to 10.95% for electric cars; see our electric car loan guide. The fixed option runs 8.95% to 11.10% at any loan size, 1.20 points above the floating floor (8.95 minus 7.75).
Floating means your rate moves with the repo rate (5.50% since the RBI's 25 basis point rise on 7 October 2026) at resets at least every 3 months; under the RBI's 2025 directions on pre-payment charges, a floating loan sanctioned from 1 January 2026 can be prepaid free.
Reading the EMI table
Take ₹10 lakh over 5 years. At 7.75% the EMI is ₹20,157 and total interest ₹2,09,418; at 10.95% it is ₹21,717 and ₹3,03,050, a gap of ₹1,560 a month (21,717 minus 20,157) and ₹93,632 over the loan (3,03,050 minus 2,09,418). Try yours in the car loan EMI calculator.
Canara Bank car loan rates as published
| New car | 7.75% to 10.95% p.a. |
|---|---|
| Who gets the lowest rate | Women borrowers, CRG-PRIME, sanctioned limit above Rs. 15.00 lakh: 7.75% (other borrowers 7.80%) |
| Rate basis | Fixed or floating (RLLR (Repo Linked Lending Rate) 8.25%) |
| Used car | 7.75% to 10.95% p.a. |
| Electric car | 7.7% to 10.95% p.a. |
| Lender's effective date | 9 October 2026 |
| Read on | 9 November 2026 |
Canara Bank's published rate table
Canara Vehicle (4 Wheeler Loans including Agriculturists (General)) - by sanctioned limit and CRG grade: RLLR 8.25 + Credit Risk Premium over RLLR + Concession = Effective Rate of Interest under RLLR, Women vs Other borrowers
| Sanctioned limit | CRG | Women: Credit Risk Premium over RLLR | Women: Concession | Women: Effective Rate | Other borrowers: Credit Risk Premium over RLLR | Other borrowers: Concession | Other borrowers: Effective Rate |
|---|---|---|---|---|---|---|---|
| Upto Rs. 15.00 lakh | CRG-PRIME | 0.10 | -0.20 | 8.15 | 0.15 | -0.20 | 8.20 |
| Upto Rs. 15.00 lakh | CRG : 1 | 0.10 | -0.10 | 8.25 | 0.15 | -0.10 | 8.30 |
| Upto Rs. 15.00 lakh | CRG : 2 | 0.25 | 0.00 | 8.50 | 0.30 | 0.00 | 8.55 |
| Upto Rs. 15.00 lakh | CRG : 3 | 0.65 | 0.00 | 8.90 | 0.70 | 0.00 | 8.95 |
| Upto Rs. 15.00 lakh | CRG : 4 | 2.65 | 0.00 | 10.9 | 2.70 | 0.00 | 10.95 |
| Above Rs. 15.00 lakh | CRG-PRIME | 0.10 | -0.60 | 7.75 | 0.15 | -0.60 | 7.80 |
| Above Rs. 15.00 lakh | CRG : 1 | 0.10 | -0.50 | 7.85 | 0.15 | -0.50 | 7.90 |
| Above Rs. 15.00 lakh | CRG : 2 | 0.25 | -0.40 | 8.10 | 0.30 | -0.40 | 8.15 |
| Above Rs. 15.00 lakh | CRG : 3 | 0.65 | -0.40 | 8.50 | 0.70 | -0.40 | 8.55 |
| Above Rs. 15.00 lakh | CRG : 4 | 2.65 | -0.40 | 10.50 | 2.70 | -0.40 | 10.55 |
Fixed-rate page (https://www.canarabank.bank.in/pages/interest-for-retail-lending-schemes-linked-to-fixed-rate-of-interest, RLLR 8.25% w.e.f 09.10.2026, Fixed Rate Premium 0.75, irrespective of loan amount), Canara Vehicle 4 Wheeler Women / Other: CRG-PRIME 8.95 / 9.00; CRG 1 9.10 / 9.15; CRG 2 9.25 / 9.30; CRG 3 9.65 / 9.70; CRG 4 11.05 / 11.10. *Canara Vehicle (4 Wheelers) to Firms/Companies (General & Electric Vehicle): RLLR 8.25 + 0.30 = 8.55 (floating), 9.30 (fixed). Applicable Administrative Costs/Switchover Charges for Interest Rate Regime conversion (Floating to Fixed or vice-versa) for EMI based Retail loans: 0.25% of the loan amount with Min of Rs 250/- +GST & Maximum upto Rs 25,000/+GST. Interest Rate Range on loans granted to individuals under retail lending (https://canarabank.bank.in/interest-rate-range-on-loans): Canara Vehicle 7.70% to 15.25%, Mean Rate 9.34%, 'Interest Rate Range of Contracted loans w.e.f. 12.12.2025'.
EMI at Canara Bank's published rates
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,078 interest ₹1,04,680 | ₹7,731 interest ₹1,49,404 |
| ₹10 lakh | ₹20,157 interest ₹2,09,420 | ₹15,462 interest ₹2,98,808 |
| ₹15 lakh | ₹30,235 interest ₹3,14,100 | ₹23,193 interest ₹4,48,212 |
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,859 interest ₹1,51,540 | ₹8,548 interest ₹2,18,032 |
| ₹10 lakh | ₹21,717 interest ₹3,03,020 | ₹17,096 interest ₹4,36,064 |
| ₹15 lakh | ₹32,576 interest ₹4,54,560 | ₹25,644 interest ₹6,54,096 |
Reducing-balance EMI on the loan amount alone. Processing fee, insurance and registration are paid separately.
Fees and charges on a Canara Bank car loan
Processing is 0.25% of the loan, minimum ₹1,000 and maximum ₹5,000, plus GST: on ₹10 lakh, ₹2,500 plus 18% GST of ₹450, or ₹2,950. Right now you pay none of it: the product page waives 100% of processing charges from 1 October to 31 December 2026.
"No pre-payment penalty" is printed without a fixed-or-floating split. On a floating loan the RBI's 2025 directions forbid such a charge for individuals anyway; on the fixed option a charge is allowed, so Canara's nil is its own choice. Make sure the sanction letter and Key Facts Statement say nil too; an unwritten charge cannot be levied.
Switching between floating and fixed costs 0.25% of the loan, ₹250 to ₹25,000 plus GST. Documentation, late payment and NOC charges are not listed.
Canara Bank car loan fees and charges
| Processing fee | Processing charges: 0.25% on the loan amount with a minimum of Rs.1000/-+GST and maximum of Rs.5000/-+GST. Bank is celebrating Retail Loan Festival and waiver of 100% processing charges from 01.10.2026 to 31.12.2026. |
|---|---|
| Prepayment and foreclosure | No pre-payment penalty. |
| Switchover charges (Floating to Fixed or vice-versa, EMI based retail loans) | 0.25% of the loan amount with Min of Rs 250/- +GST & Maximum upto Rs 25,000/+GST |
| Note | The 100% processing charge waiver window printed on the product page (01.10.2026 to 31.12.2026) covers the read date. Documentation, late payment and NOC charges are not listed on the vehicle loan page. |
Who can get a Canara Bank car loan
Individuals (alone or jointly), professionals, and firms or companies buying for their staff can apply, for a new four-wheeler, a pre-owned one not older than 3 years, or a new electric car.
A salaried applicant needs a gross salary of ₹3 lakh a year, ₹25,000 a month; others need ₹3 lakh on the latest ITR with a 3-year average of ₹2.5 lakh. Canara publishes no age limits and no CIBIL cutoff.
Funding, limits and tenure
There is no upper limit on a new car loan, and funding runs to 90%. The margin is 10% up to ₹10 lakh, 10% or 15% from ₹10 lakh to ₹25 lakh (the lower figure for government and PSU employees) and 20% above that.
A pre-owned car is capped at ₹50 lakh and 60 months, against 84 for a new one; the page's funding lines conflict (a 50% margin in one place, 60% financing in another). Canara prints no document checklist; carry PAN, Aadhaar, salary slips or the last ITR, bank statements and the dealer's quotation.
Canara Bank car loan eligibility and limits
| Who can apply | All the individual borrowers/professionals/reputed firms/companies. Individuals may apply singly or jointly with other eligible individuals, for personal use: purchase of brand new 4-wheeler including jeep and vans, pre-owned 4-wheeler not older than 3 years, new electric 4-wheeler. Companies / Firms for professional use i.e. purchase of vehicle for usage by their Directors / employees (subject to satisfactory credit worthiness by net worth, repaying capacity, etc.). |
|---|---|
| Age | Not published by the lender |
| Income | Salaried Individuals: Minimum gross salary of Rs 3.00 Lakh p.a. Other than Salaried Individuals: Minimum gross annual income of Rs.3.00 Lakh p.a. as per latest ITR/ITAO subject to 3 years Gross Average Annual Income of not less than Rs. 2.50 Lakh. |
| Loan amount | Quantum: No upper Limit. For Pre owned cars max Rs.50 Lakh (subject to required margin norms). |
| Tenure | Repayment Tenure - Maximum period: 84 months for new vehicles; 60 months for Preowned vehicles. |
| Funding | Upto 90% financing for new vehicle. Margin for new vehicle (Central/State Govt/Autonomous bodies/PSU Emp. / All other customer): Up to Rs.10.00 Lakh 10% / 10%; Above Rs.10.00 Lakh and up to Rs.25.00 Lakh 10% / 15%; Above Rs.25.00 Lakh 20% / 20%. *Accessories can be financed limited up to Rs. 25,000/- amount. |
How to apply for a Canara Bank car loan
Canara's pages describe no instant or pre-approved car loan and give no sanction time. Apply through the official button on this page, any Canara branch or a dealer's finance desk. Before the Key Facts Statement is drawn up, ask your CRG grade and whether your sanctioned limit is above ₹15 lakh; those two answers fix your row. Ask too whether a joint loan with a woman co-applicant gets the 0.05% concession; the page doesn't say.
What to check in the KFS
Since 1 October 2024 every bank must hand you a KFS before you sign and hold its terms for 3 working days. Check the rate type, your grid row, the processing fee (nil until 31 December 2026) and the pre-payment line, which should read nil.
How to choose the right car loan
Compare two or three KFS documents on the same amount and tenure by APR and total interest, not the headline floor. Then price the exit, nil at Canara on a floating loan, and the funding: at 90%, a ₹20 lakh car needs ₹2 lakh (10% of 20 lakh) to ₹3 lakh (15% of 20 lakh) from you.
Apply on Canara Bank's siteOpens the lender's own page. BankCreds is not a lender and takes no part in the application.
Who the Canara Bank car loan suits, and how it compares
Canara suits a woman with the top grade borrowing more than ₹15 lakh (the 7.75% floor, third lowest of 30), a used car buyer, and anyone sanctioned before 31 December 2026, who pays no processing fee. Look elsewhere if you need the full on-road price funded or a published CIBIL cutoff.
Common mistakes
Two to avoid: budgeting on 7.75% for ₹15 lakh or less, where the band starts at 8.15%, and stretching ₹15 lakh from 5 to 7 years, where the EMI falls from ₹30,235 to ₹23,193 but interest rises from ₹3,14,126 to ₹4,48,206, an extra ₹1,34,080 (4,48,206 minus 3,14,126).
Against Indian Bank, UCO Bank and Bank of Maharashtra
Indian Bank prints the same 7.75% floor with a tighter 9.10% ceiling but no condition for who gets it; processing is a flat ₹1,200 plus GST.
UCO Bank starts at 7.70% on a UCO Float of 8.30% for a CIBIL score of 825 or more; processing is 0.50% capped at ₹5,000 plus GST.
Bank of Maharashtra also starts at 7.70%, for salaried borrowers scoring 800 and above on an RLLR of 8.30%, and funds 100% of on-road price, but its ceiling is 12% and its pages disagree on the processing fee (0.25% up to ₹15,000, or nil).
Pros
- Lowest used car floor of 28 lenders: pre-owned cars get the new car grid.
- No processing fee on loans sanctioned up to 31 December 2026.
- No pre-payment penalty, floating or fixed.
- No upper limit on a new car loan; women pay 0.05% less.
Cons
- Funding stops at 90%; some rivals fund 100% of on-road price.
- The CRG grade is an internal rating, not a CIBIL band.
- Loans of ₹15 lakh or less start at 8.15%, not 7.75%.
- Concession held for only 3 years; no age limit or document list published.
Canara Bank against Indian Bank and UCO Bank and Bank of Maharashtra
| What | Canara Bank | Indian Bank | UCO Bank | Bank of Maharashtra |
|---|---|---|---|---|
| New car rate | 7.75% to 10.95% p.a. | 7.75% to 9.1% p.a. | 7.7% to 10.25% p.a. | 7.7% to 12% p.a. |
| Who gets the lowest rate | Women borrowers, CRG-PRIME, sanctioned limit above Rs. 15.00 lakh: 7.75% (other borrowers 7.80%) | Not stated | CIBIL 825 and above, individuals (spread 0.00%, strategic discount -0.60%) | CIBIL score 800 & above, Salaried (RLLR - 0.60%) |
| Used car rate | 7.75% to 10.95% p.a. | 9.8% to 11.9% p.a. | Offered, rate on request | 11.45% to 14.3% p.a. |
| Electric car rate | 7.7% to 10.95% p.a. | 7.75% to 9.05% p.a. | 7.6% to 9.2% p.a. | from 7.7% p.a. |
| Rate basis | Fixed or floating | Fixed or floating | Floating | Fixed or floating |
| Maximum tenure | Up to 7 years | Up to 7 years | Up to 7 years | Up to 7 years |
| Funding | Up to 90% | Up to 90% of on-road price | Up to 90% of on-road price | Up to 100% of on-road price |
| Processing fee | 0.25% of loan | 1% of loan | 0.50% of loan | 0.25% |
| Prepayment | No pre-payment penalty. | Prepayment: nil for individuals; 2% of balance outstanding for non-individuals (product page) | Nil (STP Vehicle Loan page: prepayment charges nil for both STP Car Loan and PQVL) | No Pre-Payment / Pre-closure / Part payment Charges (scheme page) |
| Read on | 9 November 2026 | 9 November 2026 | 9 November 2026 | 9 November 2026 |
Frequently asked questions
What is the Canara Bank car loan interest rate today?
Is there a Canara Bank car loan EMI calculator on this page?
What is the Canara Bank car loan eligibility?
What is the Canara Bank car loan processing fee?
How do I apply for a Canara Bank car loan?
Does Canara Bank give a used car loan, and at what rate?
What is the Canara Green Wheels electric car loan rate?
What is CRG in the Canara Bank car loan rate chart?
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Disclaimer. Car loan rates are indicative and subject to change. The final rate depends on the lender's assessment of your profile and the car. Last verified on 9 November 2026. BankCreds is not a lender.
Sources
- Canara Bank: Canara Bank, Rates of Interest for Retail Lending Schemes linked to RLLR - 2. Canara Vehicle Loan
- Indian Bank: Indian Bank, Interest Rates on Personal Segment Loan Products: Floating
- UCO Bank: UCO Bank, Repo latest (Annexure I Retail: UCO Float linked rates)
- Bank of Maharashtra: Bank of Maharashtra, Retail Interest Rates (Rate of Interest Retail Loans)
Last verified: 9 November 2026
Written by Pankaj Pandey, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.