Canara Bank Car Loan EMI Calculator

Along with various other products and services, Canara Bank is also known to offer car loans to its customers. The car loan that is borrowed with Canara Bank needs to be paid off through equated monthly installments, which are commonly known as EMIs.

These EMIs can be estimated by using Canara Bank's car loan EMI calculator online.

What is the Canara Bank Car Loan Calculator?

The Canara Bank Car Loan EMI calculator - is a useful online instrument that will let you calculate the monthly installments that you will have to pay every month towards the loan you have or want to borrow from Canara Bank for a car. This tool can also eliminate all the possibilities of human errors from manually calculating the EMI amount on a Canara Bank car loan.

The calculator can be used on the website of Groww whenever wanted, and also for free of cost. On the Groww website, you will not be asked to sign in, log in or register to use the online tool. This tool can estimate the EMI you need to pay only after entering some minor information.

How Will the Canara Bank Car Loan EMI Calculator, Be Helping You?

The Canara Bank Car Loan calculator can be used by all customers and non-customers of the Bank to check their EMIs online. It will help them to know when to borrow, how to borrow, the deposit to make, and also the Tenure to choose based on this online tool. The calculator will assist you in instantly calculating the monthly EMI for a car loan from Canara Bank.

The calculator could also be used to estimate the monthly budget, the interest incurred on loans based on the rate of interest charged by the Bank, and much more. The calculator will show you answers instantly, and the user need not have any technical skills in order to use this online tool for free.

The Process to Use the Canara Bank Vehicle Loan EMI Calculator

Groww's calculator can be used online instantly just by adjusting some primary information, and they are:

1) The Principal Amount

It is the amount that you want to borrow from Canara Bank to buy your car.

2) The Tenure

This is the period for which you choose to pay off your EMIs for the loan.

3) The Interest Rate

This is the interest rate that Canara Bank will charge on your loan.

After providing these basic information sets, you will be displayed with the EMI and interest on your car loan from Canara Bank.

Calculation Procedure of the Canara Bank Car Loan EMIs

The EMI for Canara Bank car loans can be calculated with a standardized formula, and that is:

[PxRx(1+R)^N]/[(1+R)^N-1]

P - the Principal amount

R - the Rate of Interest on the loan

N - the Tenure of the loan

It can be better demonstrated with an example -

If Mr Gautham opted for a car loan of Rs. 7,50,000 from Canara Bank for the rate of 8.5% for a period of 5 years in June 2022. This would be the EMI amount:

P = Rs. 7.5 lakhs

R = 8.5%

N = 5 Years (60 months)

EMI = [7,50,000 x 12/100/12 x (1+8.5/100/12)^60] / [(1+8.5/100/12)^60-1]

EMI = Rs. 15,387

The Amortization Table of the Canara Bank Car Loan

Here is the table that presents the break-up of the principal amount, interest, and outstanding periodically:

What are the Advantages of Using Groww's Canara Bank Car Loan Interest Rate Calculator?

There are several advantages of using the Canara Bank car loan EMI calculator, and the major of them are:

• It can be used for a monthly financial and budgetary estimation.
• It can be used to know in advance the total interest that will be incurred on the car loan from Canara Bank.
• The online tool provided by Groww is free of cost and can give instantaneous solutions.
• Users can also use the calculator as a tool of comparison between different sets of rates and tenures that can be incurred for better EMI amounts.