Canara Bank Personal Loan EMI Calculator

Canara Bank Personal Loan EMI Calculator

Easily estimate your monthly repayments with the Canara Bank Personal Loan EMI Calculator. This tool helps you plan your loan payments by calculating the EMI (Equated Monthly Instalment) based on your loan amount, tenure, and interest rate.

How the Canara Bank Personal Loan EMI Calculator Works

This calculator determines the EMI using the standard formula for amortized loans:

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

• P: Principal loan amount
• R: Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
• N: Loan tenure in months

By entering three key inputs—loan amount, interest rate, and loan tenure—the calculator provides you with:

• Monthly EMI
• Total Interest payable
• Total repayment amount (principal + interest)

Key Inputs Required

• Loan Amount: Canara Bank offers personal loans starting from ₹1 lakh up to ₹10 lakh, depending on eligibility.
• Interest Rate: The current personal loan interest rate for Canara Bank ranges from 11.25% to 15.00% p.a. (as of Q1 FY 2024–25).
• Loan Tenure: You can choose a tenure between 12 to 84 months.

Benefits of Using This Calculator

• Quick and Accurate: Instant results help you plan finances effectively.
• Flexible Scenarios: Adjust inputs to compare different loan terms.
• No Impact on Credit Score: Simulate EMIs risk-free without applying.

Example Calculation

Suppose you borrow ₹5 lakh at 13% p.a. for 5 years (60 months):

• Monthly EMI: ₹11,377
• Total Interest Payable: ₹1,82,620
• Total Repayment: ₹6,82,620

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.