Canara Bank Personal Loan EMI Calculator

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:

EMI Calculator forPersonal Loan
Loan Amount (₹)
Interest Rate (%)
Tenure(year)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount

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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 4,00,00010.60%1₹ 35,278₹ 23,337₹ 4,23,337
₹ 4,00,00010.60%2₹ 18,569₹ 45,655₹ 4,45,655
₹ 4,00,00010.60%3₹ 13,020₹ 68,714₹ 4,68,714
₹ 4,00,00010.60%4₹ 10,261₹ 92,513₹ 4,92,513
₹ 4,00,00010.60%5₹ 8617₹ 1,17,043₹ 5,17,043

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
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]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments

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EMI Calculator