• 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% 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.

    Canara Bank Personal Loan Moratorium

    Canara Bank as per the directive issued by the Reserve Bank of India (RBI) has extended the moratorium period to 31 August 2020. Customers who have the EMI payment due on 1 June 2020 can defer the payment of EMI till 31 August 2020. 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:

    Rs.3 lakh @12.55% p.a. 2 years 3 years
    Equated Monthly Instalment (EMI) (Rs.) 14,199 10,043
    Total Interest Payable (Rs.) 40,781 61,558
    Processing Fee (Rs.) 3,000 3,000
    Total Amount Payable (Rs.) 3,43,781 3,64,558

    How does the Canara Bank Personal loan EMI calculator work?

    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.

    Features and Benefits

    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.

    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.

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