What is EMI and how is it calculated?

EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan. It is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P is principal, R is monthly interest rate, and N is tenure in months.

Can I prepay my loan to reduce EMI?

Yes, most lenders allow loan prepayment. You can either reduce your EMI amount or reduce the loan tenure. Prepayment helps save on interest costs over the loan duration.

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Canara Bank Personal Loan EMI Calculator

🧮 Canara Bank Personal Loan EMI Calculator

Loan Amount ₹

Rate of Interest (P.A) %

Loan Tenure Yr

Monthly EMI

Principal Amount

Total Interest

Total Amount

🧮 Canara Bank Personal Loan EMI Calculator

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