Canara Bank Car Loan EMI Calculator

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.

How to use BankBazaar Canara Bank Car Loan EMI Calculator to understand your car loan repayment

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.

Canara Bank Car Loan EMI Calculator - How does it work?

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:

1. Loan Amount: An individual can drag the pointer on the scale on a Canara Bank Car Loan EMI Calculator to select the car loan amount that they require.
2. Tenure: Once a customer has chosen the car loan amount required, the loan tenure will have to be chosen by dragging the pointer over the "Tenure" scale.
3. Interest Rate: Type in the interest rate offered by Canara Bank into the EMI Calculator on the BankBazaar website.
4. Processing Fee: Enter the processing fees which are levied by Canara Bank on the car loan.
5. Prepayment: Customers who avail a car loan from Canara Bank will have to make a choice to either make a prepayment on the car loan or not. There are two options which a customer can choose from:
   1. If a customer does not wish to make a prepayment towards their car loan, they can directly select the "Calculate". Once this is done, the customer will be provided with a page that shows the breakup of the total amount which you will have to pay. The page provided will also have the amortization graph and car loan details.
   2. If a customer does choose to make a prepayment, they would have to click "Yes" next to the prepayment tab. You will then have to provide the information asked for in the following tabs:
      1. Prepayment frequency
      2. Prepayment fee
      3. Prepayment amount
      4. How the prepayment applies

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.

*Interest rates are subject to change following the GST rollout on July 1, 2017.

Features and benefits of Canara Bank Car Loan EMI Calculator

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:

1. The tool is very user-friendly and displays EMI and amortization details instantly.
2. You will not be charged if you choose to use BankBazaar's Canara Bank Car Loan EMI Calculator.
3. The tool can be used a number of times until you arrive at the right combination of tenure and principal, and an EMI which you can afford.
4. The tool helps you calculate the EMI on a car loan when you decide to make a prepayment towards your loan.
5. The BankBazaar Canara Bank Car Loan EMI Calculator displays the breakup of the amount payable and the amortization schedule in an attractive graphical format. Hence, it is very easy to understand as well.
6. BankBazaar has a dedicated customer support team which ensures that all problems and queries of a customer are resolved as soon as possible.

What is the formula for calculating car loan EMI?

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.

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