How To Use The Canara Bank Personal Loan EMI Calculator?

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Canara bank provides you and EMI calculator by which the customer can easily get the resultant EMI of their desired loan amount. It provides you loan at a valuable interest rate with flexible loan tenure option. How the EMI calculator works? What is the need for EMI calculator? In the further article you’ll find the answers to these questions.

How the EMI calculator works?
The user just needs to enter the loan amount, tenure and applicable interest rate of the loan. After that, Canara Bank personal loan EMI calculator does the rest and provides you the calculated EMI of the desired loan amount. Let just take an example, Suppose you have taken a personal loan of Rs. 3 lac with an applicable 12% interest rate on a 35-month tenure. Just put the loan details in the EMI calculator and the resultant EMI would be Rs. 10,201.

Canara Bank Personal Loan additional charges

Before taking a personal loan you need to check Canara Bank personal loan interest rates as well as other additional charges such as:
  • Part Payment Charges: The part-payment is allowed after 1 month at Canara Bank.
  • Preclosure Charges: If the user wants to pay the loan amount before the loan tenure only then this charge applies. Canara Bank allows preclosure of personal loan after 1 EMI's at preclosure charges of 0 prepayment charges.
  • Processing Fee: Canara Bank charges a processing fee of 0.50% of the loan amount with applicable tax. The processing fees are non-refundable for most of the banks.
  • Other charges: When the loan is sanctioned, after that the bank will provide you a statement in which other additional charges will be mentioned. Some of these charges are late payment, EMI cheque bounce and loan cancellation charges. The charges are applicable when you make delay in EMI payment of the loan or cancel the loan after sanction.
What are the Factors affecting Canara Bank Personal Loan Interest Rates?
The interest rates remain the same for any salaried individual who has been approved for providing a personal loan. The approval process might be dependent on different factors.
  • Loan amount - The interest rate also depends on the applied loan amount, you have to pay high interest on loan amounts of Rs. 5lac & more.   
  • Loan tenure - A longer loan tenure might provide you a lower interest rate. Because a short tenure may demand high EMIs. 
  • Repayment capacity - Canara Bank checks the income and repayment capability of a customer. Depending on the amount of monthly cash inflows and transactions carried out by a customer. The bank might also offer some strictness on personal loan interest rates.
  • Income - The customer must have a minimum income of Rs. 15,000 to apply for Canara Bank personal loan. Loan interest rate also depends on the applicant's income.  
  • Assets - You can also provide a fixed asset for the loan security. Based on the same, Canara Bank might provide a valid rate of interest for personal loans. 
  • Existing savings account- An existing customer of Canara Bank can easily apply for a personal loan. Bank will offer reasonable interest rates to the existing or loyal customers. 
  • Credit history - you must have a good credit history with no dues and penalties. This might help in getting a lower interest rate on personal loans.
How can one apply for Canara Bank Personal Loan?

You can visit your nearby Canara Bank branch or visit the official website. Fill the personal loan application form and provide the required documents to the bank. The user can visit www.canarabank.com and click on the personal loan option. Before clicking the submit button you can check your loan eligibility using eligibility calculator. Customer can also calculate their loan EMI using the Canara Bank personal loan EMI Calculator. After that enter your details and upload the necessary documents.
Location: India

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