Headquartered in Bengaluru, Canara Bank is a well-established public sector bank in the country which offers a plethora of banking and financial services to retail customers as well as institutions. In its retail lending segment, the “Canara Budget” Personal Loan scheme is offered to the salaried class working with reputed corporate companies, PSUs, government organizations and others. The aspirant should be holding a salary account with Canara Bank with a take home salary of at least Rs.10,000.
Offered at attractive interest rates and low fees, the proceeds from this loan can be used for personal financial needs.
Repayment of a Personal Loan from Canara Bank is made in EMIs (Equated Monthly Installment), which consists of the principal amount as well as applicable interest charges. Understanding the breakup of charges and knowing the EMI amount beforehand is important on many fronts. Firstly, it gives you a definite amount you would be paying towards repayment over a fixed term. It also helps in understanding the loan amortization where you get a detailed breakup of various finance charges involved in the loan.
The BankBazaar Personal Loan Calculator is an all-inclusive tool which not only helps in ascertaining the installment amount, but also provides a salient breakup of various charges. This easy-to-use tool provides the required output in seconds with an amortization table. It comes highly recommended as it helps in freezing various terms of the loan with Canara Bank which includes the loan tenure. Knowing the monetary obligations will also help in negotiating the rates.
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 amortization 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 amortization 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.
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