Canara Bank Personal Loan EMI Calculator

1. Canara Bank Personal Loan EMI Calculator

2. To ease your finance-related shortcomings which at times do not get catered to with the available savings, Canara Bank offers Personal Loans to handle such situations in life. The funds available with Personal Loans are not limited to any specific usage and hence can be utilized for purposes like medical emergencies, travel trips, planning a wedding, consolidating various debts into one, arranging for a home loan or car loan down payment, etc. It has flexible repayment tenure ensuring pocket-friendly EMIs, which do not put a burden on your day to day lifestyle. Description

3. This magical free tool not only calculates the exact monthly outflow of cash but also lets the borrower evaluate how much loan should be availed. Understanding the exact calculations lets the borrower take an informed decision and to choose the lender offering the best interest rates. Canara Bank offers Personal loans at an interest rate ranging from 11% p.a to 13% p.a. Personal Loan EMI Calculator

4. Loan Amount – Higher loan amount invites higher EMI. Canara Bank offers a minimum loan of Rs 1 lakh which can go up to Rs 3 lakh. Employment Type – The type of organisation an applicant works for affects the loan EMI to a greater extent. Individual’s income – To be eligible for the loan, an applicant will have to meet the minimum eligibility criteria of income. Individual’s relationship with the bank – Account holders of Canara Bank gets the advantage of loan approval easily and even there are chances of getting at lower interest rates. Interest Rate - The lowest interest rate offered by the Canara Bank is 11%. For salary account holders Canara Bank interest rates can be lower than their quote rates. Loan Tenure – Canara Bank offers the loan for a maximum tenure of 4 years. Lowering of personal loan EMI is dependent on longer tenure. Factors affecting Canara Bank Personal Loan EMI

5. The formula for calculating personal loan adopted by Canara Bank is P*r* (1+r)^n/([(1+r)^n]-1) Below is the illustration of how Canara Bank Personal Loan EMI is calculated: n = Tenure in month r = Per month rate of interest P= Loan Amount Canara Bank Personal Loan EMI Calculation formula

6. The EMI Calculator is a magical tool that does the calculations for you within minutes, giving an estimate of monthly outflow of debts. The dynamics of the tool can better be understood by computing different details every next time. Let us find out the benefits of using a personal loan EMI Calculator. 24/7 availability – There is no restriction on using the EMI Calculator as many times one wants. An applicant can check the details by computing the loan amount, interest rate, tenure and figure out by analyzing how much loan is required. It allows to adjust the details and check which one is working for you. Accuracy – The result displayed by the EMI Calculator on computing details like loan amount, loan tenure, and interest rate, will be accurate. This may not be possible in case of manual calculation. Graphical representation of data- The role of EMI Calculator is not restricted to mere providing data. The graphical representation of the data, make the individual aware of the gradual payment which they are going to make towards the loan amount. Canara Bank Personal Loan EMI Calculator—Feature and benefits

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