Canara Personal Loan EMI Calculator - Mar 2017

Canara Bank Personal Loan Calculator

Lowest EMI on Canara Bank Personal Loan - Rs. 2,715 per lakh
Last Updated 30th Mar 2017
Loan Tenure
Loan Amount (Rs.) 2 Years 3 Years 5 Years
100,000 Rs. 4,785 Rs. 3,401 Rs. 2,309
300,000 Rs. 14,354 Rs. 10,202 Rs. 6,926
500,000 Rs. 23,924 Rs. 17,004 Rs. 11,544
1,000,000 Rs. 47,848 Rs. 34,008 Rs. 23,087

Factors affecting Canara Personal Loan EMI

  • Borrower age should be between 21 years to maximum 60 years.
  • Maximum personal loan amount offered by Canara Bank is upto Rs. 300,000.
  • Interest rates range from 13.65% to 13.65% depending upon customer profile, loan amount and other factors.
  • Processing fee in Canara Bank may be 0.50% of loan amount.
Canara Bank Personal Loan EMI Calculator
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Canara Personal Loan EMI

  • Personal Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Canara Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Canara Bank offering Personal Loans with loan tenure upto 5 years, the loan EMI can be as low as Rs. 2715 per lakh, to make it more affordable and convenient to meet your personal needs. Rate of interest offered by Canara Bank are as low as 13.65%.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Canara Bank Personal Loan calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Canara Bank Personal Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 100,000 to Rs. 300,000
r = Rate of interest per month. Current rate is 13.65%
n = tenure in month. For Canara Bank, this can be 48 months

Personal loan EMI calculator Canara - How it works?

  • This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Personal Loan EMI - EMI Changes in case of prepayment

    In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Canara gives you two options:
  • Reduce your loan tenure and keep your personal EMI same
  • Reduce the amount of EMI and keep your loan tenure same
  • It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Canara in this option.

Frequently Asked Questions on Canara EMI Calculator

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

Canara Bank offers personal loan at 13.65% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,715.

Can I prepay my Canara Bank personal loan?

Canara Bank offers you an option of prepayment after 1 months at Nil prepayment charges.

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

Personal Loan from Canara Bank charges a processing fee of 0.50%.

Canara Bank Personal Loan EMI Calculator Customer Care Number, Email, Application Login, Branches

City Customer Care Number
Agra 0562-2855003/0562-2525610
Ahmedabad 079-26579600/ 079-26574852
Ambala 0184-2251033
Anand 079-26579600/ 079-26574852
Aurangabad 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
Sonepat 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
Canara Personal Loan EMI Calculator News - Mar 2017
29th Mar 17 ICICI Bank ties up with Truecaller for making UPI payments
ICICI Bank has tied up with the Swedish communication company Truecaller to launch a new UPI (Unified Payment Interface) based payment service that will operate via truecaller app. Truecaller will allow its 150 million customers to transfer money using UPI application of the bank. Customers can make payments though the app by creating UPI ID instantly and transfer money to the mobile number registered with BHIM app.
29th Mar 17 SBI to raise stake in SBI card by the end of June
SBI is expected to raise its stake in its credit card joint ventures from the existing 74 percent by the end of first quarter of FY18. Under the process, SBI will infuse Rs. 1,160 crore in the two joint ventures. Earlier this month, SBI got an approval from its board to raise stake to 74 percent in two of its credit card joint ventures with Generic Electric Company.
29th Mar 17 SBI to offer zero annual fee credit cards to account holders
State Bank of India has decided to offer credit card with zero annual charges to all its account holders with to the balance of Rs. 20,000. The card will offer carry nil annual fees for four yearsand is targeted at expanding the base of its credit card users under its digital payments initiative SBI Unnati.
28th Mar 17 SBI signs agreement with Odisha government on banking services
State Bank of India has signed an agreement with Odisha government to provide banking services through SHGs (Special Help Groups) in the unbanked areas of the state. The bank will offer wide range of banking services to customers including deposits, withdrawals , personal loans, home loans and loan against property. With this, Odisha has become the first state to offer banking services in unbanked areas through SHGs under its mission Odisha Livelihood Mission (OLM).
28th Mar 17 Indian Bank to focus on retail sector for growth
Indian Bank has launched its new branch in Kovaipudur, taking its branch tally in Coimbatore to 88. The bank has decided to increase its focus on retail business. As per available data, total retail loan portfolio of the bank in Coimbatore, Tirupur and Nilgiris stands at Rs. 3,000 crore.
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