• Punjab National Bank Car Loan EMI Calculator

    Punjab National Bank is one of India's top private operated financial services company that offers car loans to its large customer base. The interest rate which is offered by Punjab National Bank varies depending on market rates. Customers can avail the best possible deals which are offered on car loans depending on the make and model of the car.

    How to use BankBazaar Punjab National Bank Car Loan EMI Calculator to understand your car loan repayment

    The Equated Monthly Instalment which an individual will have to make to repay a car loan can be calculated using the EMI Calculator offered by BankBazaar. This calculator is simple and easy to use after providing a few details about the loan which you have applied for. This is the primary reason why people choose to use the user-friendly EMI Calculator. The Punjab National Bank Car Loan EMI Calculator also provides an amortization graph to make it easier for the user to visually analyse and understand their loan repayment procedure and timetable over the repayment tenure.

    Punjab National Bank Car Loan EMI Calculator –How does it work?

    The EMI Calculator provided by BankBazaar will require a few personal details required to calculate the EMI on a car loan which was availed from Punjab National Bank. The personal details which are required are as follows:

    • Loan Amount: Drag the pointer which is available on the “Loan Amount” tab to select the loan amount which you have applied for or planning to apply for
    • Processing Fee: Enter the processing fee that is charged by a bank on your loan amount
    • Interest Rate: Once you have entered the loan amount and processing fee, you will have to enter the interest rate which has been levied on your loan amount by Punjab National Bank
    • Tenure: Select the tenure of the loan amount by dragging the pointer under the "Loan Tenure" tab
    • Pre-Payment: Another unique feature of the EMI Calculator offered by BankBazaar is that the calculator also considers any pre-payments which you may or may not make during the tenure of your loan. There are two options under the "Pre-payment" tab:
    • If you select "Yes", the following details will be required to give you a better idea of the repayment of your loan:
      • Pre-payment frequency
      • How the pre-payment applies
      • Pre-payment fee
      • Pre-payment amount
    • If you do not intend on making any pre-payments towards your car loan, you can select "No" and then click the "Calculate" button which is available. Once this is done, you will be given a page which gives you the breakup of the total loan amount which you will have to repay. The webpage will also show your amortization table apart from your car loan details.

    After this, you can select the "Calculate" button which provides a detailed breakup of the total loan amount that is payable. Details of your loan amount along with the amortization table will be provided on this webpage.

    Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Punjab National Bank Car Loan EMI Calculator. The interest rate currently offered by Punjab National Bank varies from 8.70% to 9.15%. Let us consider the non-refundable processing fee as 2% of the total loan amount. The example below assumes that no pre-payments are made towards the loan.

    Loan amount (Rs.) Processing fee Interest rate (Mean) EMI for 2 years (Rs.) EMI for 3 years (Rs.) EMI for 4 years (Rs.) EMI for 5 years (Rs.) EMI for 6 years (Rs.) EMI for 7 years (Rs.)
    10 Lakh 2% 8.70% 45,547 31,660 24,743 20,613 17,877 15,937
    15 Lakh 2% 8.70% 68,321 47,490 37,114 30,920 26,816 23,906
    20 Lakh 2% 8.70% 91,094 63,321 49,486 41,226 35,754 31,874
    25 Lakh 2% 8.70% 1,13,868 79,151 61,857 51,533 44,693 39,843
    30 Lakh 2% 8.70% 1,36,642 94,981 74,229 61,839 53,631 47,812
    35 Lakh 2% 8.70% 1,59,415 1,10,811 86,600 72,146 62,570 55,780
    40 Lakh 2% 8.70% 1,82,189 1,26,641 98,971 82,452 71,508 63,749

    Features and benefits of Punjab National Bank Car Loan EMI Calculator

    The Punjab National Bank Car Loan EMI Calculator is a user-friendly tool that performs complicated calculations at the click of a button. Some of the key features of this tool include:

    • It is a very helpful tool which is simple to use and understand and also displays the EMI and amortization details instantly
    • BankBazaar has a well-trained customer support team which is capable of solving a customer’s queries and problems which they might face when using the EMI Calculator
    • This tool is free of cost and can be used multiple times when comparing interest rates and loans offered by Punjab National Bank until you arrive at the right combination of principle and tenure
    • The BankBazaar Punjab National Bank Car Loan EMI Calculator displays the breakup of the amount payable and the amortization schedule in an attractive graphical format. Hence, it is very easy to understand as well
    • The tool helps with calculating your EMI that you have to pay for a car loan even if you intend of making any pre-payments on your loan

    Punjab National Bank Car Loan EMI Calculator FAQs

    1. What is the formula employed for calculating car loan EMI?
    2. EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],

      Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of instalments.

      This formula does not take into account the pre-payments that you make towards the loan.

    3. What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
    4. A car loan amortization table shows the user the payment schedule of your debt in a tabular format which is easy to read and understand. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.

    5. How much is the subscription fee that I need to pay to use the EMI Calculator on the BankBazaar website?
    6. This EMI Calculator offered on the BankBazaar website is free of cost and you do not have to pay any subscription fees.

    7. Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
    8. Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming. Moreover, it would be really complicated if we have to calculate the EMI when pre-payments are made towards the debt. To avoid such problems, it is recommended that we use the BankBazaar Punjab National Bank Car Loan EMI Calculator for the same.

    9. I know there is a pre-payment penalty levied by my lending bank, but do not know the exact amount I will have to pay for the same. How can I get accurate results from the tool then?
    10. It is a smart and safe move by the user if they ensure that they read the offer documents carefully. You can contact the bank’s customer care number of you can also visit the bank branch to request for the very same. You can then input these charges into the EMI Calculator like any pre-payments which have to be made after which you can view the amortization schedule almost instantly.

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