Canara Bank Personal Loan - EMI Calculator

Canara Bank offers personal loans to customers at attractive rates of interest and repayment tenure with lowest EMI/lakh of Rs.3,348. The interest rate on these loans varies from 12.55% p.a. to 15.05% p.a. You can calculate the EMI payable by using the Personal Loan EMI Calculator available on the BankBazaar's official website.

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How to use Canara Bank Personal loan EMI Calculator?

Before using this tool, basic information pertaining to the financials of the loan such as the proposed loan amount, tenure (in years & months), applicable interest rate and the processing fee component (in percentage) should be available.

Once you have these details handy, follow the steps below to get the required output.

Use the slider on the scale titled "Loan Amount" to select the proposed amount.
The next scale is intended for the user to select the loan tenure. Follow the same procedure as above to make the selection.
In the following fields, type the applicable rate and the processing fee (in percentage, if any).
Once you're done with the steps above, verify the validity of the information provided and click "Calculate".

Now, you have the EMI Value in rupees followed by a pie chart which breaks up the charges involved in the loan for you to analyze. As you scroll down, a bar graph greets you to provide the repayment table for the entire tenure.

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Features and Benefits

Some of the main features and benefits of the Canara Bank personal loan EMI calculator are mentioned below:

Helps in ascertaining the EMI

The most visible benefit of using this tool is that it provides the exact EMI value that will be paid each month towards clearing the loan. This helps in adjusting the loan tenure and also in fixing the exact loan amount you would like to avail from Canara Bank.

Repayment table

This table is like a statement where you get a detailed breakup of the principal amount and interest charge paid each month until the end of the schedule. This way, you can plan the monthly budget since you have the financials beforehand. One can also use this tool to reassess loan repayment terms such as pre-closure.

Breakup of finance charges

The pie chart contains breakup of financial charges involved in the loan such as interest charges and processing fee. This key information can help in negotiating rates with the bank.

Formula used in Canara Bank Personal Loan EMI Calculator

The formula that is used by the Canara Bank personal loan EMI calculator is mentioned below:

E = P x R x (1+R)^N/((1+R)^N-1)

N: Tenure

R: Rates

P: Principal Amount

E: EMI

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FAQs on canara bank loan Calculator

1.Is the information offered by the EMI calculator accurate?

This tool calculates on the reducing balance principal and the output is accurate. There may be slight variations due to the method in which the bank may compute the EMI.

2.How does it help in pre-closing my existing personal loan with Canara Bank?

The repayment table provides a breakup of principal and interest charges for each EMI. Depending on where you're into the tenure, you can ascertain the feasibility by taking into account the principal outstanding.

3.Can I use this tool to check the financials for other bank personal loans as well?

Yes, this tool is universal and hence can be used to calculate EMIs for loan proposals from other banks/financial institutions as well.

About the Author

Annie Jangam

Annie Jangam is a financial writer with a unique background in biotechnology and eight years of genomics research experience, culminating in 6 international publications. She combines her analytical and communication skills to simplify complex financial concepts, delivering precise and creatively engaging content in the fintech industry. She covers various financial products such as banking, insurance, credit cards, tax, commodities, and more. Outside of the financial realm, she dabbles in poetry. Her extracurricular passions include organizing events like One Billion Rising and Human Rights Day. She is committed to the equality of all people, a principle rooted in her Christian faith. Annie strives to embody the values of faith, hope, and love in both her work and her life.

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