Description

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.

Personal Loan EMI Calculator

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 calculations at different tenures at 11% p.a

Loan Amount

1st year

2nd year

3rd year

4th year

5th year

Rs 1,00,000

Rs 8,838

Rs 4,660

Rs 3,273

Rs 2,584

Rs 2,174

Factors affecting Canara Bank Personal Loan EMI

  • 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.

Canara Bank Personal Loan EMI Calculation formula

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 Calculator—Feature and benefits

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. 
  • Time Saver- Manual calculation of the EMI would take much time posing chances of incorrect details at times. Using EMI Calculator will reduce the task to friction of seconds. It is more suitable in deriving a correct estimate.

How to use Afinoz Personal Loan EMI Calculator

Using Personal loan EMI Calculator at Afinoz is quite simple and can be easily made use of even by the first- time user. Afinoz is a marketplace for users to compare and shop for the best loans under one umbrella. The interest rates offered by lenders are affordable.  

Visit the website www.afinoz.com and go to the section of the EMI calculator. Compute the details and get results within a fraction of seconds. The EMI calculator is simple to use and gives you the details, without putting up much effort. The accuracy of the data is noteworthy and can be made use of in figuring out the future requirement of applying for the loan amount.

Canara Bank Personal loan interest rate

  • The various factors which influence interest rates of personal loan are credit score, employer of the applicant, the income of the applicant, age, etc.
  • Canara Bank offers personal loans at an interest rate of 11%p.a to 13% p.a. 
  • The process of applying for the loan is easy, convenient and hassle-free. There is complete transparency with no hidden terms and conditions.

Canara Bank Personal Loan Eligibility Criteria

Canara Bank runs various schemes for Personal loans, each with its own eligibility criteria. Below we will have a look at the schemes which Canara Bank offers. 

  • Canara Bank Teachers Loan- Teachers are the backbone of our society, and to help them fulfil their needs and requirements Canara Bank offers personal loans. To apply for the same, the applicant should be a teacher in a reputed institution and should not earn less than Rs 10,000 per month. Bank offers a loan amount of Rs 3 lakh or 10 month’s gross salary-whichever is lesser. 
  • Pension loan – An ex-employee and a Canara Bank pensioner are eligible to apply for this loan from Canara Bank.  A loan amount of Rs 5 lakh or 20 months pension-whichever is lesser is offered by the bank.
  • Consumer Loan – An applicant earning a salary of Rs 6,000 and after payment of instalments or the loan amount should be a maximum of 40% of their take home salary are eligible to apply for the loan. The bank offers a minimum of Rs 1 lakh or 15 months gross salary or 75% of the consumable item, whichever is lesser. 
  • Canara Budget Loan – Applicant having a salary account with Canara Bank who is a salaried employee drawing a salary of minimum of Rs 10,000 per month are eligible for this loan. Loan amount of maximum of Rs 3 lakh or 6 month’s salary- whichever is lesser is offered by the bank in this scheme.
  • Canara Pension General Public personal loan scheme – An employee or a pensioner of the State or Central Government or family of the pensioner who was an ex-employee in the state or Central Government are eligible for this scheme.Loan amount of maximum of Rs 5 lakh or 15 times the pension of the individual is offered by the bank. If the individual is more than 65 years old the loan tenure allowed by bank is maximum of 60 months. For individuals who are less than 65 years of age, loan is offered for a maximum tenure of 72 months. 

Document Required for Canara Budget Loan

Document Required for Canara Budget Loan

  • Form 16/ ITR/ ITAO for past 3 years or latest salary certificate
  • 2 passport size photograph, with complete loan application.
  • Co-obligation

Document required for Canara Pension General Public

  • Unless waived, co-obligation is required
  • 2 passport size photograph with loan application
  • Delivery letter to DPN

Documents required for Canara Bank Pension- Canara Bank Ex-employees

  • Delivery letter to DPN
  • Unless waived, co-obligation is required
  • 2 passport size photographs along with loan application

Documents required for Canara Teachers Loan

  • Pronote Covering Letter
  • Co-obligation where it will be applicable
  • Form 16 or latest salary certificate
  • 2 Passport size photograph along with complete application form

Documents required for Canara Consumer Loan

  • Past 3 years ITR/ITAO/Form 16 and latest salary certificate
  • 2 passport size photographs along with loan application
  • Invoice of the article that is proposed to be purchased

How to apply for a Personal loan with Canara Bank

A borrower is required to check first the eligibility criteria, before applying for the loan. A good credit score will always be favorable for the borrower in getting the loan application approved. It creates a positive impression in the mind of the lender about the repayment of the debt amount. It also gives the opportunity to the borrower to avail of loan at the lesser interest rate.

With the banking system being digitized, availing loans at few taps of a button is in trend these days. The applicant can visit the website of www.afinoz.com and can apply for the loan. The applicant will have to fill the application form and upload a few minimal documentation.