PNB Car Loan EMI Calculator
Customers of Punjab National Bank can apply for both new and used automobile loans; however, they must pay an equivalent monthly amount or EMI. Customers and prospective customers can use the PNB car loan EMI calculator, which is free to use and accessible on the bank's official website, to estimate this EMI. An installment payment plan (EMI) for a PNB auto loan is a set amount of money deducted from the loan used to buy a car. Until the loan is entirely paid back, the EMI is payable on a set day each month. The principal repayment and interest payment will always be included in the EMI. The principal component will continue to rise and the interest component will continue to decrease, even if the monthly EMI amount will stay the same. Learn more about this PNB car loan EMI calculator in this post below.
- ₹ 1L
- ₹ 1Cr
- 1Yr
- 30Yr
- 7%
- 17.5%
- Interest Amount
- Principle Amount
- Monthly EMI
- ₹8,653
- Principle Amount
- ₹4,80,000
- Interest Amount
- ₹3,27,633
- Total Amount to Pay
- % 8.00
| Year | Interest Paid | Principle Paid | Outstanding Loan Balance |
|---|---|---|---|
| 2023 | ₹ 120,000 | ₹ 8,093 | ₹ 128,093 |
Bank Car Loan Calculators
| Bank Names | Interest Rates |
|---|---|
| Bank of Baroda Car Loan EMI Calculator | 8.80% |
| Axis Bank Car Loan EMI Calculator | 9.20% |
| PNB Car Loan EMI Calculator | 9.25% |
| ICICI Car Loan EMI Calculator | 10.75% |
| HDFC Bank Car Loan EMI Calculator | 8.70% |
| SBI Car Loan EMI Calculator | 8.85% |
Your monthly EMIs are determined using an algorithmic formula that is used by the PNB car loan EMI calculator and is explained below:
PNB EMI Calculation Formula:
[PxRx(1+R)^N]/[(1+R)^N-1]
P - It Stands for the Principal amount
R - It Stands for the Rate of Interest on the loan
N - It Stands for The Tenure of the loan
This is an illustration from Punjab National Bank showing how to calculate the interest on a car loan:
Therefore, in June 2022, if you take out a vehicle loan for Rs. 3,00,000 at an 8% interest rate for four years, the following is how your interest payments would be calculated:
P = Rs. 3,00,000
R = 8%
N = 4 Years (48 Months)
EMI = [3,00,000 x 12/100/12 x (1+12/100/12)^48] / [(1+12/100/12)^48-1]
EMI = Rs. 7,324
It will be more convenient when you use the PNB car loan EMI calculator.
With only a click, the PNB car loan EMI calculator simplifies complex computations for users. This tool's salient characteristics include:
• The car EMI calculator PNB easily understandable and user-friendly tool providing instant EMI and amortization details.
• A proficient customer support team is available to address queries and issues related to the PNB car loan EMI.
• The PNB bank car loan EMI calculator is cost-free and versatile, allowing multiple uses for comparing Punjab National Bank's interest rates and loans until the ideal combination of principal and tenure is found.
• The PNB bank car loan EMI calculator presents a visually appealing graphical representation of the amount payable breakdown and amortization schedule, ensuring clarity.
• The PNB bank car loan EMI calculator facilitates EMI calculation, even considering potential pre-payments on the car loan.
| Age | Normally 21 years |
| Employment type | Individuals/Proprietorship/Reputed Firms/Govt. Employee/Professionals/Corporates/ |
| Loan purpose | To purchase a New Car/Van/Jeep/MUV/SUV Old car/Van/Jeep/MUV/SUV not older than 3 years Private Use Only |
| Income criteria | Minimum net monthly salary/pension/income of INR 20000/- |
| Maximum loan amount | For Individuals/Proprietorship concerns: INR 100lac or 25 times of net monthly salary/pension/income, whichever is lower For Business Concerns both corporate and non-corporate : No ceiling on the loan amount |
| Margin | New Car : 15% of on-road price inclusive of one-time road tax & insurance PNB arrangement with dealers: 10% of on-road price Old cars: 30% of the car value |
| Tenure | Maximum 84 months for a new car Maximum 60 months for a used car |
Here are the benefits of utilizing the car loan calculator PNB:
• The car loan PNB calculator helps determine the down payment and tenure, enabling a convenient EMI schedule for the loan.
• The auto loan calculator PNB provides advance details of the car loan, empowering informed decision-making.
• The car loan EMI calculator Punjab National Bank offers quicker results than manual calculations, ensuring instant solutions and eliminating the risk of errors.
• Residence of Proof
• Signed application form with photograph
• Photo ID and Age Proof
• Salaried Applicants need to submit salary slips for the last three months and Form 16
• Bank statement for the last six months
• Self Employed Applicants need to submit Income Tax Returns for the last three years and an Audited Balance Sheet + P&L Account.
Based on the previously described example, the following is the amortisation or debt payback plan over a certain length of time:
| Year | Total Payment | Principal Paid - Up | Interest Paid-Up | Loan Outstanding |
| 2022 | Rs. 43,944 | Rs. 32,480 | Rs. 11,464 | Rs. 2,67,519 |
| 2023 | Rs. 87,888 | Rs. 68,980 | Rs. 18,908 | Rs. 1,98,540 |
| 2024 | Rs. 87,888 | Rs. 74,703 | Rs. 13,185 | Rs. 1,23,835 |
| 2025 | Rs. 87,888 | Rs. 80,904 | Rs. 6,984 | Rs. 42,930 |
| 2026 | Rs. 43,937 | Rs. 42,930 | Rs. 1,007 | Rs. 0 |
The following are the main factors that affect the amount of the auto loan EMI:
• Loan amount: Your EMI is directly impacted by the primary loan amount that you borrow to buy the vehicle. An increased loan amount is going to mean an increased EMI, and vice versa.
• Loan tenure: Another essential aspect affecting the EMI is the length of the loan or tenure. While a longer term can result in a cheaper monthly EMI, the interest rate will increase with time. Conversely, a shorter term results in higher EMIs, but over time, you'll pay less interest and pay off the loan sooner.
• Interest rate: The lender's interest rate has a significant impact on your monthly installment. The amount of EMI will rise with a higher interest rate and fall with a lower rate. To get the best price, it's critical to compare interest rates offered by several lenders.
• Down payment: Your EMIs are impacted by the amount you pay as a down payment upfront. A larger down payment lowers the loan balance and, hence, the interest payments. To lessen the burden of interest payments, it is wise to save for a sizeable down payment.
Before processing your loan application, Punjab National Bank conducts a credit report check. The credit score reflects your financial history, including current and closed credit accounts, payment history, and the duration of active credit usage. If your credit score is low, the bank will reject the application. Conversely, a high credit score prompts further review of the application, considering other factors to assess the applicant's creditworthiness. The CIBIL score serves as an initial screening for all car loan applications, and a higher score increases the likelihood of loan approval.
The car loan calculator PNB is user-friendly, requiring no technical expertise. Simply input the following details:
1. Principal Amount Requested from Punjab National Bank
This is the amount needed to purchase the car.
2. Car Loan Tenure
Specify the duration for repaying the loan, also indicating the period for monthly EMIs.
3. Interest Rate
This is the PNB-assigned interest rate for your car loan you get from PNB calculator car loan.
Drag the cursor on each point, input the relevant data, and instantly, the PNB EMI calculator car loan will display your monthly EMI and the corresponding interest amount.
Gone are the days of visiting PNB Bank branches or waiting for callbacks from bank executives to determine your eligibility for a PNB car loan. To assess your eligibility swiftly and efficiently, you can utilize the online PNB bank car loan calculator provided by Punjab National Bank. This tool delivers instant results, streamlining your application process. Simply input details such as the make and model of your desired car, on-road price, and personal information, including date of birth, income, and employment status. Click on the "calculate" tab, and the results page will promptly indicate your eligibility, approved loan amount, and eligible loan tenure.
Frequently Asked Questions
Both fixed and fluctuating interest rates are used to calculate PNB auto loans on the PNB bank car loan calculator.
When you have a vehicle loan with a variable rate, the interest you pay varies over the loan's term based on fluctuations in the market. Your monthly EMI payment will thus also alter. When you have a fixed rate, you pay the same interest rate for the whole length of the loan. As a result, your EMI is also unchanged.
For new automobiles, the repayment period is up to seven years; for pre-owned cars, it is five years.
Some banks may permit pre-payment of the loan amount, subject to their specific terms and circumstances. There might be a pre-payment cost. Therefore, be careful to verify with your bank if you want to prepay your loan throughout the loan term.
The maximum loan amount varies depending on the bank. Banks often issue loans for amounts between 80% and 90% of the car's sticker price. Some banks will even lend the whole ex-showroom price of the vehicle. The amount of financing offered varies based on the car's kind, price, and whether you're applying for a new or used vehicle.
Absolutely, there is a processing fee. The bank charges 1% of the total loan amount, up to a maximum of INR 6000 (tax excluded).
Yes. You can have a co-applicant for a car loan with PNB.
Disclaimer: The calculator available on the 5paisa website is intended for informational purposes only and is designed to assist you in estimating potential investments. However, it is important to understand that this calculator should not be the sole basis for creating or implementing any investment strategy. View More..