EMI: ₹10,834/month at 10.85%. Min income: ₹25,796/month.
A ₹5 Lakh business loan from Canara Bank at 10.85% interest for 5 years will cost you ₹10,834 per month as EMI. You will pay a total interest of ₹1,50,040 over the loan tenure. The minimum monthly income needed is ₹25,796 (assuming no existing EMIs).
Canara Bank Business Loan EMI for ₹5 Lakh at 10.85% for 5 years is ₹10,834 per month.
You need a minimum monthly income of ₹25,796 for a ₹5 Lakh business loan from Canara Bank (at 10.85% rate, assuming no existing EMIs).
The total interest payable on ₹5 Lakh business loan from Canara Bank at 10.85% for 5 years is ₹1,50,040.
Canara Bank charges a processing fee of 1% + GST for Business Loan.
Canara Bank Business Loan prepayment policy: 2% of outstanding.