Canara Bank Business Loan Calculator

  • 50 K
  • 1 Cr
  • 1
  • 5
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount


Interest Payable

Total Amount Payable

Canara Bank Business Loan Calculator Overview

The Canara bank business loan calculator is an important tool that helps to accurately calculate the loan EMI to understand better the EMI they need to pay after receiving the business loan. To provide instant loan results, the calculator will require only three files to be mentioned, like the offered interest rate, the desired loan amount, and the repayment tenure. Then, as you enter the information, the calculator provides the results.

The main purpose of an EMI Calculator is to determine the EMI for a specific loan amount. You only need to input the required loan amount, applicable interest rate, and the loan repayment period. Then, the business loan EMI calculator displays all the information about your EMI. After the loan's term expires, you can determine how much interest you will pay.

Features of Canara Bank Business EMI Loans Calculator

When applying for a business loan or any other loan product, you can use the business loan EMI calculator or the Business loan EMI calculator Canara bank to determine your EMI. You can also access the online EMI calculator to determine your business loan EMI by entering the necessary loan information, such as the loan amount, payback term, and interest rate. The loan EMI is calculated automatically based on the applicant's submitted information. When approving the loan, the lender or the bank will specify the exact EMI. Some of the best features of the Canara Bank Business EMI Loan Calculator are:

  • The calculator displays approx. amount of EMI to be experienced over the availed business loan.
  • The tool helps to save time and helps in efficient loan planning. This calculator helps save the time you would otherwise spend on monotonous calculations and provides quick results.
  • The calculator helps to depict a detailed overview of the availed loan through an amortisation schedule.
  • The calculator helps to plan finances for the future in a better way. Therefore, one can plan the financial budget and the loan accordingly. Using the calculator ensures you can plan better as you are well-informed about repayment responsibilities.
  • The calculator allows you to choose multiple schedules and EMI instalment tenure per your requirements.
  • The Business Loan EMI calculators are very simple to use. Once you enter all the required details, such as the interest rate, loan tenure, and loan amount, the tool will calculate the results.
  • You get Error-Free Results. Using the calculator eliminates the possibility of human calculation errors, thus giving you the exact results.
  • Another unique feature is that the calculator helps you conduct a comparison between different offerings as well as different loan parameters.

Benefits of Using the Canara Bank Business Loan Calculator Online

One can use the EMI calculator or the Canara bank business loan EMI calculator, which is incredibly quick and easy. Here, you may find immediate and precise information on the loan you are considering. A detailed amortisation plan based on the selected loan amount, interest rate, and loan term is also available to applicants in addition to the EMI. Some of the benefits of Calculating the Canara Bank Business Loan online can be

  • Instant, accurate and hassle-free- You get the Business loan calculated easily and accurately. Manual calculations are prone to errors. Accurate calculations are important as they allow you to calculate the exact loan amount you can repay.
  • Time-saving- It is indeed time-saving as it is easy to access from mobile, laptop, or tab. You can calculate the Business Loan through the Canara Bank Loan Calculator, as you can calculate it online from any place and anywhere.
  • Determining the Business Loan Criteria- When you are calculating the Business loan online, you can always check the monthly loan amount, and you can compare your eligibility to easy repayment and whether you are qualified for the loan and you do not need to wait for the lenders official to inform you whether you are eligible or not.
  • Helps in loan planning and monthly budgeting- When calculating the business loan online, you can easily plan and do the monthly budgeting. You just need to type the quick numbers of the required factors, and you will have your answers quickly. You do not have to go through time-consuming, manual methods when you can get the loan easily, accurately, and quickly. You can now go for the financial budgeting and plan for your business loan accordingly.

Canara Bank Business Loan EMI Calculator Formula and How Does it Work?

Canara Bank Business Loan EMI Calculator Formula 

EMI = P x R x (1+R)^n/((1+R)^n-1)

  • P stands for the principal amount.
  • R stands for the rate of interest.
  • n is the tenure given by the bank.

How does The EMI Calculator work-You must take into account the following three elements when calculating your payment:

Loan Amount, Interest Amount, and Loan Term

These are three key terms that you should know more about. The loan amount is the amount you are taking from the bank for your business needs. This is the amount that you are borrowing. The interest is what is charged by the bank on your loan. The rate of interest has to be noted carefully in this regard. The total interest you pay on your principal amount (the amount you borrow) is the interest amount. The loan tenure is the number of months or years for repaying your business loan. 

Things to Consider While Calculating Canara Business Loan

While calculating the Canara Bank Business Loan, the things or factors you need to consider are as follows-

  • The capacity of repayment- While calculating the Canara Business Loan check the repayment capacity. It is essential to calculate the repayment capacity. When you apply for a loan, the borrower has to give a letter to the bank, allowing the bank to check the borrower's credit history.
  • Collateral Security- You should consider the collateral or the security you must deposit to the bank to cover the risk factor. One should consider this factor strongly while calculating the Canara Business Loan. Even the strongest businesses can sometimes see a period of decline due to unforeseen circumstances, which could inhibit a business's ability to repay a loan.
  • Company's Capital Security- It is essential to consider your company's Capital history while calculating the Canara Bank's Business loan, as the bank will review your company's capital capacity. This is the deciding factor for your loan being approved by the bank.
  • Character- When calculating the Canara Bank's Business loan, you must check your company's history. Your company history should be neat and clean to get your business loan approved.
  • Conditions of the Economic Climate- The state of the economy in your sector—over which you might not have much control—is another crucial factor a bank considers. Even if your company can meet the collateral and capacity requirements, a bank may reject your loan application if you work in a high-risk sector. So it is imperative to consider the Economic Climate conditions while calculating the Canara Bank Business Loan.
  • Age of the Borrower- Another important factor you need to consider while calculating the Canara Bank Business Loan is the borrower's age. Banks prefer giving loans to people aged 30-50 years, as they are considered financially stable.
  • Experience of the Borrower- A critical factor that banks consider is experience. Therefore, while calculating the Canara Bank Business Loan, you need to count your experience.
  • Loan Amount and Repayment Period- Besides the loan amount, banks always consider the repayment period. The bank usually prefers applicants who choose a shorter repayment period. Therefore, it is better if you consider the Loan amount and repayment period while calculating the Canara Bank Business Loan.

Business Loan Amortisation Calculator

The Amortisation Calculator can serve as a basic tool for most if not all, amortisation calculations; other calculators are also more specifically geared for common amortisation calculations.

There are two general definitions of amortisation. The first is the systematic repayment of a loan over time. The second is used in business accounting and spreads the cost of an expensive and long-lived item over many periods. The two have been explained in more detail in the sections below.

  • Paying Off a Loan over Time- When borrowers take out a mortgage, car loan, or personal loan, they usually make monthly payments to the lender; these are some of the most common uses of amortisation. The loan's interest is paid in part of the payment, and the remaining portion is used to lower the principal balance outstanding.
  • Amortisation Schedule- An amortisation schedule (sometimes called an amortisation table) details each periodic payment on an amortising loan. Each calculation done by the calculator will also come with an annual and monthly amortisation schedule.
  • Spreading Costs- Some businesses occasionally invest in costly things used for a long time and categorised as investments. Machinery, structures, and equipment are among the things that are frequently amortised in order to spread costs. From an accounting perspective, a sudden purchase of an expensive factory quarterly can skew the financials. Thus, its value is amortised over the estimated life of the plant instead.

The loan amortisation table for a 15 lakh business loan with a five-year term and a 10.50% annual interest rate is as follows:

Year Opening Balance EMI Interest Principal Closing Balance
1 1500000 322409 123545 198864 1301136
2 1301136 386890 124217 262673 1038463
3 1038463 386890 95269 291621 746842
4 746842 386890 63132 323759 423083
5 423083 386890 27452 359438 63645
6 63645 64482 837 63645 0

A Quick Way to Get a Business Loan from Canara Bank

The simple way to get the Business Loan is you need to follow the simple application process-

  • Check your eligibility with just a few details
  • You need to submit your documents or upload your documents
  • Get the loan offer from the Bank. The Bank will evaluate and propose a fair loan to you.
  • In the next step, you need to sign the loan agreement. Finally, you must send the signed agreement and the KYC documents.
  • It is time to grow your business. You will get the fund transfer to your account after the overall verification.

Frequently Asked Questions (FAQs)

What is the interest rate on a business loan in Canara Bank?

The Canara Bank Business loan interest rate ranges between 10.50% and 18%.

Can I get a business loan of 10 lakhs from Canara bank?

The loan amount ranges from Rs. 10 lakhs to a maximum of Rs. 50 crores. The loan will be available at a concessional interest rate with a maximum tenure of 10 months.

What is the EMI calculation formula for a business loan from Canara bank?

The EMI for a business loan is calculated based on the amount borrowed, interest rate, and loan maturity duration. The general formula used to calculate the EMI for a business loan is “EMI = P x R x (1 + R) ^ T / {(1 + R ) ^ T – 1}”. Here, P is the principal amount, R is the interest rate, and T is the tenure.

Will business loan EMI changes in case of pre-payment in Canara bank?

The repayment will be considered regular with no changes in the payment terms as per existing terms.

Why should I calculate Canara Bank business loan EMI before taking a loan?

You will also learn the loan’s overall interest amount for the given period. If you want to repay less interest, take the loan for a lesser period. So you should calculate the estimated EMI per month.

What is the Canara Bank business loan-processing fee?

The bank provides various business loan schemes to serve different business requirements. The customer can avail of a loan of up to ₹10 crores for the highest tenure of 7 years. The processing fee is 1% of the loan amount. 

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