Canara Bank offers a car loan scheme which can be availed by an individual who intends on purchasing a four-wheeler vehicle. The car loan is available at reasonable interest rates with added benefits for government employees and women. The bank offers car loans which cover 80% to 90% of the total cost of the car which would include charges on life tax, insurance premium, invoice value, registrations charges, and other accessories. Loan tenures of up to 8 years is offered for new vehicles while a term of 5 years is offered in the case of a second hand vehicle. Individuals who earn a salary of Rs.3 lakh p.a. are eligible to avail a car loan from Canara Bank.
BankBazaar offers a simple and easy-to-use EMI Calculator which can be used to calculate the EMI that you will have to pay towards the repayment of a car loan that has been disbursed by Canara Bank. EMI for various tenures can be calculated using the EMI Calculator. This is simple tool offers an in-depth analysis of an EMI which has to be paid. An amortization table is also provided to give the user a visually analysis of the EMI that needs to be repaid.
There are certain primary details which you will have to provide to ensure that you come up with an accurate result when calculating your EMI while using a Canara Bank Car Loan EMI Calculator and these are listed below:
After the customer has provided all the details required by the Canara Bank Car Loan EMI Calculator, click on the “Calculate” button to start the calculation process. This will take a fraction of a second and the amount which is payable will be displayed on the screen.
Example: Let us consider the interest rate that is offered by Canara Bank on a car loan as 8.70% with a processing fee of 0.25%. Using the EMI Calculator available on the BankBazaar website, the table below shows the calculations made for varied tenures and for different loan amounts.
|Loan amount (Rs.)||Interest rate*||Processing fee||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
*Interest rates are subject to change following the GST rollout on July 1, 2017.
The Canara Bank Car Loan EMI Calculator proves time and again to be a very useful tool that performs complicated calculations with a click of a button. Some of the key features of this tool include:
The Canara Bank car loan is characterised by the following features:
You can avail a car loan offered under the Canara Mobile (Vehicle) scheme.
EMI Is calculated using the following formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of instalments.
This formula does not take into account the prepayments that you make towards the loan.
A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
Self-employed individuals, salaried persons, farmers, agriculturalists, businessmen, pensioners, and companies can apply for Canara Bank car loans.
No, calculating the EMI using the formula or an excel sheet would be time-consuming and error-prone. Moreover, it would be complicated to calculate the EMI when prepayments are made towards the debt. Hence, it is recommended to use the Bankbazaar Canara Bank Car Loan EMI Calculator for the same.
It is advisable to read through the loan documentation to understand the prepayment penalty levied by your lender. Alternatively, you can visit the bank branch or call up the bank’s customer service desk and request for the same. Once you get the details of the prepayment charges, you can use this information as input to the EMI Calculator tool and view the amortization schedule instantly.