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.
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.
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:
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.)|
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:
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.
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.
This EMI Calculator offered on the BankBazaar website is free of cost and you do not have to pay any subscription fees.
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.
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.