Canara Bank Personal Loan Calculator
The Canara Bank Personal Loan EMI calculator allows you to figure out the EMI amount depending on the principal amount, duration, and the rate of interest. All you need to do is to enter simple details and the calculator will show you the results in seconds.
A personal loan is a borrowing instrument, which one gets from a bank or an NBFC (Non-Banking Financial Company) without pledging any collateral. The loan may be availed for marriage-related expenses, home renovations, vacations, financial emergencies, and more.
An EMI or Equated Monthly Installment is the fixed amount of money that you pay each month on the selected date to repay the personal loan. The personal loan EMI components are the repayments towards the principal and the interest amount.
How Does The Canara Bank Personal Loan EMI Calculator Work?
Your monthly EMI amount is calculated using the below formula:
Where,
P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months
Example:
You are planning to take a personal loan for ₹14 lakhs. The interest rate of the loan is 16%. The tenure of the loan is 4 years. Let’s calculate your monthly EMI amount.
EMI = 14,00,000 x (0.16/12 x (1 + 0.16/12)^4) / ((1 + 0.16/12)^4 - 1)
EMI = ₹39,676
If you take a personal loan for ₹14 lakhs at an interest rate of 16% per annum, you would have to pay an EMI amount of ₹39,676 every month for 4 years.
How To Use The Canara Bank Personal Loan EMI Calculator?
You need to enter the below details to calculate your monthly EMI amount.
- Your loan amount.
- The interest rate of the personal loan.
- The tenure of the personal loan.
Once done, the calculator will show you the monthly EMI amount immediately.
Example:
Ms Savithri is looking to take a personal loan for an emergency. She wants to take a loan for an amount of ₹5 lakhs. The interest rate of the loan is 10% per annum. The repayment duration of the loan is 5 years. Here’s how much she needs to pay every month to pay off her loan.
EMI = 5,00,000 x (0.10/12 x (1 + 0.10/12)^5) / ((1 + 0.10/12)^5 - 1)
EMI = ₹10,624
Ms Savithri needs to pay an EMI of ₹10,624 every month, if she takes a personal loan for ₹5 lakhs at an interest rate of 10% per annum for 5 years.
Benefits Of Using The Canara Bank Personal Loan EMI Calculator
The benefits of the personal loan EMI calculator are as follows:
- The personal loan EMI calculator helps you get an accurate picture of the amount you are borrowing, helping you plan your budget.
- The calculator helps you select the best personal loan, after comparing the interest rates and other offers from various banks.
- The calculator makes complex calculations in seconds, saving you time.
- The calculator helps you gauge your repayment capacity and avoid falling into a loan trap.