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Canara Bank Personal Loan EMI Calculator - Mar 2021

Canara Bank Personal Loan Calculator

Last Updated 26th Feb 2021

Get monthly EMI as low as ₹ 2,683 per lakh on Canara Bank personal loan. Personal loan EMI in Canara Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan4 Year loan
₹ 3 Lakh₹ 26,795₹ 10,108₹ 8,048
₹ 6 Lakh₹ 53,590₹ 20,216₹ 16,097
₹ 12 Lakh₹ 1,07,181₹ 40,433₹ 32,193
Personal Loan EMI Calculator Or Free Corona Health Insurance Cover of up to ₹5 lakh
Lowest Interest Rate
Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

* Starting From

Personal Loan EMI Calculator Canara Bank

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Canara Bank against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Canara Bank offers affordable and convenient personal loans with loan EMIs as low as ₹ 2,683 per lakh for a tenure of 48 months and lowest rate of interest at 13.00%.
  • Canara Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the Canara Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 13.00% interest rate

Loan Amount (Rs.)2 Years3 Years4 Years
1 Lakh ₹ 4,754 ₹ 3,369 ₹ 2,683
3 Lakh ₹ 14,263 ₹ 10,108 ₹ 8,048
5 Lakh ₹ 23,771 ₹ 16,847 ₹ 13,414
10 Lakh ₹ 47,542 ₹ 33,694 ₹ 26,828
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Canara Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 13.00% interest rate offered by Canara Bank for different tenures
Calculated Results for Canara Bank Home Loan EMI 2 years 3 years 4 years
Canara Bank EMI for a loan amount Rs. 1 lakh at 13.00% ₹ 4,754 ₹ 3,369 ₹ 2,683
Total amount you pay back to the bank including principal and interest ₹ 1.14 Lakh ₹ 1.21 Lakh ₹ 1.29 Lakh
Interest you have to pay during the loan tenure ₹ 14,096 ₹ 21,284 ₹ 28,784

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from Canara Bank for 48 years, you pay the lowest EMI of ₹ 2,683. However, you pay an interest of ₹ 28,784 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Canara Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,754 and pay an interest of only ₹ 14,096 which is less than half of what you pay for a 48 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Canara Bank Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from Canara Bank. If you apply for a higher loan amount, your monthly EMI will be high. Canara Bank gives a minimum loan of ₹ 1 Lakh, which can go upto an 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 13.00%. 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 in which you can repay your loan in Canara Bank. Longer loan tenure means lower personal loan EMI. Generally, Canara Bank offers a loan for a maximum tenure of 4 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2.50 Lakh for 5 years at an interest rate of 10.40%. EMI calculated for this loan amount is ₹ 5,361 and the total annual EMIs to be paid annually is ₹ 64,333. The EMI schedule of loan for 5 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2.50 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 ₹ 20,392 ₹ 33,219 ₹ 53,611 ₹ 2,16,781
2022 ₹ 20,495 ₹ 43,839 ₹ 64,333 ₹ 1,72,942
2023 ₹ 15,712 ₹ 48,622 ₹ 64,333 ₹ 1,24,321
2024 ₹ 10,407 ₹ 53,926 ₹ 64,333 ₹ 70,394
2025 ₹ 4,523 ₹ 59,810 ₹ 64,333 ₹ 10,584
2026 ₹ 138 ₹ 10,584 ₹ 10,722 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2.50 Lakh, taken at the lowest interest rate of 10.40%, EMI paid is ₹ 5,361 and an annual total of EMIs is ₹ 64,333, the interest component is ₹ 24,119 while the principal component is ₹ 40,214 in year 1 of loan disbursement. You repay only 16.09% of the total principal after paying 12 EMIs during the first year.

In year 5, the interest component of EMI is around 5.41%, while the principal component is around 94.59%. Upto 5 years, you have cumulatively repaid 100% of your total Personal Loan.

Canara Bank Personal Loan Interest 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 the above formula,

P = Loan amount. This can range from ₹ 1 Lakh to ₹ 3 Lakh

r = Rate of interest per month. Current rate is 13.00%

n = tenure in month. For Canara Bank, this can be 48 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Canara Bank personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Canara Bank calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - Canara Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Canara Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Canara Bank's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Canara Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on Canara Bank personal loan
  • Purpose of Loan: Canara Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 21 and 60 years.
    • Loan amount of minimum ₹ 1 Lakh to ₹ 3 Lakh.
    • Loan Tenure 1 to 4 years.
    • Interest rates in the range of 13.00% to 14.00%.
    • Lowest EMI of ₹ 2,683 per lakh.
  • Processing Fees: 0.50% of loan amount. This is to be paid at the time of loan application
  • Special schemes: Canara Bank offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator Canara Bank – How it works?

  • Canara Bank personal loan calculator are online tools 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 (means interest is charged for the month preceding the EMI payment date) and not in advance.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, Canara Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from Canara Bank, the interest rate and the remaining tenure in the EMI calculator.

Other Loan Calculators

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 which 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 spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount

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

Canara Bank offers personal loan at 13.00% interest rate for a maximum of 48 months, and hence lowest EMI on per lakh loan amount is ₹ 2,683. 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 preclose 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 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.

Is there any processing charge on 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 Personal Loan.

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

No, for taking a loan from Canara Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

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 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 EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

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 - Mar 2021
  • 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.
  • 2020-09-21 : Canara Bank launched i-Lead 2.0 to boost customer services
    Canara Bank has launched the lead management system (LMS) – i-Lead 2.0 (Inspiring Leads System version 2.0). The system has been launched to provide its services to customers irrespective of where they reside. Through this, customers can enquire by using internet banking, mobile banking, call centre, SMS and missed call. This initiative is being introduced with an aim of building and sustaining business relationships with both new customers to bank and existing customers to the bank.
  • 2020-01-24 : Canara Bank Q3 profit increased by 3.8%
    State-owned Canara Bank Q3 profit rose by 3.8% due to an increase in Home Loans and Personal Loans. The earning stood at Rs 329.62 crores and total income was Rs 14001.63 crores. Further, the net non-performing asset was 5.05% of the total asset which was 6.37% a year ago.
  • 2019-11-07 : Canara Bank reports profits in Q2 due to reduced bad loans
    State-owned bank, Canara Bank, posted a profit of about Rs 405.49 crores, leading to a 14% rise for the quarter ending on September 30. The bank reports an increase in interest income from retail loans like personal and home loans, that stood at Rs 12, 500.37 crores. Further bad loans reduced to Rs 2,297.43 crores from Rs 2,406.84 crores.
  • 2019-10-01 : Repo rate linked loans by Canara Bank
    With effect from October 1, 2019, Canara Bank will provide loans at lending rates linked to RBI’s repo rate. The bank will provide retail and MSME loans charged at an interest of 8.30%. RBI linked repo rates will bring in more transparency and easier transmission of rate cuts on lending rates.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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