Canara Bank SIP Calculator
Our Canara SIP will help you estimate the returns from your SIP investment. You can use our calculator to see how much your investments can grow if you start investing in SIPs today.
SIPs (Systematic Investment Plans) are a way in which investors can invest a fixed sum of money in mutual funds at regular intervals (weekly, monthly, or quarterly). It is a convenient way to invest in mutual funds and investors can start investing with as low as ₹100.
How Does Our Canara SIP Work?
Our Canara SIP works on the below formula -
In the above formula,
FV is the amount you receive upon maturity
P is the amount you invest through SIP
i is the compounded rate of return
M is the investment duration in months
Example:
If you invest ₹1,000 every month for 1 year (i.e. 12 months) at a periodic interest rate of 12%, your rate of return per month would be 12%/12 = 1/100 = 0.01
Therefore, in a year, you will get approximately ₹12,809.
Please note: The rate of interest on an SIP will differ as per market conditions. It may increase or decrease, which will change the estimated returns.
How Should You Use Canara SIP?
With Koshex's Canara SIP, you can estimate the potential returns on your SIPs at the end of your investment duration. Our calculator offers two approaches to estimating the wealth and maturity amount, i.e. 'I want to invest' and 'I know my goal'.
'I Want To Invest' Approach
Under this approach, you can estimate potential SIP returns and this is designed for those investors who know how much they like to invest every month.
Examples:
Mr. Arun wants to go on a vacation in another 3 years to Italy. He is planning to invest ₹10,000 every month and expects the compounded rate of return to be 12.0%. So, according to the formula, he would have invested ₹3,60,000 in 3 years and made potential gains of ₹75,076. Hence, in the next 3 years, Arun would have saved ₹4,35,076 for his Italy trip.
In another example, let's say, Ms. Bharathi has gotten a hike recently and is planning to invest ₹20,000 per month via Systematic Investment Plan (SIP). She is expecting a growth rate of 15%. She would like to know how much she would have accumulated in the next 7 years. Using our formula, we can see she would have accumulated ₹29,79,363 on her investment of ₹16,80,000 in the next seven years. Her potential capital gains on her investment would be ₹13.0 lakhs approx.
'I Know My Goal' Approach
This approach helps investors estimate the amount they need to invest every month to achieve their financial goals. For this approach, investors need to know the final amount they wish to earn at the end of their investment duration.
Examples:
Mr. Chandran wants to buy a car worth ₹12 lakhs. He is trying to figure out how much he has to invest via SIPs every month to accumulate the target amount. When we use the calculator, we can see that he would have to invest ₹14,547 for the next 5 years to achieve his target amount, considering the compounded rate of return is 12.0%.
Ms. Deepa wishes to buy a house and wants to save ₹20 lakhs for the Down Payment. When we use our calculator, we could find out that she should invest ₹13,426 every month via SIP for the next 7 years, considering the compounded rate of return is 15.0%. According to our calculations, she would earn ₹8,72,216 as potential capital gains.
Benefits Of Using Canara SIP
Koshex offers the best Canara SIP, which gives the following benefits -
You can plan your investment based on the amount as well as your goals
It will help you estimate the total value of your investments at the end of your SIP tenure
It will give you accurate results and help you save time, which is needed for manual calculations.
How To Start Investing In An SIP?
Head over to Koshex and choose your favorite mutual fund scheme. Enter the amount you wish to invest and the interval. Make the payment and track your investment in the dashboard.