Before taking a loan from Canara Bank, it is important to know what your monthly EMI will be. EMI includes the principal and interest, helping you manage your finances effectively. No need to stress about calculating your EMI manually, Canara Bank personal loan EMI calculator will accurately calculate your EMI in no time.
Let's find out how the Canara Bank personal loan EMI calculator can help you in making informed decisions about your finances!
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The Canara Bank personal loan EMI calculator is an easy to use online tool that helps you simplify your financial planning by estimating your monthly instalment efficiently. The EMI calculator takes 3 factors into account: the interest rate, loan amount, and loan tenure, providing you with the best loan options that suit your monthly budget.
Besides, you can also utilise https://www.livemint.com/loans/personal-loan-emi-calculator to determine the most suitable loan tenure and EMI for a Canara Bank Personal Loan, based on your repayment potential.
Three important factors are considered, while using the Canara Bank personal loan EMI calculator:
With the help of a simple formula, Canara Bank personal loan EMI calculator calculates your monthly instalment, providing you with an accurate potential EMI. Just fill up your desired loan amount and time period and you will get the result.
Let's have a look at the formula:
The Canara Bank Personal Loan EMI Calculator operates using the following formula:
However, you must keep in mind that the interest rate that you get from the bank depends on your various criteria such as credit score, age, employment type, income. It is important for you to meet these criteria, for your personal loan to get approved.
Amortisation Schedule:
Month | Principal | Interest | Principal + Interest | To be paid |
1 | 4347 | 10000 | 14347 | 995653 |
2 | 4391 | 9957 | 14347 | 991262 |
3 | 4434 | 9913 | 14347 | 986828 |
4 | 4479 | 9868 | 14347 | 982349 |
5 | 4524 | 9823 | 14347 | 977825 |
6 | 4569 | 9778 | 14347 | 973257 |
7 | 4615 | 9733 | 14347 | 968642 |
8 | 4661 | 9686 | 14347 | 963981 |
9 | 4707 | 9640 | 14347 | 959274 |
10 | 4754 | 9593 | 14347 | 954520 |
11 | 4802 | 9545 | 14347 | 949718 |
12 | 4850 | 9497 | 14347 | 944868 |
(Source:groww.in/calculators/canara-bank-personal-loan-emi-calculator)
Canara Bank is offering personal loans in 2024 with interest rates ranging from 10.95% to 16.40% per annum, depending on your credit score and repayment history. Canara Bank offers personal loans of up to ₹10 lakh, with a maximum loan tenure of up to seven years.Canara Bank also features the Canara Budget scheme, where rates can reach 15.95%. Processing fees are set at a maximum of 0.50% of the loan amount, with a minimum fee ranging from ₹1,000 and ₹5,000, while there are no charges for prepayment or foreclosure. Additionally, Canara Bank also offers an instant personal loan option for salary account holders, allowing quick access to funds up to ₹1 lakh.
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For personal loans under the Canara Budget scheme, the processing fee is capped at 0.50% of the loan amount, with a minimum of ₹1,000 and a maximum of ₹5,000. Customers also receive a 50% discount on this fee. In contrast, the Canara Pension scheme provides a better option, as it does not charge any processing fees for pensioners.
Prepayment Charges
Canara Bank offers flexibility in prepayment options for personal loans, with no charges for early repayment. This allows borrowers to pay off their loans ahead of schedule without facing any extra costs. This policy empowers customers to manage their loan repayments in line with their financial circumstances.
The Canara Bank personal loan EMI calculator offers you a wide range of advantages! These are:
Enhanced Personal Loan Eligibility:
By using the Canara bank personal loan EMI calculator, you can use various loan options by modifying your loan amount, tenure, and interest rate. This can boost your chances of getting your personal loan approved.
Instant and Accurate Results:
The Canara bank EMI calculator delivers quick and accurate results without doing any complex calculation. This saves your time and helps you in making an informed decision efficiently.
Strong credit score:
Canara Bank EMI calculator gives you a clear understanding of your EMI, which helps you handle your finances effectively and lowers down your chances of missing EMI’s. This, in turn, helps to strengthen your credit score.
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Calculating your personal loan interest rate is https://www.livemint.com/loans/personal-loan-emi-calculator. Just follow these simple steps:
Once you follow these simple steps, the EMI calculator will give you an estimated monthly EMI. Make sure to provide the right details to get an accurate result.