Personal Loan Interest Rates 20201884 views
If you are someone who is curious to know the personal loan interest rates being offered by Canara Bank, you are at a right place! The lender is offering the personal loan to one and all at a competitive interest rate, thus help in lowering your Interest and EMI burden. In order to keep yourself updated with the Canara Bank personal loan interest rates, just read the page below.
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Table of Contents
Canara Bank Personal Loan Interest Rates July 2020
|Interest Rates||11.25% - 13.30%|
|Loan Amount||Six months gross salary subject to max. of INR 3lac|
|Processing Fee||0.5% of the loan amount|
Canara Bank Personal Loan Balance Transfer Interest Rates
If you are interested to opt for a balance transfer facility due to the higher interest rates of your existing personal loan, it would not be wrong to say that transferring the same in Canara Bank allows you to enjoy lower personal loan interest rates and affordable EMIs.
Mathematics of Canara Bank Personal Loan Balance Transfer
For example, you are currently availing a 5-year personal loan of INR 7,60,000 at an interest rate of 14% per annum. The loan has completed 2 years of its journey. If you get a balance transfer facility at 12% from Canara Bank, you can save both on EMI and interest payments.
|Original Loan||INR 7,60,000|
|Interest Rate||14.00% per annum|
|EMI @14.00%||INR 17,684|
|Estimated Interest Outgo @14.00%||INR 3,01,032|
|Interest Paid Till Now||INR 1,81,824|
|Outstanding Balance at the End of 2nd Year||INR 5,17,410|
|EMI @12.00% for the Remaining 3 Years||INR 17,185|
|Interest @12.00% Over 3 Years||INR 1,01,265|
|Interest Paid Till Now + Interest Payable Over the Next 3 years||INR 2,83,089|
|Estimated Savings in Terms of EMI||INR 499|
|Estimated Savings in Terms of Interest Payment||INR 23,943 (3,01,032-2,83,089)|