# Canara Bank Car Loan EMI Calculator

₹ 50k ₹ 50L
6.0% 30.0%
6 months 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Month)

Total Amount

## 2024

Month Principal Paid Interest Charged Total Payment Balance
Aug ₹3,942.44 ₹500.00 ₹4,442.44 ₹46,057.56
Sept ₹3,981.86 ₹460.58 ₹4,442.44 ₹42,075.70
Oct ₹4,021.68 ₹420.76 ₹4,442.44 ₹38,054.01
Nov ₹4,061.90 ₹380.54 ₹4,442.44 ₹33,992.11
Dec ₹4,102.52 ₹339.92 ₹4,442.44 ₹29,889.60

## 2025

Canara Bank is renowned for its extensive array of financial products and services, including competitive car loans. These loans feature attractive interest rates and allow borrowers to manage repayments through monthly installments known as EMIs. Each EMI incorporates a portion of the principal amount and the accrued interest. To easily calculate your monthly payment for a car loan from Canara Bank, you can use the car loan EMI calculator available on Wishfin.

## How to Use Wishfin Canara Bank Car Loan EMI Calculator?

Using the Canara Bank car loan calculator on Wishfin is straightforward. Begin by entering the principal amount, which is the total amount you're borrowing from Canara Bank, excluding any additional fees or the down payment. Then, input the interest rate that Canara Bank applies to your car loan.

Next, determine the loan tenure, or the duration over which you intend to repay the loan. Once you've provided these details, the calculator will instantly show you the total interest you'll incur and the monthly EMI for your car loan. Additionally, the page will display an amortization graph, giving you a detailed view of your financial commitments from the outset.

Formula to Calculate Car Loan EMI

The online calculator uses the following formula to give you the output:
E = P . R . (1+R)^N/((1+R)^N – 1),

Where E = EMI
P = Principal Loan Amount
R = Interest Rate
N = Monthly Loan Tenure

For instance, Rajeev Mehra wants to get a car loan for himself. He requires ₹8.5 Lakh loan, which Canara Bank has approved at an 8.7% annual interest rate for 5 years. But before he moves ahead with the loan, Rajeev wants to know exactly how much he will spend each month.

So, here’s the detailed breakdown of the calculation:

• Principal Amount (P): ₹8,50,000
• Interest Rate (R): 8.70% per year, (which is equal to 8.70/12/100 = 0.00725 per month)
• Loan Tenure (n): 5 years, or 60 months

Using the EMI calculation formula:

[8,50,000 x 0.00725 x (1 + 0.00725) ^ 60]/[(1+0.00725 ^60 -1] = 17,521

This calculation yields a monthly EMI of ₹17,521

## Canara Bank Car Loan Amortisation Schedule

Refer to the amortization schedule below to understand the total interest and the overall amount to be paid for the car loan as per the above example.

Year

Principal

(A)

Interest

(B)

Total Payment

(A + B)

Balance

2024

₹ 57,622

₹ 29,983

₹ 87,605

₹ 7,92,378

2025

₹ 1,47,090

₹ 63,163

₹ 2,10,253

₹ 6,45,288

2026

₹ 1,60,409

₹ 49,844

₹ 2,10,253

₹ 4,84,878

2027

₹ 1,74,935

₹ 35,318

₹ 2,10,253

₹ 3,09,943

2028

₹ 1,90,776

₹ 19,477

₹ 2,10,253

₹ 1,19,167

2029

₹ 1,19,167

₹ 3,481

₹ 1,22,648

₹ 0

## The Lowest EMI Offered by Canara Bank on Car Loans

Canara Bank offers interest rates on car loans, ranging from 9.85% to 11.95%. Below are the lowest and highest monthly EMIs for various loan amounts, calculated using annual interest rates of 9.95% and 11.95% for 5 years:

Interest Rate of 9.85%

Interest Rate of 11.95%

5 lakh loan amount - ₹10,587 p.m.

5 lakh loan amount - ₹11,110 p.m.

10 lakh loan amount - ₹21,173 p.m.

10 lakh loan amount -  ₹22,219 p.m.

12 lakh loan amount - ₹25,408 p.m.

12 lakh loan amount -  ₹26,663 p.m.

14 lakh loan amount - ₹29,643 p.m.

14 lakh loan amount -  ₹31,107 p.m.

16 lakh loan amount - ₹33,877 p.m.

16 lakh loan amount - ₹35,551 p.m.

## What are the Benefits of Using the Canara Bank Car Loan EMI Calculator?

Here are the key benefits of using a car loan EMI calculator that one must know:

• Quickly calculate your monthly car loan payments, the total interest payable over the loan's tenure, and the overall loan cost without manual calculations.
• Accurately budget your finances understanding your monthly obligations beforehand. It helps you plan your expenditures and savings more effectively.
• Easily adjust variables like loan amount, interest rate, and tenure to see how changes affect your monthly payments. This feature is useful for comparing different loan options and choosing the one that best suits your financial situation.
• Gain insights into the amortization schedule which helps in understanding how much of your payments will go towards principal repayment and interest over the loan period.

## Canara Bank Car Loan Eligibility Criteria

You are required to meet the following car loan eligibility criteria:

• Salaried individuals must earn at least Rs. 3 lakhs per year.
• Professionals, well-known firms, and companies should also show an average gross annual income of at least Rs. 3 lakhs, based on the last three years as per ITAO/ITR documentation.
• Additionally, the net take-home salary (NTHS) for both, after considering the installment of the proposed Canara Mobile loan, should be a minimum of 40% or Rs. 12,000 per month.

## Factors that Determine Canara Bank Car Loan EMI

Here are the key factors that determine the EMI for a Canara Bank car loan:

• Loan Amount : The principal amount borrowed directly impacts the EMI. A higher loan amount will increase the monthly EMI.
• Interest Rate : The rate of interest charged by Canara Bank on the car loan plays a crucial role. Higher interest rates lead to higher EMIs.
• Loan Tenure : The duration over which the loan is repaid also affects the EMI. Extending the loan tenure spreads out the repayment, which can lower the monthly EMI but increase the total interest paid over the life of the loan.
• Credit Score : A borrower’s credit score influences the interest rates offered. A higher credit score may qualify for lower interest rates, thus reducing the EMI.
• Income Level : The borrower’s income level can affect the terms of the loan, including eligibility for higher loan amounts or possibly better interest rates, which in turn can influence the EMI amount.
• Down Payment : The amount of money you pay upfront for the car can significantly affect your EMI. A larger down payment reduces the principal loan amount, which in turn lowers the EMI.
• Loan Insurance : Including loan protection insurance in your car loan package can increase the total loan amount, subsequently raising the EMI
• Fees and Charges : Processing fees, administrative charges, and other loan-related fees added to the principal amount can also impact the EMI.

## Canara Bank Car Loan Fees and Charges

Here are the fees and charges related to the Canara Bank car loan:

Fee Type

Details

Processing Fees

0.25% of the total loan amount, with a minimum charge of Rs. 1,000 and a maximum of Rs. 5,000.

Prepayment Charges

NIL