Canara Bank Personal Loan Calculator

Canara Bank personal loan calculator determines the monthly EMI for payment of a personal loan free of cost. The Personal Loan Calculator can help you decide on your monthly payment amount if you are considering applying for a personal loan from Canara Bank but are still determining how much you would have to pay. You can instantly use the calculator online to find the monthly EMI from anywhere.

  • 50 K
  • 1 Cr
Years
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Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

The Canara Bank Personal Loan EMI Calculator is a tool that allows borrowers to determine the monthly instalment as well as the total interest payable on their Canara Bank personal loan. The EMI and total payable interest amount are calculated using the loan amount, interest rate, and loan tenure. Borrowers must enter the loan amount, interest rate, and loan tenure in months to use the Canara Bank Personal Loan EMI Calculator. The calculator then calculates the loan's EMI and total due interest. Borrowers benefit from the Canara Bank Personal Loan EMI Calculator because it is simple to use, accurate, and saves time. In addition, it can be used as a comparison tool to compare Canara Bank and other lenders' loan offerings.

Canara Bank Personal Loan Calculator - Key Features

A Personal Loan Calculator is a tool that assists borrowers in calculating their monthly instalment amount and total payable interest on a personal loan based on the loan amount, interest rate, and loan length. A Personal Loan Calculator has the following important features:

Personal Loan Calculators are user-friendly and simple to use. For example, to calculate the EMI and total payable interest, input the loan amount, interest rate, and loan tenure.

Accurate results: Based on the inputs, the calculator produces accurate results. Borrowers can then organize their finances and repayment schedule accordingly.

A Personal Loan Calculator can be used as a comparative tool to compare loan offers from various lenders. Borrowers can compare the EMI and total payable interest amount for various loan amounts, interest rates, and loan terms to find the best alternative for them.

Personal Loan Calculators are versatile and may be used for various loan amounts, interest rates, and loan terms. Borrowers can easily alter their loan settings and compute their EMI and total payable interest amount as a result.

Why Should You Use Canara Bank Personal Loan EMI Calculator?

When applying for a personal loan, you should use the Canara Bank Personal Loan EMI Calculator for various reasons. The following are the three basic reasons:

  • Calculation accuracy: The Canara Bank Personal Loan EMI Calculator calculates the monthly instalment and total interest payable on your loan with precision. You can use the calculator to estimate the loan amount you can afford and manage your finances appropriately. This ensures that you do not end up with a difficult-to-repay loan.
  • A simple analogy: You may compare loan offers from Canara Bank and other lenders using the Canara Bank Personal Loan EMI Calculator. You may quickly compare the EMI and total interest by inputting the loan amount, interest rate, and loan tenure.
  • Saves time: Manually calculating the EMI and total interest payable can be time-consuming. You may save time and receive immediate results by using the Canara Bank Personal Loan EMI Calculator. This allows you to make informed lending decisions without having to spend hours conducting computations.

Canara Bank Personal Loan EMI Calculator Formula & Example

The Canara Bank Personal Loan EMI Calculator employs a standard formula to determine the monthly instalment amount based on the loan amount, interest rate, and loan term. The following is the formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • P denotes the principal loan amount.
  • R is the monthly interest rate.
  • N = Loan duration in months

To demonstrate this formula, consider the following:

If you want to borrow Rs. 5,00,000 from Canara Bank at a 12% annual interest rate for a term of 36 months.

You must first convert the annual interest rate to a monthly interest rate. The interest rate per month will be 12%/12 = 1% or 0.01.

The total number of months for the loan tenure must then be calculated. The loan term in this situation is 36 months.

The EMI for this loan will be calculated as follows:

EMI = [5,00,000 x 0.01 x (1+0.01)^36]/[(1+0.01)^36-1]\s= Rs. 16,539 (roughly) (approximately)

As a result, the monthly instalment for this loan will be Rs. 16,539, with a total interest due of Rs. 97,987 during the loan term (approximately).

Benefits of using the Canara Bank Personal Loan EMI Calculator

Borrowers can profit from using the Canara Bank Personal Loan EMI Calculator in various ways. Here are some of the primary advantages of utilizing the calculator:

  • Calculation accuracy: The Canara Bank Personal Loan EMI Calculator calculates the monthly instalment and total interest payable on your loan with precision. You can use the calculator to estimate the loan amount you can afford and manage your finances appropriately. This ensures that you do not end up with a difficult-to-repay loan.
  • A simple analogy: You may compare loan offers from Canara Bank and other lenders using the Canara Bank Personal Loan EMI Calculator. You may quickly compare the EMI and total interest payments by inputting the loan amount, interest rate, and loan tenure.
  • Saves time: Manually calculating the EMI and total interest payable can be time-consuming. You may save time and receive immediate results by using the Canara Bank Personal Loan EMI Calculator. This allows you to make informed lending decisions without having to spend hours conducting computations.
  • Aids in financial planning: The Canara Bank Personal Loan EMI Calculator can assist you in your financial planning. You can manage your budget and ensure that you have enough money each month to make loan repayments if you know the EMI and total interest payable. This can keep you from defaulting on the loan and destroying your credit.

Factors Affecting Canara Bank Personal Loan EMI

The Canara Bank Personal Loan EMI is determined by some factors, including:

  • Loan amount: The EMI of a personal loan rises as the loan amount rises. This is because a larger loan amount means a bigger interest payment, which raises the monthly instalment.
  • Interest Rate: The interest rate is one of the most important factors influencing the EMI of a personal loan. A higher interest rate means a higher EMI, and vice versa. Consumers with a good credit score and a steady income might bargain with the lender for a reduced interest rate.
  • Loan term: The loan term influences the EMI of a personal loan. A longer term has a lower EMI but a higher total interest payable, whereas a shorter term has a higher EMI but a lower total interest payable.
  • Prepayment: The EMI of a personal loan can be affected by prepayment. When a borrower makes a prepayment, the loan amount and interest payable are reduced. This could mean a lower EMI or a shorter loan term.
  • Processing fees: The lender's processing fees might also affect the EMI. Fees are typically added to the loan amount, increasing the total interest payable and, as a result, the EMI.

Comparison of Canara Bank Personal Loan EMI with other Banks

Canara Bank Personal Loan EMI can be compared to personal loan EMI from other banks to choose the best loan deal. There are a few aspects to consider when comparing Canara Bank's personal loan EMI to those of other banks:

  • Interest rate: Personal loans are offered at various interest rates by various banks. To get the most reasonable interest rate, compare Canara Bank's interest rates with those of other banks.
  • Personal loans are subject to a processing fee, which is normally a percentage of the loan amount. Canara Bank's processing fees should be compared to those of other banks to select the most cost-effective choice.
  • Loan tenure: The loan tenure is the length of time it takes to repay the loan, and it might vary.

Why should I calculate Canara bank's loan EMI before taking a loan?

Canara Bank Personal Loan Calculation Before taking out a loan, it is critical to calculating the EMI (Equated Monthly Payment).

  • Budgeting: Calculating the EMI assists you in planning your money and budgeting your monthly expenses. Knowing the EMI ahead of time allows you to predict how much money you will need to set aside from your monthly income for loan repayment.
  • Loan amount and term: You can alter the loan amount and tenure based on your repayment capacity by calculating the EMI. To arrive at a cheap EMI, you might increase or decrease the loan amount or tenure based on your monthly income and other expenses.
  • Computing the EMI also aids in evaluating various loan offers from Canara Bank and other banks and financial organizations. You may choose the best loan option for your budget and financial goals by comparing EMIs, interest rates, and other loan terms and conditions.

Canara Bank Personal Loan Amortization

The Canara Bank Personal Loan Amortization Schedule divides each EMI into two parts: principle and interest. The principle component reduces the loan debt, whereas the interest component represents the cost of borrowing the loan amount.

Calculator Amortization Schedule for a Personal Loan of ₹ 35 Lakh over the 15 years 

Year Beginning Balance Principal Interest (at 8% p.a) EMI Ending Balance
1 35,00,000 1,25,924 2,75,449 4,01,376 33,74,075
2 33,74,075 1,36,379 2,64,997 4,01,376 32,37,699
3 32,37,699 1,47,696 2,53,680 4,01,376 30,90,004
4 30,90,004 1,59,953 2,41,418 4,01,376 29,30,050
5 29,30,050 1,73,230 2,28,146 4,01,376 27,56,819
6 27,56,819 1,87,608 2,13,765 4,01,376 25,69,211
7 25,69,211 2,03,180 1,98,195 4,01,376 23,66,031
8 23,66,031 2,20,042 1,81,330 4,01,376 21,45,988
9 21,45,988 2,38,308 1,63,068 4,01,376 19,07,681
10 19,07,681 2,58,085 1,43,290 4,01,376 16,49,595
11 16,49,595 2,79,508 1,21,867 4,01,376 13,70,087
12 13,70,087 3,02,706 98,668 4,01,376 10,67,381
13 10,67,381 3,27,831 73,543 4,01,376 7,39,550
14 7,39,550 3,55,041 46,332 4,01,376 3,84,510
15 3,84,510 3,84,509 16,866 4,01,376 1

Canara Bank Personal Loan EMI for ₹ 10 Lakh

Here's the table format for Canara Bank Personal Loan EMI for a loan amount of 10 lahks with a duration of 5 years and an annual interest rate of 10.99%:

Year Beginning Balance Total Payment Principal Interest Ending Balance
1 10,00,000 2,63,890 1,59,923 1,03,967 8,40,077
2 8,40,077 2,63,890 1,74,744 89,146 6,65,333
3 6,65,333 2,63,890 1,90,563 73,327 4,74,771
4 4,74,771 2,63,890 2,07,409 56,481 2,67,362
5 2,67,362 2,63,890 2,25,308 38,582 42,054

Canara Bank Personal Loan EMI for ₹ 20 Lakh

Canara Bank Personal Loan EMI for a loan amount of 20 lakhs over 5 years with an annual interest rate of 10.99% is shown below:

Year Beginning Balance Total Payment Principal Interest Ending Balance
1 20,00,000 5,27,880 3,19,938 2,07,942 16,80,062
2 16,80,062 5,27,880 3,500,763 1,027,117 13,79,299
3 13,79,299 5,27,880 3,826,015 701,865 9,53,284
4 9,53,284 5,27,880 4,168,848 358,032 5,84,436
5 5,84,436 5,27,880 4,530,287 97,593 0

Canara Bank Personal Loan EMI for ₹ 25 Lakh

Canara Bank Personal Loan EMI for a loan amount of 25 lakhs with a duration of 5 years and an annual interest rate of 10.99% is mentioned below:

Year Beginning Balance Total Payment Principal Interest Ending Balance
1 25,00,000 6,59,725 3,99,807 2,59,918 21,00,193
2 21,00,193 6,59,725 4,37,860 2,21,865 16,62,333
3 16,62,333 6,59,725 4,78,421 1,81,304 11,83,912
4 11,83,912 6,59,725 5,21,180 1,38,545 6,62,732
5 6,62,732 6,59,725 5,66,848 92,877 0

Canara Bank Personal Loan EMI for ₹ 30 Lakh

Canara Bank Personal Loan EMI for a loan amount of 30 lakhs with a duration of 5 years and an annual interest rate of 10.99% is mentioned below:

Year Beginning Balance Total Payment Principal Interest Ending Balance
1 30,00,000 7,91,820 4,79,907 3,11,913 25,20,093
2 25,20,093 7,91,820 5,215,795 2,576,025 19,04,298
3 19,04,298 7,91,820 5,667,632 2,124,188 13,36,666
4 13,36,666 7,91,820 6,138,508 753,312 7,98,158
5 7,98,158 7,91,820 6,630,405 161,415 0

Canara Bank Personal Loan EMI for ₹ 50 Lakh

Canara Bank Personal Loan EMI for a loan amount of 50 lakhs with a duration of 5 years and an annual interest rate of 10.99% is mentioned below:

Year Beginning Balance Total Payment Principal Interest Ending Balance
1 50,00,000 6,59,782 3,50,113 3,09,669 46,49,887
2 46,49,887 6,59,782 3,647,101 2,012,681 42,80,785
3 42,80,785 6,59,782 3,856,510 1,803,272 38,24,275
4 38,24,275 6,59,782 4,080,825 1,578,957 34,43,450
5 34,43,450 6,59,782 4,322,488 1,337,294 30,20,962
6 30,20,962 6,59,782 4,583,169 1,076,613 25,37,793
7 25,37,793 6,59,782 4,864,798 794,984 20,73,995
8 20,73,995 6,59,782 5,169,524 490,258 15,04,471
9 15,04,471 6,59,782 5,499,742 159,040 9,54,729
10 9,54,729 6,59,782 5,858,421 0 3,96,308

Frequently Asked Questions (FAQs)

What is the EMI of a 1 lakh personal loan in Canara bank?

The EMI (Equated Monthly Installment) of a Canara Bank personal loan is determined by several factors, including the loan amount, repayment term, and interest rate. The EMI for a 1 lakh personal loan in Canara Bank will be around 4,704, assuming 2 years or 24 months and an interest rate of 12.15% per annum. Please keep in mind that the precise EMI will vary depending on the loan disbursal date, payment frequency, and other loan terms and circumstances.

How much personal loan can I get on my salary of 15000 from Canara bank?

The amount of personal loan you can acquire from Canara Bank based on a 15,000 salary is determined by some factors, including your credit score, previous loans, repayment capacity, and other eligibility conditions. Most banks and financial institutions regarding a minimum monthly income of 15,000 to be eligible for a personal loan as a general rule. But, the loan amount you can obtain will also be determined by other factors such as your expenses, other responsibilities, and income.

What is the EMI for a 1.5 lakh personal loan in Canara bank?

The EMI (Equated Monthly Installment) for a 1.5 lakh personal loan in Canara Bank would be determined by several criteria, including the loan length and interest rate. With a loan period of 24 months or 2 years and an annual interest rate of 12.15%, the EMI for a 1.5 lakh personal loan in Canara Bank would be around 6,136.

Is cibil score required for a personal loan from Canara bank?

To approve a personal loan, Canara Bank, like most banks and financial institutions, requires a decent credit score or CIBIL score. The credit score is one of the major variables that the bank considers when determining the borrower’s creditworthiness and repayment capabilities.

What is the rate of interest on personal loans in Canara Bank?

Canara Bank’s personal loan interest rate fluctuates depending on a variety of parameters, such as loan amount, tenure, credit score, and other eligibility conditions. Personal loans have higher interest rates than other secured loans because they are unsecured loans that do not require security. Personal loan interest rates at Canara Bank range from 10.45% to 13.30% per year. Please keep in mind that interest rates may vary depending on the loan amount, payback term, and other factors as determined by the bank’s internal policies.

What is the Canara bank personal loan processing fee?

For personal loans, Canara Bank imposes a processing fee, which is a one-time fee levied by the bank to process the loan application. The processing charge may vary depending on some factors, including loan amount, loan tenure, and other eligibility conditions. Canara Bank assesses a processing fee of up to 0.5% of the loan amount, with a maximum of $10,000. Nevertheless, the processing charge may vary depending on the loan amount and other loan terms and circumstances.

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