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.
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|
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.
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.
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.
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.
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.
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.
Yes, this tool is universal and hence can be used to calculate EMIs for loan proposals from other banks/financial institutions as well.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.