Canara Bank Personal Loan EMI Calculator

Canara Bank offers its customers different kinds of personal loans, starting from General Public Personal Loan, Canara Budget Personal Loan, Canara Bank Teachers Loan, Canara Pension Loan, and Canara Consumer Loan, and more. Each type of personal loan from Canara Bank will match a different set of customers.

These loans can aid your financial needs and requirements, and they can also be paid off easily through EMIs. These EMIs will be fixed amounts that you cannot change until the entire amount of the loan has been repaid.

If you are considering taking out a personal loan from Canara Bank but are unsure about how much you would have to pay each month, you can use the help of the Canara Bank Personal Loan EMI Calculator.

The Canara Bank Personal Loan EMI Calculator

The Canara Bank Personal Loan Calculator is an online tool for your use. You can use it for free in order to estimate the amount of EMI that you will be paying for your Canara Bank personal loan.

You can use the calculator through Groww, and you can instantly find out how much the EMI would be based on the factors that determine EMI. The Canara Bank personal loan EMI calculator is an algorithmic tool that can instantly give you results. 

How to Use the Canara Bank Personal Loan EMI Calculator?

You can use this calculator with three simple steps:

Step 1: You will have to enter the principal amount you need from Canara Bank.

Step 2: Secondly, you will have to enter the rate of interest on that specific personal loan from the bank.

Step 3: Lastly, you will have to provide the tenure you want to pay the loan off.

Now, the Canara Bank personal loan calculator will instantly show you the EMI amount along with interest on the personal loan.

What are the Benefits of Using Groww's Canara Bank Personal Loan Calculator?

There are several benefits to using the Canara Bank personal loan EMI calculator, and some of the major ones are:

• The calculator is free to use, and anyone can access it online.
• You can make decisions beforehand on your personal loan from Canara Bank.
• You can know what your EMI will be each month to plan your monthly budget according to the EMI.
• You could also use this tool as a comparison to compare what the EMI would be if you borrowed different sums and for different tenures.
• You would not have to go through tedious processes of manual calculations; rather, you can find instant resolutions.
• The calculator does not require any in-depth expertise in technical skills to be used.

What is the Formula that is Used in the Canara Bank Personal Loan EMI Calculator?

The formula that is used by the Canara Bank personal loan calculator is:

E = P x r x (1+r)^n/((1+r)^n-1)

Elaborated:

P = Principal

R = Rates

N = Tenure

This formula can also be explained through an example:

If you want to borrow a personal loan from Canara Bank, the amount is Rs. 3 lakhs. Along with that, the interest that the bank is charging over your loan is 8.1%, with a tenure of 1.5 years. The details of the personal loan will be as follows:

Principal Amount of the Loan = Rs. 3 lakhs

Rate of Interest of the Personal Loan = 8.1%

The Tenure of the Loan = 1.5 Years (18 months)

EMI = Rs. 18,738

Amortization of the Personal Loan from Canara Bank

This personal loan that you have taken from Canara Bank can further have a break-even of the payments through the tenure in a below-mentioned manner: