Canara Bank Credit Card EMI Calculator

Canara Bank Credit Card EMI Calculator

The Canara Bank Credit Card EMI Calculator helps you estimate your monthly EMI when converting high-value purchases into easy installments. It provides clarity on repayment planning by showing the total payable amount, interest cost, and EMI breakup instantly.

How the Canara Bank Credit Card EMI Calculator Works

When you make a large purchase using your Canara Bank credit card, the bank may offer you the option to convert the amount into EMIs (Equated Monthly Installments). This calculator simplifies the process of estimating those EMIs based on the purchase amount, interest rate, and tenure.

Key Inputs Required

• Purchase Amount: The transaction value you wish to convert into EMI
• Interest Rate (p.a.): The annual interest rate applicable on the EMI conversion (typically ranges from 13% to 24% p.a.)
• Tenure (in months): The duration of EMI repayment is generally between 3 and 24 months

EMI Formula Used

EMI = [P × R × (1 + R)^N] ÷ [(1 + R)^N – 1]

• P: Principal or purchase amount
• R: Monthly interest rate (annual rate ÷ 12 ÷ 100)
• N: Loan tenure in months

Example Calculation

• Purchase Amount: ₹50,000
• Interest Rate: 18% p.a. (i.e., 1.5% per month)
• Tenure: 12 months
• EMI: ₹4,583.39 (approx.)
• Total Interest: ₹5,000.68
• Total Payment: ₹55,000.68

Benefits of Using the Calculator

• Quick and accurate EMI estimates
• Helps compare multiple tenure options
• Ideal for budgeting and financial planning
• No personal information is required
• 100% free and accessible anytime

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.