EMI stands for the equated monthly instalment, and it is the repayment that the Canara Bank credit card borrower needs to make to the bank within a specific tenure. Canara Bank gives you the option of EMI towards the loan that you have borrowed through your EMI. This option will also be inclusive of other charges and the interest rate. The Canara Bank credit card EMI interest rate calculator will assist you with calculating the EMI and the interest incurred on your initial borrowing with three simple steps.
The Canara Bank Credit Card EMI Calculator is an online simulator that works with a formula box to calculate EMI on your loan towards the credit card. It is a tool that also lets you know the interest you need to pay on your loan. The calculator only requires you to enter some basic information, and it can give you the results within seconds. The calculator will eliminate the need for manual calculations of your EMIs or interest.
The Canara Bank Credit Card EMI Calculator will assist you in knowing the amount of the EMIs that you would need to pay for your credit card, and it will help you make an informed decision. The EMI calculator will also function as an interest calculator, and you will know the interest that is due on your credit card. The only thing you would have to do is enter three simple points to get your results. You can use the calculator to compare interest rates and tenures in the repayment of your loan amount.
The Canara Bank Credit Card EMI Calculator will help you to make informed decisions on the amount you can borrow and also in better financial management for the month. You would also be using the calculator to help you in better debt management. The calculator will also eliminate manual calculations and the errors that occur during the process of manual calculations. You can also easily access the calculator, and it is completely free.
Using the Canara Bank Credit Card EMI Calculator is simple and does not require technical expertise to be used. The Canara Bank Credit Card EMI Calculator needs only three simple steps to be used:
The Principal Amount: The principal amount is the initial loan amount that you borrow from your credit card. It is directly proportional to the EMIs. The lower the principal amount, the lower would be the monthly instalments and vice-versa.
The Tenure: This is the time period within which you will repay your loan amount. This time span is inversely proportional to the loan EMIs - the longer the Tenure you choose, the lower the monthly instalments and vice-versa.
The Interest Rate: This is the rate of interest that the lender would offer towards your loan. It is also directly proportional to the value of your EMIs.
After you have entered these three basic data sets, you will find your results. The results are the monthly EMI and the interest on your initial borrowing. You can change the interest rates and principal to compare different options for your borrowing through the credit card.
The calculations of the Canara Bank Credit Card EMI are simple, and it is based on a formula that is mentioned below.
Let us look at the formula that is used to calculate EMIs on your credit card.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
E = This is the Amount that you would have to pay each month - the EMI.
P = This is the principal amount that you borrowed.
R = This is the rate of interest.
N = This is the time of the loan in months.
In order to understand this, let us look at an example.
If Mr Ram is planning on borrowing Rs. 50,000 from Canara Bank through the credit card this month, for a tenure of 12 months, and at the rate of 7.5% - what would be the EMI and interest on the loan? It is explained below.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
P = Rs. 50,000
R = 7.5%
N = 12 months
Based on this formula, the result would be:
EMI Amount = Rs. 4337.87
Interest Amount = Rs. 2054.44
So, on your borrowing of Rs. 50,000 you will be repaying Rs. 52054.44.
Using the Canara Bank Credit Card Loan Calculator has various benefits to it; some of the major benefits are mentioned below:
It is an online financial tool that you can use to calculate your monthly EMI.
You will have to enter the principal amount, the Tenure, and the rate of interest offered by the bank.
No, the calculator will not ask you to log in or sign up to use it.
This calculator can also show you the amount of interest based on the rate of interest that you enter.
Yes, you can use different rates, tenures, and amounts to look for a combination that allows you to easily repay the loan amount.