Canara Bank Business Loan EMI Calculator
Last Updated : Oct. 31, 2019, 1:05 p.m.
Canara Bank Business Loan EMI Calculator is basically used for calculating EMI on a particular loan amount. You just have to enter the required loan amount, Chargeable interest rate and the tenure in which you can repay the loan. Then the business loan EMI calculator will display all the information related to your EMI. You can know the overall interest amount your are going to pay on the loan after the expiration of the tenure.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Uses of Calculating the EMI before Applying for the Loan
Know your Expenses:- The EMI calculator will help you to determine the actual EMI that will be going to be paid every month. So, once you know the EMI, you can plan your monthly expenses according to it. The loan amount that you are willing to take can fluctuate the EMIs as well.
Determine the Interest Amount:- You will also get to know the overall interest amount that will be going to incur on the loan for the given time period. If you want to repay less interest amount then take the loan for a lesser period.
Determine Monthly Interest Amount:- The Business Loan EMI Calculator will also help you to calculate the monthly interest that you are going to pay every month. Once you calculate the EMI the result will show the principal amount and the interest amount separately for every month.
Tenure Speculation:- After determining the EMI at a different tenure you can easily decide the loan plan that suits your business. So the business loan EMI Calculator can be used for speculating the repayment period.
How to Calculate Canara Bank Business Loan EMI Manually
EMI = P x R x (1+R)^n/((1+R)^n-1)
P stands for the principal amount.
R stands for the rate of interest.
Small “n” is the tenure given by the bank.
You can apply the above formula for calculating the EMI manually. But you need to have a lot of mathematical expertise in order to calculate the exact EMI. Any kind of error will lead to the wrong calculation of EMI. So it is better to use the business loan EMI calculator for faster results.
Reasons for taking Business Loans from Canara Bank
Collateral Free Loans:- Canara Bank also grants business loans with collateral . You can easily take a loan up to 1 crore without keeping any collateral security. This feature is very helpful for businesses that don’t have any security for a mortgage.
Low Rate of Interest:- As canara bank is a nationalised bank so it has a low rate of interest in comparison with the private banks. Canara bank has a low rate of interest. Therefore many businesses take loans from canara bank.
Easy Approval:- If you fulfill all the requirements of the bank then your loan will be easily approved by the bank. It processes the loan fast with less paperwork and formalities. Therefore the borrowers prefer taking loans from canara bank.
Loans up to 10 Crores:- The maximum limit for taking canara bank business loan is 10 crores rupees. This amount can be used for business expansion and purchasing capital assets.
Nationalised Bank:- Canara Bank is a nationalised bank and it has many unique features that are not possessed by the private banks. So due to trust issues, many businesses prefer taking business loan from Canara bank.
Now you know the uses of using the canara bank business loan emi calculator. This calculator will display the exact EMI to be paid by you on a certain amount of loan. If you are a mathematical expert then you can use the manual formula. But it will consume a lot of time. Therefore it is better to use the Business Loan EMI Calculator and know your monthly EMI.