Canara Bank Personal Loan EMI Calculator

Those who availed personal loans prior to 1 March 2020 can also defer the payment of their EMI till the last day of the month of August.

Example - Consider that you have taken a personal loan of Rs.3 lakh from Canara Bank at an effective interest rate of 12.55% p.a. If the processing fee on your loan is 1%, the repayment details for different tenures are as follows:

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.

1. Use the slider on the scale titled "Loan Amount" to select the proposed amount.
2. The next scale is intended for the user to select the loan tenure. Follow the same procedure as above to make the selection.
3. In the following fields, type the applicable rate and the processing fee (in percentage, if any).
4. 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.

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)

1. N: Tenure

1. R: Rates

1. P: Principal Amount

1. E: EMI

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score