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Canara Bank Personal Loan Calculator

Canara Bank Personal Loan EMI Calculator, Jul 2021

Last Updated 12th Aug 2021

  • Personal loan EMI in Canara Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • Canara Bank Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 2,653 per lakh on Canara Bank Bank personal loan as calculated using the lowest interest rate of 12.40% for the longest tenure of 48 months.
  • For example, the table below gives the EMIs on Canara Bank Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan4 Year loan
₹ 1 Lakh₹ 8,904₹ 3,341₹ 2,653
₹ 5 Lakh₹ 44,518₹ 16,703₹ 13,265
₹ 10 Lakh₹ 89,036₹ 33,406₹ 26,531

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Personal Loan EMI Calculator Canara Bank

Canara Bank Personal Loan EMI is a fixed amount of money paid by you to Canara Bank based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your Canara Bank personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator Canara Bank. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use Canara Bank Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for Canara Bank personal loan which can range between 12.40% to 13.90%.
  • Compare Canara Bank personal Loan EMI: Helps you compare the estimated EMI on a personal loan from Canara Bank with that of leading banks in India using the same loan amount of upto ₹ 3 Lakh for a maximum tenure of 48 months, but at different interest rates.
  • Calculate interest on Canara Bank personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from Canara Bank over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at Canara Bank or balance transfer to another bank.

Canara Bank Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on Canara Bank Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of Canara Bank Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 12.40%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right Canara Bank personal loan plan for you.Personal Loan EMI is calculated for Canara Bank for different loan amounts and tenures at the rate of 12.40%.

Loan Amount (Rs.)2 Years3 Years4 Years
1 Lakh ₹ 4,726 ₹ 3,341 ₹ 2,653
3 Lakh ₹ 14,178 ₹ 10,022 ₹ 7,959
5 Lakh ₹ 23,630 ₹ 16,703 ₹ 13,265
10 Lakh ₹ 47,260 ₹ 33,406 ₹ 26,531

Factors Affecting Canara Bank Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. Canara Bank gives a minimum loan of ₹ 1 Lakh and a maximum loan amount of ₹ 3 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Canara Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Canara Bank is 12.40%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period over which you can repay your loan in Canara Bank. So, your EMI will be lower if you take a 48months loan from Canara Bank as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of Canara Bank Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
Canara Bank12.40% ₹ 8,904 ₹ 44,518 ₹ 89,036
Syndicate Bank 12.40% ₹ 8,904 ₹ 44,518 ₹ 89,036
Bajaj Finserv 12.99% ₹ 8,931 ₹ 44,656 ₹ 89,313
Axis Finance 13.00% ₹ 8,932 ₹ 44,659 ₹ 89,317
RBL Bank 14.00% ₹ 8,979 ₹ 44,894 ₹ 89,787

Canara Bank Personal Loan Amortization Calculator

Canara Bank Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Canara Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 5 years from Canara Bank at an interest rate of 12.40%. EMI calculated for this loan amount is ₹ 6,734 and the total annual EMIs to be paid annually is ₹ 80,810. The EMI schedule of loan for 5 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 5 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 18,029 ₹ 22,376 ₹ 40,405 ₹ 2,77,624
2022 ₹ 31,696 ₹ 49,113 ₹ 80,810 ₹ 2,28,511
2023 ₹ 25,248 ₹ 55,562 ₹ 80,810 ₹ 1,72,949
2024 ₹ 17,953 ₹ 62,857 ₹ 80,810 ₹ 1,10,092
2025 ₹ 9,700 ₹ 71,110 ₹ 80,810 ₹ 38,983
2026 ₹ 1,422 ₹ 38,983 ₹ 40,405 -₹ 0

In the above illustration, on a Canara Bank Personal Loan of₹ 3 Lakh, taken at the lowest interest rate of 12.40, EMI paid is ₹ 6,734 and an annual total of EMIs is ₹ 80,810, the interest component is ₹ 34,634 while the principal component is ₹ 46,175 in year 1 of loan disbursement. You repay only 15.39% of the total principal after paying 12 EMIs during the first year.

Canara Bank Personal Loan Interest Calculator Formula

Canara Bank calculates personal loan EMI based on the following formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Canara Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount.Canara Bank personal loan amount can range from ₹ 1 Lakh to ₹ 3 Lakh.

r = Rate of interest per month. The current Canara Bank Personal Loan rate is 12.40%.
n = Tenure in month. This can range up to 48months in case of Canara Bank.

How to use Canara Bank Personal Loan EMI Calculator

  • Canara Bank personal loan calculator are online tool which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Canara Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears meaning interest is charged for the month preceding the EMI payment date and not in advance.

Canara Bank Personal Loan EMI for ₹ 1 Lakh

The following table shows Canara Bank Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 12.40%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,00012.40% 1₹ 8,904
₹ 1,00,00012.40% 2₹ 4,726
₹ 1,00,00012.40% 3₹ 3,341
₹ 1,00,00012.40% 4₹ 2,653
₹ 1,00,00012.40% 5₹ 2,245

Canara Bank Personal Loan EMI for ₹ 3 Lakh

The following table shows Canara Bank Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 12.40%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,00012.40% 1₹ 26,711
₹ 3,00,00012.40% 2₹ 14,178
₹ 3,00,00012.40% 3₹ 10,022
₹ 3,00,00012.40% 4₹ 7,959
₹ 3,00,00012.40% 5₹ 6,734

Canara Bank Personal Loan EMI for ₹ 5 Lakh

The following table shows Canara Bank Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 12.40%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,00012.40% 1₹ 44,518
₹ 5,00,00012.40% 2₹ 23,630
₹ 5,00,00012.40% 3₹ 16,703
₹ 5,00,00012.40% 4₹ 13,265
₹ 5,00,00012.40% 5₹ 11,224

Canara Bank Personal Loan EMI for ₹ 10 Lakh

The following table shows Canara Bank Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 12.40%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,00012.40% 1₹ 89,036
₹ 10,00,00012.40% 2₹ 47,260
₹ 10,00,00012.40% 3₹ 33,406
₹ 10,00,00012.40% 4₹ 26,531
₹ 10,00,00012.40% 5₹ 22,447

How to Pay Canara Bank Personal Loan EMI?

There are various online & offline methods to pay your Canara Bank Personal Loan EMI. To repay your Canara Bank EMI online, you can log in to your net banking account or else you can also use the mobile banking of Canara Bank. Canara Bank also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest Canara Bank branch.

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FAQs

Why should I calculate Canara Bank loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Canara Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have a surplus amount

What is the lowest EMI per lakh offered by Canara Bank on a personal loan?

Canara Bank offers a personal loan at a 12.40% interest rate for a maximum of 48 months, and hence lowest EMI per lakh loan amount is ₹ 2,653. However, Canara Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre-close Canara Bank personal loan?

You can pre-close your Canara Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of the balance amount that you have paid.

What are the prepayment charges on Canara Bank ?

Canara Bank offers you an option of prepayment after 1 months at Nil prepayment charges.You have to pay these charges if you decide to pay the loan amount before the due date.

Is there any processing charge on a personal loan from Canara Bank?

Yes, Canara Bank charges a certain amount of processing fee to process your loan application. Currently, Canara Bank charges a processing fee of 0.50% on a Personal Loan.

Will I get a personal loan from Canara Bank if I have a bad credit score?

No, for taking a loan from Canara Bank, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high Canara Bank personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in Canara Bank Bank?

At the current rate of 12.40%, EMI on Canara Bank personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 1,83,716, ₹ 1,95,526 and ₹ 2,33,245 respectively.

Can I have a co-applicant while applying for a Personal loan with Canara Bank ?

Yes, you can opt for a co-applicant to take a personal loan from Canara Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Canara Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your Canara Bank Personal Loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Canara Bank loan EMI?

You can pay the Canara Bank personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.

Compare Personal Loan EMI of All Banks

Canara Bank Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 0562-2855003/0562-2525610
Ahmedabad 079-26579600/ 079-26574852
Ambala 0184-2251033
Anand 079-26579600/ 079-26574852
Aurangabad Bihar 0712-2567296/ 0712-2567199
Bangalore 080-25589520/ 080-25588641
Bhilai 07936-2443115
Bhilwara 0141-2222744
Bhiwadi 0712-2567296/ 0712-2567199
Bhopal 0755-2575631/ 898-998-9210
Bhubaneswar Cuttack 0674-2392612/ 0674-2390807
Bikaner 0141-2222744
Chandigarh 0172-2605243/ 0172-2602245
Chennai 044-24327025/ 044-24346038
Cochin 1800-425-0018
Coimbatore 0422-2558410
Dehradun 0135-2657795
Delhi 011-26418058/ 011-26293209
Durg 07936-2443115
Faridabad 0124-2657502/ 0124-2657528
Gandhinagar 079-26579600/ 079-26574852
Ghaziabad 0562-2855003/0562-2525610
Goa 0832-2232013
Greater Noida 011-26418058/ 011-26293209
Gurgaon 0124-2657502/ 0124-2657528
Guwahati 0361-2466817/ 0361-2340364
Gwalior 0731-2573815/ 0731-2573821
Hyderabad 040-23436915
Indore 0731-2573815/ 0731-2573821
Jabalpur 0731-2573815/ 0731-2573821
Jaipur 0141-2222744
Jalandhar 0181-2243322/ 0181-2243322
Jodhpur 0141-2222744
Kanpur 0542-2510032
Karnal 0184-2251033
Kolhapur 0712-2567296/ 0712-2567199
Kolkata 033-22831511/ 033-22806061
Kota 0141-2222744
Kozhikode 1800-425-0018
Lucknow 0522-2302604/ 0522-2303802
Ludhiana 0181-2243322/ 0181-2243322
Madurai 0452- 2330335/ 0452-2335988
Meerut 0121-2531113
Mehsana 079-26579600/ 079-26574852
Mohali Sas Nagar 0172-2605243/ 0172-2602245
Mumbai 022-26728366/ 022-26728309
Mussoorie 0135-2657795
Nagpur 0712-2567296/ 0712-2567199
Nashik 0712-2567296/ 0712-2567199
Noida 011-26418058/ 011-26293209
Noida Extn 011-26418058/ 011-26293209
Panipat 0184-2251033
Patna 0612-2321047/ 0612-2320559
Pondicherry 1800-425-0018
Pune 020-24478405/ 020-24452828
Raipur 07936-2443115
Rajkot 079-26579600/ 079-26574852
Ranchi 0651-2331752
Rohtak 0184-2251033
Roorkee 0135-2657795
Salem 0427-2330811
Shimla 0177-2629639
Sonipat 0184-2251033
Surat 079-26579600/ 079-26574852
Trichy 0431-2415475
Udaipur 0141-2222744
Vadodara 079-26579600/ 079-26574852
Varanasi 0542-2510032
Vijaywada 0866-2970201
Vizag 0891-2547920

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Canara Bank Personal Loan News - Jul 2021
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2021-06-09 : Canara Bank announces personal loan scheme
    Under the ‘Canara Suraksha personal loan scheme’, the bank is offering loans from ₹25,000 to ₹5 lakh to financially assist the customers for covid-related treatment. The moratorium is of six months and the scheme will be valid till September 30, 2021.
  • 2021-06-09 : Healthcare credit facility announced by Canara Bank
    Under the ‘Canara Chikitsa healthcare credit facility’, Canara bank will offer loans from ₹10 lakh to ₹50 crores to all the units engaged in servicing the healthcare. Valid till March 31, 2022, the loan will be available at concessional rates with a tenure of upto 10 years
  • 2021-05-28 : Canara Bank launched three loan schemes amid the fight against COVID-19
    Canara Bank launched three loan schemes as part of the fight against the pandemic. The bank will offer healthcare credit, business and personal loan to individuals. The credit will be offered at concessional rates.
  • 2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
    Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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