Personal Loan Calculator3363 views
Knowing the exact calculations of your EMI and Interest Outgo is no more a hassle as you have personal loan EMI Calculator by your side. That’s Right! This time-saving and effective online tool not only calculates your monthly installments but it also gives you a fair idea of your Interest Outgo and Total Amount payable towards a personal loan. After taking into account:
- Interest Rate
- Loan Amount
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.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Table of Contents
Canara Bank Personal Loan EMI Calculator
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
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 4,00,000||10.60%||1||₹ 35,278||₹ 23,337||₹ 4,23,337|
|₹ 4,00,000||10.60%||2||₹ 18,569||₹ 45,655||₹ 4,45,655|
|₹ 4,00,000||10.60%||3||₹ 13,020||₹ 68,714||₹ 4,68,714|
|₹ 4,00,000||10.60%||4||₹ 10,261||₹ 92,513||₹ 4,92,513|
|₹ 4,00,000||10.60%||5||₹ 8617||₹ 1,17,043||₹ 5,17,043|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 64,061||₹ 39,347||₹ 3,35,938|
|2||₹ 71,192||₹ 32,217||₹ 2,64,746|
|3||₹ 79,116||₹ 24,293||₹ 1,85,630|
|4||₹ 87,922||₹ 15,487||₹ 97,708|
|5||₹ 97,783||₹ 5701||₹ 0|
Canara Bank Personal Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Advantages of Canara Bank Personal Loan EMI Calculator
- Time-saving: You can calculate the EMI in a few seconds, unlike manual calculation that 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 rate of other lenders as well to let you know whether Canara Bank offers you a lower interest rate or not.
- Easy Foreclosure: 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 the repayment period.