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Find out how much you will have to pay as your EMI before taking a personal loan by using a Canara Bank Personal Loan EMI Calculator. Try different combinations of loan tenure and amount and pick the one that feels less heavy on your pocket while borrowing. Use Canara Bank personal loan calculator to make well-informed financial decisions.
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Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
A Canara Bank Personal Loan EMI Calculator is a simple online tool that calculates your EMIs by factoring in loan tenure, interest rate and loan amount. This free tool works on the following formula:
EMI (E) = [P × R × (1 + R)ⁿ] / [(1 + R)ⁿ – 1]
Meaning of Letters Used in the Formula
| R | Interest rate on loan amount |
| EMI | Equated monthly instalment |
| N | Tenure for repaying the loan amount |
| P | The principal amount |
To use Canara Bank Loan Calculator, follow the steps below:
After you have entered the required details, the personal loan EMI calculator displays EMI, total interest outgo and total repayment amount instantly.
What is it: An amortization schedule is a detailed breakdown of each loan payment, showing how much goes toward interest and how much toward the principal. It helps track the gradual repayment of the loan and the reducing outstanding balance over time.
Example: If a borrower takes a loan of Rs. 20 lakh for 6 years at 10.99% p.a., then his/her amortization schedule will be the following:
| Month | Principal (Rs.) | Interest (Rs.) | Principal + Interest (Rs.) | Balance to be Paid (Rs.) |
|---|---|---|---|---|
| 1 | 19741 | 18317 | 38058 | 1980259 |
| 2 | 19922 | 18136 | 38058 | 1960337 |
| 3 | 20105 | 17953 | 38058 | 1940232 |
| 4 | 20289 | 17769 | 38058 | 1919944 |
| 5 | 20474 | 17583 | 38058 | 1899469 |
| 6 | 20662 | 17396 | 38058 | 1878807 |
| 7 | 20851 | 17207 | 38058 | 1857956 |
| 8 | 21042 | 17016 | 38058 | 1836914 |
| 9 | 21235 | 16823 | 38058 | 1815679 |
| 10 | 21429 | 16629 | 38058 | 1794250 |
| 11 | 21626 | 16432 | 38058 | 1772624 |
| 12 | 21824 | 16234 | 38058 | 1750800 |
Swipe to see more table data
Compare & Choose the Best Offer
Pre-approved Offers with Instant Disbursals
Know Your Chances of Approval
End-to-End Digital Process
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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