Canara Bank car loan interest rate and EMI calculator
Canara Bank car loans are at 7.75% to 10.95% a year (floating rate). On its site, Canara Bank does not show the average rate that it charges. The calculator starts at 8.30%, the rate for a loan up to ₹15 lakh with the Canara CRG1 grade (for borrowers that are not women). The calculator also shows the processing fee, the annual percentage rate (APR) and the foreclosure charge. Verification date: 27 Oct 2026.
Canara Bank car loan interest rate and charges
| Interest rate | 7.75% to 10.95% a year (RLLR 8.25% + spread, by Canara credit grade (CRG) and loan amount) |
| Average rate charged | Not published by the lender |
| Processing fee | 0.25% of the loan, minimum ₹1,000, maximum ₹5,000 (waived from 1 Oct to 31 Dec 2026) + GST |
| Close early / part-payment | Nil (Canara Vehicle page: no prepayment charges). |
| Loan amount and tenure | Up to 90% of a new car's price: margin 10% up to ₹10 lakh, 15% up to ₹25 lakh, 20% above (government and PSU staff: 10% up to ₹25 lakh); up to 84 months |
Canara Bank car loan rate by borrower
| Borrower | Up to ₹15 lakh | Above ₹15 lakh |
|---|---|---|
| CRG-Prime | 8.20% | 7.80% |
| CRG1 | 8.30% | 7.90% |
| CRG2 | 8.55% | 8.15% |
| CRG3 | 8.95% | 8.55% |
| CRG4 | 10.95% | 10.55% |
CRG is the credit risk grade of Canara Bank. The highest grade is CRG-Prime. Women borrowers pay 0.05% less. RLLR 8.25% from 9 Oct 2026. Canara Green Vehicle (electric cars) has lower rates.
Canara Bank car loan EMI table
EMI at 8.30% (the rate for a loan up to ₹15 lakh with the Canara CRG1 grade, for borrowers that are not women). The loan is the on-road price less your down payment.
| Loan | 3 yrs | 4 yrs | 5 yrs | 6 yrs | 7 yrs |
|---|---|---|---|---|---|
| ₹3,00,000 | ₹9,442 | ₹7,366 | ₹6,126 | ₹5,304 | ₹4,721 |
| ₹5,00,000 | ₹15,737 | ₹12,277 | ₹10,210 | ₹8,840 | ₹7,868 |
| ₹7,00,000 | ₹22,032 | ₹17,188 | ₹14,294 | ₹12,376 | ₹11,015 |
| ₹8,00,000 | ₹25,180 | ₹19,643 | ₹16,336 | ₹14,144 | ₹12,589 |
| ₹10,00,000 | ₹31,475 | ₹24,554 | ₹20,420 | ₹17,680 | ₹15,736 |
| ₹12,00,000 | ₹37,770 | ₹29,465 | ₹24,504 | ₹21,216 | ₹18,883 |
| ₹15,00,000 | ₹47,212 | ₹36,831 | ₹30,630 | ₹26,520 | ₹23,604 |
| ₹20,00,000 | ₹62,950 | ₹49,108 | ₹40,841 | ₹35,360 | ₹31,472 |
Cost of the rate on ₹8 lakh for 5 years
APR includes the highest processing fee with GST. It shows the full cost of the loan for each year.
| Rate | EMI | Total interest | APR |
|---|---|---|---|
| Lowest rate (7.75%) | ₹16,126 | ₹1,67,534 | 7.87% |
| CRG1, up to ₹15 lakh (8.30%) | ₹16,336 | ₹1,80,173 | 8.43% |
| Highest rate (10.95%) | ₹17,374 | ₹2,42,440 | 11.08% |
Foreclosure: cost to close the loan
5-year loan at 8.30%. The charge is on the balance that you repay, and you also pay GST.
| Loan | EMIs paid | Balance | Charge |
|---|---|---|---|
| ₹5,00,000 | 6 | ₹4,58,782 | Nil |
| ₹5,00,000 | 18 | ₹3,71,052 | Nil |
| ₹5,00,000 | 30 | ₹2,75,756 | Nil |
| ₹10,00,000 | 6 | ₹9,17,564 | Nil |
| ₹10,00,000 | 18 | ₹7,42,104 | Nil |
| ₹10,00,000 | 30 | ₹5,51,513 | Nil |
Canara Bank and other banks
The data comes from the site of each bank. If a bank shows the average rate that it charged, that rate is the most accurate guide to the rate that a usual borrower gets.
| Lender | Rate | Average charged | Processing fee | Close early |
|---|---|---|---|---|
| State Bank of India | 8.55%–9.50% fixed | 8.90% Jul–Sep 2026 | ₹500–₹2,000 flat | 2% in first 2 years, then nil; part-payment nil |
| HDFC Bank | 7.60%–14.00% fixed | 8.63% Apr–Jun 2026 | 0.5% (₹3,500–₹8,000) + ₹700 | 5% (any time) |
| ICICI Bank | 8.00%–11.20% fixed | 8.92% Jul–Sep 2026 | Up to ₹8,500 | 3% / 2%; nil after 24 months |
| Axis Bank | 8.80%–11.70% fixed | Not published | Up to 2% + ₹700 | 5% (any time) |
| Punjab National Bank | 7.90%–10.95% floating | Not published | 0.25% (₹1,000–₹1,500); waived to 31 Dec | Nil (floating) |
| Bank of Baroda | 7.85%–11.30% floating | Not published | ₹1,500 / ₹2,000 flat | Nil (floating) |
| Canara Bank | 7.75%–10.95% floating | Not published | 0.25% (₹1,000–₹5,000); waived to 31 Dec | Nil |
| Union Bank of India | 7.85%–10.25% floating | Not published | ₹1,000 flat | Nil (own funds) |
| Bank of India | 7.85%–8.95% floating | Not published | 0.25% (₹2,500–₹10,000) | Nil (floating, RBI rule) |
Frequently asked questions
What is the Canara Bank car loan interest rate?
Canara Bank car loans are at 7.75% to 10.95% a year (RLLR 8.25% + spread, from the Canara credit grade (CRG) and the loan size). On its site, Canara Bank does not show the average rate that it charges. The calculator uses 8.30%, the rate for a loan up to ₹15 lakh with the Canara CRG1 grade (for borrowers that are not women). The bank sets your rate from your credit score, income, the car and the tenure.
What is the EMI for an ₹8 lakh Canara Bank car loan?
At 8.30%, the EMI is ₹16,336 for 5 years and ₹12,589 for 7 years. At 7.75%, it is ₹16,126 for 5 years.
What is the processing fee for a Canara Bank car loan?
0.25% of the loan, minimum ₹1,000, maximum ₹5,000 (no fee from 1 Oct to 31 Dec 2026). You also pay GST at 18%. On an ₹8 lakh loan, the highest fee with GST is ₹2,360.
Can I prepay a Canara Bank car loan?
Yes. Canara Bank shows that you can prepay the vehicle loan at all times with no charge.
Is the Canara Bank car loan rate fixed or floating?
Canara Bank gives floating-rate car loans that follow the repo rate. Thus, your rate changes when RBI changes the repo rate. It also has a fixed-rate alternative at a higher rate.
Sources
- Canara Bank: Rates of interest for retail lending schemes (RLLR 8.25% w.e.f. 09.10.2026). Read on 27 Oct 2026.
- Canara Bank: Canara Vehicle. Read on 27 Oct 2026.
Banks frequently change these rates. We examine them each month. Your sanction letter and Key Facts Statement show the rate and charges that you pay. Use the KFS / APR checker to examine them.