Canara Bank Personal Loan EMI Calculator

The Indian economy is currently growing strongly, which is encouraging people and businesses to spend more. This is great news for the market of personal loans, as many people are taking out loans to meet their immediate financial needs.

A really easy way to figure out your loan repayments is by using the Canara Bank personal loan EMI calculator available at Wishfin. If you're unsure about whether to take a loan, this calculator can really help you decide by showing you what your monthly payments would look like.

How to Use Wishfin Canara Bank Personal Loan EMI Calculator?

Canara Bank personal loan EMI calculator by Wishfin is a time-saving and effective online tool that calculates your monthly installments and gives you a fair idea of your interest outgo and the total amount payable towards a personal loan. All you need to do is enter the following details:

• Loan Amount
• Tenure
• Interest Rate

This online device starts working and fetches the values for you in just a few seconds. Yes, it is that fast! With its smart algorithms, this tool gives the accurate and precise results for your EMI and Interest Outgo in a hassle-free manner.

Example of Canara Bank Personal Loan EMI Calculation

To make things crystal clear for you, below we have taken the help of an example. So, simply read the page below.

Suppose, Ruchi Sharma, a 32-year-old, Architect by profession is looking for a personal loan of ₹ 4 Lakh so as to give her home a new look. Thus, she has applied for the same and the best part is that Canara Bank has agreed to offer her the loan. The bank got agreed to offer the loan at an interest rate of 10.60% per annum for a tenure of 5 years. So, let’s just know the EMI and Interest Outgo in Ruchi’s case.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Canara Bank Personal Loan EMI Calculation Formula

EMI=[P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI=Equated Monthly Installment

P=Principal Loan Amount

R=Monthly Interest Rate

N=Number of Monthly Installments

If you take a personal loan of ₹5,00,000 at an interest rate of 13% for a tenure of 5 years, the EMI calculation would be as follows:

• Principal Amount (P): ₹5,00,000
• Interest Rate (R): 13% per annum (which is 13/12/100 = 0.0108 per month)
• Loan Tenure (n): 5 years, or 60 months

Here’s how to calculate it:

[5,00,000 x 0.0108 x (1 + 0.0108) ^ 60]/[(1+0.0.0108) ^60 -1] = 11,376.54

The EMIs you will be required to pay is ₹ 11,376.54

Canara Bank Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

What is the EMI of a 1 Lakh Personal Loan in Canara Bank?

Below, we have calculated the EMI for a 1 lakh Canara Bank personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Canara Bank on their personal loans.

What is the Lowest EMI Offered by Canara Bank on Personal Loans?

Here are the EMIs for various loan amounts with Canara Bank personal loans, calculated for a term of five years at interest rates of 10.95% and 16.40% p.a:

Advantages of Canara Bank Personal Loan EMI Calculator

• Time-saving: You can calculate the EMI in a few seconds, unlike manual calculation which can take a lot of time.
• Accuracy: The calculator is powered by an algorithm that helps compute accurate results of the EMI and interest outgo. Whereas, manual calculations can be prone to errors.
• Helps in decision making: As the calculator opens repayment estimates, it helps you take the right call as far as choosing the tenure is concerned.
• Comparison: The tool can be used to compare the interest rates of other lenders as well to let you know whether Canara Bank offers you a lower interest rate or not.
• Easy foreclosure: The Canara Bank personal loan EMI calculator will help you foreclose the loan at the right time. Using the tool you can know the balance amount at different points of time. So, you can save accordingly and foreclose the loan before the tenure. This will help reduce the interest liability.
• Balance transfer: If you think your lender is charging a greater rate of interest than Canara Bank, you can use the personal loan EMI calculator, and see how much you can save when switching the loan to Canara Bank.
• Easy to access: To use the tool, you just need to insert your loan details such as loan amount, interest rate, and repayment period.

Canara Bank Personal Loan Eligibility Criteria

Canara Bank provides a variety of personal loans, each designed to meet different needs. Below are the eligibility requirements for each type of loan:

Canara Pension Loan :

• Eligible for State and Central Government Pensioners, including those from Civil, Railways, Defence, Armed Forces, and Freedom Fighters.
• Pensioners from Government Departments, Public Sector Undertakings, and Corporate Pensioners.
• Family pensioners of all the above groups, as well as retired Canara Bank staff and their families.

Canara Budget Loan :

• Applicants should be employed with a reputable organization such as a Public Sector Unit (PSU), joint-stock company, Central or State Government, or as a lecturer, assistant professor, or professor at colleges, universities, and research institutions.
• Also eligible are employees of reputed corporations, public limited companies, private institutions, and IT/BT companies.

Canara Teachers Loan :

• Open to teaching and non-teaching staff at schools and colleges.
• Applicants must receive their salary through Canara Bank.
• The bank requires a letter from the salary disbursing authority at the district/block level ensuring that the salary account will not be moved without a No Objection Certificate from the bank.
• Applicants need to have a minimum take-home salary of 30% of their gross salary after loan deductions or Rs. 10,000, whichever is higher.

Canara Home Improvement Loan :

• Available to salaried, self-employed, business professionals, and NRIs who own a flat or house.
• Salaried applicants need a minimum monthly net salary that is 25% of their total gross salary or at least Rs. 2,000 after considering loan installments.
• Self-employed professionals and business individuals must show a yearly income of at least Rs. 50,000, verified by an income tax assessment order or return.

Factors That Affect Canara Bank Personal Loan EMI

Here are some key factors that influence the EMI for a Bank of India personal loan:

• Loan Amount: Higher loan amounts lead to higher EMIs. The amount you borrow directly impacts your monthly payments.
• Interest Rate: The interest rate significantly affects your EMI. Higher rates increase the EMI, while lower rates reduce it.
• Loan Tenure: The repayment term impacts your monthly payments. Longer terms mean lower EMIs but more interest over time. Shorter terms result in higher EMIs but less total interest paid.
• Credit Score: Your credit score can influence the interest rate offered. A higher score might secure a lower interest rate, reducing your EMI.
• Additional Fees and Charges: Extra fees like processing fees, application charges, or prepayment penalties affect the overall loan cost and your EMI.

Fees and Charges for Canara Bank Personal Loan

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

Limitations of Using Canara Bank Personal Loan Calculator

The Canara Bank personal loan EMI calculator is a useful tool but has certain limitations.

• It provides an estimate based on the input values and doesn't account for potential changes in interest rates or additional fees that might be applicable.
• It assumes a fixed interest rate throughout the loan tenure, which might not reflect actual variable rates.
• The calculator also does not consider individual creditworthiness, which can impact loan terms.
• Moreover, it does not provide insights into other loan-related charges like processing fees, prepayment penalties, or insurance costs, which could affect the total loan cost.